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Jeffrey T. Dinwoodie is a staff attorney in the Securities and Exchange Commission's Division of Trading and Markets. This article was written while Mr. Dinwoodie was in law school, and it was accepted for publication before Mr. Dinwoodie began employment at the Securities and Exchange Commission. The views expressed in the article are those of Mr. Dinwoodie and do not reflect the views of the Securities and Exchange Commission, its Commissioners, or staff.

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