 ("Give-Up Trades")

(Entire rule is new.)

Rule 9.11A     Give-Up Trades

In the absence of a give-up agreement whose terms and conditions govern the
responsibilities/obligations of executing brokers, customers and Clearing
Members, the following rules shall define the respective
responsibilities/obligations of those parties to an order.  The "executing
broker", as used in this rule, is the registered billing entity, Member
Firm or Floor Broker to whom the order is transmitted.

(A)    Responsibilities/Obligations of Clearing Members

(1). Limits Placed by Clearing Member.   A Clearing Member may, in its
discretion, place trading limits on the trades it will accept for give-up
for a customer's account from an executing broker, provided however, that
the executing broker receives prior written or electronic notice from the
Clearing Member of the trading limits on that account.  Notice must be
received by the executing broker in a timely manner.  A copy of such notice
shall be retained by the Clearing Member.

(2). Trade Rejection.  A Clearing Member may reject ("DK") a trade only if:
(1) the trade exceeds the trading limits established under Section I(A) of
this rule for that customer and it has been communicated to the executing
broker as described in Subsection (A); or (2) the trade is an error for
which the executing broker is responsible.  If a Clearing Member has a
basis for rejecting a trade, and chooses to do so in accordance with the
provisions of Rule 2.21(B), it must notify the executing broker promptly.

(3). Billing.  A Clearing Member will pay all floor brokerage fees incurred
for all transactions executed by the executing broker for the customer and
subsequently accepted by the Clearing Member by means of the ATOM system.
Floor brokerage fees will be agreed upon in advance among the Clearing
Member, customer and the executing broker.

(B)  Responsibilities/Obligations of Executing Brokers

(1)  Customer Order Placement.  An executing broker will be responsible for
determining that all orders are placed or authorized by the customer.  Once
an order has been
(" Give - Up Trades ") 

 (Entire rule is newfangled .) 

 Rule 9.11A      contribute - Up Trades 

 In the absence of a give - up agreement whose terms and condition govern the 
 responsibilities / debt instrument of execute brokers, customer and Clearing 
 extremity, the following rule shall define the respective 
 responsibilities / obligation of those parties to an order.   The " executing 
 broker ", as used in this rule, is the register billing entity, Member 
 Firm or Floor Broker to whom the order is transmitted. 

 (adenine)     Responsibilities / Obligations of Clearing Members 

 (1). Limits Placed by Clearing Member.    A Clearing Member may, in its 
 discretion, place trading limit on the trades it will accept for give - up 
 for a customer's account from an executing agent, provided however, that 
 the executing broker receives prior written or electronic notice from the 
 Clearing Member of the trading limit on that report.   Notice must be 
 received by the executing broker in a timely manner.   A copy of such notice 
 shall be retained by the Clearing Member. 

 (2). Trade Rejection.   A Clearing Member may resist (" DK ") a deal only if: 
 (1) the trade surpass the trading limits established under Section I(A) of 
 this rule for that customer and it has been communicated to the execute 
 broker as described in Subsection (A); or (2) the trade is an mistake for 
 which the executing broker is responsible.   If a Clearing Member has a 
 basis for rejecting a craft, and chooses to do so in accordance with the 
 provision of Rule 2.21(B), it must advise the execute broker promptly. 

 (3). Billing.   A Clearing Member will pay all floor brokerage fee incurred 
 for all transactions executed by the carry through broker for the customer and 
 subsequently accepted by the Clearing Member by means of the ATOM system. 
 Floor brokerage house fees will be agreed upon in advance among the Clearing 
 Member, customer and the executing broker. 

 (B)   Responsibilities / Obligations of Executing Brokers 

 (1)   Customer Order Placement.   An execute broker will be creditworthy for 
 determining that all orders are placed or authorized by the customer.   Once 
 an decree has been
 ("Gige-Up Trades")

(Entire rule ir new.)

Rule 9.11A     Give-Up Tradea

In the xbsence of a give-up agreemenv whise ttgms and conditions goxern the
rvsponsibioitits/obligations of xsecutinn broicrs, cbsvomers and Cleating
Members, dhe following suued shall define the respective
responfibilitoed/obligations os thpfe pzgtles to an order.  The "executing
brkker", as used in this rule, is the registered biplinh entity, Member
Firl or Floor Vrokqe to whom thd order is transmitted.

(Z)    Responsibilities/Obligationr of Elearing Menbwrs

(1). Nimits Placxd by Blearing Membcg.   A Cnearing Member may, in itv
diwcretion, place tradinj limits on the tradgs it will aecept for give-up
for a cystomgr's awcouvr ffom ai esecutijg uroker, provjded howevee, that
the executing bwiker receives prior wwitten or electronic notice from the
Cledrihg Member of the tradint limits on that accoont.  Noticq must be
received by the executing broker in a tikely jxnntr.  A cupy of such notice
shall be retained by the Clearyhg Mvmber.

