Exhibit 10.1


                        TERMINATION OF CLEARING AGREEMENT

This Termination Agreement is made and entered into effective as of the 21st day
of  April,  2005  by and  among  First  Montauk  Securities  Corp.,  a New  York
corporation with offices at Parkway 109 Office Center,  328 Newman Springs Road,
Red Bank NJ, 07701 (the "Introducing  Firm"), and Fiserv Securities,  Inc., with
offices at Once Commerce Square, 2005 Market Street, Philadelphia, PA 19103-3212
("Fiserv").

     WHEREAS,  the  Introducing  Firm,  and Fiserv are  parties to that  certain
Clearing  Agreement  dated as of May 8, 2000, and amended as of February 1, 2001
(the "Clearing Agreement");

     WHEREAS,  Fiserv,  Inc.  entered into an agreement to sell the wholly-owned
subsidiary  Fiserv  Securities,  Inc.  ("Fiserv") to Fidelity  Global  Brokerage
Group,  Inc., a subsidiary  of FMR Corp.  and on March 24, 2005 Fiserv became an
indirect subsidiary of Fidelity Global Brokerage Group, Inc.

     WHEREAS,  Introducing Firm and National  Financial  Services LLC ("NFS"), a
subsidiary  of FMR Corp.  are entering  into a new clearing  agreement as of the
date hereof;

     WHEREAS,  the Introducing  Firm and Fiserv desire to terminate the Clearing
Agreement, as of the date hereof;

     NOW  THEREFORE,  for good  and  valuable  consideration,  the  receipt  and
sufficiency of which are hereby acknowledged,  each of the parties hereto agrees
as follows:

     1.  Effective  as of  the  date  hereof,  the  Clearing  Agreement  and  is
terminated  and of no further  force and  effect and none of the  parties to the
Clearing  Agreement has any further rights or  obligations  under or pursuant to
the  Clearing  Agreement  except for rights or  obligations  intended to survive
termination as specifically and expressly set forth therein.

     2. This Termination  Agreement may be executed in one or more counterparts,
and by different parties hereto on separate counterparts, each of which shall be
deemed an original,  but all of which together shall constitute one and the same
instrument.




     IN WITNESS WHEREOF,  each of the parties hereto has caused this Termination
Agreement to be duly executed as of the date first above written.

FIRST MONTAUK SECURITIES CORP.


By:  /s/ Victor K. Kurylak
   ---------------------------------
Name:  Victor K. Kurylak
Title: President and CEO

FIRST MONTAUK FINANCIAL CORP.


By:  /s/ Victor K. Kurylak
   -----------------------------------
Name:  Victor K. Kurylak
Title: President and CEO

FISERV SECURITIES, INC.


By:  /s/ Jennifer Moran
   -----------------------------------
Name:  Jennifer Moran
Title: Senior Vice President