here are instinet rules:
Instinet Rules and Procedures on Clearly Erroneous Transactions Executed through the Real-Time Trading Service
I. Trades Executed Through the Real-time Trading Service
To maintain the integrity of the Real-Time Trading Service ("RTTS"), Instinet reserves the right, to be exercised in Instinet's sole discretion, to modify the terms of or to cancel transactions executed through the RTTS that Instinet determines to be the product of clearly erroneous orders placed by an Instinet subscriber into the RTTS. Instinet Subscribers' use of the RTTS constitutes an executory acceptance of Instinet's right to modify or to cancel such transaction in accordance with the rules and procedures contained herein.
II. Clearly Erroneous Trades
If a Subscriber clearly erred in its entry of an order into the RTTS and such order is executed in whole or in part, such Subscriber may request Instinet to exercise its right to modify or cancel such transaction. The Subscriber making this request must demonstrate to Instinet's satisfaction that its entry of the order or any term thereof, such as price, quantity or identify of security, involved an unintentional and clear error. An example of an unintentional and clear error in order entry could include, among other things, entering an order to buy a stock at a price of 100, while intending to place an order to buy at 10. In the event that Instinet determines in its sole discretion and upon such information that Instinet deems adequate, that a material term of such order was clearly erroneous as entered, Instinet may modify or cancel any resultant transaction.
III. Notification of Clear Error
Subscriber must notify the Instinet Transaction Desk of any trade which the Subscriber believes was the result of a clearly erroneous order entered by such Subscriber as soon as possible, but in no event more than 30 minutes after the execution of the transaction at issue. Subscriber must provide Instinet with a description of the relevant details and other information substantiating Subscriber's claim that it has entered the order unintentionally and in clear error. Subscriber should also reference these rules and procedures and specify what action they are requesting Instinet to take. This notification may be provided orally.
Instinet may consider, in its sole discretion and on a case by case basis, requests received after such time period, depending on the facts and circumstances surrounding such request. Once made, Subscriber can not withdraw its request to Instinet made pursuant hereto without the consent of all parties to the transaction.
Instinet will attempt to render a final decision within one hour of receiving such description. In all cases, however, Instinet will make a final decision prior to the opening of trading on the relevant exchange on the next business day after receipt of the request. Instinet shall promptly provide oral notification of such decision to the parties involved in the transaction at issue.
IV. Trades Executed Via SelectNet
Subscriber's orders executed against a non-subscriber's order through the SelectNet linkage are subject to review pursuant to the NASD Clearly Erroneous Transaction Policy, set forth in NASDR Rule 11890 (see also NASD Notice-to-Members 99-29). Under its rules, the NASD has the authority to declare null and void or otherwise modify the terms of any transaction it finds to be clearly erroneous.
Upon receipt of initial notification from a Subscriber of a claimed clearly erroneous order, Instinet will notify the Subscriber if such order was executed in whole or in part against an order entered into the RTTS through the SelectNet linkage. At the Subscriber's request, Instinet will forward to Nasdaq Market Operations the Subscriber's complaint in accordance with NASDR Rule 11890. It is Subscriber's sole responsibility to provide Instinet on a timely basis, but in no event more than 15 minutes after the execution of the transaction at issue, all information required under NASDR Rule 11890.
In the event Instinet receives notice from Nasdaq Market Operations that a complaint has been raised pursuant to Rule 11890 with respect to an order entered into the RTTS through the SelectNet linkage, any Subscriber which executed such order in whole or in part agrees to cooperate with Instinet in providing any pertinent information to Nasdaq Market Operations with respect to such transaction, and further agrees to accept any final modification or cancellation ruling by Nasdaq Market Operations to the extent such ruling has an impact on Subscriber's order.
V. Transaction Reviews Initiated by Instinet
In the event of an RTTS system malfunction that effects the terms of Subscribers orders, Instinet in its sole discretion, may declare transactions resulting from such effected altered orders to be clearly erroneous hereunder, and may either modify or cancel such transactions. Except in extraordinary circumstances, Instinet will exercise its discretion to modify or cancel in whole or in part any transaction rendered clearly erroneous due to any such system malfunction by 6 p.m. of the business day following such malfunction
