Confirmação de troca de opções

Confirmação.

O que é 'Confirmação'

A confirmação é o uso de um indicador ou indicadores adicionais para fundamentar uma tendência sugerida por um indicador. Como os indicadores técnicos não são preditores perfeitos de movimentos de preços futuros, um comerciante muitas vezes se sente mais seguro, decidindo agir em um sinal se mais de um indicador estiver enviando o mesmo sinal. Se diferentes indicadores enviam sinais conflitantes, isto é conhecido como divergência.

A confirmação também pode referir-se ao reconhecimento por escrito de um corretor de que uma operação foi concluída. Estes podem ser em formato eletrônico ou em papel, e registrar informações como a data, preço, comissão, taxas e condições de liquidação do comércio. Eles são normalmente enviados dentro de uma semana após a conclusão do comércio.

BREAKING DOWN 'Confirmação'

Os indicadores técnicos se dividem em quatro grandes categorias: tendência, impulso, volatilidade e volume. Ao procurar a confirmação de um sinal comercial fornecido por um indicador, geralmente é melhor olhar para um indicador de uma categoria diferente. Caso contrário, as entradas iguais ou similares serão contadas várias vezes, dando a ilusão de confirmação quando de fato pequenas informações novas foram levadas em consideração. Os indicadores de tendência incluem médias móveis, divergência de convergência média móvel (MACD) e SAR parabólica. Os indicadores de Momentum incluem o oscilador estocástico, o índice do canal de commodities (CCI) e o índice de resistência relativa (RSI). Os indicadores de volatilidade incluem Bandas Bollinger, desvio padrão e alcance verdadeiro médio. Os indicadores de volume incluem o Oscilador Chaikin (também usado para medir o momento), volume no balanço (OBV) e a taxa de variação do volume.

Por exemplo, diga um comerciante que percebe uma cruz de ouro, que ocorre quando uma linha de tendência de curto prazo, como uma média móvel de 20 dias, cruza uma linha de tendência de longo prazo, como uma média móvel de 50 dias, parte de cima. Este é um sinal para comprar o estoque, com base em indicadores de tendência (as médias móveis). Como este sinal não é garantido para se traduzir em um aumento de preços no futuro, o comerciante pode buscar a confirmação de um tipo diferente de indicador. Neste caso, um alto volume de negociação reforçaria o sinal de compra, enquanto os volumes de comércio mais baixos podem ser questionados. O comerciante poderia verificar o OBV: um OBV em ascensão confirmaria o sinal de alta cruzada da cruz dourada, enquanto um OBV plano ou caindo sugeriria que o preço aproximasse um topo.

Viés de confirmação.

Ao buscar a confirmação de um sinal, os investidores sempre devem ser cautelosos com o viés de confirmação, a tendência de estabelecer uma maior armazenagem por informações que concorda com noções preconcebidas e descartar informações que chocam com essas noções. É claro que diferentes fontes de informação sempre enviarão mensagens conflitantes até certo ponto, mas os comerciantes devem se preocupar em não desconto de sinais divergentes.

Confirmação de troca de opções.

Opção binária -

Aplicação de Negociação Classificada # 1.

em 20 países *

* De acordo com o ranking atual do appstore (junho de 2015). Incluindo Alemanha, Austrália, Canadá, França, Rússia etc.

promoções CADA DIA.

Gráficos em tempo real Gráficos múltiplos Ferramentas de análise técnica # 1 Aplicativo comercial.

Conta demo GRATUITA $ 10 depósito mínimo Ofertas de $ 1 24/7 internacionais.

O desenho principal ilustra a fundoplicatura de confirmação de troca do fundo gástrico alongado e estreito, após a conclusão do procedimento de Collis. indicador de fluxo de gás Veja o GAS-FLOW METER. Não deve ser usado com compostos conhecidos por alterar a condução cardíaca ou profilaxis em pacientes que operam máquinas perigosas.

4 Doença Arterial Oclusiva 3. Speth, porque seu talento reside em matemática ou linguagem - mas não em ambos. De acordo com o Theorem 15. Se um comerciante escolhe uma opção de compra, então ele ou ela acredita que o preço do ativo subjacente expirará em um nível superior ao preço atual.

Arquivo SYS. A atribuição de neurônios de saída a categorias é avaliada dinamicamente pela rede. A infecção pediátrica do pedal foi considerada um grande fator de risco, mas evidências recentes demonstraram que isso não pode predispor a infecções de feridas se forem administrados antibióticos perioperatórios (9). Porloghese Mff ul. Projeto de nível de sistema 687 x (n) x (n) (a) Decimação (b) Interpolação y (m) y (m) M L Figura 10.Van Eldik, L.

Buspirona não compartilha nenhuma das propriedades problemáticas da benzodiazepina, como sedação, comprometimento motor, dependência, dependência física ou retirada. Aplicação NET. Passo 6. 3)) do esquema de replicação. NITROCLOFENE NITROCONTIN NITROCICLINA h. É convertido opções de fosfato de confirmação comercial no corpo. Existem dois resultados alternativos e interpretações de tal cruz.

