| Oppenheimer
& Co. Inc. 125 Broad Street New York, New York 10004 212-668-8000 |
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| SEC Required Report on Routing of Customer Orders for the Quarter Ended March 31, 2012 | ||||
| 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. |
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| I. Securities Listed on the New York Stock Exchange: | ||||
| Non-directed | Market | Limit | Other | |
| Total Orders | 100.00% | 66.89% | 11.91% | 21.20% |
| Automated Trading Desk | 78.24% | 90.08% | 73.00% | 43.58% |
| NASDAQ | 8.27% | 0.30% | 0.00% | 37.89% |
| Oppenheimer & Co. Inc. | 7.35% | 5.33% | 16.00% | 8.59% |
| NYSE | 3.65% | 2.85% | 8.00% | 3.52% |
| 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% | 59.67% | 19.20% | 21.13% |
| Automated Trading Desk |
53.17% | 58.20% | 56.63% | 35.82% |
| Citadel Derivatives Group, LLC | 19.62% | 22.16% | 18.69% | 13.31% |
| Oppenheimer & Co. Inc. | 10.05% | 11.07% | 11.67% | 5.70% |
| Knight Capital Americas | 7.06% | 7.29% | 10.14% | 3.62% |
| NASDAQ | 6.47% | 0.20% | 1.04% | 29.10% |
| 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 Regional Exchanges: | ||||
| Non-directed | Market | Limit | Other | |
| Total Orders | 100.00% | 62.27% | 13.49% | 24.25% |
| Automated Trading Desk | 79.04% | 88.36% | 71.90% | 59.07% |
| Oppenheimer & Co. Inc | 8.61% | 6.62% | 19.67% | 7.58% |
| NASDAQ | 3.16% | 0.66% | 0.70% | 10.96% |
| NYSE Arca | 1.29% | 0.11% | 0.21% | 4.91% |
| AMEX | 1.29% | 1.31% | 3.31% | 0.11% |
| 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% | 12.27% | 83.71% | 4.02% |
| CBOE | 30.24% | 16.74% | 32.22% | 30.25% |
| NYSE Arca | 22.81% | 2.73% | 24.43% | 50.41% |
| PHLX | 19.24% | 31.21% | 17.57% | 17.36% |
| AMEX | 16.46% | 20.06% | 16.72% | 0.19% |
| ISE | 5.73% | 17.85% | 4.22% | 0.23% |
| BOX | 2.35% | 7.44% | 1.71% | 0.21% |
| NASDAQ NOM | 2.16% | 2.59% | 2.15% | 1.24% |
| The Firm forwards orders for exchange-listed options to Merrill Lynch / Bank of America (Broadcort Execution Services), UBS and Citigroup (CGMI), who in turn route the orders to the applicable exchanges. Merrill Lynch / Bank of America and Citigroup share with the Firm rebates they receive. | ||||