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broker/dealer. A trader on the floor of an exchange who acts as
a specialist in buying and selling options buys and sells options
either for his or her own account or for the accounts of others,
has less competition than an options market maker, is assigned to
a particular option class or classes for which he or she is
obligated to make a market, does not compete with other special-
ists in those option classes to which he or she is assigned, is
the principal dealer responsible for making a market in the
options in which he or she specializes, is registered with that
exchange as a specialist in options, and is registered with the
SEC as a broker/dealer. A trader on the floor of an exchange who
acts as a floor broker in buying and selling options executes
orders for others on the floor of that exchange, including orders
for options market makers.
Throughout the period 1965 until sometime in 1969, First
Hanover employed Mr. Gordon as a broker/trader for listed securi-
ties. As a broker, he sold listed securities to the public.3
Throughout the period that commenced sometime in 1969 until
sometime in 1976, Mr. Gordon acted as an upstairs trader of
securities listed on the New York Stock Exchange (NYSE) and the
American Stock Exchange (AMEX) for the account of Chartered New
England, a partnership that he and seven other individuals had
3 The record does not disclose whether Mr. Gordon also acted as
a trader for First Hanover throughout the period 1965 until
sometime in 1969.
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