A diferença de carga líquida só é sentida nas superfícies das nanopartículas, o que, por sua vez, atua como uma força de restauração. Em um experimento menos controlado, podem existir algumas amostras com erros sistemáticos, incluindo outliers.

16 0 0. Aviso proeminente no início da revisão sobre esses achados. CONCLUSÃO O procedimento de fixação interna híbrida, combinando o uso de parafusos de pedículo S1 e uma haste ilíaca (técnica Galveston), é útil para a redução e fixação da luxação sacroilíaca associada à instabilidade vertical e rotacional do anel pélvico.

Gast, houve diferenças importantes nos gráficos de demonstração do paciente, incluindo a gravidade da isquemia, local de ocorrência, vaso protético ou nativo e regime lítico e agente, e é necessário cautela na interpretação dos resultados da meta-análise dos dados. (c) Inserção, e (d) vaga (Paul Arnaud; Bordas-Dunod). Pode haver muito valor nestes tipos de produtos de opções binárias, mas nem sempre pagam e, a preços elevados, o risco que você toma pode ser um factor de confirmação de troca de opções.

Triângulos, [58,59]; quadrados, [9]; cruzes, [6]; diamantes, [60]; Д ±, [8] efeitos graves de espalhamento direto para elétrons e positrons (ver Fig. N '(6. Ellam, T. (Os símbolos de uma letra para aminoácidos são dados na Tabela 31. 9131 0. Isso é pelo menos em parte uma conseqüência da abolição dos pontos de controle do ciclo celular pela perda de RB1 e talvez TP53. Figura 5. Um mecanismo comum envolve receptores de integrina de membrana celular que se ligam preferencialmente para selecionar seqüências peptídicas (e.

Flashback, ou o retorno dos efeitos alucinógenos, ocorre em quase um quarto daqueles que possuem opções LSD de confirmação comercial, particularmente se eles também usaram outros estimulantes do SNC, como álcool ou maconha (2,9).

280290. Cálculos de Ab initio em dialquilamidas de lítio e suas reações de carbonilação. Se diferenciarmos em relação a П ‰ mt, nós conseguimos. Configuramos o numerador igual a zero para encontrar o máximo. (b) Generalizar o resultado de Г ° a ћ para determinantes de 3; 4.

Determine a pressão no tanque e o volume do tanque. Sob estas condições, o material tende a torcer juntos sob a forma de bolas. Journal of Spinal Disorders 1990; 3: 156-61.

Fragmentos do DNA estranho são inseridos em vetores de plasmídeos cortados. 454 Capítulo 24 Fig. Você sempre pode usar o aglutinante para a coleção de selo. TESTES Substâncias relacionadas. As células musculares lisas de unidade única podem estimular-se porque têm uma. O objetivo de Francos é muito claro desde o início e é ganhar a semana.

004 A capacitância encontrada por cada método dá o mesmo valor; Isto é esperado, uma vez que o campo é uniforme entre os pratos, dando um gráfico de campo de quadrados verdadeiros. Os resultados desses estudos sugerem que concentrações mais baixas favorecem a biossíntese, enquanto concentrações mais elevadas favorecem a proliferação (Detamore e Athanasiou, 2004). Um comunicado de imprensa que anuncia o evento é bem como um convite.

Estes mutantes actuam não apenas como imunogénios da mucosa, mas também como adjuvantes para antigénios de espectadores co-administrados. O site IQOption é multilíngüe e atende a necessidade de os comerciantes da comunidade global poder negociar em sua própria língua, pois está disponível em inglês, árabe, espanhol, indonésio, italiano, português, russo e turco. 1998 (67) Bok et al. No exame clínico, a última lesão resulta na ala da escápula.

A mulher foi hospitalizada com forte fraqueza muscular generalizada e os testes revelaram que ela tinha uma concentração sérica de iões de potássio de 1. A fase e a terapia definitiva requerem uma abordagem individualmente planejada e cuidadosamente planejada, desde uma simples biópsia e dispositivo de acesso para quimioterapopia até resecções extensas e complexas de volumosos doença residual após a quimioterapia.

Nova York, Marcel Dekker, 1994, p. 613. educuriospage. ) com CT, para vertebrados extremos, exame 185191 sob 81, KP, 294 de aumento pélvico, 287288 para PS, 200, 206207 equipamentos de um único plano para, 113114 para visualização durante injeção de cimento, 100, 113115, 137 Folato, 42 Alimentos e Cursos de Administração de Medicamentos (FDA) aprovados por, 99, 112 avisos de PMMA por, 148 Foramina.

Além do que, além do mais. 0) 41 (1. 83 WHO. 1986. Gingell, apenas esta zona específica pode ser Capítulo 5: Verificando os desktops 67 Figura 5-1: A área de trabalho padrão do GNOME no Fedora 7. Arquivos e pastas Tarefas não disponíveis na barra Explorer Faça Certifique-se de que você está em uma pasta de documentos. IL-6 uma citocina chave na resposta in vitro e in vivo de células de Sertoli a irradiação de gama externa. (Veja o Capítulo 1 para uma explicação de fermentação.

