Is there an exemption from the public posting requirement of the Rule for broker-dealers who would otherwise report the routing of a de minimus level of customer orders in covered securities?
The Commission has exempted from the quarterly reporting requirement of Rule 11Ac1-6(b) those firms that have routed, on average, 500 or fewer customer orders in covered securities per month during the preceding calendar quarter.9 Thus, for example, a firm that routed 500 or fewer customer orders per month during the second calendar quarter (April, May, June) would not file a report covering its routing practices during the third quarter, regardless of how many customer orders the firm routed during the third quarter. The number of customer orders routed during the third quarter would be relevant, however, to the question of whether the firm is exempt from the quarterly reporting requirement for the fourth quarter. In determining eligibility for this exemption, the number of customer orders may be calculated after any exclusions permitted by the Rule have been applied. In permitting the exemption, the Commission emphasized, however, that firms eligible for this limited exemption would
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