General Rules and Regulations
Securities Exchange Act of 1934
Rule 11a1-3(T) -- Bona Fide Hedge Transactions in Certain Securities
A bona fide hedge transaction effected on a national securities exchange by a member
for its own account or an account of an associated person thereof and involving a
long or short position in a security entitling the holder to acquire or sell an equity
security, and a long or short position in one or more other securities entitling
the holder to acquire or sell such equity security, shall be deemed to be of a kind
which is consistent with the purposes of Section
11(a)(1) of the Act, the protection of investors, and the maintenance of fair
and orderly markets.
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