Indicates the reason a short sale is exempted from applicable regulation (e.g. Reg SHO addendum (b)(1) in the U.S.)
| Code | Meaning |
|---|---|
| 0 | Exemption reason unknown |
| 1 | Income sell short exempt |
| 2 | Above national best bid (broker/dealer provision) |
| 3 | Delayed delivery |
| 4 | Odd lot |
| 5 | Domestic arbitrage |
| 6 | International arbitrage |
| 7 | Underwriter or syndicate distribution |
| 8 | Riskless principal |
| 9 | VWAP |