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SEC-Required Report on Routing of Customer Orders for the Quarter Ending September 30, 2003
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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 | | |
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| Publicly Posted Percentages |
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| Route Venues |
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Total(%) |
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Market(%) |
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Limit(%) |
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Other(%) |
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| Total% |
100 |
49 |
15 |
36 |
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| New York Stock Exchange |
65 |
60 |
60 |
73 |
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| Boston Stock Exchange |
26 |
29 |
25 |
22 |
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| Chicago Stock Exchange |
6 |
6 |
9 |
4 |
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| NASDAQ |
3 |
5 |
5 |
0 |
100% of total customer orders were non-directed orders.
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| | | | Securities Listed on the Nasdaq Stock Market | | |
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| Publicly Posted Percentages |
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| Route Venues |
Total(%) |
Market(%) |
Limit(%) |
Other(%) |
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| Total% |
100 |
47 |
27 |
26 |
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| Morgan Stanley & Co. |
72 |
77 |
75 |
60 |
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| Prudential Securities |
7 |
5 |
1 |
15 |
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| Schwab Capital Mkts |
3 |
2 |
4 |
1 |
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| Fahnestock & Co Inc. |
2 |
2 |
4 |
2 |
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| Pershing Trading Co. |
2 |
2 |
1 |
3 |
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| McDonald Investments Inc. |
1 |
1 |
0 |
3 |
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| Bear, Stearns & Co. |
1 |
1 |
0 |
2 |
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| National Finan. Svcs |
1 |
1 |
1 |
1 |
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| A.G. Edwards & Sons |
1 |
1 |
1 |
1 |
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| William Blair & Co LLC |
1 |
0 |
0 |
1 |
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| Wien Securities Corp |
1 |
1 |
1 |
0 |
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| U.S.Bancorp Piper Jaffray |
1 |
1 |
1 |
1 |
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| CIBC World Markets |
1 |
0 |
1 |
1 |
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| First Union Capital Mkts |
1 |
0 |
0 |
1 |
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| Merrill Lynch, Pierce |
1 |
0 |
0 |
1 |
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| Legg Mason Wood Walker |
1 |
0 |
0 |
1 |
100% of total customer orders were non-directed orders.
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| | | | Securities Listed on the American Stock Exchange or Regional Exchanges | | |
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| Publicly Posted Percentages |
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| Route Venues |
Total(%) |
Market(%) |
Limit(%) |
Other(%) |
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| Total% |
100 |
42 |
23 |
35 |
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| American Stock Exchange |
87 |
85 |
84 |
91 |
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| Chicago Stock Exchange |
11 |
13 |
13 |
8 |
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| Boston Stock Exchange |
1 |
1 |
2 |
0 |
100% of total customer orders were non-directed orders.
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| | | | Exchange-listed Options | | |
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| Publicly Posted Percentages |
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| Route Venues |
Total(%) |
Market(%) |
Limit(%) |
Other(%) |
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| Total% |
100 |
28 |
72 |
1 |
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| Chicago Board Options Exch |
36 |
36 |
36 |
50 |
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| American Stock Exchange |
28 |
28 |
27 |
30 |
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| Internat'l Secs Exch |
21 |
21 |
22 |
4 |
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| Pacific Coast Option Exch |
9 |
10 |
9 |
11 |
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| Philadelphia Option Exch |
5 |
5 |
5 |
5 |
100% of total customer orders were non-directed orders.
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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.
Investments and services are offered through Morgan Stanley DW Inc., member SIPC. Morgan Stanley DW Inc. and Morgan Stanley & Co. Incorporated are wholly-owned subsidiaries of Morgan Stanley. All profits derived from Morgan Stanley DW Inc.'s execution of customer orders as principal flow directly to its parent company, Morgan Stanley. Morgan Stanley & Co. Incorporated receives order flow from Morgan Stanley DW Inc. for stocks in which it makes a market. Morgan Stanley DW Inc. does not accept payment for order flow.
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