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605 Disclosure

Securities and Exchange Commission Rule 605

Securities and Exchange Commission Rule ("SEC") 605 requires market centers that trade National Market System securities to make available to the public monthly electronic reports that include uniform statistical measures of execution quality. These reports are available as electronic data files downloadable in a raw form appropriate for advanced analytics.

SEC Rule 605 Disclosure

“No Covered Orders”

IFS Capital Markets currently executes only institutional and limited client orders exclusively on a not-held basis according to special handling requests by clients. These orders are not covered by SEC rule 605 and do not appear in the monthly statistics therefore we are reporting “no covered orders” at this time. IFS will update this report on a monthly basis as set forth in SEC rule 605.

Access 605 reporting for Raymond James under Disclosure of Order Execution and Routing Practices at this link: http://raymondjames.com/order_disclosure.htm

Access 605 reporting for Sterne Agee under Disclosure of Order Execution and Routing Practices at this link: http://www.sterneagee.com/order-routing.php

Access 605 reporting for Convergex under Disclosure of Order Execution and Routing Practices at this link: http://www.convergex.com/compliance-statement