eTrade 2007 Annual Report Download - page 192
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Schedule A
Execution Quality Service Levels
I. General.
A. This Schedule A specifies the execution quality requirements applicable to the execution services to be provided by the
Company (the “Execution Quality Service Levels”). For purposes of the Agreement and this Schedule A, execution quality
shall be assessed based on the standards of E*TRADE Securities and comparable industry practices for achieving best
execution and performance during the term of this Agreement.
B. All capitalized terms not otherwise defined herein are defined as set forth in the Agreement.
II. Execution Standards for Covered Orders.
A. In accordance with Legal Requirements, including Regulation NMS to the extent applicable, the Company will exercise
commercially reasonable efforts to obtain the most favorable terms for Covered Orders reasonably available under the
circumstances.
B. In the event that a customer of E*TRADE Securities directs an Order to be executed on or by a specified Exchange, market
center or Broker-Dealer (other than the Company), E*TRADE Securities shall route such Order to the Company and
communicate its customer’s directions to the Company and the Company shall follow such directions.
C. With respect to each calendar month, commencing with the first trading day of the month and ending on the last trading day
of the month (each a “Performance Period”), the Company’s execution performance on the aggregate Covered Orders in
NMS Stocks and Options, respectively, shall be assessed based on the following Evaluation Criterion (as defined below)
against agreed upon Execution Performance Standards (as defined below).
a. Execution Performance Standard for NMS Stocks. Except as otherwise specified herein, the “Execution
Performance Standard for NMS Stocks” for each particular Evaluation Criterion shall mean performance at or
better than the volume-weighted aggregated Execution Score of the comparable market comprised of the
Comparable Market Centers (“Comparable Market Standard”). Due to the one month delay in availability of
public Regulation NMS Rule 605 order execution data, the Comparable Market Standard for each Performance
Period will be based on the volume-weighted results of the three consecutive months prior to the Performance
Period. For
A-1