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Listed Options

	Non-Directed Orders	Market Orders	Limit Orders	Other Orders
Total Customer Orders	100.00%	56.76%	43.24%	0.00%

Orders Routed To:
International Securities Exchange	53.15%	53.17%	53.13%	0.00%
Chicago Board of Options Exchange	27.93%	43.65%	7.29%	0.00%
American Stock Exchange	11.71%	3.17%	22.92%	0.00%
Pacific Exchange Stock and Options	5.41%	0.00%	12.50%	0.00%
Philadelphia Stock Exchange	1.80%	0.00%	4.17%	0.00%

Wall Street Access directed its options order flow directly to each of the venues listed herein for execution, among other venues that represent an immaterial percentage of customers' non-directed orders. We do not direct customer option orders to a third party broker dealer for routing and execution. Wall Street Access does receive compensation for directing listed options order flow to these options exchanges and certain specialists on those exchanges. Compensation was generally in the form of a per contract cash payment. In general, the options exchanges themselves paid compensation on behalf of the specialists to whom the orders are routed. In addition, payment can be received directly from individual specialist firms at certain of the options venues listed above. For the first quarter of 2012, Wall Street Access received less than $0.01 per contract in compensation related to directing its options order flow to these venues.

This order routing report is for first quarter of the year 2012. This report does not include option orders with a market value of $50,000 or greater.

Securites

Asset Management

We provide comprehensive investment management, financial planning and fund management solutions to an array of clients including private investors, institutions, pension plans, government funds, trusts, estates, foundations and endowments.

Fixed Income Trading

Wall Street Access offers best-in-class execution through our leading fixed income trading platform that creates aggressive, two-sided markets on a large inventory of fixed-income securities. We also provide traditional sales coverage to our clients.

Institutional Research

The seasoned Merger Arbitrage team provides deep insights into the financial, legal and regulatory aspects of announced merger and acquisition deals in the U.S. and Canada that are greater than $500MM.