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SEC-Required Report on Routing of Customer Orders for the Quarter Ending December 31, 2001
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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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| Morgan Stanley |
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| Venue |
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Total% |
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Market
Orders% |
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Limit
Orders% |
|
Other
Orders% |
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| Total% |
100 |
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| Morgan Stanley Online |
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| Venue |
Total% |
Market
Orders% |
Limit
Orders% |
Other
Orders% |
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| |
| Total% |
100 |
37 |
27 |
36 |
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| Knight Capital Markets LLC |
78 |
78 |
79 |
78 |
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| Bernhard L. Madoff Investment Securities LLC |
21 |
21 |
21 |
21 |
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| | | | Securities Listed on the Nasdaq Stock Market | | |
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| Morgan Stanley |
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| Venue |
Total% |
Market
Orders% |
Limit
Orders% |
Other
Orders% |
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| Total% |
100 |
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| Morgan Stanley Online |
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| Venue |
Total% |
Market
Orders% |
Limit
Orders% |
Other
Orders% |
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| Total% |
100 |
43 |
32 |
24 |
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| Morgan Stanley & Co. Incorporated* |
62 |
68 |
44 |
73 |
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| Knight Securities LP |
32 |
26 |
48 |
20 |
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| Herzog Heine Geduld LLC |
7 |
6 |
8 |
7 |
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| *Morgan Stanley & Co. Incorporated and Morgan Stanley DW Inc. are both wholly-owned subsidiaries of Morgan Stanley Dean Witter & Co. |
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| | | | Securities Listed on the American Stock Exchange or Regional Exchanges | | |
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| Morgan Stanley |
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| Venue |
Total% |
Market
Orders% |
Limit
Orders% |
Other
Orders% |
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| Total% |
100 |
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| Morgan Stanley Online |
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| Venue |
Total% |
Market
Orders% |
Limit
Orders% |
Other
Orders% |
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| Total% |
100 |
32 |
34 |
34 |
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| Knight Capital Markets LLC |
82 |
76 |
87 |
82 |
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| Bernhard L. Madoff Investment Securities LLC |
18 |
23 |
13 |
17 |
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| | | | Exchange-listed Options | | |
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| Morgan Stanley |
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| Venue |
Total% |
Market
Orders% |
Limit
Orders% |
Other
Orders% |
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| Total% |
100 |
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| Morgan Stanley Online |
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| Venue |
Total% |
Market
Orders% |
Limit
Orders% |
Other
Orders% |
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| Total% |
>95 |
17 |
75 |
8 |
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| The Chicago Board Options Exchange |
40 |
44 |
40 |
36 |
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| American Stock Exchange |
32 |
32 |
31 |
38 |
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| The Pacific Exchange |
19 |
17 |
20 |
17 |
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| Philadelphia Stock Exchange |
9 |
6 |
9 |
10 |
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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.
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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