SEQUENTLY, AT TN TIME Of ANY TRANSACION YOU MAY MAKE, PERSHING MAY HAVE A POSITION IN SUCH SEOJRCES, WHICH POSITION MAY BE PARTIALLY OR COMPLETELY KEDGED. 12. If AVERAGE PIKE TRANSACTOR. IS INDICATED ON ME FRONT Of TEN STATEMENT YOUR FINANCIAL INSTITUTION OR PERSTENG MAY HAVE ACTIONS NINON; AGENT OR