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April 21, 2005

2005 Traders Magazine Survey of Correspondent Clearing Firms

By Editorial Staff

Services: Legent Clearing offers securities clearing, settlement and custody services to traditional securities broker/dealers as well as banks, trust companies, money management firms and other financial institutions. The Legent back office system supports a full suite of products that enables it to service correspondents that are as varied as small boutique firms or large internet-transaction-based brokerages. Legent's offerings include Internet access for correspondents and retail customers, retirement products, a cash performance account with an FDIC-insured money market, and dividend reinvestment. Legent has the experience that allows for flexible, adaptive and customized solutions to the specific needs of correspondents.

Number of correspondents: 33

Type of correspondents: retail and institutional

Number of 4Q 2004 trades cleared: 260,000

Parent company: Legent Holding

Contact: Jeff Sime, president, 402-384-6122,

Legg Mason Wood Walker

100 Light St., Correspondent Clearing Services, Baltimore Md., 21203-1476, (410) 580-7373, fax: (410) 454-0232,

Services: The Legg Mason Clearing and Technology Group offers a fully integrated clearing platform to registered investment advisers. Legg Mason's Sybase platform runs on software that the firm manages, which allows for enhancements and customizations not usually available to service-bureau customers. This means the firm can support 18 months of online customer account history, real-time cashiering functionality, local confirm printing and many other features that can improve efficiency and productivity. Legg Mason has the ability to interface with several portfolio management systems and can provide clients a nightly download of all account activity to their portfolio systems. The firm is also prepared to work with clients to customize applications to meet their needs.

Number of correspondents: 8

Correspondents: Registered investment advisers

Parent company: Legg Mason

Affiliate companies: Private Capital Management, Bartlett & Co., Royce & Associates, Brandywine Asset Management, Batterymarch Financial Management, Western Asset Management Co., Barrett Associates, Legg Mason Ltd., Berkshire Asset Management, Perigee, LeggMason Investors, Legg Mason Trust FSB, Asset Management and Technology Solutions

Contact: Diana D. Cooper, VP operations, (410) 580-7373, fax: (410) 454-0232,

Lek Securities Corp.

140 Broadway, New York, N.Y. 10005, (212) 509-2300, fax: (212) 509-3540,

Services: Lek Securities Corp. provides clearing and execution services to money managers, hedge funds, market makers, specialists and direct access brokers for equities, options and single-stock futures. Lek Securities's ROX order management system allows for direct access to any exchange, ECN or market maker. With ROX, a click of a mouse will route an order to an ECN or electronic market center, or the order can be sent to a wireless handheld for manual execution in a trading crowd. Lek Securities employs a network of floor brokers to service its customers' direct access needs for large or complicated orders. For a select group of professional clients, Lek Securities provides highly automated clearing and financing services. Customers have access to their account data in real time through ROX or a secure Web site.

Number of correspondents: 23

Correspondents: Institutional

Contact: Samuel F. Lek, CEO, (212) 509-2300, fax: (212) 509-3540,

Man Securities

440 South LaSalle, 20th Floor, Chicago Ill. 60605, (312) 663-7720 or (800) 899-4525, fax: (312) 902-6090, or

Services: Man Securities offers securities clearing, specializing in options execution and clearing.

Number of correspondents: 10

Parent company: Man Group Plc, Man Financial

Contacts: Dan Caputo, SVP, (312) 663-7738,; Mike Pontone, VP, (312) 663-7794, fax: (312) 663-7764

Mesirow Financial