Commentary

EDITOR'S LETTER
Tom Steinert-Threlkeld

Trading Through

The mispriced transactions totaled 442,600, from October 2008 through the start of this year. The amount owed customers for the mistakes was $420,360. Less than a buck a trade. On a 200-share trade, that equals less than 3 cents each.

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Photo Gallery June 1, 2006

San Francisco SAN FRANCISCO SECURITY TRADERS ASSOCIATION

SAN FRANCISCO SECURITY TRADERS ASSOCIATION 76th Annual Conference Inn at Spanish Bay • Monterey, California • June 1-3, 2006

<p>Moderator</p><p>John Russell, Franklin Templeton, San Francisco.</p> <p>NYSE Advanced Hybrid Presentation and Discussion</p><p>John Gilmartin, Robbins & Henderson, John Alatzas, Spear Leads &</p><p>Kellogg, Steve Hughes, Bill Flanagan, both NYSE, all New York.</p> <p>The Converging Electronic Marketplace with</p><p>Commentary by Nasdaq and Bloomberg</p><p>Bret Mock, Wachovia, San Francisco; Bill Yancey, Penson Financial,</p><p>Dallas; Rob Malin, Nasdaq, Bruce Garland, Bloomberg Tradebook,</p><p>both New York.</p> <p>George Alexander, Golden Eagle Investment, Boulder; Michelle and Scott</p><p>Koval, Global Crown Capital, San Francisco.</p>
<p>Eugene Kearns, Bloomberg Tradebook, New York; Tom Carter, JonesTrading,</p><p>San Francisco; Michael Santos, Bloomberg Tradebook, New York.</p> <p>David Cantrell, Raymond James, Los Angeles; Carrie and David Haraburda,</p><p>Oppenhiemer, San Francisco.</p> <p>Jerry and Peggy Griffith, Emmett Larkin, San Francisco; Rossana Jeminez,</p><p>guest.</p> <p>Edie Gitlin, guest, Louis Commesso, Dennis Bernholz, both Thomas Weisel,</p><p>San Francisco; Louis Gitlin, Black Rock, Philadelphia.</p>
<p>Ken Jankowsky, Anthony Riccio, Greg Rogers, Camillo Levito, all Baycrest</p><p>Partners, New York.</p> <p>Jim Keegan, guest, Art Pacheaco, Guzman & Co., Coral Gables;</p><p>Eileen McEntyre, Nutmeg Securities, Walnut Creek; Martha Georgeson,</p><p>JMP Securities, San Francisco.</p> <p>Susanne Roth, guest, Elly Gibbs, JonesTrading, Lisa Relayo, Wentworth Houser</p><p>& Viddich, Susan Moyer, Cantor Fitzgerald, all San Francisco.</p> <p>Susanne and Lance Roth, JonesTrading,</p><p>Westlake Village.</p>
<p>Susan and Clayton Moore, Finat Preferred,</p><p>Chicago.</p> <p>Michael Earlywine, John Gilmartin, both Robbins</p><p>and Henderson, New York.</p> <p>John Coons, Caris & Co., Colette and Louis Bedard, Deutsche Bank Securities,</p><p>all San Francisco.</p> <p>Todd McFarland, Lava Trading, Victor Finster,</p><p>Liquidnet, both New York.</p>
<p>Bill Flanagan, NYSE, Andy Peer, ITG,</p><p>both New York.</p> <p>Justin Mowery, Bear Stearns, Frank Held, Empire</p><p>Financial Group, both New York.</p> <p>Dan Curly, AFA, Steve Santora, Prime Executions, Bob Williamson, AFA,</p><p>all New York.</p> <p>Morgan McMahon, JMP Securities, Vic and Ellyn Belfiore, BB&T Capital</p><p>Markets, both San Francisco.</p>