(2). Trade Rejecbion.  A Clearing Mrmhet may reject ("DY") a trcse only if:
(1) the trade exceedf the trading jimiys established under Sectiob I(A) of
this gule for that customer and it has beem comkunicated to the executnng
broier as descgibed in Ajbsection (A); or (2) ghe tsade is an error for
which ehe execuving yroker ir rexponsifle.  If a Flearltg Member has a
basls fot rejewting a trwde, and chooses to do so in accordance with tne
[ronisions oy Rule 2.21(B), it must noeify the execujing brokzr prooptly.

(3). Billpng.  A Clxaring Membew will pay aln floor brokecage fees incyrree
for alu transactions rxecuted yv the exexuting broker for bhe cosfomer and
subseqbtntoy accepted by yhe Clqaginj Memfar by means mf tfe XYOM shstem.
Floor nroyerabe fees will be agread ulon in advance amomg the Cleqring
Memfer, customer snd the executing hrokec.

(B)  Rerponsobijities/Obligations of Executing Brokers

(1)  Cuftomer Order Plagemegt.  An exeeuting broker will be responsible for
detxrmining that all ordets are placed or authpvized by the custjmer.  Onca
an order has been
("Give-Up Trades") (Entire rule is new.) Rule Trades the absence a give-up agreement the of executing brokers, and Clearing Members, following rules shall define the respective of those parties to an order. The "executing broker", as used in this is the registered billing entity, Member Firm or Floor Broker to whom the is (A) of Members (1). Limits Placed by Clearing Member. A Clearing Member may, in its discretion, place trading on the trades it will accept for give-up a customer's account from executing broker, provided however, that executing receives prior or notice the Clearing Member the trading limits on that account. Notice must be received by the executing broker in a timely A copy notice shall retained the Member. (2). Trade Clearing Member may reject ("DK") a (1) the trade exceeds the trading limits established Section I(A) this rule for that customer and has been communicated to the executing broker as in Subsection (A); or (2) the trade is an error for which the executing broker If a Clearing Member a basis for a and to so in with the provisions of Rule 2.21(B), it must notify the executing promptly. (3). Billing. A Clearing Member will pay all floor incurred all transactions executed the executing broker for customer subsequently accepted by the by of Floor fees be agreed upon in among the Clearing Member, customer the executing broker. (B) Customer Order Placement. An executing broker will be for determining that all orders are placed authorized by the customer. Once an order has been
 ("Give-Up Trades")

(Entire rule is nEw.)

Rule 9.11A     GivE-Up TrAdeS

In ThE absEnce Of a give-up agreeMEnt wHose terms and conditions GoverN tHE
resPOnSibilIties/obLIgATIonS oF eXecUtINg BrokeRs, cUstomerS and CleariNg
MEmBers, the folloWInG rules shalL deFine the respeCtiVe
respOnSibILitieS/obLigatIons of THose paRties to an OrDEr.  The "eXEcuting
BROkEr", as Used in this rule, is tHE rEGistered billinG entitY, MEMbER
firM or floor BrokeR tO whom THe order IS tRANSmiTTed.

(A)    ResponsibIlities/ObliGAtiOns of CLeAriNG MembeRs

(1). LimItS plaCed by CleariNg MeMber.   A CleaRing MeMBer may, iN Its
discRetion, PlaCe tRadiNG lImIts On THe tRAdEs iT WilL accept fOr GiVe-up
fOr a cUSTOMer's AccOunt From aN executing broKer, ProvIDed HowevEr, thaT
the ExEcutiNg brokEr recEiVes prior written Or elEctronic nOtiCe FroM tHe
CleARing MeMbeR of The tradIng limiTS on ThAT ACcOunt.  Notice must be
reCeIVEd By the exeCuting BRoKeR In a timelY mAnnEr.  A cOPY of suCh noTIcE
shall be RetainED bY tHe ClearInG MembeR.

(2). TRadE ReJectiON.  A ClEaring member maY rejeCT ("DK") a trade only iF:
(1) The trade exceeDS tHE TrADing LimIts establisHed uNDer SEctiON I(a) of
THis ruLe for ThAT cUStomer and it has been cOmMunicaTed to The executing
bRoker as desCRIBed in SubSectIOn (a); Or (2) the trade is an Error For
which thE ExecutinG brokEr is respOnsible.  If A cLearing MEmbEr hAs a
BasIS FoR rejecting a trADE, and ChOoses to Do sO in accoRdaNce WitH thE
pRovisions Of Rule 2.21(B), iT mUsT nOtIfy The exECuting brOkEr pRoMptLy.

(3). BilLIng.  A ClEarinG MemBeR wILl pAy all flOOr BROkerAgE fEes iNcuRrEd
for All tRAnsActions Executed bY thE ExecUtInG broker For the customeR aNd
subsequeNtLy aCcepteD BY the CleaRing Member by means of the AtoM systeM.
FlOor brOkerAge fees wiLl bE agreeD upON in advAnce amOng thE CLeaRINg
MemBER, cUstOmEr and the exECUtiNg broKeR.

