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Dec 26 9:30 AM EST

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To: Tim Davies who wrote (224)	10/17/1999 9:56:00 AM
From: Mark S. Schroeder	Read Replies (1) of 267

TO: ALL RETAIL AND INSTITUTIONAL STAFF SUBJECT: SHORT SALES DATE: OCT 13/99 EFFECTIVE IMMEDIATELY U.S. NAKED SHORT SALES ARE PROHIBITED. THIS IS AS A RESULT OF REGULATORY CHANGES BEING FORCED ON BY NATIONAL SECURITIES CLEARING CORP(NSCC) IN THE U.S. IF YOU HAVE CURRENT SHORT POSITIONS THAT ARE NOT COVERED BY BORROWED STOCK THE POSITION WILL BE BOUGHT IN WITHIN THE NEXT 10 DAYS. CHECK WITH THE LOAN DEPARTMENT TO VERIFY IF THE POSITION IS COVERED. IF YOU INTEND ON SHORT SELLING YOU MUST CHECK WITH THE LOAN DEPARTMENT PRIOR TO EXECUTING THE TRADE. IF IT CAN BE BORROWED WITHIN OUR PRESCRIBED BORROWING LIMITS WE WILL ENDEAVOUR TO BORROW. IF IT CAN'T BE BORROWED YOU CAN'T DO THE TRADE. FURTHERMORE, ANY OUTSTANDING SHORT POSITIONS FROM A LONG SALE WHICH IS TO BE DELIVERED IN WILL BE BOUGHT BACK ON SETTLEMENT DATE IF THE STOCK IS NOT RECEIVED. IF THERE IS GOING TO BE A DELAY IN RECEIVING THE STOCK, CREDIT AND OR COMPLIANCE MUST BE MADE AWARE OR WE WILL BUY IT BACK.

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