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http://www.brasscompliance.com/rule5.php
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Koonce Securities Inc. has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available quarterly reports regarding their order routing practices. The report provides information on the routing of "non-directed orders" - which is any order the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, Koonce Securities, Inc. has selected the execution venue.
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Our report is divided into three sections, one for securities listed on The Nasdaq Stock Market, one for securities listed on the New York Stock Exchange, and one for securities listed on the American Stock Exchange or regional exchanges. For each section, the report identifies the venues most often selected by Koonce Securities, Inc., sets forth the percentage of various types of orders routed to the venues, and discusses any material aspects of Koonce Securities, Inc.'s relationship with the venues.
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NASDAQ Listed Securities
APRIL 2008 to JUNE 2008 |
| VENUE |
NON-DIRECTED ORDERS (%) |
MARKET ORDERS (%) |
LIMIT ORDERS (%) |
OTHER ORDERS (%) |
| KOSE-KOONCE SECURITIES INC. |
66.67 |
12.90 |
89.74 |
90.37 |
| UBSS-UBS SECURITIES, L.L.C. |
25.49 |
69.89 |
05.13 |
06.67 |
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Summary Statistics:
| Non-directed orders as percentage of total customer orders: | | 100.00% |
| Market orders as percentage of total non-directed orders: | | 30.39% |
| Limit orders as percentage of total non-directed orders: | | 25.49% |
| Other orders as percentage of total non-directed orders: | | 44.12% |
Koonce Securities, Inc. directs its NASDAQ equity order flow to selected market makers, including Koonce's principal trading desk for securities in which Koonce is a market maker. In such cases, Koonce Securities, Inc. stands to share in 100% of whatever profits it generates by trading as principal with its customers' orders. Koonce Securities does not accept any per shares cash payments (rebates) from other market makers. Electronic communication networks (ECNs) and NASDAQ generally charge Koonce execution fees on a per share basis for accessing liquidity from their market and credits Koonce Securities on a per share basis for providing liquidity to their markets. In some instances, the credit exceeds the fees charged. |
New York Stock Exchange Listed Securities
APRIL 2008 to JUNE 2008 |
| VENUE |
NON-DIRECTED ORDERS (%) |
MARKET ORDERS (%) |
LIMIT ORDERS (%) |
OTHER ORDERS (%) |
| MADF-MADOFF (BERNARD L.) INVESTMENT SECURITIES, L.L.C. |
89.68 |
90.91 |
00.00 |
72.73 |
| TRIM-KNIGHT CAPITAL MARKETS, L.L.C. |
09.76 |
08.51 |
100.00 |
27.27 |
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Summary Statistics:
| Non-directed orders as percentage of total customer orders: | | 100.00% |
| Market orders as percentage of total non-directed orders: | | 97.00% |
| Limit orders as percentage of total non-directed orders: | | 0.94% |
| Other orders as percentage of total non-directed orders: | | 2.06% |
Koonce Securities, Inc. directs the majority of its New York Stock Exchange equity order flow to Bernard L. Madoff Investment Securities LLC and Knight Capital Markets LLC for routing and execution. Koonce Securities does not make markets in New York Stock Exchange equiites, and does not profit when executing riskless principal transactions in these stocks. In all cases, Koonce receives no payment for order flow, as 'Best Execution' is the only criteria used for client orders.
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American/Regional Stock Exchange Listed Securities
APRIL 2008 to JUNE 2008 |
| VENUE |
NON-DIRECTED ORDERS (%) |
MARKET ORDERS (%) |
LIMIT ORDERS (%) |
OTHER ORDERS (%) |
| KOSE-KOONCE SECURITIES INC. |
54.05 |
11.76 |
00.00 |
94.74 |
| TRIM-KNIGHT CAPITAL MARKETS, L.L.C. |
29.73 |
52.94 |
100.00 |
05.26 |
| UBSS-UBS SECURITIES, L.L.C. |
10.81 |
23.53 |
00.00 |
00.00 |
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Summary Statistics:
| Non-directed orders as percentage of total customer orders: | | 100.00% |
| Market orders as percentage of total non-directed orders: | | 45.95% |
| Limit orders as percentage of total non-directed orders: | | 2.70% |
| Other orders as percentage of total non-directed orders: | | 51.35% |
Koonce Securities, Inc. directs the majority of its American/Regional Stock Exchange equity order flow to Knight Capital Markets LLC. Koonce Securities does not make markets in American/Regional Stock Exchange equities, and does not profit when executing riskless principal transactions in these stocks. In all cases, Koonce Securities receives no payment for order flow, as 'Best Execution' is the only criteria used for client orders.
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Copyright © Koonce Securities Inc. 2003-2006
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