Notes:
1. Quarter-to-date and year-to-date information for DARTs, average equities client credit balances and average equities client margin balances is through November 30, 2008.
2. Daily Average Revenue Trades (DARTs) includes all revenue-generating trades divided by trading days for the given period.
3. We compute DARTs as follows: For equities and equity options, a revenue trade included to calculate DARTs is a commissionable trade order placed by the customer and executed, regardless of the number of shares or contracts included in the trade order. For futures and forex, a revenue trade included to calculate DARTs is one round-turn commissionable futures contract traded, or one round-turn lot (or forex deal) traded, regardless of the number of individual orders made and executed (i.e., one futures or forex order may contain numerous contracts or deals, but each round-turn contract and deal is counted as a separate revenue trade). When viewing our DARTs, it should be taken into account that, for equities and equity options, we charge commissions based on share volume and number of contracts traded (and not by revenue trade used to calculate DARTs). For futures and forex, we charge commissions on a per contract basis (so each futures revenue trade included to calculate DARTs represents a round-turn commissionable contract traded, and each forex revenue trade included to calculate DARTs represents one forex deal). It should be noted that as we continue to acquire futures customers (who trade more frequently), and as we seek to accelerate our acquisition of higher-volume futures accounts (such as futures traders who may be attracted by our tiered commission pricing structure, which offers lower commissions to higher-volume traders) and institutional traders, the number of futures revenue trades included in DARTs on a per order basis will likely grow. Also, it should be noted that all DARTs are not equal. The revenue we derive from each revenue trade depends on the asset in question (equities, equity options, futures, forex – each has a different per unit revenue structure), and, within each asset class, revenue per equity, contract or deal varies to the extent higher volume traders receive more favorable pricing, which they often do.