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| | Understanding Execution & Order Routing |
 | | In order to provide an exceptional execution, there are a number of factors to be considered including: execution price, opportunities for price improvement, market depth, order size, the type of security, speed,accuracy and system availability. |
 | | By minimizing the chances of human bias or error inherent in manual order processing, all of our clients gain a higher level of execution quality, regardless of how and when an order is placed or for whom. |
 | | Quarterly information regarding the routing of orders by Schwab in listed equities, OTC equities and listed options is available on the SEC Rule 606 Order Routing Disclosures page. |
| www.schwab.com /public/schwab/nn/legal_compliance/important_notices/order_routing_execution/understanding_execution.html (352 words) |
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