SideShortSaleExemptionReason

An exemption reason not provided or received.

Agency broker has the customer's exemption reason, which is not explicitly provided to executing broker.

Broker / dealer responsible for enforcing exemption rule has determined that the order is priced one or more ticks above the nation best bid of the security to be traded.

The broker-dealer has a reasonable basis to believe the seller owns the covered security (pursuant to Rule 200 in the U.S.), but is subject to restrictions on delivery, provided that the seller intends to deliver the security as soon as all restrictions on delivery have been removed.

The broker-dealer has a reasonable basis to believe the sale is by a market maker to offset customer odd-lot orders or to liquidate an odd-lot position that changes such broker’s or dealer’s position by no more than a unit of trading.

The sale is connected to a bona-fide domestic arbitrage transaction.

The sale is connected to an international arbitrage transaction.

The short sale is (i) by an underwriter or member of a syndicate or group participating in the distribution of a security in connection with an over-allotment of securities; or (ii) is for purposes of a lay-off sale by an underwriter or member of a syndicate or group in connection with a distribution of securities through a rights or standby underwriting commitment.

The short sale is by a broker or dealer effecting the execution of a customer purchase or the execution of a customer "long" sale on a riskless principal basis.

The short sale order is for the sale of a covered security at the volume weighted average price (VWAP) meeting certain criteria.