Rule 11a1-1(T) provides that an exchange member's proprietary order may be executed on the exchange of which the trader is a member, if, among other things: (1) the member discloses that a bid or offer for its account is for its account to any member with whom such bid or offer is placed or to whom it is communicated; (2) any such member through whom that bid or offer is communicated discloses to others participating in effecting the order that is for the account of a member; and (3) immediately before executing the order, a member (other than a specialist in such security) presenting any order for the account of a member on the exchange clearly announces or otherwise indicates to the specialist and to other members then present that he is presenting an order for the account of a member.
US Code:
15 USC 78k(1)
Name of Law: Section 11(a)(1) of the Exchange Act
The revisions to the estimate are due to market changes over time. Specifically, the revised estimate is based on a revised estimated number of respondents. There are approximately 763 members of floor based exchanges estimated to potentially respond pursuant to the rule, which is decrease of 388 estimated respondents (763 - 1,151 = -388 respondents). It is estimated that each respondent makes 20 annual responses. This figure remains unchanged, but as a result of a decrease in the estimated number of respondents, the annual estimated number of responses decreased by 7,760 (15,260 - 23,020 = -7,760 responses). It is estimated that each response takes approximately 5 seconds to complete; this figure remains unchanged. In turn, the estimated annual compliance burden decreased by 11 hours.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
2011 11a1-1(T) - Justification Statement v.1[1].pdf
Exchange Act Rule 11a1-1(T) (17 CFR 240.11a1-1(T)); Transactions yielding priority, parity, and precedence