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OGC-96-43 1 (1996-09-26)

handle is hein.gao/gaobablos0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-274403 September 26, 1996 The Honorable Alfonse D'Amato Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Thomas J. Bliley, Jr. Chairman The Honorable John D. Dingell Ranking Minority Member Committee on Commerce House of Representatives Subject: Securities and Exchange Commission: Rule 1 lAC1-4 (Limit Order Display Rule) and Amendments to Rule 11 ACI-1 (Quote Rule) Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on Rule 1lAC1-4 (Limit Order Display Rule) and Amendments to Rule 11 ACI-1 (Quote Rule) (RIN: 3235-AG66) promulgated by the Securities and Exchange Commission. We received the rule and amendments on September 9, 1996. They were published in the Federal Register on September 12, 1996. 61 Fed. Reg. 48290. The Commission adopted the Limit Order Display Rule and amended the Quote Rule pursuant to its authority under the Securities Exchange Act of 1934, 15 U.S.C. § 78a-7811. The Limit Order Display Rule requires the public display of customer limit orders priced better than an exchange specialist's or market maker's quote. The rule also requires that specialists and market makers add limit orders priced at their quote to the size associated with their quote when that quote represents the best market- wide price. The rule will set standard display requirements for limit orders in all GAO/OGC-96-43

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