J.P. Morgan Securities Inc. Regulation NMS Rule 606 Private Client Services 2nd Quarter

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Shannon Reed
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1 SEC Rule 606 (formerly Rule 11Ac1-6) Quarterly Report for the Quarter Ending June 30, 2007 J.P. MORGAN SECURITIES INC. MEMBER NYSE, NASD, AMEX, SIPC 300 SOUTH RIVERSIDE PLAZA SUITE IL1-0291, 11TH FLOOR CHICAGO, IL J.P. Morgan Securities Inc. ( JPMSI ) has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. This report provides information on the routing of non-directed orders any order that the customer has not specifically instructed to be routed to a particular venue for execution. This report applies solely to orders submitted to JPMSI by customers of its Private Client Services ( PCS ) division. JPMSI has also prepared and issued a separate report that applies solely to orders submitted to JPMSI by its non-pcs customers. Orders in the following securities that are submitted by PCS customers are routed, executed and cleared by National Financial Services LLC ( NFS ). Such orders for non-pcs customers are routed, executed and cleared by JPMSI. This report is 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, this report identifies the venues most often selected by NFS and sets forth the percentage of various types of orders routed to the venues. JPMSI does not maintain material relationships with the venues listed below for orders in the following securities that are submitted by PCS customers that are routed, executed and cleared by NFS. For information on the material aspects of NFS s relationship with such venues, please refer to NFS s quarterly report pursuant to SEC Rule 606 for the corresponding period located at which is A written copy of this report and/or information regarding the specific routing or any orders executed for your account for the previous six (6) months will be furnished upon request. Please contact the representative handling your account. Page 1 of 6

2 Securities Listed on The New York Stock Exchange Market orders as percentage of total non-directed orders 75.16% Limit orders as percentage of total non-directed orders 21.18% Other orders as percentage of total non-directed orders 3.66% 1. National Financial Services Corporation 29.27% 2. Knight Capital Markets, L.L.C % 3. Citadel Derivatives Group, L.L.C. 8.92% 4. Madoff (Bernard L.) Investment Securities, L.L.C. 8.55% 5. NYSE Euronext 8.39% 6. Automated Trading Desk Financial Services, L.L.C. 7.61% 7. UBS Securities, L.L.C. 6.96% 8. E*Trade Capital Markets/CHXL Trading 3.82% 9. J.P. Morgan Securities Inc. 0.05% 1. National Financial Services Corporation Market orders as percentage of total market orders 31.02% Limit orders as percentage of total limit orders 27.38% Other orders as percentage of total other orders 4.12% 2. Knight Capital Markets, L.L.C. Market orders as percentage of total market orders 24.91% Limit orders as percentage of total limit orders 23.50% Other orders as percentage of total other orders 71.91% 3. Citadel Derivatives Group, L.L.C. Market orders as percentage of total market orders 8.01% Limit orders as percentage of total limit orders 12.75% Other orders as percentage of total other orders 5.62% 4. Madoff (Bernard L.) Investment Securities, L.L.C. Market orders as percentage of total market orders 8.94% Limit orders as percentage of total limit orders 8.48% Other orders as percentage of total other orders 1.12% 5. NYSE Euronext. Market orders as percentage of total market orders 8.54% Limit orders as percentage of total limit orders 9.13% Other orders as percentage of total other orders 1.12% 6. Automated Trading Desk Financial Services, L.L.C. Market orders as percentage of total market orders 6.97% Limit orders as percentage of total limit orders 9.71% Other orders as percentage of total other orders 8.61% Page 2 of 6

3 7. UBS Securities, L.L.C. Market orders as percentage of total market orders 7.40% Limit orders as percentage of total limit orders 5.57% Other orders as percentage of total other orders 5.99% 8. E*Trade Capital Markets/CHXL Trading Market orders as percentage of total market orders 4.09% Limit orders as percentage of total limit orders 3.30% Other orders as percentage of total other orders 1.50% 9. J.P. Morgan Securities Inc. Market orders as percentage of total market orders 0.07% Limit orders as percentage of total limit orders 0.00% Securities Listed on The Nasdaq Stock Market Market orders as percentage of total non-directed orders 61.40% Limit orders as percentage of total non-directed orders 35.31% Other orders as percentage of total non-directed orders 3.30% 1. National Financial Services Corporation 45.94% 2. Knight Equity Markets, L.P % 3. UBS Securities, L.L.C % 4. Citadel Derivatives Group, L.L.C. 6.10% 5. Automated Trading Desk Financial Services, L.L.C. 5.64% 6. Bear, Stearns & Co., Inc. 2.66% 1. National Financial Services Corporation Market orders as percentage of total market orders 47.92% Limit orders as percentage of total limit orders 43.27% Other orders as percentage of total other orders 37.63% 2. Knight Equity Markets, L.P. Market orders as percentage of total market orders 22.46% Limit orders as percentage of total limit orders 18.67% Other orders as percentage of total other orders 37.63% 3. UBS Securities, L.L.C. Market orders as percentage of total market orders 11.37% Limit orders as percentage of total limit orders 17.87% Other orders as percentage of total other orders 10.75% Page 3 of 6

