Report on the Routing of Customers Orders for the period
October 1 - December 31, 2010
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Pursuant to the U.S. Securities and Exchange Commission Rule 606 of Regulation
NMS (formerly known as Rule 11Ac1-6 under the Securities Exchange Act of 1934),
securities brokers and dealers that route customers' orders in equity and
option securities are required to make available quarterly reports that present
a general overview of the firm's order routing practices.
The following report provides information on the order routing practices of
W.P. Stewart Securities LLC (f/k/a W.P. Stewart Securities Limited)("WPSSL").
The report contains information with respect to customers' "non-directed
orders." A non-directed order is an order that a customer has not specifically
instructed to be routed to a particular venue for execution. Instead, WPSSL has
selected the venue for execution on behalf of the customer.
The report is divided into four sections: (1) securities listed on the New York
Stock Exchange ("NYSE") and reported as a Network A1 eligible
security; (2) securities listed on The Nasdaq Stock Market; (3) securities
listed on the American Stock Exchange ("AMEX") or regional exchanges and
reported as a Network B2 eligible security; and (4) exchange-listed
options. For each section, the report identifies the venues most often selected
by WPSSL, the percentage of various types of orders routed to the venues, and
the material aspects of WPSSL's relationship with the venues.
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This report is available in writing on request without charge.
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1 Network A is operated
pursuant to the Consolidated Tape Association Plan ("CTA Plan") and the
Consolidated Quotation Plan ("CQ Plan"). It disseminates market information for
any common stock, long-term warrant, or preferred stock admitted to dealings on
the NYSE.
2 Network B is also
operated pursuant to the CTA Plan and the CQ Plan. It disseminates market
information for any common stock, long-term warrant, or preferred stock
admitted to dealings on the AMEX or the regional exchanges, but not also
admitted to dealings on the NYSE or included in the Nasdaq market.
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| A: New York Stock Exchange, Inc. Listed Securities |
| Percentage of total customer orders that are non-directed orders: |
93.9% |
| Percentage of non-directed orders that are market orders: |
99.8% |
| Percentage of non-directed orders that are limit orders: |
0.2% |
| Percentage of non-directed orders that are orders of other types: |
0.0% |
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| Venues receiving the largest amount of non-directed
orders: |
| KCCI Ltd. |
76.0% |
| Knight Securities |
21.6% |
| Morgan Stanley Dean Witter |
0.3% |
| Pershing |
2.1% |
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| Percentage of non-directed market orders routed to: |
| KCCI Ltd. |
76.0% |
| Knight Securities |
21.6% |
| Morgan Stanley Dean Witter |
0.3% |
| Pershing |
2.1% |
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| Percentage of non-directed limit orders routed to: |
| KCCI Ltd. |
100.0% |
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| Percentage of non-directed orders of other types routed to: |
N/A |
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| Material Aspects of Relationship
with Venues: N/A |
| B: Nasdaq Stock Market, Inc. Listed Securities |
| Percentage of total customer orders that are non-directed orders: |
90.2% |
| Percentage of non-directed orders that are market orders: |
100% |
| Percentage of non-directed orders that are limit orders: |
0% |
| Percentage of non-directed orders that are orders of other types: |
0% |
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| Venues receiving the largest amount of non-directed
orders: |
| Knight Securities |
89.5% |
| Merrill Lynch |
2.3% |
| Morgan Stanley Dean Witter |
1.2% |
| Pershing |
3.1% |
| William Blair |
3.9% |
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| Percentage of non-directed market orders routed to: |
| Barclays |
7.9% |
| Knight Securities |
89.5% |
| Merrill Lynch |
2.3% |
| Morgan Stanley Dean Witter |
1.2% |
| Pershing |
3.1% |
| William Blair |
3.9% |
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| Percentage of non-directed limit orders routed to: |
N/A |
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| Percentage of non-directed orders of other types routed to: |
N/A |
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| Material Aspects of
Relationship with Venues: N/A |
| C: American Stock Exchange LLC Listed Securities |
| Percentage of total customer orders that are non-directed orders: |
0.0% |
| Percentage of non-directed orders that are market orders: |
0.0% |
| Percentage of non-directed orders that are limit orders: |
0.0% |
| Percentage of non-directed orders that are orders of other types: |
0.0% |
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| Venues receiving the largest amount of non-directed orders: |
N/A |
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| Percentage of non-directed market orders routed to: |
N/A |
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| Percentage of non-directed limit orders routed to: |
N/A |
| Percentage of non-directed orders of other types routed to: |
N/A |
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| Material Aspects of
Relationship with Venues: N/A |
| D: Option Contracts 3 |
| Percentage of total customer orders that are non-directed orders: |
N/A |
| Percentage of non-directed orders that are market orders: |
N/A |
| Percentage of non-directed orders that are limit orders: |
N/A |
| Percentage of non-directed orders that are orders of other types: |
N/A |
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| Venues receiving the largest amount of non-directed orders: |
N/A |
| Percentage of non-directed market orders routed to: |
N/A |
| Percentage of non-directed limit orders routed to: |
N/A |
| Percentage of non-directed orders of other types routed to: |
N/A |
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| Material Aspects of
Relationship with Venues: N/A |
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3 WPSSL
does not arrange for the execution of orders in options contracts.
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