Oppenheimer & Co. Inc. 125 Broad Street New York, New York 10004 212-668-8000
SEC Required Report on Routing of Customer Orders for the Quarter Ended March 31, 2008
Oppenheimer & Co., Inc. (the "Firm") 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. The 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. For these orders, the Firm has selected the execution venue of behalf of its customers. The report is divided into four sections: one for securities listed on the New York Stock Exchange and reported as a Network A eligible security; one for securities listed on the Nasdaq Stock Market; one for securities listed on the American Stock Exchange or regional exchanges and reported as a Network B eligible security; and one for exchange listed options. For each section, this report identifies the venues most often selected by the Firm sets forth the percentages of various types of orders routed to the venues, and discusses the material aspects the Firm's relationship with the venues.
I. Securities Listed on the New York Stock Exchange:
	Non-directed	Market	Limit	Other
Total Orders	100.00%	85.11%	12.20%	2.69%
NYSE	83.50%	84.64%	77.86%	73.02%
Madoff Investments Sec. LLC	14.92%	14.53%	19.01%	8.77%
Oppenheimer & Co. Inc.	0.80%	0.24%	1.41%	15.45%
The Firm forwards orders in securities in which the Firm is a registered market maker to the Firm's trading desk. The Firm will realize 100% of the profit (or loss) from such trading activity.
II. Securities Listed on the Nasdaq Stock Market:
	Non-directed	Market	Limit	Other
Total Orders	100.00%	23.24%	24.49%	52.27%
Citadel Derivatives Group, LLC	62.46%	72.68%	55.50%	61.17%
Oppenheimer & Co. Inc.	9.85%	1.58%	19.60%	8.96%
Citigroup Global Markets, Inc.	9.85%	8.33%	8.00%	11.39%
UBS Securities, LLC	8.15%	7.32%	8.24%	8.47%
Automated Trading Desk	6.47%	6.58%	5.32%	6.96%
The Firm forwards orders in securities for which the Firm is a market maker to the Firm's trading desk. The Firm realizes 100% of the profit (or loss) from such trading activity.
III. Securities Listed on the American Stock Exchange or Regional Exchanges:
	Non-directed	Market	Limit	Other
Total Orders	100.00%	82.53%	14.81%	2.66%
AMEX	62.20%	61.79%	68.29%	40.91%
Citigroup Global Markets, Inc.	34.22%	37.47%	20.01%	12.46%
Oppenheimer & Co. Inc.	2.40%	0.24%	8.84%	33.46%
The Firm forwards orders in securities for which the Firm is a market maker to the Firm's trading desk. The Firm realizes 100% of the profit (or loss) from such trading activity.
IV. Exchange-Listed Options:
	Non-directed	Market	Limit	Other
Total Orders	100.00%	15.04%	84.52%	0.44%
ISE	26.24%	25.08%	26.46%	25.49%
PHLX	25.63%	24.33%	25.88%	23.30%
CBOE	23.45%	24.61%	23.19%	34.07%
Arca	19.04%	12.44%	20.25%	14.29%
BOX	3.90%	12.16%	2.43%	1.98%
AMEX	1.73%	1.38%	1.79%	0.88%
The Firm forwards orders for exchange-listed options to Merrill Lynch, Pierce, Fenner & Smith Incorporated (Broadcort Execution Services) and Citigroup (CGMI), who in turn route the orders to the applicable exchanges. Merrill Lynch and Citigroup share with the Firm rebates they receive.