WEEDEN & CO., L.P.
145 MASON STREET
GREENWICH, CT 06830
203-861-7600
SEC – Required Report on Routing of Customer Orders
For Quarter Ending March 31, 2009
Weeden & Co., L.P. 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 routing to a particular venue for execution. For these non-directed orders,
Weeden & Co. has selected the execution venue on behalf of its customers.
The report is divided into four sections: securities listed on the NYSE Euronext,
securities listed on The NASDAQ OMX Group, securities listed on the NYSE Amex or
regional exchanges and Exchange-Listed Options. For each section, this report identifies
the venues most often selected by Weeden & Co., sets forth the percentage of various
types of orders routed to the venues, and below Weeden discusses the material aspects of
Weeden & Co.’s relationship with all the venues.
DISCUSSION
Weeden & Co., L.P. as a member of FINRA, has carved out a niche in the harder-toexecute securities market. We have created and maintained a successful franchise based
on a philosophy of trusted, independent, opinion-based trading.
In an age, of ever-increasing venues for execution, where liquidity has been increasingly
harder to find, and where “getting things done” has been equally difficult we, at Weeden,
pride ourselves on our ability to provide both liquidity and execution. Experienced,
informed position traders while offering market, group, and company observations,
dictate the pace and plotting of an order while a seasoned sales force seeks to find the
“other side” in a discreet, professional manner. Capital is utilized in a myriad of creative
ways, many times offering multiple blueprints for execution where a customer is always
presented with a fully disclosed market. We employ a network of $2 brokers who
provide independent execution on the floor of the NYSE Euronext and the NYSE Amex.
By utilizing various ECNs, match systems and the alternative markets, every priority is
maintained to source of liquidity. A Weeden client can rest assured that every effort has
been made to seek out the proper price discovery for all merchandise.
Weeden & Co., L.P. makes a market in numerous NASDAQ OMX Group securities and
may internalize non-directed customer orders in such securities. Should Weeden & Co.
internalize non-directed customer orders in those NASDAQ securities in which it makes
a market, Weeden & Co. stands to share in up to 100% of the profits generated by trading
as principal with these internalized customer orders.
Weeden & Co., L.P. does not accept compensation for routing orders to any Broker or
market maker nor does Weeden distribute payment for order flow to any such market
venue. Weeden receives standard fee credits for placing liquidity orders with NASDAQ
and ECNs.
An institution can be confident that Weeden & Co., L.P. will execute their business in an
honest, intelligent manner with an integrity and discretion that is second to none.
Securities Listed on NYSE Euronext
Summary Statistics:
Non-directed orders as percentage of total customer orders
Market orders as percentage of total non-directed orders
Limit orders as percentage of total non-directed orders
Other orders as percentage of total non-directed orders
100%
0%
0%
100%
Venues Receiving Significant Percentage of Total Non-Directed Orders:
1.
2.
3.
4.
5.
6.
NYSE Euronext
NASDAQ OMX Group
Merrill Lynch, Pierce, Fenner & Smith Inc.
Lehman Brothers Inc.
Trimark Securities Inc.
Automated Trading Desk Financial Services, LLC
52%
11%
11%
9%
7%
2%
Information Concerning Significant Venues:
.
.
.
1. NYSE Euronext
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
2. NASDAQ OMX Group
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
3. Merrill Lynch, Pierce, Fenner & Smith Inc.
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
.
4. Lehman Brothers, Inc.
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
Trimark Securities Inc.
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
6. Automated Trading Desk Financial Services, LLC
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
5.
.
.
Securities Listed on The NASDAQ OMX Group
Summary Statistics:
Non-Directed orders as percentage of total customer orders
Market orders as percentage of total non-directed orders
Limit orders as percentage of total non-directed orders
Other orders as percentage of total non-directed orders
100%
0%
0%
100%
Venues Receiving Significant Percentage of Total Non-Directed Orders:
1.
2.
3.
4.
5.
6.
7
NASDAQ OMX Group
Lehman Brothers Inc
Merrill Lynch, Pierce, Fenner & Smith Inc.
Goldman, Sachs & Co
Knight Equity Markets, LP.
Bats Exchange Inc.
Automated TradingDesk Financial Services, LLC
Information Concerning Significant Venues:
1. NASDAQ OMX Group
Types of Orders Routed to Venue:
55%
13%
11%
5%
3%
2%
2%
.
.
.
.
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
2. Lehman Brothers Inc.
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
3. Merrill Lynch, Pierce, Fenner & Smith Inc.
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
4. Goldman, Sachs & Co.
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
5. Knight Equity Markets, LP
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
6.
.
7.
Bats Exchange Inc.
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
Automated Trading Desk Financial Services LLC
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
Securities Listed on NYSE Amex
Summary Statistics:
Non-Directed orders as percentage of total customer orders
Market orders as percentage of total non-directed orders
Limit orders as percentage of total non-directed orders
Other orders as percentage of total non-directed orders
100%
0%
0%
100%
Venues Receiving Significant Percentage of Total Non-Directed Orders:
1.
2.
3.
4.
5.
6.
Archipelago Trading Services
NYSE Amex
Lehman Brothers Inc.
Trimark Securities Inc.
Direct Edge ECN
Merrill Lynch, Pierce, Fenner & Smith Inc.
31%
25%
14%
9%
6%
4%
Information Concerning Significant Venues:
.
.
1. Archipelago Trading Services
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
2. NYSE Amex
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
3.
0%
0%
100%
Trimark Securities Inc.
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
5. Direct Edge ECN
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
0%
0%
100%
.
Lehman Brothers Inc.
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
4.
.
.
5. Merrill Lynch, Pierce, Fenner & Smith Inc.
Types of Orders Routed to Venue:
Market orders as percentage of total market orders
Limit orders as percentage to total limit orders
Other orders as percentage of total other orders
Exchange-Listed Options
No reportable data.
0%
0%
100%