Order Routing Decision
Most Recent Compliance Report

Bluefin Research Partners, Inc.

Summary of Order Flow Payment & Routing – Q4-2011

NYSE - Section 1
Securities Listed on New York Stock Exchange
Summary Statistics:
Non-directed orders as percentage of total customer orders 43.1%
Market orders as percentage of total non-directed orders (these orders are "not held") 2.3%
Limit orders as percentage of total non-directed orders 40.8%
Other orders as percentage of total non-directed orders 0.0%
Venues receiving significant percentage of total non-directed orders:



Venue



NYSE 0.0% Less Than 1%



BATS 25.4%



ARCX

4.8%






DirectEdge trade 2.6%



CSFB 2.0%
          PERS 8.3%

 
Information Concerning Significant Venues:

  • See letter on Web page

AMEX - Section 2
Securities Listed on AMEX
Summary Statistics:
Non-directed orders as percentage of total customer orders 0.0% Less than 1%
Market orders as percentage of total non-directed orders (these orders are "not held") 0.0%
Limit orders as percentage of total non-directed orders 0.0% Less than 1%
Other orders as percentage of total non-directed orders 0.0%
Venues receiving significant percentage of total non-directed orders:




Venue



DirectEdge Trade 0.0%





ARCX Less Than 1%



BATS  Less Than 1%



CSFB 0.0%
          PERS Less Than 1% 

Information Concerning Significant Venues:

  • We do not receive payment for order flow
NASDAQ/OTC - Section 3
Securities Listed on NASDAQ
Summary Statistics:
Non-directed orders as percentage of total customer orders 53%
Market orders as percentage of total non-directed orders (these orders are "not held") 9.1%
Limit orders as percentage of total non-directed orders 43.9%
Other orders as percentage of total non-directed orders 0.0%
Venues receiving significant percentage of total non-directed orders:


Market Center or Venue Exchange Order Percentage


ARCX OTC 2.6%


BTRD OTC 0.0%


DirectEdge trade OTC 9.5%


CSFB OTC 4.5%


BATS OTC 28.1%
        PERS OTC 8.3%

Information Concerning Significant Venues:

  • See letter on Web page

OTC-BB - Section 4
Securities Listed on OTC-BB
Summary Statistics:
Non-directed orders as percentage of total customer orders 0.0%
Market orders as percentage of total non-directed orders (these orders are "not held") 0.0%
Limit orders as percentage of total non-directed orders 0.0%
Other orders as percentage of total non-directed orders 0.0%
Venues receiving significant percentage of total non-directed orders:


Venue




CSFB 0.0%


DirectEdge trade 0.0%
        PERS 0.0%

Information Concerning Significant Venues:

  • See letter on Web page

PSE/NYSE ARCX - Section 5
Securities Listed on Pacific Stock Exchange/NYSE ARCX
Summary Statistics:
Non-directed orders as percentage of total customer orders 3.5%
Market orders as percentage of total non-directed orders (these orders are "not held") 0.0% Less than 1%
Limit orders as percentage of total non-directed orders 3.3%
Other orders as percentage of total non-directed orders 0.0%
Venues receiving significant percentage of total non-directed orders:


Venue




NYSE 0.0%


BATS  1.3%


ARCA less than 1%


DirectEdge trade less than 1%


CSFB less than 1%
        PERS 1.9%

Information Concerning Significant Venues:

  • See letter on Web page

Options - Section 6

Securities Listed on Options Markets

  • We do not execute option trades.