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  <annotation>
    <appinfo>
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        <link:definition>Income Statement</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.xbrl.org/us/fr/lr/role/StatementFinancialPosition" id="StatementFinancialPosition">
        <link:definition>Statement of Financial Position</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.xbrl.org/us/fr/lr/role/CashFlowOperationsIndirect" id="CashFlowOperationsIndirect">
        <link:definition>Cash Flow from Operations - Indirect Method</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.xbrl.org/us/fr/lr/role/StatementCashFlows" id="StatementCashFlows">
        <link:definition>Statement of Cash Flows</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.xbrl.org/us/fr/lr/role/NetCapital" id="NetCapital">
        <link:definition>Net Capital</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.xbrl.org/us/fr/lr/role/BrokerReserveRequirement" id="BrokerReserveRequirement">
        <link:definition>Broker Reserve Requirement</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.xbrl.org/us/fr/lr/role/SubordinatedBorrowings" id="SubordinatedBorrowings">
        <link:definition>Statement of Subordinated Borrowings</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.xbrl.org/us/fr/lr/role/CashFlowOperationsDirect" id="CashFlowOperationsDirect">
        <link:definition>Cash Flow from Operations - Direct</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:linkbaseRef xlink:type="simple" xlink:href="us-gaap-bd-2006-02-27-presentation.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links, all" />
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      <link:linkbaseRef xlink:type="simple" xlink:href="us-gaap-bd-2006-02-27-label.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links, all" />
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  </annotation>
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  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <import namespace="http://www.xbrl.org/us/fr/common/fstr/2005-02-28" schemaLocation="http://www.xbrl.org/us/fr/common/fstr/2005-02-28/usfr-fstr-2005-02-28.xsd" />
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  <element id="us-gaap-bd_AccountingPoliciesInvestmentAdvisoryIncome" name="AccountingPoliciesInvestmentAdvisoryIncome" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_AccountingPoliciesInvestmentBanking" name="AccountingPoliciesInvestmentBanking" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_AccountingPoliciesSecuritiesLendingActivities" name="AccountingPoliciesSecuritiesLendingActivities" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_AccountingPoliciesSecuritiesTransactions" name="AccountingPoliciesSecuritiesTransactions" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_AccountPayableAccruedExpensesOther" name="AccountPayableAccruedExpensesOther" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_AccruedInterestReceivable" name="AccruedInterestReceivable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_AdditionalChargesCustomersNoncustomersCommodityAccounts" name="AdditionalChargesCustomersNoncustomersCommodityAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_AdditionalChargesCustomersNoncustomersSecurityAccounts" name="AdditionalChargesCustomersNoncustomersSecurityAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_AgedFailsDeliver" name="AgedFailsDeliver" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_AgedShortSecurityDifferences" name="AgedShortSecurityDifferences" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_AggregateIndebtedness" name="AggregateIndebtedness" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_AggregateIndebtednessAbstract" name="AggregateIndebtednessAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_AllowableAssetsErroneouslyReportedNonallowable" name="AllowableAssetsErroneouslyReportedNonallowable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_AllowableAssetsErroneouslyReportedNonallowableAbstract" name="AllowableAssetsErroneouslyReportedNonallowableAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_Arbitrage" name="Arbitrage" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_AuditAdjustmentsRecordAdditionalCompensation" name="AuditAdjustmentsRecordAdditionalCompensation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_BankersAcceptancesCertificatesDepositCommercialPaper" name="BankersAcceptancesCertificatesDepositCommercialPaper" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_BankersAcceptancesCertificatesDepositCommercialPaperSold" name="BankersAcceptancesCertificatesDepositCommercialPaperSold" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_BrokerageCommissions" name="BrokerageCommissions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_BrokeragePayables" name="BrokeragePayables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_BrokeragePayablesAbstract" name="BrokeragePayablesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
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  <element id="us-gaap-bd_BrokerageReceivablesAbstract" name="BrokerageReceivablesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_BrokerDealerSubsidiary" name="BrokerDealerSubsidiary" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
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  <element id="us-gaap-bd_CapitalAllowableSubordinatedBorrowingsAbstract" name="CapitalAllowableSubordinatedBorrowingsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
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  <element id="us-gaap-bd_CashSecuritiesSegregatedCustomerFunds" name="CashSecuritiesSegregatedCustomerFunds" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_CashSecuritiesSegregatedDetailCustomerFundsBalance" name="CashSecuritiesSegregatedDetailCustomerFundsBalance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" />
