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The Membership is advised that the last day on which "regular way" transactions may be made for settlement this year is Thursday, December 26, 2002.
In order to facilitate the handling of year-end transactions, the Exchange has determined that "next day" contracts may be effected on Friday, December 27, 2002 and Monday, December 30, 2002. Transactions may, however, still be made on these days "regular way", for "cash" and sellers option in accordance with Rule 124.
In connection with "next day" transactions, note should be taken of the following:
All orders for the purchase or sale of securities on a "next day" basis should be properly identified, and Floor brokers must disclose such settlement terms at the time a bid or offer is made on the Floor. "Next Day" transactions will be designated on the tape with the letters ND immediately following the stock or bond symbol.
If the record date for a dividend in a particular stock falls on Friday, December 27 or Monday, December 30, the "next day" transactions made on such day in such stock would be "ex-dividend".
Before an order is accepted from a customer on a "next day" or "cash" basis, the customer must be advised that delivery of and payment for the securities are to be made on the next business day, or on the same business day for cash contracts. Customers must also be advised of the facts with respect to any dividends which may be involved.
"Next Day" Transactions can be made as follows:
on December 27, 2002:
Ex-date of December 26 for Record Date December 30: "Dividend On"
Ex-date of December 27 for Record Date December 31: "Dividend On"
Ex-date of December 30 for Record Date January 2: "Dividend On"
on December 30, 2002:
Ex-date December 26 for Record Date December 30: "Ex-Dividend"
Ex-date of December 27 for Record Date December 31: "Dividend On"
Ex-date of December 30 for Record Date January 2: "Dividend On"
All "cash" transactions made on or before the Record Date are on a "Dividend On" basis.
Telephone inquiries with respect to this notice should be directed to the Corporate Actions/Proxy Rulings Dept., 212-306-2438.
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