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U.S. Securities and Exchange Commission

Table 1: NAqcess Quote and Order Entry Protocol

(Size, for Various Tiers, is in Parentheses)

Market Participant Direct Entry (a) Quotes Takeouts Proprietary Agency
      Orders Against Book Limit Orders Market Orders Limit Orders Market Orders
Member Market Maker (b) Yes Yes
(Min. = Tier Size)
Yes
(Any Size)
Yes
(9,900/1,000)
Yes
(1,000/500/200)
Yes
(9,900/1,000)
Yes
(1,000/500/200)
Member
Non-MM
Yes No Yes
(Any Size)
No No Yes
(9,900/1,000)
Yes
(1,000/500/200)
UTP Market Maker(c) Yes Yes
(Min. = Tier Size)
Yes
(Any Size)
Yes
(9,900/1,000)
Yes
(1,000/500/200)
Yes
(9,900/1,000)
Yes
(1,000/500/200)
Options Market Maker (d) No No Yes
(Any Size)
Yes
(9,900/1,000)
Yes
(1,000/500/200)
N/A N/A

(a) Where market participant does not have direct entry access, protocol reflects indirect order entry (i.e. through direct entry participant on agency basis).

(b) Only in security for which they are registered as a market maker.

(c) Pending current negotiation. Only in security for which they are registered as a market maker.

(d) Only in security for which they are making a market in the underlying option.

http://www.sec.gov/rules/other/3437302/37302t1.htm


Modified:10/25/96