In addition to comparing the high bid against predetermined parameters, RW Smith brokers are expected to compare bids on each bid pad against RW Smith history, Municipal Securities Regulatory Board (MSRB) historical pricing data, Municipal Market Data (MMD) scales, relevant market news, and new issues. Based on review of this data, if an RW Smith broker believes an error has been made with respect to the bid, he or she will adhere to the following protocol before contacting the bidder. RW Smith will first determine if the bid is within, above, or below its predetermined parameters. Only if the bid is above or below those parameters, RW Smith will contact the bidder prior to the auction deadline to determine whether a mistake was made in the bidding process. If the bidder agrees the bid was submitted in error and it is corrected, RW Smith will disclose the change to the seller prior to execution and provide the seller with the original and corrected bids. RW Smith will not change a bid without the bidder’s permission. If the bid is within the parameters, RW Smith will first contact the seller for authorization prior to contacting the bidder and will document this contact.