UBS Financial Services Inc.
1200 Harbor Boulevard
Weehawken, NJ 07086
(201) 352-3000
SEC Required Report on Routing of Customer Orders
For Quarter Ending March 31, 2008
UBS Financial Services 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 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, UBS Financial Services Inc. has selected the execution venue on behalf of its customers. The report is divided into four sections: one for securities listed on the New York Stock Exchange (NYSE), 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 UBS Financial Services Inc., sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of UBS Financial Services' relationship with the venues.  Securities Listed on New York Stock Exchange
Securities Listed on The Nasdaq Stock Market
Securities Listed on American Stock Exchange or Regional Exchanges
Exchange Listed Options
Securities Listed on New York Stock Exchange |
| Summary Statistics | Q1 2008 | | Non-directed orders as percentage of total customer orders | 99.987% | | Market orders as percentage of total non-directed orders | 86.56% | Limit orders as percentage of total non-directed orders | 11.95% | | Other orders as percentage of total non-directed orders | 1.50% |
| Venues Receiving Significant Percentage of Total Non-Directed Orders | | | 1. UBS Securities LLC | 81.73% | | 2. New York Stock Exchange | 18.25% |
| Information Concerning Significant Venues | | 1. UBS Securities LLC | | Types of Orders Routed to Venue | | Market orders as percentage of total market orders | 86.82% | | Limit orders as percentage of total limit orders | 54.86% | | Other orders as percentage of total other orders | 1.81% | | Material Aspects of Relationship with Venue: | | UBS Financial Services Inc. is an affiliate of UBS Securities LLC. Both UBS Financial Services Inc. and UBS Securities LLC are registered broker/dealers that are wholly owned by UBS AG, a publicly owned Swiss banking corporation. UBS Financial Services Inc. sends orders in certain equity securities to UBS Securities LLC to execute on a principal or agency basis, subject to principles of best execution. UBS Securities LLC may have a profit or loss when executing orders as principal. UBS Financial Services Inc. may have received sales credits for orders executed by UBS Securities LLC, as principal, on behalf of clients of UBS Financial Services Inc.
| | | 2. New York Stock Exchange | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 13.17% | | Limit orders as percentage of total limit orders | 45.02% | | Other orders as percentage of total other orders | 98.05% | | Material Aspects of Relationship with Venue | None |
Securities Listed on The Nasdaq Stock Market |
| Summary Statistics | | | Non-directed orders as percentage of total customer orders | 100.00% | | Market orders as percentage of total non-directed orders | 79.10% | | Limit orders as percentage of total non-directed orders | 19.58% | | Other orders as percentage of total non-directed orders | 1.32% |
| Venues Receiving Significant Percentage of Total Non-Directed Orders | | | 1. UBS Securities LLC | 95.68% | | 2. Knight Securities L.P. | 3.83% | | 3. Madoff | 0.46% |
| Information Concerning Significant Venues | | | 1. UBS Securities LLC | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 94.91% | | Limit orders as percentage of total limit orders | 98.60% | | Other orders as percentage of total other orders | 98.67% | | Material Aspects of Relationship with Venue: | | UBS Financial Services Inc. is an affiliate of UBS Securities LLC. Both UBS Financial Services Inc. and UBS Securities LLC are registered broker/dealers that are wholly owned by UBS AG, a publicly owned Swiss banking corporation. UBS Financial Services Inc. sends orders in certain equity securities to UBS Securities LLC to execute on a principal or agency basis, subject to principles of best execution. UBS Securities LLC may have a profit or loss when executing orders as principal. UBS Financial Services Inc. may have received sales credits for orders executed by UBS Securities LLC, as principal, on behalf of clients of UBS Financial Services Inc.
