A Clearly Erroneous Trade is defined as an execution at a price, for a quantity of shares, or with a symbol, that is substantially inconsistent with the current trading pattern of the issue.

The use of PDQ ATS trading system by a subscriber constitutes acceptance of PDQ ATS right to break any trade, or modify the terms of any trade

Transaction reviews may be instituted by PDQ ATS personnel or a subscriber. Subscribers should submit a request by calling the Operations trade desk. A subscriber?s request for a transaction review should be submitted within 20 minutes of the transaction. If a subscriber submits a request for a review after 20 minutes have passed, the review may be done or not done, depending on the facts and circumstances, at the sole discretion of PDQ ATS. Under no circumstances may a request to review a transaction be submitted by a subscriber more than 30 minutes after the close of trading on PDQ ATS. Once a request is submitted, it may not be withdrawn without the consent of both parties to the trade.

Trades done within 10 cents of the prevailing market will generally not be broken or adjusted, unless very unusual circumstances, such as a system wide malfunction, are present.

Any review of trades resulting from orders routed to other market centers, such as ECN?s or exchanges, are subject to the policies and procedures of the other market center. PDQ ATS may make a request on a subscriber?s behalf, but the outcome will be subject to the decision of the other market center.

When PDQ ATS initiates a trade review, it will attempt to notify all parties to the trade via e-mail and/or phone. If the trades under review effect a large number of subscribers, PDQ ATS may instead issue a notice to all subscribers via email that a series of trades are under review.

A final determination generally will be made within one hour of a request being submitted. In all cases, designated principals will make a final determination prior to the open of the next trading day following the request. PDQ ATS will notify all parties to the trade via e-mail as soon as the final determination has been made.