SEC-Required Report on Routing of Customer Orders For Quarter Ending
December 31, 2011
Penson Financial Services, Inc. has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring GAIN Securities 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, GAIN Securities 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, 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 GAIN Securities, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of GAIN Securities's relationship with the venues.
Order Summary Statistics for Q4, 2011
NYSE as percentages
Securities Listed on New York Stock Exchange
GAIN Securities
| Summary Statistics: | |
|---|---|
| Non-directed orders as percentage of total customer orders | 100.0% |
| Market orders as percentage of total non-directed orders | 55.6% |
| Limit orders as percentage of total non-directed orders | 41.2% |
| Other orders as percentage of total non-directed orders | 3.2% |
| Venues receiving significant percentage of total non-directed orders: | |
|---|---|
| Penson Financial Services, Inc. | 100.0% |
| Type of Orders Routed to Venue: Penson Financial Services, Inc | |
|---|---|
| Limit orders as percentage of total limit orders | 100.0% |
| Market orders as percentage of total market orders | 100.0% |
| Other orders as percentage of total other orders | 100.0% |