SEC-Required Report on Routing of Customer Orders
For Quarter Ending December 31, 2003

Romano Brothers & Co. 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, Romano Brothers & Co. has selected the execution venue on behalf of its customers.

The report is divided into four sections: one for securities listed on the New York Stock Exchange, one for securities listed on The Nasdaq Stock Market, one for securities listed on the American Stock Exchange or regional exchanges, and one for exchange-listed options. For each section, this report identifies the venues most often selected by Romano Brothers & Co., sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of Romano Brothers & Co.'s relationship with the venues. Romano Brothers & Co. does not receive any payment for order flow.