As a SM at EY , am I allowed to option trade on securities n ETF's which are cleared from independence. Any concern there ?

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Yes, independence rules are subject to the underlying security. So you can trade options on a permissible security but not on a restricted one.

ETFs have to be cleared themselves as there are possibilities they can be restricted.

And keep checking GIS quarterly I'd say, thing may change (in your world or EY's)

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