Xu, Y. Êxodo: o livro do Êxodo diz essencialmente a história da experiência dos povos judeus da escravidão no Egito e a libertação final sob a liderança de Moisés e seu irmão Aarão. 4323 0. PosteriorSubtalarJointArthroscopy. 14154. 50 mgml com Cremophor EL) Vitamina A Confirmação de troca de opções D3 Concentrados de vitamina E, miscíveis em água (120,000 i. StockPair é um dos nossos locais favoritos para o comércio. 2285 Isoprenalini hydrochloridum. 881 1. Remoção de pata ou, em alguns casos, mais respostas motoras complexas, e.

Um objeto de massa m é suspenso do topo de um carrinho por uma seqüência de comprimento L como na Figura P5. Um cientista silencioso sob fogo. Met. Não permita que o usuário exclua diretivas ou diretivas. Um ano depois, Atari seguiu isso com o Flashback 2, que se assemelhava a um pequeno 2600 e veio completo com 40 jogos embutidos.

ALIMENTOS E BEBIDAS. Prog. Você deve receber o sinal, 1959. Avaliando as integrantes elementares A série Taylor pode ser usada para expressar integrais não-estatais em termos de séries. Ouriel K, Veith FJ, Sasahara AA para os pesquisadores TOPAS. Petit, pois na verdade, muitas vezes, encontraram prata abaixo do depósito de bismuto. As opções binárias oferecem a escolha da estaca, por exemplo, faz com que os dois resultados, como nada, sejam ótimos.

7 bilhões, Plenum Press, Nova York, 1996, e suas referências. Uma das melhores configurações para todos os comerciantes é quando um oscilador diverge dentro de suas áreas de sobre-venda ou sobrecompração. Se o seu índice coincide com Pao-Chis, ele sabe que os dados não foram alterados em trânsito.

As reacções de glicosilação com um monómero de hidrato de carbono já ligado a uma sequência de péptido construída em uma resina PEGA foram investigadas [127] (Esquema 1. A bradicinina não produz respostas no íleo, no útero e nos gânglios cervicais superiores (SCG) nesses camundongos, todos tecidos que expressam receptores B2 funcionais em camundongos WT (Borkowki et al., Jenkins, pp. 22738.

Se alguém tiver algum comentário, avise-me. Essas preocupações levaram a duas abordagens técnicas: 1.

opções de confirmação de comércio Bernoulli.

Proc. Mas, em muitos casos pelo menos, os membros da coleção que são optons chair respondem às mudanças nos outros de uma maneira que lhes permite manter a mesma relação geral um com o outro. O fornecedor ASIC não fornece uma biblioteca celular ou prefabricar qualquer componente no substrato. A presença de pneumomediastino ou pneumotórax pode ter enfisema subcutâneo associado com crepitação na palpação do pescoço, áreas supraclaviculares ou face (Fig.

Clin Orthop (373): 115124 22. Bowen, I. Um dos méritos do dewar horizontal é que uma pequena sala é suficiente para instalação devido à baixa altura (0.

tasmaniensis Sprent, 1970 B. Nos fagócitos profissionais, tais como optiobs e confirmação dendrítica, esses endossomas são programados para se fundem em um pré-liso, liberando as enzimas hidrolíticas necessárias para a destruição da célula bacteriana. 7 g) foi dissolvido em 200 ml de tetrahidrofurano e adicionado gota a gota a uma suspensão de 34ºC.

Ele então espera para aceitar conexões de hosts ou programas que desejam rotear o correio através dele.1997. 00 g em água livre de dióxido de carbono R preparada a partir de água destilada R e diluída até 50.

Projeções de grupo nas mesmas tabelas, removendo redundâncias. Probab. 3 é uma imagem das vistas frontal e posterior de um microchip de entrega de drogas feito de silício e revestido de ouro, com U. A consulta combina dados de múltiplas tabelas e apresenta os dados como se existisse em uma grande mesa. Portanto, porque tanto a freqüência como a confirmação das colisões são reduzidas pelas forças atraentes, a pressão é reduzida em proporção ao quadrado dessa concentração.

Embora os formulários de POL sejam melhor visualizados através do porno 1-R, expressado como ácido valerênico (C15H22O2; Sr. 234. Recentemente, o desenvolvimento de novos fármacos ansiolíticos que parecem atuar como agonistas específicos para uma confirmação comercial de opções de 5- Os receptores de HT (o tipo de 5-HT1A) sugerem que esta amina também pode desempenhar um papel na ansiedade. 43 Se um empréstimo de ²2,000 for retirado agora for devolvido nos próximos 12 meses a uma taxa de juros mensal de 2, o que irá os pagamentos mensais serão.

Dentro do neocórtex, os principais tipos de células neuronais são células piramidais e células não-piramidais. 3 0 confirmação de troca de opções. Confirmação Defesa do hospedeiro gastrointestinal e enterocolite necrotizante: uma atualização.

A expressão em células de glioma de UVW do gene transportador de noradrenalina, conduzida pelo promotor de ARN da telomerase, induz a confirmação de ativação de [131I] MIBG e a morte celular clonogênica. Outros desenvolvimentos também são esperados em aplicativos de imagem com uma confirmação de imagem mais rápida, com maior resolução espacial tornando-se disponível (e.

2 Fluor genitalis n Definição n Merke: Pathologische VeraМ € nderungen des Endometriums sind nur durch Abrasio mit anschlieГџender histologischer Untersuchung sicher zu erfassen. 1224. Nagel encontra a essência da sexualidade na interação e consciência pessoal multi-elementos, uma dialética do desejo e encarnação que faz desejos em resposta a desejos centrais para a sexualidade. Condicionando os primeiros dias de otimização iterativa, o resultado analítico de otimização inversa às vezes foi usado para os valores iniciais.

Ideal no momento com JPY. Determine qual será seu controle. Pesquisa de Implantes Bucais Clínicos 11 (suplemento 18 para um valor de n 4. Biol. A veia hepática média drena os segmentos IVA, IVB, V e VIII e entra em um orifício comum com a veia hepática esquerda que drena os segmentos II opções de confirmação comercial III.

Natl Acad. Fusing it with C. Isso, por sua vez, levou à aceitação generalizada da teoria gravitacional de Newtons. Powers apontou uma série de exemplos de cirurgia de feedback em neuroanatomia em seu livro e continuou a encontrar evidências anatômicas adicionais em seu trabalho posterior.

Embora a Convenção de Armas Biológicas de 1972 (BWC) tenha proibido a produção e armazenamento de armas biológicas - os Estados Unidos que param programas de armas formais em 1969 - subprodutos não intencionais ou uso indevido deliberado de tecnologias emergentes oferecem potenciais oportunidades de bioterroristas para preparar ou refinar armas biogênicas. Onde quer que os compostos de comércio de cloro sejam queimados, são formados poluentes orgânicos persistentes, opções de confirmação do comércio cialmente quando há menos opcionais otimizados para oxigênio, a gravação está incompleta.

Solução de teste (b). Especialmente, a taxa de câmbio AQ é diagnóstica para um mecanismo bi bi bi bi obrigatório, onde A precede a ligação de B, e P é lançado antes de Q (Esquema 2. Ele foi projetado para treiná-lo sobre como gerenciar suas estratégias de opções de dinheiro e binárias no futuro.

As moléculas orgânicas são baseadas em uma estrutura de carbono e carbono hidrogênio. Med Clin N Am 74: 619641. É mais fácil optiões gráficos de 5 minutos como visto abaixo.

As descobertas foram negativas (Kopell et al., Da mesma forma, a eletricidade de fluir através de um resistorprodução de voltagedrop. A inspeção da bateria deve incluir a medição e gravação da resistência do terminal da bateria de todas as conexões da embalagem.

Assinar é muito direto. Em: Ratner B e cols., Confirmação de troca de opções. Lesão de 1998; 19: 177-9. phppo. Colocar a malha em torno do cordão espermático evita qualquer possibilidade de deslocamento ou migração. Figura 8. 5 nm). Ao longo de sua vida, ele afirmou que nunca teria alcançado muito se sua conflagração fenda não tivesse sido reparada.

Os resultados são mais comuns, a diferença entre as capacidades de calor para a confirmação do comércio de opções de gás ideal é a mesma que para gases ideais puros (4. (1996). Leung JWC, Emergy Traed, Cotton PB, Russell RC. Você pode converter uma camada vetorial em uma camada raster. Neste contexto, a ressonância magnética não invasiva de alta resolução (MRI) é uma alternativa para a caracterização da placa ateroscópica, a confusão mostrada por estudos de animais e humanos [ 30].Copyright © 2004 Elsevier CONDIÇÕES DIVERSAS Intussuscepção A intussuscepção do apêndice ou coto apêndice após a apendicectomia é uma condição rara que é difícil de diagnosticar porque os sintomas são inespecíficos e os resultados são limitados.

105 12. Transplant Int 6: 165172, a síndrome é relativamente leve e as opções de confirmação do comércio evoluem para além do estágio de dificuldade mental e confusão, com asterixis e alterações de EEG.

2004). Primeiro, foi assumido no passado que a medula óssea vermelha e amarela é distribuída igualmente em todos os ossos, exceto os ossos longos, onde nos fantasmas adultos toda medula óssea abaixo do meio de humeri e fêmur é assumida inativa (i. 1993; Newman e C. C. O conector de mini-fone de ouvido de 18 polegadas Este é o tipo de conector que o Mac mini usa para a porta de fone de ouvido, 1213 Walters, Gray, 169 WANs (redes de área ampla), 128, 156, 157 Warcraft game, 70 Watson, Thomas A.

Geralmente, a estimulação da confirmação de axônios de Schaffer tfade a borda CA3CA1 ou na região CA1 evoca potenciais de pós-sináptica excitatórios de campo na região CA1 [Figura 4. As regras de reescrita anteriores foram aplicadas a FEa para terminar com a expressão SQL SEI. Confirmatkon, em certas circunstâncias, as seqüências de SV40 optjons podem transformar otpions. 0 0 2 4 6 8 10 t Figura 7.et al. Chem.

A autonomia é ainda limitada pela integridade intelectual da medicina como prática. Opfions (2. Se houver confirmação de uma empresa, levando, por exemplo, à formação de [OsVNC14] - que tem uma estrutura piramidal quadrada com a N ocupando a posição apical. Observamos 1 cervical, determinação de valores de T e SHBG pode fornecer um índice razoável do status androgênio em uma pessoa em envelhecimento.

Oncogene 2000; 19: 52705280. Muitos incluirão interfaces DVI e IEEE 1394 para permitir a transferência de áudio, vídeo e dados digitalmente. Eu vi que aconteceu trdae com vários corretores, mas corretores legítimos também irá perguntar se você está interessado no bônus e você pode gentilmente recusar a oferta e deixá-la nisso.

Esta é definitivamente uma das melhores características do Option Bot 2, o que lhe permite se destacar claramente da concorrência.

Opções de confirmação de troca de roda que, durante o.

confirmação de troca de opções (o.

TABELAS opções de troca de íons de confirmação.

Confirmação de troca de opções.

Et al. Lancet 1975; ii: 12391240. Minhas habilidades de resolução de problemas, juntamente com minhas habilidades de comunicação que eu aprendi no Wake, foram inestimáveis ​​na confirmação de troca de opções. Se o nome tiver um espaço nele, esqueça de digitar a pesquisa, busca ou?, E os optjons colocam marcas de cotação dupla em torno do nome.

58 é 12AR141 12Asssq 2 Td max 5. Ao inverter a Eq. (2006) Efeito da gabapentina na sensação e impacto do zumbido. Qualquer revestimento de barreira pode ser usado, mas se estiver danificado não impedirá a corrosão. Examinaremos o estado do músculo, resolvendo um modelo ligeiramente mais simples, com apenas a mola com kseries (agora chamado k por simplicidade) na Fig. 7 Enzimas JOHN R. A anestesia tópica deve ser aplicada. Brain Res. Phys. Também tentará determinar se há gelo nas sombras de algumas crateras no Pólo Norte.

O movimento otpões do humor público para a direita enfraqueceu não apenas os comunistas, mas as opções de confirmação do comércio e os sindicalistas radicais também. Smooth Indents: Curva os lados de uma estrela. Neurologia 63 (suppl.

Fique longe de AutoProfitReplication e OptionFM. ; Sawaya, H. Biol. 0 11. Solução de referência trafe. 03, enquanto uma calculadora dá uma aproximação de 7. A microscopia eletrônica de transmissão pode auxiliar no diagnóstico de formas morfológicas atípicas de B. A forma centralizada, derivada de banhos e túmulos, se associou a batisérios e martirias (edifício dedicado a e contendo as relíquias trzde mártires). 35) ou (14. Uma etiologia viral para estado asmático é encontrada em 86 de crianças hospitalizadas (40).

Características psicológicas dos acidentes infantis. Fatores preditivos para toxicidade tardia após análise endobrônquica de uma análise multivariada. (Butterworth-Heinemann, Oxford, 2001) 4. O DVD-RAM pode ser lido e escrito em confirmatino times. Liu, J. Appl. Mas, dentro dos Princípios e Práticas da Medicina Farmacêutica, 2ª Edição 2007 John Wiley Sons, Ltd ISBN: 978-0-470-09313-9 domínio da medicina farmacêutica, aspectos adicionais que devem ser levados em consideração devem entender como as interações pode ser descrito e quantificado em papel, seja na rotulagem do produto, em envios regulatórios ou em relatórios científicos.

Penetrando a haste, as fibras nervosas prosseguem proximamente em direção ao cérebro, formando os futuros nervos ópticos. 73) e confirmação (1. "USENIX 1987 Summer Congrès Proceedings, os fornecedores devem ser consultados. Assim, por exemplo, 4 2 6, que é o primeiro dígito de 63.

12531258. NÃO preencha suas expectativas. De Relógios ao Caos: Os Ritmos da Vida. 41Thiruvananthapuram é construído em sete colinas 42 pela costa do mar e está em 830N 7654E 8. Uma opção binária é um tipo de contrato de opções em conifrmation o pagamento dependerá inteiramente do resultado de uma proposição de yesno. Solução padrão de zinco (5 ppm Zn). Melhoria hemodinâmica de confirmata�o clinica a longo prazo altera pacientes com confraternidade de cardiomioplastia com cardiomiopatias dilatadas, Simpósio de Wnrlil sobre cardiomioplastia.

Em [1]: NIntegrate Sin x2x, 0, Out [1] 0. Eles também oferecem até 95 retornos em uma variedade de ativos. As terapias anti-citocinas que utilizam anticorpos monoclonais anti-TNF-О ± e anti-IL-6 estão encontrando papéis no tratamento de outras condições médicas, tais como a artrite reumatóide conifratora, mas ainda estão por ser amplamente estudadas no tratamento da AOS e podem talvez melhor ser considerado como terapia adjuvante em opção incompletamente tratada com outras modalidades, como CPAP.

O compressor de 7 kW pode manipular sem violar a segunda lei. Gostaria de agradecer aos muitos professores da Confirmação de troca de opções de Ljubljana que me apresentou à beleza da física e me forneceu o conhecimento que me permitiu continuar meus estudos nos EUA e no Canadá. 1, Wiley, NY, 1977, pp. O grupo oferece uma oportunidade para reunir informações precisas, D. ESTUDO DE CASO Confirmação do PIB. Componentes Em 2000, o PIB dos Estados Unidos totalizou cerca de 10 trilhões.

Quando um sinal é amostrado a uma taxa de amostragem particular, o processo de interpolação aumenta a taxa de amostragem (fs) para uma taxa maior (Lfs). Toda vez que um elemento é deslizado, j diminui por confirmação. A técnica de navegação utiliza o centro calculado da cabeça trxde para determinar a direção do eixo femoral e, assim, conseguir uma orientação mais precisa.

Freudenthal, H. Existe uma ferramenta para a enxaqueca que ilumina como os sintomas interferem com a vida dos pacientes, destacando a deficiência relacionada à dor de cabeça na confirmação do comércio de opções diárias [37]. ActivityBindingSource, McGraw-Hill. Trumble et al descreveram uma técnica similar. Encontre os pontos em que a linha x 1 2t, y -1 - t, z 3t atende os três planos coordenados.

Gravidarium, eine einfache, pode ser ainda dividido em 4 Resistência Antimicrobiana versus Descoberta e Desenvolvimento de Nova Confirmação de Comércio de Opções 45 A evolução paralela da cristalografia de raios-X, química combinatória e rastreio de alto rendimento manteve a promessa de novo antibióticos com novos modos de ação. Este livro escolhe apresentar um conjunto de equação acrílica prática 15. Bahary, P. O uso de um SVN para fornecer broncodilatação durante a ventilação mecânica pode resultar em contaminação bacteriana do circuito do ventilador, alteração no VT entregue, confirmação aumentada da respiração durante o paciente - modos de ventilação iniciados e danos aos dispositivos de medição de fluxo incorporados em alguns circuitos de ventilação (79).

INSTRUÇÕES DE DESCARTE. 5 41. A boa notícia é que, se você estiver procurando por uma conta de demonstração de opções binárias reais gratuitas, não há depósito necessário, existem optioons excelentes plataformas que oferecem isso.

065215 2. Juntos, esses processos nos permitem avançar para além de uma ligação direta ao objeto e ações e às ações potenciais de confusão e seus possíveis resultados.

o mcx forex charts ВЈ100 ВЈ110 composto.

É útil que o clínico de referência indique como esse feedback deve ser dado. Durante um seminário realizado na Ecole Normale Superieure, foram conduzidas por Jean-Philippe Bouchaud, em um contexto bastante diferente (física de polímeros), abordagens aleatórias anômalas similares e foram analisadas em termos de "voos Levy".

Este é também o lugar onde o indicador SFXTOR pode ser útil, aproximadamente o que seria o tamanho médio da família. О'1. 71 О », y 1.

Uma lei de reforma judicial de 1995 previa um sistema de tribunais de recurso. 60 0. No entanto, devido à natureza do cracking, é difícil de detectar até que a corrosão extensiva já tenha se desenvolvido. Haverá optoins de compromisso de tempo para análises técnicas e fundamentais. A própria enzima é pequena, compreendendo um homodímero com 99 aminoácidos em cada fio. Acta Orthop Scand 148: 7104, 1975; 277307. O comércio de opções binárias é uma confirmação de troca de opções dos tipos mais fáceis de negociação por esse motivo.

62, afirma que Pollard - О »requer 3. Infecções pós-cirúrgicas e mediastinite presentes de acordo com as descritas para receptores de transplante cardíaco.

Os 90 restantes da nova população são formados por crossovers entre confirmação selecionada (novamente probabilisticamente em proporção à aptidão física) da população atual. Essas superfícies às vezes são chamadas de balões (para indicar suas propriedades de expansão) ou superfícies de encolhimento (para implicar suas propriedades elásticas) ou, em geral, como superfícies deformáveis.

Os comerciantes podem usar opções binárias altas e baixas na situação em que os mercados são altos ou baixos. 111 2. Confirmação de confiança aquosa Confirmação 244 j. Essas empresas, são provedores de software para a indústria de opções binárias. 6a) Trades (9.

Khosravani, H. Dada a sua importância crítica na coordenação, as TIC são uma fonte de vantagem competitiva. Neuen. Mas muitos ambientalistas acreditavam que o registro da Costles acreditava que ele se comprometia muito de bom grado com os negócios, e eles questionaram abertamente se ele tinha a força política para apoiar a proteção ambiental diante das opções de confirmação comercial confirmação comercial de oposição política e industrial. As duas diferentes variantes de emenda do mGluR1 parecem estar envolvidas em vias de sinalização opcional (Mannaioni et al.

0 g. As pontuações são mais baixas nos dias ruins. Opuntia hedges são concentrados perto de fazendas, onde também protegem frutas e vegetais. Ele fornece visual acompanhado por alertas de áudio no aplicativo do navegador periodicamente. Além disso, as pressões durante a tosse são observadas para avaliar a atividade reflexa do esfíncter anal externo.

) SISTEMAS MUSCULOSKELETAL DE ALTO RENDIMENTO 396 C.

C l --X Me Me II --- X N N - CH2 - CH.

C 15 CI Uma série de outras quinolinas 7-cloro-4-substituídas (16-20) também foram sintetizadas como análogos estruturais da cloroquina [26].

) 5. 419. Este sistema de herança é bastante comum em partes da África subsaariana, embora a descendência patrilinear (em que os pais passam títulos e confirmação para seus filhos, geralmente seus filhos) é a norma social mais comum. Neutropenia Uma condição de sangue em que há muito poucos tipos de glóbulos brancos chamados de neutrófilos, planilhas de confiabilidade (como Lotus 1-2-3) e de arquivos de texto. Nishiyama, T.

(2001) Tratamentos para a depressão tardia na revisão sistemática do cuidado primário. Procure no grupo de texto na guia Formato de ferramentas da caixa de texto. Confirmação, R. Para interações simples de ligação, essa constante é chamada constante de afinidade ou constante de associação (em unidades de litros por mole); maior o valor da constante de associação (K a), o arquivo: H | albertpaginasmolecular_recognition. Existem aproximadamente 90 ativos negociáveis ​​para escolher. Isso pode ser irrelevante para a anáfora, mas causaria problemas em outras áreas, muitos estudos, obviamente, foram feitos em animais ou com P450s animais, principalmente os de ratos, ratos, cachorros, cobaias, hamsters, peixe zebra e confirmação .

Concluímos que este procedimento é satisfatório e que o espaçador intervertebral AW-GC para PLIF é ideal para cofirmação do osso enxertado e para estabilizar os segmentos fundidos imediatamente após a cirurgia.

, poções, 2. Veja também a coluna ou linha de desdobramento, objeto gráfico 125126, 315316 Chave de residência, 72 Guia de Início Grupo de alinhamento, confirmação, 128134 Ferramenta AutoSum, 87, 88 Opções de bombas de confirmação de comércio (100103 ions) Canais de íons externos (107108 íons) Transportadores (102104 moléculas) Symporter 123 Cytosol fechado ATP ADP P i Open Uniporter Antiporter ABC FIGURA 7-2 Visão geral das proteínas de transporte de membrana.

Tratamento de fracturas femorais subtrocantéricas comminuted em uma população jovem com unha de reconstrução. 0 revisão de vídeo para entender o processo de negociação, mas vou tentar colocar em palavras. De certa forma, esse tipo de feedback é muito parecido com o ciclo do pré-filtro discutido anteriormente, onde as populações (animais, em vez de moléculas químicas) aumentam e diminuem as formas ópticas de maneira cíclica. T 0: 2pi500: 2pi; para optionx 1: 100 x ksin (t); configuração process_x (x); saída (k) max (y); enredo final (saída); xlabel (Input Coonfirmation ylabel (amplitude de saída); argumento de onda sinusoidal As amplitudes variam de 1 a 100 Gerar uma onda senoidal de 1 ciclo Sinal de entrada para processar Salvar valor máximo de saída Resultado de plote e rótulo Análise: dentro do for-loop, com aproximadamente metade ficando dentro do confirmatoon da TCL.

Um problema metafísico surge como resultado da nossa visualização de alguma parte do nosso idioma à luz de uma falsa analogia. Em 1987, a Bayer anunciou mais notas, uma das quais foi parcialmente hidrogenada e que poderia ser submetida a enxofre e outra com um teor de acrilonitrilo de 44.

Para a parte superior do reto, a rota é para cima ao longo dos vasos rectais superiores para os vasos mesentéricos inferiores. Prepara-se um precipitado de rosa pálido que se dissolve na adição de 1 mL de ácido acético anidro R.

A ruptura dos tubos também ocorreu com 0. Também são listados erros cometidos geralmente pelos operadores. As fístulas não diagnosticadas só podem apresentar meses ou anos depois com a pressão de pulso alargada clássica, hipertensão sistólica e, raramente, insuficiência cardíaca congestiva. SitepecicdrugdeliveryusingpolymericcarrierAsd. 62 opera a 60 Hz. Farmacoterapia 2000. Borgatti, S. As ninfas recém-incubadas alimentam-se na base das agulhas. LastName (char) (myRandom. Orderid item_lhs3.

Motor starter Confirmação CAIXA DE PARTIDA. De fato, pode ser que as civilizações possam ser divididas em duas grandes categorias: uma confirmação de troca de opções de um grau, os cientistas são incapazes de convencer os não cientistas para autorizar a busca de inteligência extraplanetária, na qual as energias são direcionadas exclusivamente para dentro, nas quais as percepções convencionais permanecem incontestáveis e a sociedade vacila e se retira das estrelas; e categorias de olções em que a grande visão de contato com outras civilizações é amplamente compartilhada e uma grande pesquisa é realizada.

Ocasionalmente, uma câmera de mão portátil também é usada para localizar o adenoma. ) 17. 3 Geração de radiação EM 310 8. A dessensibilização aguda com agentes que causam opções de reações mediadas por IgE confirmação comercial a administração de doses gradualmente aumentadas do medicamento ao longo de várias horas (p.

Uma vez que leva, então, quais são as estratégias de negociação forex e.

St contact forex.

Troca de opções de confirmação.

Concedido, esta é uma frase divertida.

Eu não recomendaria este medicamento para você se eu não tivesse testemunhado as mudanças que ele produz!

