APPENDIX

503

Market and Limited Orders. If a member gives a specialist an order to
sell stock at a limit and shortly thereafter the specialist receives another
order to sell at the market, the specialist should execute the market order
delow the limited order, except at the opening.
Receipt Stubs. Specialists must promptly sign and return to the senders
the receipt stubs attached to open orders, cancellations, and confirmations
of orders.
Specialists’ Facilities. Every specialist, or a representative authorized
to act for him, must remain on the floor every day that the Exchange is
open for trading until his reports have been sent out, or for one-half hour
after the close of the market, and each firm having a telephone space on
the floor must keep at least one clerk on the floor for one-half hour after
the close.
Specialists’ Reports. A specialist using the report pad of another member,
 or of a firm other than his own, shall have his name placed on said
pad in addition to the name of such other member or firm. The foregoing
does not apply to members who assist other members temporarily or in
an emergency but only to those members who regularly use the pads of
other members or firms.
If a member or firm makes a written request of a specialist after the
close for a report regarding the execution of an order, the specialist must
definitely answer the inquiry before 9:30 A.M. of the following business day.
Responsibilty for Orders.
f. (a) Where a specialist receives and retains an unaddressed order,
delivered by a page or through the tubes, for a stock other than one in
which he specializes, the specialist is entirely responsible for any loss that
may be occasioned thereby.
(b) Where a specialist receives and retains an order addressed to him
tor a stock other than one in which he specializes, which is delivered
by a page or through the tubes, or is handed to him by a member without
the member saying anything in relation thereto, the specialist and the
member are each responsible for one-half of any loss that may be occasioned
thereby.
(c) Where a member hands an order to a specialist and makes an erroneous
 statement to the specialist at the time as to the amount, price or
name of the stock, the member is entirely responsible for any loss that
may be occasioned thereby.
(d) In order for the foregoing propositions to be applicable, the order
must be clearly written. If there is any question as to the clearness of the
order or designation of the stock, the whole matter is one for arbitration.
(e) When a member trades with a specialist the responsibility lies with
the member as to the identity of the stock traded in.
2. In cases brought before the Arbitration Committee it has been the
decision of that Committee that if a specialist accepts an order from a
member, and the stock sells at or through the limit of the order and is
covered by the tape, and the specialist should have executed the order and
reported it but has not done so, and the member neglects to ask for a
report, the responsibility of the specialist is limited to a fair opening price
on the following dav.