A study by the Banking & Securities Industry Committee has led to certain rules changes by the New York and American Stock
Exchanges (“NYSE” and “AMEX” respectively). These rules are designed to reduce the number of security deliveries rejected
by agent banks by eliminating one of the major reasons for rejection—lack of accurate instructions at the agent bank by
Wexford Clearing Services Corporation (“the firm”) adheres to the rules and regulations set forth by the NYSE and AMEX.
Accordingly, the firm is asking you, referred to below as “the client”, to sign this Delivery Versus Payment (“DVP”) Agreement,
retaining one copy for your files and returning the original to the Account Executive servicing your account. Your Account
Executive will be pleased to answer any questions relating to this agreement.
The agreement is as follows:
1. The Client will issue standing instructions to its agent receiving bank(s) to receive from or deliver to the firm against payment
any security pursuant to the procedures of this agreement. Specific instructions for each transaction must be in the possession
of the agent bank(s) no later than one business day before settlement date on purchases and two business days before
settlement date on sales.
2. The Client’s instructions to its settling agent will comply with NYSE Rule No. 430, which states in part:
....“[T]he (client) placing the order or its agent will receive against payment securities in an amount equal to any execution
confirmed to the (client), even though such an execution may represent the purchase of only a part of a larger order.”
3. The Client will issue standing instructions to the firm to receive from or deliver to its agent receiving bank(s) against payment
any security pursuant to the provisions of this agreement.
4. A confirmation of each transaction will be promptly transmitted to the client after transaction is made. If necessary, alternate
means of notification will be used in addition to the co