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April 21, 2005

2005 Traders Magazine Survey of Correspondent Clearing Firms

By Editorial Staff

Services: TD Waterhouse Institutional Services is a provider of securities processing services to external broker-dealers in the Canadian financial marketplace. A division of TD Waterhouse Canada, TD Waterhouse Institutional Services delivers trade execution, clearing and reporting capabilities. As a wholly owned subsidiary of the TD Bank Financial Group, TD Waterhouse Institutional Services Canada offers correspondent clients access to cutting-edge technology and an array of products suited for both retail and institutional investors.

Number of correspondents: Approximately 30

Correspondents: Retail and institutional

Division of: TD Waterhouse Canada

Parent company: TD Bank Financial Group

Contacts: Peter Boffo, national sales manger, (416) 308-9119, peter.boffo@td.com; John Skain, VP, (416) 308-8900, john.skain@td.com

Triad Securities Corp.

111 Broadway, 11th Floor, New York, N.Y. 10006, (212) 349-8060, fax: (212) 587-3981, www.triadsecurities.com

Services: Triad Securities Corp. provides trade execution and operational clearing services to institutional, retail and prime broker clients.

Trades cleared in 3Q04:

Number of correspondents: 220 prime broker clients

Correspondents: Institutional and prime broker clients

Contacts: Ray Holland, (212) 349-8190, rholland@triadsecurities.com; Larry Goldsmith, (212) 349-9078, lgoldsmith@triadsecurities.com; Charles Fisher, (212) 349-8196, cfisher@triadsecurities.com

Wedbush Morgan Securities

1000 Wilshire Blvd., 7th Floor, Los Angeles, Calif. 90017, (213) 688-8000, fax: (213) 688-6692, www.wedbush.com

Services: Wedbush Morgan Securities has been a clearing leader for more than 30 years and is the largest international clearing firm headquartered on the West Coast. Wedbush Morgan provides clearing solutions and prime brokerage for black box trading firms, retail broker dealers, investment banks, institutional firms, municipal bond underwriters, proprietary and professional trading firms, market makers and hedge funds. Wedbush Morgan prides itself on providing value-added service to each of its clients and correspondents throughout the world. With assets in excess of $1 billion, and with more than $100 million in net capital, Wedbush Morgan Securities offers its clients the strength and stability they need to grow their businesses.

Number of correspondents: Approximately 100 nationally

Correspondents: Retail, Institutional and Proprietary

Parent company: E-Capital Corp.

Contact: Jeff Martin or Sean Thompson at (213) 688-4567, fax: (213) 688-6692, jeff.martin@wedbush.com, sean.thompson@wedbush.com