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To: Harold who wrote (10192)	10/23/2001 12:21:55 PM
From: James Strauss	Read Replies (1) \| Respond to of 13094

Harold: This sounds like rules to police companies buying stock of their own company or some other company... NORMAL COURSE ISSUER BID UPTICK RESTRICTION Companies buying back stock pursuant to a Normal Course Issuer Bid (?NCIB?) are restricted from buying stock at a price higher than the price of the last independent board lot. The rationale for such a restriction is to prevent a company from upwardly influencing their stock. Trades in the eVWAP Facility are executed at 9:15 a.m. and therefore, for the purposes of the NCIB rules the last independent trade on the preceding day would ordinarily cap the price at which shares could be purchased. The Exchange considers trades executed in the eVWAP Facility at the eVWAP Price to be neutral. Companies will have little ability to manipulate the eVWAP Price. Further, if a company buys stock in the eVWAP Facility, those trades at the eVWAP Price will not constitute an independent trade. Nor can trades in the eVWAP Facility set the last sale price or the closing price of the stock. Therefore, to avoid inadvertent violations of the uptick restriction, an exemption should be granted from this rule for trades in the eVWAP Facility. tsers.com Also, this may be related to a margin account where certain transactions are restricted due to SEC or the firm's rules... Jim