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GAO-01-230R 1 (2000-12-14)

handle is hein.gao/gaobadwdd0001 and id is 1 raw text is: I Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 B-286916 December 14, 2000 The Honorable Phil Gramm 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: Disclosure of Order Execution and Ro utine Prac tic e s Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC), entitled Disclosure of Order Execution and Routing Practices (RIN: 3235-AH95). We received the rule on November 20, 2000. It was published in the Federal Register as a final rule on December 1, 2000. 65 Fed. Reg. 75414. In this final rule, the SEC is adopting two rules to improve public disclosure of order execution and routing practices. Under Rule lAc 1-5, market centers that trade national market systems securities will be required to make available to the public monthly electronic reports that include uniform statistical measures of execution quality. Under Rule lAc 1-6, broker-dealers that route customer orders in equity and option securities will be required to make publicly available quarterly reports that, among other things, identify the venues to which customer orders are routed for execution. Enclosed is our assessment of the SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review indicates that the SEC complied with the applicable requirements. GAO-01-230R

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