In both instances, these services or products may include: company financial data and economic data (e.g., unemployment, inflation rates and GDP figures), stock quotes, last sale prices and
trading volumes, research reports analyzing the performance
of a particular company or stock, narrowly distributed
trade magazines or technical journals covering specific industries, products, or issuers, seminars or conferences registration fees which provide substantive content relating to eligible research, quantitative analytical software and software that provides analyses
of securities portfolios,
trading strategies and pre / post
trade analytics, discussions with research analysts or meetings with corporate executives which provide a means
of obtaining oral advice on securities, markets or particular issuers, short - term custody related to effecting particular transactions and clearance and settlement
of those
trades, lines between the broker - dealer and order management systems operated by a third party vendor, dedicated lines between the broker - dealer and the investment adviser's order management system, dedicated lines providing direct dial - up service between the investment adviser and the
trading desk at the broker - dealer, message services used to transmit orders to broker - dealers for execution, electronic communication
of allocation instructions between institutions and broker - dealers, comparison services required by the SEC or another regulator (e.g., use
of electronic confirmation and affirmation
of institutional
trades), exchange
of messages among broker - dealers, custodians, and institutions related to a
trade, post-
trade matching
of trade information, routing settlement instructions to custodian banks and broker - dealers» clearing agents, software that provides
algorithmic trading strategies, and
trading software operated by a broker - dealer to route orders to market centers or direct market access systems.