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 January 1, 2007

nd Winter Conference

Mid-Atlantic Security Traders Association

<p>China’s Place in the</p><p>Evolving Global Economy</p><p>Desmond Arrup III, Stifel</p><p>Nicolaus, Baltimore; Professor</p><p>Paul Tiffany, The Haas School</p><p>of Business, University of</p><p>California, Berkeley.</p> <p>Dark Pools Help or Hurt?</p><p>Panel: Moderator; Clarence</p><p>Woods MTB Investment</p><p>Advisors, Baltimore; Dave</p><p>Mazzullo, JonesTrading,</p><p>Greenwich; Don White,</p><p>Bloomberg Tradebook;</p><p>Al Berkeley, Pipeline,</p><p>both New York.</p> <p>STA Update Luncheon</p><p>Lisa Utasi, ClearBridge</p><p>Advisors, New York.</p> <p>Bill McGlynn, Bear Stearns, New York; Robin Ely, Weeden & Co., Greenwich;</p><p>Jason McGlynn, JPMorgan, New York.</p>
<p>Jonathan Fiore, Aiden Toomey, Dan Collins, all JPMorgan, New York;</p><p>Tom Niemeier, Morgan Stanley, New York.</p> <p>Greg Palmer, Jim Kelly, both Pacific Crest Portland; Dawn Snelling, M&T Bank,</p><p>Buffalo; Cornell Toney, JPM Securities, San Francisco.</p> <p>Roger Morel, Bobby Composto, both Bear Stearns, New York; Kristin Dietz,</p><p>guest, Cheryl Rivera, Stifel Nicolaus, both Baltimore.</p> <p>Frank Passalaqua, Stern Agee, Tinton Falls; Jared Mackley, Deutsche Bank,</p><p>New York; Karen College, Canaccord Capital, Toronto; Jane LaGennusa,</p><p>Empire Financial, New York.</p>
<p>Brendan Rougan, Stifel Nicolaus, Baltimore; Mark Duncan, Citi, New York;</p><p>Bob Nardone, Pershing, Jersey City.</p> <p>Georges Racourt, Franklin College Switzerland, Baltimore; Al Berkeley,</p><p>Pipeline, New York; Robby Boyd, Guest.</p> <p>Stan Craig, Vertical Group, Richmond; John Boo, Ferris Baker Watts, Baltimore;</p><p>Kevin Rutherford, Thompson Davis, Richmond.</p> <p>Tom Cullum, First Albany, Minneapolis; Rob Powell, Greenwich,</p><p>Atlanta, both JonesTrading.</p>
<p>Robert Finkel, Dave Koterwas, Carl Hopf, all Stifel Nicolaus, Baltimore.</p> <p>Burr Burker, Legg Mason, Baltimore; JR Moore, Instinet, New York;</p><p>Shari Grant, BNY ConvergEx, New York.</p> <p>Chris Kern, Buckingham Research, New York; Val Sanchez, UBS, Jersey City;</p><p>Kevin Henry, Riverwood Group, Towson.</p> <p>Garold Wilson, Stanford Group, Dallas; Matt Padala, Raul Perez,</p><p>both Brenard L. Madoff, New York.</p>
<p>Clarence Woods MTB Investment Advisors,</p><p>Baltimore; Lisa Locher, Vice President, ASB</p><p>Capital; Mike Currey, Director, Koonce</p><p>Securities, both Bethesda; Dan Mulhy,</p><p>Director, Signal Hill Capital, Baltimore; Julian</p><p>Flores, Director, Friedman Billings Ramsey,</p><p>Arlington; Karen Regan, Vice President,</p><p>T.Rowe Price; Chris Wasson Stifel Nicolaus;</p><p>Chip Bailey, Director, Legg Mason, all</p><p>Baltimore; James Sullivan, Director, First</p><p>Internet Securities Network, Chevy Chase;</p><p>Van Nha Naglieri, Director, MTB Investment</p><p>Advisors; Desmond Arrup III, President, Stifel</p><p>Nicolaus; Stan Craig, Secretary, Vertical</p><p>Group, Richmond; Robert Stonesifer,</p><p>Treasurer, Adams Express, Baltimore.</p> <p>Bruce Kos, Chicago, Erin Rice, Edgar Harty, both New York,</p><p>all Bank of America.</p> <p>Gina King, Interstate Group, Charlotte; Andy Brooks, T. Rowe Price, Baltimore;</p><p>Richard Russo, AMEX, New York; Kevin Ryan, Peter Callahan, both Interstate</p><p>Group, Charlotte.</p> <p>Stan Craig, Vertical Group, Richmond; Ron Frere, Mass Mutual;</p><p>Stephen McNear, Squall Hill, both Baltimore.</p>
