1. WallachBeth Capital LLC
Institutional Execution & Trading
Member FINRA/SIPC

2. Bids and Offers are Professional Traders
Index Arbitrage
Market Makers
Host of other Proprietary Strategies
Basket Traders
Option Traders
Hedge Funds
Banks
Futures 2

3. iShares MSCI Thailand Index Fund
Trader A: – k
Trader B: – k
Trader C: – k
Trader D: – k
SOLD 95, – traded .01 down from the bid

4. Vanguard Short-Term Bond ETF
Trader A: – k
Trader B: – k
Trader C: – k
Trader D: – k
BOUGHT 650, – traded on the offer