ANDERSON & STRUDWICK, INC. DIRECTS ITS NEW YORK STOCK EXCHANGE ("NYSE") EQUITY
ORDER FLOW TO ITS CLEARING BROKER, PERSHING LLC("PERSHING"), FOR ROUTING AND
EXECUTION. ANDERSON & STRUDWICK, INC. DOES NOT RECEIVE COMPENSATION FOR
DIRECTING ORDER FLOW TO PERSHING.
PERSHING AND ITS AFFILIATES, PERSHING TRADING COMPANY, L.P.
(COLLECTIVELY "PERSHING") RECEIVE COMPENSATION FOR DIRECTING A PERCENTAGE OF
NYSE EQUITY FLOW TO CERTAIN EXCHANGES OR SPECIALISTS. PERSHING ALSO ROUTES
CERTAIN NYSE EQUITY ORDER FLOW TO AFFILIATED SPECIALISTS.
COMPENSATION IS GENERALLY IN THE FORM OF A PER SHARE CASH PAYMENT.
ADDITIONALLY, CERTAIN EXCHANGES REDUCE OR ELIMINATE EXECUTION FEES ON ORDERS
DIRECTED TO THEM IN DUALLY LISTED SECURITIES.
IF AN ORDER FOR A NYSE LISTED SECURITY IS NOT IMMEDIATELY EXECUTABLE ON THE
EXCHANGE TO WHICH IT IS ROUTED, SUCH ORDER MAY BE REPRESENTATED IN THE
NATIONAL MARKETPLACE USING THE VARIOUS MEANS AVAILABLE FOR PRICE DISCOVERY.
ANDERSON & STRUDWICK, INC. DIRECTS ITS AMERICAN STOCK EXCHANGE ("AMEX") ORDER
FLOW TO ITS CLEARING BROKER, PERSHING LLC("PERSHING"), FOR ROUTING AND
EXECUTION. ANDERSON & STRUDWICK, INC. DOES NOT RECEIVE COMPENSATION FOR
DIRECTING ORDER FLOW TO PERSHING. HOWEVER, PERSHING RECEIVES COMPENSATION
PURSUANT TO THE FOLLOWING PRACTICES.
PERSHING AND ITS AFFILIATES, PERSHING TRADING COMPANY, L.P.
(COLLECTIVELY "PERSHING") RECEIVE COMPENSATION FOR DIRECTING A PERCENTAGE OF
AMEX EQUITY ORDER FLOW TO CERTAIN EXCHANGES OR SPECIALISTS. PERSHING ALSO
ROUTES CERTAIN AMEX EQUITY ORDER FLOW TO AN AFFILIATED SPECIALIST.
Anderson & Strudwick Inc utilizes Pershing LLC as its clearing broker. As
such, Pershing settles all trades executed by Anderson & Strudwicks over-the-
counter (OTC) desk. Trades directed to Pershing are for those orders in which
Pershing or its affiliate, Pershing Trading Company LP, are market makers. In
certain instances, large or block orders also may routed to Pershing for
processing. Anderson & Strudwick does not receive compensation for directing
order flow to Pershing
PERSHING REGULARLY REVIEWS REPORTS FOR QUALITY OF EXECUTION PURPOSES. |