| | | 2. Knight Securities L.P. | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 4.55% | | Limit orders as percentage of total limit orders | 1.07% | | Other orders as percentage of total other orders | 1.30% | | Material Aspects of Relationship with Venue | None | | 3. Madoff | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 0.54% | | Limit orders as percentage of total limit orders | 0.16% | | Other orders as percentage of total other orders | 0.00% | | Material Aspects of Relationship with Venue | None |
Securities Listed on American Stock Exchange or Regional Exchanges |
| Summary Statistics | | | Non-directed orders as percentage of total customer orders | 99.96% | | Market orders as percentage of total non-directed orders | 79.10% | | Limit orders as percentage of total non-directed orders | 17.02% | | Other orders as percentage of total non-directed orders | 3.88% |
| Venues Receiving Significant Percentage of Total Non-Directed Orders | | | 1. UBS Securities LLC | 91.34% | | 2. American Stock Exchange | 7.55% | | 3. NYSE Arca | 1.07% |
| Information Concerning Significant Venues | | | 1. UBS Securities LLC | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 96.69% | | Limit orders as percentage of total limit orders | 86.74% | | Other orders as percentage of total other orders | 2.38% | | Material Aspects of Relationship with Venue: | | UBS Financial Services Inc. is an affiliate of UBS Securities LLC. Both UBS Financial Services Inc. and UBS Securities LLC are registered broker/dealers that are wholly owned by UBS AG, a publicly owned Swiss banking corporation. UBS Financial Services Inc. sends orders in certain equity securities to UBS Securities LLC to execute on a principal or agency basis, subject to principles of best execution. UBS Securities LLC may have a profit or loss when executing orders as principal. UBS Financial Services Inc. may have received sales credits for orders executed by UBS Securities LLC, as principal, on behalf of clients of UBS Financial Services Inc.
| | | 2. American Stock Exchange | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 2.44% | | Limit orders as percentage of total limit orders | 11.69% | | Other orders as percentage of total other orders | 93.36% | | Material Aspects of Relationship with Venue | None | 3. NYSE Arca | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 0.83% | | Limit orders as percentage of total limit orders | 1.449% | | Other orders as percentage of total other orders | 4.22% | Material Aspects of Relationship with Venue | None |
| Summary Statistics | | | Non-directed orders as percentage of total customer orders | 99.24% | | Market orders as percentage of total non-directed orders | 32.23% | | Limit orders as percentage of total non-directed orders | 67.64% | | Other orders as percentage of total non-directed orders | 0.13% |
| Venues Receiving Significant Percentage of Total Non-Directed Orders | | | 1. Chicago Board Options Exchange | 52.50% | | 2. Philadelphia Stock Exchange | 22.83% | | 3. International Securities Exchange | 15.22% | | 4. NYSE Arca Options | 6.43% | | 5. American Stock Exchange | 2.91% |
| Information Concerning Significant Venues | | | 1. Chicago Board Options Exchange | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 46.66% | | Limit orders as percentage of total limit orders | 55.22% | | Other orders as percentage of total other orders | 86.60% | | Material Aspects of Relationship with Venue | None | | 2. Philadelphia Stock Exchange | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 25.61% | | Limit orders as percentage of total limit orders | 21.55% | | Other orders as percentage of total other orders | 1.37% | | Material Aspects of Relationship with Venue | None | | 3. International Securities Exchange | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 17.70% | | Limit orders as percentage of total limit orders | 14.06% | | Other orders as percentage of total other orders | 0.00% | | Material Aspects of Relationship with Venue: | | UBS Securities LLC, an affiliate of UBS Financial Services Inc., is a Primary Market Maker in 1 bin and a Competitive Market Maker in 9 bins on the ISE. UBS Securities LLC has an indirect ownership interest in the ISE, which stands to appreciate as a result of any profits that the ISE generates from the execution of customer orders.
| | | 4. NYSE Arca Options | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 7.79% | | Limit orders as percentage of total limit orders | 5.80% | | Other orders as percentage of total other orders | 2.75% | | Material Aspects of Relationship with Venue | None | | 5. American Stock Exchange | | | Types of Orders Routed to Venue | | | Market orders as percentage of total market orders | 2.24% | | Limit orders as percentage of total limit orders | 3.21% | | Other orders as percentage of total other orders | 9.28% | | Material Aspects of Relationship with Venue | None |
If you have any questions regarding the routing of a specific order, please contact your Financial Advisor. DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY
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