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SEC-Required Report on Routing of Customer Orders for the Quarter Ending March 31, 2002
 
  

 
These reports are 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, we identify the venues we select most often and the percentage of various types of orders routed to those venues.
 
The information and data provided herein (the "Report") are the property of Morgan Stanley DW Inc.("Morgan Stanley") and cannot be redistributed in any form or manner without the prior written consent of Morgan Stanley.
 
 
 
Securities Listed on the New York Stock Exchange
 
Morgan Stanley DW
Venue   Total%   Market
Orders%		   Limit
Orders%		   Other
Orders%
Total% 100 50 15 35
 
Boston Stock Exchange 47 49 46 44
 
New York Stock Exchange 40 35 38 47
 
Chicago Stock Exchange 7 9 9 5
 
Philadelphia Stock Exchange 4 4 3 3
 
Morgan Stanley Online
Venue Total% Market
Orders%		 Limit
Orders%		 Other
Orders%
 
Total% 100 37 30 33
 
Knight Capital Markets LLC 67 67 69 64
 
Bernhard L. Madoff Investment Securities LLC 33 32 31 35
 
 
 
Securities Listed on the Nasdaq Stock Market
 
Morgan Stanley DW
Venue Total% Market
Orders%		 Limit
Orders%		 Other
Orders%
Total% 100 47 25 28
 
Morgan Stanley & Co. 78 82 80 69
 
Prudential Securities 3 3 0 5
 
Bear, Stearns & Co. 1 2 0 2
 
Susquehanna Capital Group 1 1 0 3
 
Spear Leeds & Kellogg 1 1 2 1
 
GVR Company LLC 1 1 0 2
 
Fahnestock & Co. Inc. 1 1 1 0
 
First Union Capital Markets 1 1 0 1
 
William Blair & Co. LLC 1 0 0 2
 
McDonald Investments Inc. 1 1 0 1
 
Pershing Trading Co. 1 1 0 1
 
Morgan Stanley Online
Venue Total% Market
Orders%		 Limit
Orders%		 Other
Orders%
 
Total% 100 31 33 36
 
Morgan Stanley & Co. Incorporated* 63 63 57 69
 
Knight Securities LP 22 22 26 19
 
Herzog Heine Geduld LLC 15 15 18 12
 
*Morgan Stanley & Co. Incorporated and Morgan Stanley DW Inc. are both wholly-owned subsidiaries of Morgan Stanley Dean Witter & Co.
 
 
 
Securities Listed on the American Stock Exchange or Regional Exchanges
 
Morgan Stanley DW
Venue Total% Market
Orders%		 Limit
Orders%		 Other
Orders%
Total% 100 31 33 36
 
American Stock Exchange 68 64 63 75
 
Chicago Stock Exchange 28 31 31 23
 
Boston Stock Exchange 3 5 4 1
 
Morgan Stanley Online
Venue Total% Market
Orders%		 Limit
Orders%		 Other
Orders%
 
Total% 100 32 35 33
 
Knight Capital Markets LLC 52 48 56 52
 
Bernhard L. Madoff Investment Securities LLC 48 52 44 48
 
 
 
Exchange-listed Options
 
Morgan Stanley DW
Venue Total% Market
Orders%		 Limit
Orders%		 Other
Orders%
 
Total% 100 0 1 99
 
Chicago Board Options Exchange 45 37 45 45
 
American Stock Exchange 28 29 30 28
 
Pacific Coast Option Exchange 11 9 11 11
 
Philadelphia Option Exchange 8 12 9 8
 
International Securities Exchange 7 13 5 7
 
Morgan Stanley Online
Venue Total% Market
Orders%		 Limit
Orders%		 Other
Orders%
 
Total% >95 15 76 9
 
The Chicago Board Options Exchange 42 48 42 41
 
American Stock Exchange 32 34 31 37
 
The Pacific Exchange 18 12 19 13
 
Philadelphia Stock Exchange 8 6 8 9
 
Morgan Stanley has prepared the Report solely for informational purposes and consistent with Rule 11Ac1-6 under the Securities Exchange Act of 1934. The information provided in the Report is not intended to, and does not, encompass all the factors to be considered in a best execution analysis and related order routing determinations.
 
Morgan Stanley does not present, warrant or guarantee that the Report is accurate, complete and up-to-date. Morgan Stanley disclaims liability for any direct, indirect, punitive, special, consequential or incidental damages related to the Report or the use of the Report. The information provided in the Report may be impacted by market data system outages or errors, both internal and external, and it is dependent upon the integrity and accuracy of the data provided by outside sources. Certain assumptions have been made in preparing the Report, and changes to the assumptions may have a material impact on the results. The Report does not endorse or recommend any particular security or market participant.
 
These disclaimers apply to the Report in its entirety, irrespective of whether the Report is used or viewed in whole or in part.
 
Morgan Stanley and Morgan Stanley Online are service trade marks of Morgan Stanley Dean Witter & Co. Morgan Stanley DW and Morgan Stanley & Co. are wholly-owned subsidiaries of Morgan Stanley Dean Witter Inc. Services are offered through Morgan Stanley DW Inc., member SIPC.
 
All profits derived from Morgan Stanley and Morgan Stanley Online's execution of customer orders as principal flow directly to their parent company, Morgan Stanley Dean Witter & Co. Morgan Stanley & Co. receives order flow from Morgan Stanley DW for stocks in which it makes a market. Morgan Stanley DW does not accept payment for order flow.
 
 
 
 
 
 

 
 
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