The document is an authorization letter addressed to Deutsche Bank Alex. Brown, requesting the ability to enter orders for execution in equity securities outside of normal trading hours. It outlines the material risks associated with trading during these hours, including lower liquidity, higher volatility, changing prices, unlinked markets, news announcements, wider spreads, and lack of calculation or dissemination of underlying index values. It also specifies restrictions applicable to trading securities governed by ARCA.
doj/DataSet10/EFTA01454076.pdf
{"title":"Trading Outside of Normal Business Hours Authorization Letter","document_type":"correspondence","document_subtype":"authorization letter","key_organizations":["Deutsche Bank Alex. Brown"],"reference_numbers":["DB-SDNY-0111999","SDNY_GM_00258183","EFTA01454076"]}