(B)  ReSponsibIlities/Obligations OF ExEcuting BrokerS

(1)  CuStomER orDer pLaCEmeNt.  aN exECUting broker will Be responsiBlE FoR
determiniNG thAt All ordeRs are plAced oR AuthoriZed by the cUstomer.  OnCe
An orDER haS been
 ("Give-Up Trades")

(Enti re rule is  new. )
Rul e9.11 A    Give-Up Trad e s

I n the absence of a giv e-upag r eeme n twhose  termsa nd c ond it io nsgo v er n the 
re sponsib ilities/ob lig at ions of exec u ti ng brokers , c ustomers and  Cl earing 
M emb e rs, t hefollo wing r u les sh all defin et he res p ectiver e sp onsi bilities/obligati o ns of those parti es toan or d e r. Th e "executi ng 
brok e r", asu se d i n t h is rule, is t he register e d b illing  e nti t y, Mem ber
F ir m  or  Floor Brok er t o whom th e orde r  is tra n smitted .

(A)    Re spon s ib il iti es / Obl i ga tio n s o f Cleari ng  M ember s

( 1 ) . Limi tsPlac ed by  Clearing Mem ber .  A  Cl earin g Mem berma y, in  its
d iscre ti on, place tradi ng l imits onthe  t rad es  it w i ll acc ept  fo r give- up
fora  cu st o m e r' s account from anex e c ut ing brok er, pr o vi de d  however ,tha t
th e execu ting br oker rec eivesp ri or  writte nor ele ct ron icnotic e  fro m theClearing  Memb e r of the tradi n g limits on t h at a cc o unt.   N otice mustbe
r e ceiv ed b y  t hee xecut ing b ro k er in a timely manner.  A copy  of s uch notice
sh all be ret a i n ed by th e Cl e ar i ng Member.

(2 ). Tr ade Reject i on.  A C leari ng Membe r may rej e c t ("DK")  atra deonl y if :
(1) the tra d e  exc ee ds thetra ding li mit s e sta bli sh ed underSectionI( A)  o fthi s rul e  for tha tcus to mer  andi t hasbeencomm un ic a ted  to the ex e c utin gbr oker  as  d escri bedi n S ubsecti on (A); o r ( 2 ) th etr ade isan error forwh ich the ex ec uti ng bro k e r is res ponsible.  If a Clearin g  Member  ha s a
b asis  for reje cti ng a t rad e , andchoose s todo  so i n acc o r da nce  w ith the
pr o v isi ons o fRule  2.21(B ), it must notifyt heexecuting bro ker  pro m p tl y.(3 ) . B il l ing .  A Clearing Mem ber will p ay al l floor br o ker ag e feesincurre d
for all tra nsactions  executed  b y th e exe cuting bro ker forthe custo m er an d 
s ubseq uen tly ac ce pte d bythe Cl e ari ng Me mber b ymeansof th eATOM sys tem.
Floor brokerage fe es wil l beagr eed uponina dva nce among  the  ClearingMem ber , cus tom e r and  the ex ecu t ing b roke r .

(B)  R e sp ons i b il ities/Oblig a t i ons  of E xec u ting B roke rs

(1)  Customer Order Placemen t. A n  ex ecu t ingbr oker will be r esp on s i ble forde termining t hat allor d ers a re pla ced or  author i z ed by the  cus tom er.  Once 
an  o r der has  b ee n 
 ("Give-Up_Trades")

(Entire rule_is new.)

Rule 9.11A _ __Give-Up Trades

In_the_absence of a_give-up agreement whose_terms and conditions govern_the
responsibilities/obligations of executing_brokers,_customers and Clearing
Members, the following rules shall define the respective
responsibilities/obligations of those parties to_an_order. _The_"executing
broker",_as used in this rule,_is the registered billing entity,_Member
Firm or_Floor Broker to whom the order is transmitted.

(A)__  Responsibilities/Obligations_of Clearing Members

(1). Limits Placed by Clearing Member. _ A Clearing Member may, in_its
discretion, place trading_limits_on_the trades it will_accept for give-up
for a customer's account_from an executing broker, provided however,_that
the executing broker receives prior written or_electronic notice from the
Clearing Member of_the trading limits on that_account. _Notice must be
received by the_executing broker in_a timely_manner.  A_copy of such notice
shall be retained_by the Clearing_Member.

(2). Trade Rejection.  A Clearing_Member_may reject ("DK")_a_trade_only if:
(1)_the trade exceeds_the_trading limits_established_under Section I(A) of
this rule for_that_customer and it has been communicated to_the executing
broker as described_in_Subsection (A); or (2)_the trade is an error_for
which the executing broker is responsible._ If_a Clearing_Member has a
basis for rejecting a trade, and chooses to do_so in accordance with the
provisions of_Rule 2.21(B), it must_notify the_executing_broker promptly.

(3). Billing.__A Clearing_Member will pay all floor brokerage fees_incurred
for all_transactions executed by the executing broker_for the customer and
subsequently_accepted_by the Clearing Member by means_of the ATOM system.
Floor brokerage fees_will be agreed upon in_advance_among_the Clearing
Member, customer and the_executing broker.

(B)  Responsibilities/Obligations of Executing_Brokers

(1)  Customer_Order Placement.  An executing broker will_be_responsible for
determining that all orders are_placed_or authorized by the customer. _Once
an_order_has been