<p>Bill and Shelley Timkin, RBC Capital Markets, Joseph Petite, Banc of America</p><p>Securities, both San Francisco.</p> <p>Mark Enriquez, Pulse Trading, Boston; Pam Woodruft, Stephens, Baltimore;</p><p>Stephen Schoenfeld, Melitus Trading, New York.</p> <p>Joseph and Victoria Grasso, Visor Associates, Kevin McGinty, State Street</p><p>Global, all San Francisco.</p> <p>Steve Giacoma, Instinet, Nhan Bui, First Quadrant, both New York;</p><p>Beau Nguyen, guest.</p>
<p>Deborah and Paul Sabo,</p><p>Deleware Investments,</p><p>Fredrick German, FJG</p><p>Securities, San Francsico;</p><p>Gianni Miccoli, Melitus</p><p>Trading, New York; Jeremy</p><p>Kelman, Credit Suisse, San</p><p>Francsico; Joseph Beneti,</p><p>Rory Pender, both Joseph</p><p>Beneti & Co., New York.</p> <p>Brad Walsh, Mike Gammell, Adam Jackson, all JonesTrading, San Francisco;</p><p>Tim Kelly, Jefferies & Co., Los Angeles.</p> <p>Mitch Little, American Stock Exchange, New York; Michael Robson, guest,</p><p>Louise Cooper Robson, TD Securities, Toronto; David Hagen, Linedata</p><p>Services, Boston; Dan Petite, America Stock Exchange, New York.</p> <p>Alicia and Jim Griffith, NYFIX, San Francisco.</p>
<p>Jennifer and John Russell, Franklin templeton,</p><p>San Francisco.</p> <p>Augie Cullenn, Jefferies & Co., Los Angeles;</p><p>Cathy Heflen, guest.</p> <p>Pat Lynch, Sungard Brass, Jersey City;</p><p>Lloyd Hussey, guest.</p> <p>Rick and Muriel Newell, Jefferies & Co.,</p><p>Los Angeles.</p>
<p>Gary Russillo, Brian Leite, both Needham & Co.,</p><p>San Francisco.</p> <p>Bill Flanagan, NYSE, New York; Kristin and JP Curcio, Sandler Oneil,</p><p>Los Angeles.</p> <p>John and Cathryn Coons, Caris & Co., San Francisco; Cary Brody, Colonial</p><p>Funds, New York.</p> <p>Richard Calta, Greg Williams, both Roja Capital Management, Scottsdale;</p><p>Jeff Miller, Colonial Fund, New York.</p>
<p>Anthony Riccio, Baycrest Partners, New York; Mike Gammel, JonesTrading,</p><p>San Francisco; Camillo Levito, Baycrest Partners, New York.</p> <p>Jim Gossel, Lehman Brothers, New York; Alison and Tom McNell, Stanford</p><p>Group, San Francisco.</p> <p>Rachelle Shane, guest, Corey and Maria Ware, Capital Institutional Services,</p><p>Dallas.</p> <p>Morgan Roberts, Townsend Analytics, Chicago; Michael Walsh, Richard Waks,</p><p>both Imperial Capital, Tim Kelly, Jefferies & Co., all Los Angeles.</p>
<p>Omid Mohaghegh, Sungard, Michael Carpenter, Rob Sandman, Rob Clifford,</p><p>all Morgan Stanley, San Francsico.</p> <p>John Lane, Secretary, Cantor</p><p>Fitzgerald, John Russell, President,</p><p>Franklin Templeton, Bill Scott,</p><p>Director, Standard Pacific Capital,</p><p>Brett Mock, Past President,</p><p>BTIG/Bass Trading, “The</p><p>Bagpiper”, Brian Wells, First VP,</p><p>Weeden, Dennis Bernholz,</p><p>Director, Thomas Weisel Partners,</p><p>Todd Brighton, Director, Franklin</p><p>Templeton, Theresa DeLosada,</p><p>Second VP, Pulse Trading, Pat</p><p>Regan, Treasurer, Banc of America</p><p>Securities, Tom McGibben,</p><p>Director, Thomas Weisel Partners,</p><p>all San Francisco.</p>

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