2005 Traders Magazine Survey of Correspondent Clearing Firms

Services: ADP Clearing & Outsourcing Services provides full- scale execution, clearing and business enhancement services and a vast array of financial products and services to retail and institutional broker-dealers. Our offerings include wealth management products, asset management accounts, fee-based managed money programs, top-rated research, extensive mutual fund offerings, a full range of online reporting tools and resources, and a variety of retirement plan accounts. Our technology platform supports a Web- based broker workstation, electronic documents, cold-storage capability and a Correspondent Resource Center. Each client is assigned a dedicated relationship manager and has direct access to our Operations Solutions Group. We assist our clients with broker recruiting, and ongoing sales and product training. ADP's three- tier service offering enables each institution, regardless of size, to choose the appropriate range of outsourcing services to best meet its needs on a single platform: service bureau, operations outsourcing or correspondent clearing. Services: North American Clearing offers clearing and execution services to correspondent broker-dealers throughout the United States. The firm is dedicated to best execution, instant connectivity to the firm's back office and regular account updates to track and locate trades. Among the features offered through the firm's correspondent services is E-Advantage, which provides portfolio access directly from a client broker's Web site. North American Clearing provides all correspondents with a Web-based trading platform at no charge under a private label. In addition, North American Clearing offers Level II and real-time streaming quotes, free ATM Visa/debit cards and checks, money markets with daily sweeps and competitive money market rates. North American Clearing also offers private-label brokerage services to broker- dealers and other financial institutions that want to provide expanded services to their retail customers. NAC also provides riskless principal online at no additional cost. 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-ne