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Order Routing
| SEC Rule 606 Disclosure of Order Routing Practices |
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| NASDAQ Securities Quarter Ending 3/31/2013* |
| Exchange | Market Order | Limit | Others | Total |
|---|---|---|---|---|
| Non-Directed Orders as Percentage (%) of Total Customer Orders | 58.7% | 40.7% | 0.7% | 100% |
| Knight Markets | 59.2% | 47.4% | 27.6% | 54.2% |
| NYSE / Arca | 0.0% | 10.2% | 0.0% | 4.2% |
| USB Securities LLC | 38.0% | 21.2% | 71.6% | 31.4% |
| Wedbush Securities, Inc. | 0.5% | 8.9% | 0.0% | 3.9% |
| NYSE Securities Quarter Ending 3/31/2013* |
| Exchange | Market Order | Limit | Others | Total |
|---|---|---|---|---|
| Non-Directed Orders as Percentage (%) of Total Customer Orders | 71.9% | 27.2% | 0.8% | 100% |
| Credit Suisse Securities (USA) LLC | 4.4% | 1.4% | 0.0% | 3.5% |
| Knight Capital Markets | 66.3% | 45.3% | 15.6% | 60.2% |
| UBS Securities LLC | 28.6% | 27.4% | 84.0% | 28.7% |
| American Stock Exchange (and Regional Exchanges) Quarter Ending 3/31/2013* |
| Exchange | Market Order | Limit | Others | Total |
|---|---|---|---|---|
| Non-Directed Orders as Percentage (%) of Total Customer Orders | 73.7% | 25.9% | 0.4% | 100% |
| Knight Capital Markets | 51.6% | 37.8% | 20.0% | 47.9% |
| Knight Direct | 0.0% | 19.5% | 0.0% | 5.1% |
| UBS Securities LLC | 48.3% | 31.2% | 80.0% | 44.0% |
| Listed Options Quarter Ending 3/31/2013* |
| Exchange | Market Order | Limit | Others | Total |
|---|---|---|---|---|
| Non-Directed Orders as Percentage (%) of Total Customer Orders | 38.4% | 60.8% | 0.8% | 100% |
| Chicago Board Options Exchange | 10.9% | 14.3% | 55.3% | 13.4% |
| Citigroup Global Markets, Inc. | 78.7% | 75.4% | 38.3% | 76.3% |
| Knight Capital Americas | 10.3% | 10.2% | 6.4% | 10.2% |
*Wedbush Securities has prepared this report in accordance with U.S. Securities and Exchange Commission Exchange Act Rule 606 that requires broker/dealers to make public, quarterly reports containing certain information on their order routing practices. The report provides information on the routing of "non-directed orders" which is generally defined as any order that the client has not specifically instructed to be routed to a particular venue for execution.