FULLY DISCLOSED CLEARING AGREEMENT
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
THIS AGREEMENT is made and entered into this 30th day of April, 2002 ("Effective Date") by and between
the Pershing Division of Donaldson, Lufkin & Jenrette Securities Corporation ("Pershing"), a Delaware
Corporation, and Muriel Siebert & Co., Inc. ("Broker"), a Delaware Corporation.
This Agreement shall be subject to approval by the New York Stock Exchange, Inc. ("NYSE") and by any other
self-regulatory organization vested with the authority to review or approve it. Pershing shall submit this Agreement
to the NYSE and Broker shall submit the Agreement to any other such organization from which Broker is
required to obtain approval. In the event of disapproval, the parties shall bargain in good faith to achieve the
From the date of this Agreement until the termination of this Agreement as provided in Paragraph 22 hereof,
Pershing shall carry the proprietary accounts of Broker and the cash and margin accounts of the customers of
Broker introduced by Broker to Pershing, and accepted by Pershing, and shall clear transactions on a fully
disclosed basis for such accounts, in the manner and to the extent set forth in this Agreement. The accounts of
Broker shall incude the accounts of its divisions. Pershing shall also provide to Broker, including its divisions,
systems hereinafter described, that provide Broker's customers the ability to trade, view their accounts and
related information online via the Internet.
3.0 ALLOCATION OF RESPONSIBILITY
3.1 Responsibilities of the Parties.
Pursuant to NYSE Rule 382, responsibility for compliance with applicable laws, rules, and regulations of the
Securities and Exchange Commission ("SEC"), the National Association of Securities Dealers, Inc. ("NASD"),
the NYSE, and any other regulatory or self-regulatory agency or organization (collectively the "Rules") shall be
allocated between Pershing a