4 4. Citadel Derivatives Group, L.L.C. Market orders as percentage of total market orders 7.16% Limit orders as percentage of total limit orders 4.72% Other orders as percentage of total other orders 1.08% 5. Automated Trading Desk Financial Services, L.L.C. Market orders as percentage of total market orders 4.91% Limit orders as percentage of total limit orders 6.22% Other orders as percentage of total other orders 12.90% 6. Bear, Stearns & Co., Inc. Market orders as percentage of total market orders 0.75% Limit orders as percentage of total limit orders 6.22% Securities Listed on The American Stock Exchange or Regional Exchanges Market orders as percentage of total non-directed orders 69.02% Limit orders as percentage of total non-directed orders 29.80% Other orders as percentage of total non-directed orders 1.18% 1. Knight Capital Markets, L.L.C % 2. American Stock Exchange 19.32% 3. National Financial Services Corporation 14.61% 4. Citadel Derivatives Group, L.L.C % 5. E*Trade Capital Markets/CHXL Trading 5.42% 6. Automated Trading Desk Financial Services, L.L.C. 4.12% 1. Knight Capital Markets, L.L.C. Market orders as percentage of total market orders 49.32% Limit orders as percentage of total limit orders 26.09% Other orders as percentage of total other orders 70.00% 2. American Stock Exchange Market orders as percentage of total market orders 17.75% Limit orders as percentage of total limit orders 23.32% Other orders as percentage of total other orders 10.00% 3. National Financial Services Corporation Market orders as percentage of total market orders 17.92% Limit orders as percentage of total limit orders 7.51% Page 4 of 6

5 4. Citadel Derivatives Group, L.L.C. Market orders as percentage of total market orders 4.95% Limit orders as percentage of total limit orders 30.04% 5. E*Trade Capital Markets/CHXL Trading Market orders as percentage of total market orders 5.46% Limit orders as percentage of total limit orders 5.53% 6. Automated Trading Desk Financial Services, L.L.C. Market orders as percentage of total market orders 2.39% Limit orders as percentage of total limit orders 7.51% Other orders as percentage of total other orders 20.00% Exchange - Listed Options Market orders as percentage of total non-directed orders 36.54% Limit orders as percentage of total non-directed orders 63.46% Other orders as percentage of total non-directed orders 0.00% 1. Chicago Board Options Exchange 47.55% 2. The International Securities Exchange 16.78% 3. The Philadelphia Stock Exchange 12.59% 4. NYSE Arca Exchange 8.74% 5. The Boston Option Exchange 7.17% 6. American Stock Exchange 6.99% 1. Chicago Board Options Exchange Market orders as percentage of total market orders 35.89% Limit orders as percentage of total limit orders 54.27% 2. The International Securities Exchange Market orders as percentage of total market orders 7.18% Limit orders as percentage of total limit orders 22.31% 3. The Philadelphia Stock Exchange Market orders as percentage of total market orders 9.09% Limit orders as percentage of total limit orders 14.60% Page 5 of 6

6 4. NYSE Arca Exchange Market orders as percentage of total market orders 18.66% Limit orders as percentage of total limit orders 3.03% 5. The Boston Option Exchange Market orders as percentage of total market orders 13.88% Limit orders as percentage of total limit orders 3.31% 6. American Stock Exchange Market orders as percentage of total market orders 15.31% Limit orders as percentage of total limit orders 2.20% Page 6 of 6

Securities Listed on the New York Stock Exchange. Summary Statistics: Non-directed orders as a percentage of total customer orders 100%

Securities Listed on the New York Stock Exchange. Summary Statistics: Non-directed orders as a percentage of total customer orders 100% Cetera Investment Services LLC Disclosure of Order Execution and Routing Practices Under SEC Rule 606 (formerly SEC Rule 11Ac1-6) January 1, 2015 through March 31, 2015 Cetera Investment Services LLC has