Rule 11a1-1(T) provides that an exchange members 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
It was previously estimated that there would be approximately 1,000 respondents that would require an aggregate total of 333 hours to comply with this rule. Each of these approximately 1,000 respondents would make an estimated 20 annual responses, for an aggregate of 20,000 responses per year. Each response would take approximately 1 minute to complete. Thus, the total compliance burden per year would be 333 burden hours (20,000/60 minutes per hour = 333 burden hours).
The revisions to the estimate are due to market changes over time and changes in market participant salaries. Specifically, the revised estimate is based on a revised estimated number of respondents, a revised response time, and a revised hourly cost of compliance. There are approximately 1,151 members of floor based exchanges estimated to potentially respond pursuant to the rule, which is an increase of 151 estimated respondents (1,151 1,000 = 151 respondents). It is estimated that each respondent makes 20 annual responses. This figure remains unchanged, but as a result of an increase in the estimated number of respondents the annual estimated number of responses increased by 3,020 (23,020 20,000 = 3,020 responses). It is estimated that each response takes approximately 5 seconds to complete, which is a decrease of 55 seconds per response (1 minute x 60 seconds/minute = 60 seconds; 60 seconds 5 seconds = 55 seconds per response). In turn, the estimated annual compliance burden decreased by 301 hours (333 hours 32 hours = 301 hours).
$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Jennifer Dodd 2025515653
No
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.
2008 11a1-1(T) - Justification Statement (2) (2).DOC
Exchange Act Rule 11a1-1(T) (17 CFR 240.11a1-1(T)); Transactions yielding priority, parity, and precedence.