options, restricting the types of orders that may be employed, and modifying or eliminating the bidiasked differential at which market-makers or specialists may quote. The taking of such actions by an options market often is promptly disclosed to the trading crowd in that options market, to representatives of brokerage firms that are members of the options market, and/or to price vendors, but the actions may be taken without public notice, and there can be no assurance that disclosure will be made in a manner that will permit investors to learn of the actions in a timely way. 0CC and the options markets have broad discretion under their rules to take a variety of actions in particular circumstances, and readers should not assume that any organization will exercise its discretion in a particular way in any particular circumstance. A statement in this booklet to the effect that 0CC or an options market has authority or discretion to take a particular action does not mean that it will necessarily take that action. To the contrary, it should be understood from such a statement that the organization also has authority not to take that action. Moreover, it should be understood that 0CC and the options markets have broad discretion in the manner in which they interpret their own rules. 0CC and the options markets have no duty to enforce. or to oversee the enforcement of, each other's rules. 0CC and each U.S. options market has a general statutory obligation to enforce compliance with its own rules by its own members. However, there can be no assurance that all such rules will always be complied with by members. since frequently the only means of enforcing compliance with rules is to impose disciplinary sanctions after the fact on those who have violated them. Readers desiring information concerning the rules of 0CC or any of the options markets as to the terms of options, the manner in which options are traded or in which a market functions, the trading hours of a particular options market. or other related matters. or information concerning any of the other matters referred to herein, may obtain the information from the relevant organization. Information concerning a foreign options market or associate clearing house is generally available from that organization. 6. The U.S. options markets have rules applicable to the handling of customer accounts and the execution 91 CONFIDENTIAL - PURSUANT TOEFEESERL1O8066576 P. 6(e) CONFIDENTIAL SDNY_GM_00244760 EFTA01393144