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Wave Securities, Llc




Wave Securities, Llc is a member of NASD, the National Association of Securities Dealers. NASD is a self-regulatory organization of the securities industry responsible for the operation and regulation of the NASDQ stock market and over the counter markets. It also administrates exams for the investments professionals, such as the series of 7 exams.
 
Wave Securities is a leader in providing electronic trading solutions to institutional clients. They deliver direct access to United States equity markets with openness, speed and anonymity. Their sales and trade support team provide unparalleled expertise and knowledge of electronic markets.
 
In March 2006, Wave became wholly owned by Merrill Lynch, Pierce, Fenner and Smith Incorporated, bringing together Wave's electronic trading expertise and service with Merrill Lynch's extensive resources, global reach and complete suite of institutional products.
 
Wave Securities, therefore, classifies these orders as directed orders for purposes of Rule 606 under the Securities Exchange Act of 1934 and is not required to make quarterly reports on order routing pursuant to the Rule with respect thereto. Most customer orders handled by Wave Securities include specific instructions to seek an execution on the Archipelago Exchange or other specified market centers selected by the customer.
 
The Company does make available to customers algorithms pursuant to which Wave or a third party may make a routing decision in accordance with the algorithm. Wave has contracted with a third party to provide order routing decision technology for its algorithms.
 
Wave Securities gives all traders access to the same information and the same opportunities. At the same time, if a displayed order steps ahead of yours, you see it the moment it happens. It's transparent and equal-in information, in access, in ability to get the best price. Fully electronic matchmaking of diverse order types replaces the old face-to-face auctions of the trading floor. It's faster, consistent, anonymous.

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