<p>Gordon Farkouh, Bloomberg, New York; Sherri Mahan, Griffin Frank,</p><p>both T. Rowe Price, Baltimore.</p> <p>Erik Briggs, Ferris Baker Watts, Baltimore; Steve Blatney, Thomas Weisel;</p><p>Dan Harley Rodman & Renshaw, all New York.</p> <p>John McGough, Kellogg Partners; Kevin Ryan, Interstate Group, James Rae,</p><p>Credit Suisse, all New York.</p> <p>Pete Hastings, M&T Bank, Buffalo; Jennifer Pyrka, Bob Boylen,</p><p>both Credit Suisse, New York.</p>
<p>Thom Williams, Baltimore, Jim Dagger, St. Louis, both Stifel Nicolaus;</p><p>Dennis Corch, Ferris Baker Watts, Baltimore.</p> <p>Nicole Dodge, Boston, Mark Rathjen, New York, both Leerink Swann;</p><p>Bill Vitale, Evan Cohen, Gary Labanowski, all Maxim Group, New York.</p> <p>Rick Ackerman, Bear Stearns; Kathy May, OPCO; Bobby Composto,</p><p>Bear Stearns; Diane Powell, Maxim Group; John Capello, Citi; Roger Morel,</p><p>Bear Stearns, all New York.</p> <p>Mike Cody, JPMorgan, New York; Craig Thiese, T. Rowe Price, Baltimore,</p><p>Doug Henderson, Weeden & Co. Greenwich; Joe Augostino, CIBC, New York.</p>
<p>Bobby Composto, Bear Stearns, New York; Cheryl Rivera, Stifel Nicolaus,</p><p>Baltimore; Bob Nardone, Pershing, Jersey City.</p> <p>John Cappello, Citi, New York; Val Sanchez, UBS, Jersey City; Roger Morel,</p><p>Bear Stearns, New York; Karen College, Canaccord Capital, Toronto.</p> <p>Lauren Mosolino, Direct Edge ECN; Chris Cochrane, Knight Capital Markets,</p><p>both Jersey City; Sue Miller, Citadel, Chicago; Mike Anastasi, Knight Capital</p><p>Markets, Jersey City.</p> <p>Maureen Callahan, Mercantile Safe Deposit &</p><p>Trust, Baltimore; Keith Bliss, LaBranche,</p><p>New York.</p>
<p>Tom Skea, Knight Capital Group, Jersey City;</p><p>Kenny Sheldon, Lehman Brothers, New York.</p> <p>Tony Furey, Jose Reyes, both Utendahl Capital</p><p>Partners, New York.</p> <p>Trisha Gadsden, Pipeline; Adam White, Prudential Securities, both New York;</p><p>Kevin McEneaney, Thomas Weisel, San Francisco; Alison White, Pipeline,</p><p>New York.</p> <p>Harold Lee, ITG, New York; Nicole Dodge, Leerink Swann, Boston;</p><p>Chris Carlson, T. Rowe Price, Baltimore; Frank DeCicco, ITG, New York.</p>
<p>Tom Black, ATD, Mt. Pleasant; Tom Heffernan,</p><p>Ferris Baker Watts, Baltimore.</p> <p>Paddy Brooks, Ferris Baker Watts, Baltimore;</p><p>Steve Carolus, E*Trade, Chicago.</p> <p>Sue Miller, Citadel, Chicago; Thomas Heffernan, Hildred Burch,</p><p>both Ferris Baker Watts, Baltimore.</p> <p>Keith Bliss, LaBranche, New York; Rob Stonesifer,</p><p>Adams Express, Baltimore.</p>
<p>Mary Ann Power, BMO Capital Markets, Toronto; Tom Black, ATD,</p><p>Mt. Pleasant; Lauren Mosolino, Direct Edge ECN, Jersey City.</p> <p>Eric Ceo, guest, Wilmington; Van Davis, Allen Ashcroft, both MTB Investment</p><p>Advisors Baltimore.</p> <p>Michael Cannizzaro, Cowan & Co.; David O’Neill Prudential Securities;</p><p>Todd Leone, Cowan & Co., all New York.</p> <p>Chris Kern, Buckingham Research, New York; Whipple Newell, A.G. Edwards,</p><p>New York; Chip Bailey, Legg Mason Trust, Baltimore.</p>
<p>Griffin Frank, T. Rowe Price, Baltimore; Lindsey Norris, ITG; Alan Polo,</p><p>Lehman Brothers, both New York.</p> <p>Patrick Beard, Legg Mason; Matt Cooper, Eric Silverthorne, both Stifel</p><p>Nicolaus, all Baltimore; Marilyn Pianelli, Jefferies & Co., New York;</p><p>Desmond Arrup III, Stifel Nicolaus, Baltimore.</p>

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