NEW CLEARING AGREEMENT (Parent Company)

12 Months Ended

Dec. 31, 2011

Parent Company

NOTE H – NEW CLEARING AGREEMENT

As part of the negotiations with one of the Company’s clearing brokers on a fully disclosed clearing agreement which was entered into on May 5, 2010, the Company resolved at $3 million the amount due to the Company from the clearing firm on past transactions cleared by the Company. This amount is included in commissions and fees revenue for the year ended December 31, 2010.