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April 21, 2005

2005 Traders Magazine Survey of Correspondent Clearing Firms

By Editorial Staff

Services: RBC Dain Correspondent Services is focused on the broker-dealer that wants to partner with a wealth management-focused clearing firm. The firm listens to correspondents through conferences, collaboration on project development and frequent conference calls. RBC assists correspondents with opportunity identification and analytics to increase and manage business efficiently. RBC Dain Correspondent Services provide ongoing, business-specific training in technology, products and applications.

Number of correspondents: 170

Correspondents: Retail and institutional

Division of: RBC Dain Rauscher

Parent company: Royal Bank of Canada, RBC Financial Group

Contact: Shileen Groth, director of administration, (888) 462-1816, shileen.groth@rbcdain.com

Spear, Leeds & Kellogg

1 New York Plaza New York, N.Y. 10004, (212) 433-4279, www.slk.com

Services: Spear, Leeds & Kellogg, a Goldman Sachs company, provides a comprehensive and tightly integrated suite of clearing, prime brokerage and execution services to the institutional and broker-dealer community. SLK offers interactive tools and services tomaximizeperformance in this increasingly complex and dynamic environment.Specifically, REDIPlus isthepremier electronic trading platform, offering destination-neutral access to all major pools of liquidity. It utilizes smart routing technology to access fragmented pools of liquidity and trades U.S. equities, options and electronic futures, plus European equities and electronic futures. Additionally, clients can access Goldman Sachs algorithms (GSAT), connect to every major OMS system and integrate single-share and portfolio trading capabilities all in one system.SLK clears numerous agency broker-dealers, direct access firms, market makers, hedge funds and professional traders,whichutilize REDIPlus. Trades executed with other brokers can be entered into REDIPlus for a real-time view of positions and profit and loss.TheWeb-basedCustomerAccessSystem provides prime brokerage and clearing clients the ability to track historical data and enables drill-down functions for advanced analysis. Some of the system's capabilities include money line information, P&L,position detail, capital activity and trade activity. Information can be customized and sorted according topersonalpreference and downloaded for easy viewing. Additionally, the Web-based portfolio accounting and reporting system provides all necessary tax-related information and uses straight-through processing.

Number of correspondents: More than 200

Correspondents: Institutional

Parent company: Goldman Sachs

Affiliate companies: SLK Electronic Transaction Services, First Options of Chicago (FOC), SLK Specialist LLC

Contact: James Rogan, managing director, (212) 902-2938, james.rogan@gs.com

Sterne Agee Clearing Division of Sterne Agee Capital Markets

800 Shades Creek Parkway, Suite 580, Birmingham, Ala. 35209, (800) 264-4863, fax: (561) 391-9778, www.salclearing.com

Services: Sterne, Agee & Leach Capital Markets provides clearing and broker-dealer services to retail, trading and registered investment adviser firms. Utilizing the Beta System, the firm provides features such as customized reporting, online account access and trading, browser- and PC-based broker workstations and inventory financing. Services include fully disclosed, omnibus and prime brokerage clearing.

Number of correspondents: 85

Correspondents: Retail and institutional

Parent company: Sterne, Agee & Leach Group

Affiliate companies: Sterne, Agee & Leach, SAL Financial Services, The Trust Co. of Sterne, Agee & Leach, Sterne, Agee Asset Management

Contact: W. Dennis Ferguson, president,

(800) 264-4863, dferguson@sterneagee.com

TD Waterhouse Institutional Services Canada

161 Bay St., 2nd Floor, CT Tower, BCE Place, Toronto, Ontario M5J 2T2, Canada, (416) 308-9119, www.tdwaterhouse.ca/institutional-services