“Not Held” and Trading Along

Unless directed otherwise, it is Weeden’s understanding that all orders it receives are handled and executed on a “not held” basis and will remain in effect only for the day in which they are entered. The “not held” designation allows our traders, in seeking best execution of your order, to exercise judgment with respect to the time and price of transactions. The methods we employ may include executing an order in more than one transaction and through more than one market center or system. In connection with such executions, we will continue to deliver average price confirmations and make further information available to you upon request. We may also commit capital on request to facilitate an order and then stand aside or, with your documented consent on a trade-by-trade basis, trade along with, or ahead of the unexecuted balance of your order.

We may commit capital on request to facilitate an order and then stand aside or, with your documented consent on a trade-by-trade basis, trade along with, or ahead of the unexecuted balance of your order.

When long (or short) as a result of client facilitation, we may seek to liquidate (or cover) our facilitation position by trading along with your order to buy (or sell) the same security. Generally (unless we agree on a different ratio), we will “split prints” with you on a 50/50 basis. That is, when we buy (or sell) stock along with your order, you will receive an execution for half the number of shares we purchase (or sell) and we will receive the other half, with each of us trading at the same average price. A possible exception to this allocation methodology would be if we seek to “get in shape”, by liquidating (or covering) the facilitation position in its entirety before facilitating or working your order to buy (or sell). Consistent with our practice of transparency, we will advise you whenever we seek to “get in shape” and obtain your consent. At your request, we will provide you with the details of any of our trades effected while getting in shape or splitting prints.

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