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Article 44 Position Before the Trade

No Participant shall accept and effect an order to sell securities on the BATS on his own behalf, or on behalf of his client unless:

44.1 The Participant has received securities certificates and deposited such certificates with the Central Depository, pursuant to Articles (46) and (47) of these Rules;
44.2 Has received confirmation from the CSU that the deposit of securities has been approved.