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To: Joey who wrote (3830)	11/18/1998 1:00:00 AM
From: peter michaelson	Respond to of 4969

Joey: Thanks for the info. I would like to learn all necessary facts to completely understand what happened to me. Where/how can I learn more? How exactly was the timing determined for my buy-in? Why 3:51? How much lead time did the clearinghouse have? Who got to sell their shares at $7.00? Who kept the spread, if any? If I had tried to sell shares of TTF at $7.00, I can assure you I would not have been able to. All additional information is appreciated. Thanks, Peter

To: Joey who wrote (3830)	11/18/1998 2:23:00 PM
From: peter michaelson	Read Replies (1) \| Respond to of 4969

National Securities Clearing Corp. 208.240.92.153 NSCC was established to take over the less risky but still highly paper- intensive clearance and settlement for the two major stock exchanges and the over the counter market in 1976. Working with our facilities manager, the Securities Industry Automation Corporation (SIAC), and The Depository Trust Company (DTC), the world's largest securities depository, we further automated and streamlined clearance and settlement to minimize the cost and risk of moving funds and securities. We serve many markets. For example, we now clear and settle virtually all streetside equity, corporate and municipal bond transactions in the U.S. We are also the leading processor of mutual fund orders. And we are offering new automated solutions to support the processing of 401(k) and annuity transactions. Continuous Net Settlement - a NSCC Service "On T+3, all transactions are netted by issue to net long (buy) and net short (sell) positions, and then are further netted with positions that remained open after T+3; this includes positions due to settle that day as well as fail positions. Members' receive and deliver obligations are to and from NSCC. The CNS automatic delivery process occurs in two cycles: the "night cycle" during the early morning (approximately 1:30 a.m.) of settlement date and the continuous "day cycle" later that day. CNS short positions, which represent securities owed by participants to NSCC, are compared against their DTC accounts to determine issue availability. If shares are available, they are transferred from the member's account at DTC to NSCC's account at DTC to cover participants' short obligations to CNS. To control the automatic delivery of securities from their DTC accounts, participants can use CNS exemption procedures (partial settlements are permissible).