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  <element id="us-gaap-bd_CashSecuritiesSegregatedUnderFederalOtherRegulationsAbstract" name="CashSecuritiesSegregatedUnderFederalOtherRegulationsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_ClearanceFees" name="ClearanceFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" />
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  <element id="us-gaap-bd_CollateralPledgedNotReportedSeparatelyByFinancialStatementClassification" name="CollateralPledgedNotReportedSeparatelyByFinancialStatementClassification" substitutionGroup="xbrli:tuple" nillable="true">
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      <complexContent>
        <restriction base="anyType">
          <sequence>
            <element ref="us-gaap-bd:CollateralPledgedNotReportedSeparatelyFinancialStatementClassification" minOccurs="0" maxOccurs="1" />
            <element ref="us-gaap-bd:CollateralPledgedNotReportedSeparatelyCarryingAmount" minOccurs="0" maxOccurs="1" />
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        </restriction>
      </complexContent>
    </complexType>
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  <element id="us-gaap-bd_CollateralPledgedNotReportedSeparatelyFinancialStatementClassification" name="CollateralPledgedNotReportedSeparatelyFinancialStatementClassification" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_CollateralSoldRepledgedFairValue" name="CollateralSoldRepledgedFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_CommissionsFloorBrokerageReceivables" name="CommissionsFloorBrokerageReceivables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
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  <element id="us-gaap-bd_CompanyMinimumNetCapital" name="CompanyMinimumNetCapital" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
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  <element id="us-gaap-bd_PaymentSubordinatedNotes" name="PaymentSubordinatedNotes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_PendingTradesNetAssets" name="PendingTradesNetAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_PendingTradesNetLiabilities" name="PendingTradesNetLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_PercentCharge3" name="PercentCharge3" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_ProfessionalServices" name="ProfessionalServices" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_RatioAggregateIndebtednessNetCapital" name="RatioAggregateIndebtednessNetCapital" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_ReceivableFromClearingOrganization" name="ReceivableFromClearingOrganization" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_ReceivableFromPayableToBrokerDealersClearingOrganizations" name="ReceivableFromPayableToBrokerDealersClearingOrganizations" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_ReceivableFromPayableToBrokerDealersClearingOrganizationsDescriptionBalance" name="ReceivableFromPayableToBrokerDealersClearingOrganizationsDescriptionBalance" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_ReceivableFromPayableToBrokerDealersClearingOrganizationsPayableAmount" name="ReceivableFromPayableToBrokerDealersClearingOrganizationsPayableAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_ReceivableFromPayableToBrokerDealersClearingOrganizationsReceivableAmount" name="ReceivableFromPayableToBrokerDealersClearingOrganizationsReceivableAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_ReceivableFromPayableToCustomers" name="ReceivableFromPayableToCustomers" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_ReceivablesFromBrokersDealersClearingOrganizations" name="ReceivablesFromBrokersDealersClearingOrganizations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_ReceivablesFromBrokersDealersClearingOrganizationsAbstract" name="ReceivablesFromBrokersDealersClearingOrganizationsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_ReceivablesFromCustomers" name="ReceivablesFromCustomers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_ReconciliationCompanysComputationIncludedPartIIFormX17A5Abstract" name="ReconciliationCompanysComputationIncludedPartIIFormX17A5Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_RequiredDeposit" name="RequiredDeposit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_ReserveComputationAbstract" name="ReserveComputationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_SecuredDemandNoteCollateralAgreements" name="SecuredDemandNoteCollateralAgreements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_SecuredDemandNoteDeficiency" name="SecuredDemandNoteDeficiency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_SecuredDemandNotes" name="SecuredDemandNotes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_SecuritiesBorrowedEffectuateShortSalesCustomersSecuritiesBorrowedMakeDeliveryCustomersSecuritiesFailedDeliver" name="SecuritiesBorrowedEffectuateShortSalesCustomersSecuritiesBorrowedMakeDeliveryCustomersSecuritiesFailedDeliver" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_SecuritiesMarketValueAbstract" name="SecuritiesMarketValueAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_SecuritiesNotReadilyMarketable" name="SecuritiesNotReadilyMarketable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_SecuritiesNotReadilyMarketableAbstract" name="SecuritiesNotReadilyMarketableAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_SecuritiesOwnedMarketValue" name="SecuritiesOwnedMarketValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_SecuritiesOwnedNotReadilyMarketable" name="SecuritiesOwnedNotReadilyMarketable