 SEC-Required Report on Routing of Customer Orders
TWS Financial, LLC. has prepared this report pursuant to a U.S. Securities
and Exchange Commission rule requiring all 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.
This report is divided into four sections: 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 number of non-directed
orders as a percentage of total customer orders.
Order Routing Practices - Generally
TWS Financial, LLC customers typically choose their own execution
venues and order routing destinations by entering their orders through
our direct access order execution software. TWS Financial, LLC., did
not receive any non-directed orders from direct access customers
and as such did not select any execution venues on behalf of these
customers for quarter ending June 30, 2005.
Securities Listed on New York Stock Exchange
Summary Statistics: 0%
Non-directed orders as a percentage of total customer orders 0%
Securities Listed on The Nasdaq Stock Market
Summary Statistics: 0%
Non-directed orders as a percentage of total customer orders 0%
Securities Listed on American Stock Exchange or Regional Exchanges
Summary Statistics: 0%
Non-directed orders as a percentage of total customer orders 0%
Penson Financial
Services, Inc
Order Routing
Quarterly
Report
SEC Rule
606 Viewer
Material Aspects of TWS Financial's Relationships
INET rebates up to $0.002 per share upon execution of orders that
add liquidity to the INET Limit Book.
ARCA rebates up to $0.002 per share upon execution of orders that
add liquidity to the ARCA Limit Book.
BRUT rebates up to $0.002 per share upon execution of orders that
add liquidity to the BRUT Limit Book.
TRAC rebates up to $0.0027 per share upon execution of orders that
add liquidity to the TRAC Limit Book.
ATTN rebates up to $0.0022 per share upon execution of orders that
add liquidity to the ATTN Limit Book.
SuperMontage rebates up to $.002 per share upon execution of orders
that add liquidity to SuperMontage.
OES has no payment for order flow arrangement.
LAMP has no payment for order flow arrangement.
FANC has no payment for order flow arrangement.
P3 has no payment for order flow arrangement.
NITE/TriMark has no payment for order flow arrangement.
VNDM has no payment for order flow arrangement.
The above rebates are customary and standardized industry wide.
There are no other material aspects of TWS Financial relationships
with any other market center.
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