Rule 707. Liquidation of Positions

This rule is no longer applicable effective February 17, 2009.

Whenever the Exchange shall determine that a person or group of persons acting in concert holds or controls, or is obligated in respect of, an aggregate position (whether long or short) in all option contracts of one or more classes dealt in on the Exchange in excess of the position limit established in Rule 704 (Position Limits), it may direct all members and member organizations carrying a position in option contracts of such classes for such person or persons to liquidate such position as expeditiously as possible consistent with the maintenance of an orderly market. Whenever such a direction is issued by the Exchange, no member organization receiving notice thereof shall accept any order to purchase, sell or exercise any option contract for the account of the person or persons named in such directive, unless in each instance express approval therefore is given by the Exchange, or until such directive is rescinded.