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Price ExceptionLink to Memo
Price Improvement vs. Trigger Price: Negative ($-17.00)
Price Improvement vs. NBBO Price: Positive ($20.00)
Price Improvement vs. VWAP Price: Positive ($17.7959)
The order was executed promptly

Branch Seq. Num Action Qty Symbol Price TIF Time
ARB 2 Sell 2000 AMAT 19.180 DAY Tue Jun 08 09:38:56 2004

Bid - Ask Agg. Volume Count Bid Tick Time
Entry (CINN) 19.190 - 19.200 (CINN) 8500 x 17500 4 x 4 + 9:38:56Link to Time and Sales
Trigger(CINN) 19.190 - 19.200 (CINN) 8500 x 17500 4 x 4+ 9:38:56Link to Time and Sales

Execution Vs. Trigger Price
Exec.ElapsedQuantityPriceImp./ShareImp. TotalLeavesTime
1+1s30019.1900.000.00Lvs1700 9:38:57Link to Time and Sales
(CINN) 19.180 - 19.190 (CINN)24900 x 3007 x 1-Trend Down
19.160 - 19.2001100 x 67002 x 3  
There were 24600 additional shares available at or better than the current execution price from 7 Market Makers
2+17s170019.180-0.01-17.00Fil0 9:39:13Link to Time and Sales
(CINN) 19.170 - 19.180 (CINN)1400 x 163003 x 4+Trend Down
19.160 - 19.2002200 x 1002 x 1  
The VWAP of the 115808 shares traded over this 237 trade (16 seconds) interval was: 19.1695
Total Trigger Price Improvement: -17.00

Execution Vs. NBBO Price
Exec.ElapsedQuantityPriceImp./ShareImp. TotalLeavesTime
1+1s30019.1900.013.00Lvs1700 9:38:57Link to Time and Sales
(CINN) 19.180 - 19.190 (CINN)24900 x 3007 x 1-Trend Down
19.160 - 19.2001100 x 67002 x 3  
There were 24600 additional shares available at or better than the current execution price from 7 Market Makers
2+17s170019.1800.0117.00Fil0 9:39:13Link to Time and Sales
(CINN) 19.170 - 19.180 (CINN)1400 x 163003 x 4+Trend Down
19.160 - 19.2002200 x 1002 x 1  
The VWAP of the 115808 shares traded over this 237 trade interval was: 19.1695
Total NBBO Price Improvement: 20.00

info@qualityofexecution.com | Exception prepared by AHROM Exception Viewer b125 on Wed Jun 09 00:35:49 2004 | www.qualityofexecution.com