SRL for [penetrated]: `` The collar was [penetrated] on a number of occasions , '' meaning securities firms figured out ways to conduct program trades to circumvent the collar and use the Big Board 's electronic trading system , Mr. Phelan said .
ARG-1: The collar | ARG-M-TMP: on a number of occasions | ARG-M-ADV: meaning securities firms figured out ways to conduct program trades to circumvent the collar and use the Big Board 's electronic trading system