Report on Routing Customers
Orders
For Quarter Ending June 30, 2003
Lemley Yarling
& Co. (LY&Co.) has prepared this report in
accordance with Exchange Act Rule 11Ac1-6 which requires broker-dealers to make
publicly available certain order routing information quarterly. 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).
LY&Co. transmits non-directed orders
to its clearing firm, ABN Amro, for execution.
Non-directed customer orders are executed as described below.
The report is divided into four
sections:
I. Securities listed on the
II. Securities listed on the
American Stock Exchange ("AMEX") or any other national securities
exchange
III. Securities qualified for
inclusion in the Nasdaq
Stock Market, Inc. ("NASDAQ")
IV. Covered securities that are
options contracts
Each section identifies the
venues receiving LY&Co.’s non-directed orders for
execution, and the percentage of types of orders routed to each venue.
Material aspects of LY&Co.’s relationships with execution venues
LY&Co. does not receive payments in
exchange for sending orders to any venue or broker-dealer. As noted above, LY&Co. transmits orders to ABN Amro
for execution. ABN Amro selects execution venues,
subject to LY&Co.’s review. LY&Co.
understands that ABN Amro may receive payments from
venues in exchange for sending orders for execution. However, ABN Amro does not pass on to LY&Co.
any such payments received by ABN Amro.
I. Securities listed on the NYSE
Non-directed orders as
percentage of total customer orders 100%
Venues Receiving Non-Directed
Orders:
Venue |
%
of Non-Directed Order
Flow |
Order
Type |
|
||
|
|
Market Orders |
Limit Orders |
Other
Orders |
|
|
99.7% (733) |
7.3% (54) |
93.7% (679) |
0% |
|
|
0.3% (2) |
100% (2) |
0% |
0% |
|
II. Securities Listed on the
AMEX or any other national securities exchange
Non-directed orders as
percentage of total customer orders 100%
Venues Receiving Non-Directed
Orders:
Venue |
%
of Non-Directed Order
Flow |
Order
Type |
|
||
|
|
Market Orders |
Limit Orders |
Other
Orders |
|
American Stock Exchange |
100% (99) |
0% |
100% |
0% |
|
III. Securities Listed on the
NASDAQ Stock Market
Non-directed orders as
percentage of total customer orders 100%
Venues Receiving Non-Directed
Orders:
Venue |
%
of Non-Directed Order
Flow |
Order
Type |
|
||
|
|
Market Orders |
Limit Orders |
Other
Orders |
|
ARCA Instinet Knight Sec Madoff |
9.7% ( 64) 70.6%
(465) 19.2% (126) 0.5% (3) |
100 % (64) 4.5% (21) 32.5% (41) 100%(3) |
0% 95.5% (444) 67.5% (85) 0% |
0% 0% 0% 0% |
|
IV. Covered securities that are
options contracts
None