SEC Rule 606 Report - Cowen and Company, LLC - 1st Qtr, 2008
(Percentages of Total Non-Directed Orders Routed to Individual Route Venues)

Securities Listed on New York Stock Exchange
Route VenuesTotal (%)Market (%)Limit (%)Other (%)
Total (%)100 28 30 42
New York Stock Exch 91 100 98 80
Cowen & Co. 7 0 2 16
100% of total customer orders were non-directed orders.

Securities Listed on The Nasdaq Stock Market
Route VenuesTotal (%)Market (%)Limit (%)Other (%)
Total (%)100 1 7 92
Cowen & Co. 86 85 75 87
Archipelago LLC 8 7 20 7
100% of total customer orders were non-directed orders.

Securities Listed on American Stock Exchange or Regional Exchanges
Route VenuesTotal (%)Market (%)Limit (%)Other (%)
Total (%)100 21 28 51
American Stock Exchange 84 98 87 77
Cowen & Co. 10 0 11 14
100% of total customer orders were non-directed orders.

Exchange-Listed Options
Route VenuesTotal (%)Market (%)Limit (%)Other (%)
Total (%)100 3 97 0
Internat'l Secs Exch 61 26 62 0
Chicago Board OptionsExch 18 26 17 0
Archipelago LLC 6 5 6 0
Philadelphia Exch 5 6 5 0
Boston Stock Exch 4 1 4 0
100% of total customer orders were non-directed orders.


Material Aspects of Relationship with Route Venues
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