| White Pacific Securities, Inc. ("WPS")has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring certain brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of "non-directed orders" - any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, WPS has selected the execution venue on behalf of its customers.
The report is divided into four sections below: one for securities listed on the New York Stock Exchange, one for securities listed on The NASDAQ Stock Market, one for securities listed on the American Stock Exchange or regional exchanges, and one for exchange-listed options. For each section, this report identifies the venues most often selected by WPS, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of WPSs relationship with the venues. A written copy of this report will be furnished upon request. In addition, information regarding the specific routing or any orders executed for your account for the previous six months will be furnished upon request. Please contact the representative handling your account. Order Flow Payment Information: Penson Financial Services, Inc. receives payment for order flow on certain transactions in the form of monetary and/or non-monetary compensation or an inter-company transfer of funds. Payment for order flow is considered to be compensation to Penson Financial Services, Inc. WPS, an introducing firm that clears its trades through Penson Financial Services, Inc., shares in such payments or directly receives payment for order flow for certain transactions, in addition to commission or markup/markdowns paid by its customers. The source and nature of any compensation received in connection with a specific transaction will be furnished upon written request from the customer. Further information also is available on the Penson Financial Services, Inc. website at www.penson.com. |
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Summary Statistics |
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| Description | Percent |
| Non-directed orders as percentage of total customer orders | 100.0% |
| Market orders as percentage of total non-directed orders | 44.0% |
| Limit orders as percentage of total non-directed orders | 51.4% |
| Other orders as percentage of total non-directed orders | 4.6% |
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Venues receiving significant percentage of total non-directed orders |
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| Venue | Percent |
| Penson Financial Services, Inc. | 100.0% |
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Information Concerning significant Venues |
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| Venue | Order Type | Percent |
| Penson Financial Services, Inc. | Limit | 100.0% |
| Penson Financial Services, Inc. | Market | 100.0% |
| Penson Financial Services, Inc. | Other | 100.0% |
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Order Flow for Securities Listed on NASDAQ Stock Market
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Summary Statistics |
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| Description | Percent |
| Non-directed orders as percentage of total customer orders | 100.0% |
| Market orders as percentage of total non-directed orders | 44.9% |
| Limit orders as percentage of total non-directed orders | 52.9% |
| Other orders as percentage of total non-directed orders | 2.2% |
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Venues receiving significant percentage of total non-directed orders |
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| Venue | Percent |
| Penson Financial Services, Inc. | 100.0% |
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Information Concerning significant Venues |
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| Venue | Order Type | Percent |
| Penson Financial Services, Inc. | Limit | 100.0% |
| Penson Financial Services, Inc. | Market | 100.0% |
| Penson Financial Services, Inc. | Other | 100.0% |
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Order Flow for Securities Listed on Amex or a Regional Exchange
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Summary Statistics |
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| Description | Percent |
| Non-directed orders as percentage of total customer orders | 100.0% |
| Market orders as percentage of total non-directed orders | 37.8% |
| Limit orders as percentage of total non-directed orders | 60.0% |
| Other orders as percentage of total non-directed orders | 2.2% |
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Venues receiving significant percentage of total non-directed orders |
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| Penson Financial Services, Inc. | 100.0% |
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Information Concerning significant Venues |
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| Venue | Order Type | Percent |
| Penson Financial Services, Inc. | Limit | 100.0% |
| Penson Financial Services, Inc. | Market | 100.0% |
| Penson Financial Services, Inc. | Other | 100.0% |
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Order Flow for Exchange Listed Options |
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Summary Statistics |
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| Description | Percent |
| Non-directed orders as percentage of total customer orders | 100.0% |
| Market orders as percentage of total non-directed orders | 21.6% |
| Limit orders as percentage of total non-directed orders | 78.3% | Other orders as percentage of total non-directed orders | 0.0% |
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Venues receiving significant percentage of total non-directed orders |
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| Venue | Percent |
| Penson Financial Services, Inc. | 100.0% |
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Information Concerning significant Venues |
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| Venue | Order Type | Percent |
| Penson Financial Services, Inc. | Limit | 100.0% |
| Penson Financial Services, Inc. | Market | 100.0% |
| Penson Financial Services, Inc. | Other | 100.0% |
