Aufhauser SEC Rule 606 Order Routing Disclosure Data

Sept 2009

June 2009

March 2009

Prior to 2008: please send email to admin@aufsec.com

Aufhauser Securities directs some order flow to the Instinet INET portal system. In all cases, this is done with the express consent and instruction of our clients. Instinet charges a per share charge for almost all orders sent to them. However, they sometimes rebate Aufhauser for orders which, according to their criteria, "enhance liquidity". The amount of this rebate received from Instinet is small and not material.

All other order flow (NYSE, NASDAQ, AMEX, OPTION) is directed by Aufhauser Securities Inc. to its clearing broker, Pershing LLC ("Pershing") for routing and execution. Aufhauser Securities Inc. may receive payment in the form of order flow rebates for directing order flow to Pershing. Pershing and its affiliate, Pershing Trading Company, L.P. (collectively "Pershing') receive compensation for directing a percentage of its order flow to certain exchanges, specialists or market makers. 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 represented in the national marketplace using the various means available for price discovery. Pershing regularly reviews reports for quality of execution purposes.

In the case of its over-the counter ("OTC") equity order flow, Pershing receives compensation from the following market makers: