Order Execution Obligations

The Securities and Exchange Commission ("Commission') is adopting a new rule requiring the display of customer limit orders and amending a current rule governing publication of quotations to enhance the quality of published quotations for securities and to enhance competition and pricing efficiency in our markets. These rules have been designed to address growing concerns about the handling of customer orders for securities. Specifically, the Commission is adopting new Rule 11Ac1-4 ("Display Rule') under the Securities Exchange Act of 1934 ("Exchange Act') to require the display of customer limit orders priced better than a specialist's or over-the-counter ("OTC') market maker's quote or that add to the size associated with such quote. The Commission also is adopting amendments to Rule 11Ac1-1 ("Quote Rule') under the Exchange Act to require a market maker to publish quotations for any listed security when it is responsible for more than 1% of the aggregate trading volume for that security and to make publicly available any superior prices that a market maker privately quotes through certain electronic communications networks ("ECNs') ("ECN amendment'). Finally, the Commission is deferring action on proposed Rule 11Ac1-5 ("Price Improvement Rule').