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_SecuritiesOwnedOptions" name="SecuritiesOwnedOptions" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_SecuritiesOwnedSoldNotYetPurchased" name="SecuritiesOwnedSoldNotYetPurchased" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_SecuritiesSoldNotYetPurchasedMarketValue" name="SecuritiesSoldNotYetPurchasedMarketValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_SecuritiesSoldNotYetPurchasedMarketValueAbstract" name="SecuritiesSoldNotYetPurchasedMarketValueAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_SecuritiesSoldOtherSecurities" name="SecuritiesSoldOtherSecurities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_ShortTermBankLoans" name="ShortTermBankLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_ShortTermBankLoansSecuredCustomersSecurities" name="ShortTermBankLoansSecuredCustomersSecurities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_SpotCommodities" name="SpotCommodities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_StatementChangesSubordinatedBorrowingsAbstract" name="StatementChangesSubordinatedBorrowingsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_StateMunicipalGovernmentObligations" name="StateMunicipalGovernmentObligations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_StateMunicipalGovernmentObligationsSold" name="StateMunicipalGovernmentObligationsSold" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_StockholdersEquityNotAllowableNetCapital" name="StockholdersEquityNotAllowableNetCapital" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_StockholdersEquityQualifiedNetCapital" name="StockholdersEquityQualifiedNetCapital" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_StockholdersEquityQualifiedNetCapitalAbstract" name="StockholdersEquityQualifiedNetCapitalAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="true" nillable="true" />
  <element id="us-gaap-bd_StocksWarrants" name="StocksWarrants" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_StocksWarrantsSold" name="StocksWarrantsSold" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_SubordinatedBorrowingDescription" name="SubordinatedBorrowingDescription" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_SubordinatedBorrowingInstrumentValue" name="SubordinatedBorrowingInstrumentValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_SubordinatedBorrowingInterestRate" name="SubordinatedBorrowingInterestRate" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_SubordinatedBorrowingMaturityAmount" name="SubordinatedBorrowingMaturityAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_SubordinatedBorrowingMaturityDate" name="SubordinatedBorrowingMaturityDate" type="xbrli:dateItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_SubordinatedBorrowingMaturityDetails" name="SubordinatedBorrowingMaturityDetails" substitutionGroup="xbrli:tuple" nillable="true">
    <complexType>
      <complexContent>
        <restriction base="anyType">
          <sequence>
            <element ref="us-gaap-bd:SubordinatedBorrowingMaturityDate" minOccurs="0" maxOccurs="1" />
            <element ref="us-gaap-bd:SubordinatedBorrowingMaturityAmount" minOccurs="0" maxOccurs="1" />
          </sequence>
          <attribute name="id" type="ID" use="optional" />
        </restriction>
      </complexContent>
    </complexType>
  </element>
  <element id="us-gaap-bd_SubordinatedBorrowings" name="SubordinatedBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_SubordinatedBorrowingsAllowableComputationNetCapital" name="SubordinatedBorrowingsAllowableComputationNetCapital" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_SubordinatedBorrowingsDetail" name="SubordinatedBorrowingsDetail" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_SubordinatedBorrowingsDetailByInstrument" name="SubordinatedBorrowingsDetailByInstrument" substitutionGroup="xbrli:tuple" nillable="true">
    <complexType>
      <complexContent>
        <restriction base="anyType">
          <sequence>
            <element ref="us-gaap-bd:SubordinatedBorrowingDescription" minOccurs="0" maxOccurs="1" />
            <element ref="us-gaap-bd:SubordinatedBorrowingInstrumentValue" minOccurs="0" maxOccurs="1" />
            <element ref="us-gaap-bd:SubordinatedBorrowingInterestRate" minOccurs="0" maxOccurs="1" />
            <element ref="us-gaap-bd:SubordinatedBorrowingMaturityDetails" minOccurs="0" maxOccurs="1" />
          </sequence>
          <attribute name="id" type="ID" use="optional" />
        </restriction>
      </complexContent>
    </complexType>
  </element>
  <element id="us-gaap-bd_SubordinatedBorrowingsNote" name="SubordinatedBorrowingsNote" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" />
  <element id="us-gaap-bd_SubordinatedBorrowingsSixMonthNoticeIntentWithdraw" name="SubordinatedBorrowingsSixMonthNoticeIntentWithdraw" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_TotalNetCapitalRequirement" name="TotalNetCapitalRequirement" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_TradingGainsLosses" name="TradingGainsLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_TwoPercentAggregateDebitItems250GreaterShownFormulaReserveRequirements" name="TwoPercentAggregateDebitItems250GreaterShownFormulaReserveRequirements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <element id="us-gaap-bd_UnderwritingIncomeLoss" name="UnderwritingIncomeLoss" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" />
  <element id="us-gaap-bd_USCanadianGovernmentObligations" name="USCanadianGovernmentObligations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" />
  <element id="us-gaap-bd_USCanadianGovernmentObligationsSold" name="USCanadianGovernmentObligationsSold" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" />
</schema>
