ORDER HANDLING AND EXECUTION PROTOCOLS

CHOOSE ONE INTRODUCTION AFTER-HOURS TRADING BEST EFFORTS CANCELLATION OF ORDERS COMPLIANCE CORPORATE ACTIONS DURATION OF ORDERS DYNAMIC AUTOMATIC EXECUTION & PRICE IMPROVEMENT FOREIGN SECURITY ORDER HANDLING INVALID ORDER PRICES IPO PRE-OPENING EXECUTION PROTOCOLS - LISTED STOCKS IPO PRE-OPENING EXECUTION PROTOCOLS - NASDAQ NMS STOCKS LIMIT ORDER DISPLAY - LISTED STOCKS & NASDAQ NMS STOCKS LIMIT ORDER DISPLAY - OTC NON-NMS STOCKS LIMIT AND MARKET ORDER PROTECTION (MANNING) MARKET-ON-CLOSE (MOC) / LIMIT-ON-CLOSE (LOC) ORDERS & CANCELLATIONS NON-NORMAL MARKET CONDITIONS NOT HELD ORDERS OPENING ONLY (OPG) ORDERS ORDER MODIFIERS / INSTRUCTIONS ORDER HANDLING PROTOCOLS AT THE OPEN - LISTED STOCKS ORDER HANDLING PROTOCOLS AT THE OPEN - NASDAQ NMS STOCKS ORDER HANDLING PROTOCOLS AT THE OPEN - OTC NON-NMS STOCKS ORDERS PRICED AT LESS THAN MINIMUM INCREMENT DECIMALS ORDER ROUTING POLICY PRE-MARKET AND POST-MARKET SESSIONS PRICE BENCHMARKS PRICE IMPROVEMENT RESERVED RIGHTS SPECIAL SETTLEMENT ORDERS KNIGHT'S QUOTE-STOP ORDERS AND QUOTE-STOP LIMIT ORDERS
Introduction

Market Making by Knight Capital Americas, L.P., ("KCA" or "Knight"), involves order handling and execution services in "Nasdaq NMS Stocks," :"OTC non-NMS Stocks," (i.e., Bulletin Board and Pink Sheet securities and Grey Market stocks), as well as in "Listed Stocks," (i.e., NYSE, NYSE-Amex and NYSE-Arca securities).* Knight makes a market in or trades nearly every U.S. equity** and is constantly searching for ways to help its clients achieve best execution. Knight's focus on execution quality, speed, price and automation serves the needs of its broker-dealer clients.

If you have any questions regarding Knight's execution protocols, contact Stephen Kay at 201.356.1527 or skay@knight.com.

* Prior to January 1, 2011, these services were provided by Knight Equity Markets, L.P., (in NASDAQ NMS, Small Cap, OTC Bulletin Board and Pink Sheet securities), and by Knight Capital Markets LLC, (in NYSE-, Amex-, & ARCA-listed securities). On January 1, 2011, Knight Capital Markets LLC merged into Knight Equity Markets, L.P. The consolidated firm then changed its name to Knight Capital Americas, L.P., ("KCA"). The market-making activities previously conducted by Knight Equity Markets, L.P. and Knight Capital Markets LLC as a separate broker dealer are now conducted within KCA. As a practical matter, there were no changes to these protocols as a direct result of the merger.

** Knight does not make a market in the securities of its parent company, Knight Capital Group, Inc., (NYSE: KCG).

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