SEC-Required Report on Routing of Customers Orders (Rule 606)
For Quarter Ending December 31, 2011

Alpine Securities has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices.  The report provides information on the routing of "non-directed orders" - any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, Alpine Securities, through the routing algorithm in Go-Trader's software, has selected the execution venue on behalf of its customers.

The report is divided into four sections: one for securities listed on the NASDAQ Stock Market, one for securities listed on the New York Stock Exchange, one for securities listed on the American Stock Exchange, and one for exchange-listed options.  For each section, this report identifies the venues most often selected by Alpine Securities, sets forth the various types of orders routed to the venues, and discusses the material aspects of Alpine Securities's relationship with the venues.

Securities Listed on the NASDAQ Stock Market

Summary Statistics:

Non-directed orders as percentage of total customer orders	100.00%
Market orders as percentage of total non-directed orders	75.28%
Limit orders as percentage of total non-directed orders	23.60%
Other orders as percentage of total non-directed orders	1.12%

Venues Receiving Significant Percentage of Total Non-Directed Orders:

Knight Securities	6.74%
BATS Exchange	29.21%
UBS Securities LLC	59.55%
Seton Securities Group Inc	1.12%
BMA Securities	2.25%
Cantor Fitzgerald	1.12%

Types of Orders Routed to Venue

	Market orders as a % of total market orders	Limit orders as a % of total limit orders	Other orders as  % of total other orders
Knight Securities	33.33%	66.67%	0.00%
BATS Exchange	76.92%	23.08%	0.00%
BATS Fee Schedule
UBS Securities LLC	84.91%	13.21%	1.89%
Seton Securities Group Inc	0.00%	100.00%	0.00%
BMA Securities	0.00%	100.00%	0.00%
Cantor Fitzgerald	0.00%	100.00%	0.00%

Securities Listed on the NYSE (New York Stock Exchange)

Summary Statistics:

Non-directed orders as percentage of total customer orders	100.00%
Market orders as percentage of total non-directed orders	85.80%
Limit orders as percentage of total non-directed orders	13.58%
Other orders as percentage of total non-directed orders	0.62%

Venues Receiving Significant Percentage of Total Non-Directed Orders:

Knight Securities	11.11%
BATS Exchange	42.59%
UBS Securities LLC	45.68%
Hudson Securities	0.62%

Types of Orders Routed to Venue

	Market orders as a % of total market orders	Limit orders as a % of total limit orders	Other orders as  % of total other orders
Knight Securities	66.67%	27.78%	5.56%
BATS Exchange	86.96%	13.04%	0.00%
BATS Fee Schedule
UBS Securities LLC	90.54%	9.46%	0.00%
Hudson Securities	0.00%	100.00%	0.00%

Securities Listed on the AMEX (American Stock Exchange)

Summary Statistics:

Non-directed orders as percentage of total customer orders	100.00%
Market orders as percentage of total non-directed orders	53.85%
Limit orders as percentage of total non-directed orders	46.15%
Other orders as percentage of total non-directed orders	0.00%

Venues Receiving Significant Percentage of Total Non-Directed Orders:

Knight Securities	53.85%
BATS Exchange	7.69%
UBS Securities LLC	38.46%

Types of Orders Routed to Venue

	Market orders as a % of total market orders	Limit orders as a % of total limit orders	Other orders as  % of total other orders
Knight Securities	14.29%	85.71%	0.00%
BATS Exchange	100.00%	0.00%	0.00%
BATS Fee Schedule
UBS Securities LLC	100.00%	0.00%	0.00%

Exchange Listed - Options

Summary Statistics:

Venues Receiving Significant Percentage of Total Non-Directed Orders:

Types of Orders Routed to Venue

Market orders as a % of total market orders

Limit orders as a % of total limit orders

Other orders as  % of total other orders