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83-71 Hanover Square Securities Group Inc. 5 Hanover Square New York, New York 10004

TO: ALL NASD MEMBERS

ATTN: Operations Officer, Cashier, Fail-Control Department

On December 15, 1983, the United States District Court for the Southern District of New York appointed a SIPC trustee for the above captioned firm. Previously, a temporary receiver had been appointed for the firm on December 8, 1983.

Members may use the "immediate close-out" procedures as provided in Section 59(i) of the NASD's Uniform Practice Code to close-out open OTC contracts. Also, MSRB Rule G-12 (h)(iv) provides that members may use the above procedures to close-out transactions in municipal securities.

Questions regarding the firm should be directed to:

SIPC Trustee

James W. Giddens, Esquire
Hughes Hubbard & Reed
One Wall Street
New York, New York 10005
Telephone: (212) 943-6500


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