SEC Rule 605

SEC Rule 605 Execution Quality Reports

Morgan Stanley Smith Barney LLC publishes execution quality reports pursuant to SEC Rule 605 under Regulation NMS. The rule requires certain market centers and broker-dealers to make standardized monthly reports publicly available regarding the execution quality of covered orders.

The reports are published in the format prescribed by the rule and are intended to facilitate consistent public disclosure of execution quality statistics. For additional information about Rule 605, please see the SEC's final rule and related fact sheet.

IMPORTANT INFORMATION ABOUT THE REPORTS

The information and data provided in the Reports is the property of Morgan Stanley and cannot be redistributed in any form or manner without the prior written consent of Morgan Stanley. Morgan Stanley has prepared the Reports solely for informational purposes and consistent with Rule 605 (formerly Rule 11Ac1-5), as amended, under Regulation NMS (the "Rule"). The information provided in the Reports relates only to orders required to be reported under Rule 605 and does not reflect all order activity handled by Morgan Stanley. The data is not intended to, and does not, encompass all the factors to be considered in determining whether Morgan Stanley has met its best execution obligation. Morgan Stanley does not represent, warrant, or guarantee that the Reports are accurate. Morgan Stanley disclaims liability for any direct, indirect, punitive, special, consequential, or incidental damages related to the Reports or the use of the Reports. The information provided in the Reports may be impacted by market data system outages or errors, both internal and external, and it is dependent upon the integrity and accuracy of data provided by outside sources. Certain assumptions have been made in preparing the Reports, and changes to the assumptions may have a material impact on results. The Reports do not endorse or recommend any particular security or market participant.

Morgan Stanley Wealth Management OTC Market Maker Rule 605 Report