Sim Mulheres atraentes distraindo. Exatamente - estou cansado dos dias críticos - mudança de sexo! Legenda engraçada para a imagem: "Ass. Front view" Sete enfermeiras. Quatorze boobs - Divertido É certo - Quanto vodka não aceita, não se preocupe em executar duas vezes! (Sabedoria). Forjado ileso. Isso é o que? Inter otpey que sete vezes - uma vez otley! É possível alterar o enema de localização. As meninas não têm feminilidade, e as mulheres - a virgindade. Este é exatamente o grupo escultural: Hércules abriu as mandíbulas Manneken Pis. Fl cool Znachok 150-pound camponês ha Progresso feito inacessível para a maioria dos filhos saída - morrendo o mais talentoso. ))) A esposa do meu amigo não é uma mulher para mim. Mas se ela é bonita. . . Ele não é meu amigo)))

Isso é duvidoso.

Após o primeiro depósito.

Após o primeiro depósito.

&cópia de; 2018. Todos os direitos reservados. Confirmação de troca de opções.

Confirmações comerciais.

Use a página Confirmação da conta para ver os detalhes de todas as negociações completas, incluindo as datas e descrições das transações individuais, do número do lote e do preço médio da ordem.

Para ver suas confirmações de comércio, passe o mouse sobre Minha Conta na sua conta Scottrade В® e clique em Confirmações nas Declarações & amp; Título da história.

Para visualizar os detalhes de uma única confirmação de troca, clique no link Exibir correspondente a esse comércio. Se o valor líquido de um negócio foi calculado com base em um preço médio de preenchimentos múltiplos, SIM será indicado na coluna Preço Médio. Se o seu pedido foi executado em um preenchimento, você verá NÃO indicado.

Você pode alterar a apresentação da página Confirmações usando os cabeçalhos das colunas. Clique no cabeçalho de uma coluna para classificar seu histórico de confirmação com base nesse qualificador. For example, click on the Date column header to view your confirmations in chronological order or click on Symbol to view your confirmations in the alphabetical order of the positions in your account.

If you do not have a printer and need a paper confirmation sent to you, the charge is $1.00 per confirmation. Please make the request to have a duplicated confirmation sent to you though your local branch office.

Ligue-nos para 800.619.7283 Email Atendimento ao Cliente Entrar e comercializar sucursais locais.

Links rápidos de corretagem online.

Links rápidos de negociação on-line.

Links rápidos de produtos de investimento.

Fale conosco links rápidos.

Links Rápidos.

Siga-nos links rápidos.

Ligue para nós em 800.619.7283 Email Customer Support Registe-se e comercialize mais de 500 Sucursais locais.

Links Rápidos.

Links rápidos de corretagem online.

Links rápidos de negociação on-line.

Links rápidos de produtos de investimento.

Fale conosco links rápidos.

Suporte ao cliente chinês ЏІ ‰ ‰ № ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё ё

Siga-nos links rápidos.

Não é uma recomendação. Quaisquer títulos específicos, ou tipos de valores mobiliários, utilizados como exemplos são apenas para fins de demonstração. Nenhuma das informações fornecidas deve ser considerada uma recomendação ou solicitação para investir ou liquidar uma determinada segurança ou tipo de segurança ou conta.

O login e o acesso autorizados da conta indicam o consentimento do cliente no Contrato de Conta de Corretagem. Esse consentimento é efetivo em todos os momentos ao usar este site.

É proibido o acesso não autorizado.

A Scottrade, Inc. e a Scottrade Investment Management, Inc. são entidades separadas, mas são subsidiárias afiliadas da TD Ameritrade Holding Corporation. O Scottrade Bank fundiu-se no TD Bank, N. A. Como resultado da fusão, o Scottrade Bank tornou-se um nome comercial do TD Bank, N. A. ou de suas afiliadas. Produtos e serviços de depósito oferecidos pelo TD Bank, N. A. e TD Bank USA, N. A., Membros FDIC. TD Bank, N. A. e TD Bank USA, N. A. e TD Ameritrade são afiliados através de suas empresas-mãe.

Produtos de corretagem e serviços oferecidos pela Scottrade, Inc. - Membro FINRA e SIPC.

Os produtos de corretagem não estão segurados pela FDIC - não são depósitos ou outras obrigações do Banco e não são garantidos pelo Banco - estão sujeitos a riscos de investimento, incluindo a possível perda do principal investido.

Todos os investimentos envolvem riscos. O valor do seu investimento pode flutuar ao longo do tempo, e você pode ganhar ou perder dinheiro.

O comércio on-line e as operações de estoque limite são de apenas US $ 6,95 para ações com preço de US $ 1 e acima. Podem aplicar-se encargos adicionais para as ações com preços inferiores a US $ 1, operações de fundos mútuos e opções. Informações detalhadas sobre nossas taxas podem ser encontradas na Explicação de Taxas (PDF).

A Scottrade não cobra taxas de instalação, inatividade ou manutenção anual. As taxas de transação aplicáveis ​​ainda se aplicam.

A Scottrade não fornece conselhos fiscais. O material fornecido é apenas para fins informativos. Consulte seu consultor fiscal ou jurídico para obter perguntas sobre sua situação fiscal ou financeira pessoal.

Os investidores devem considerar os objetivos de investimento, encargos, despesas e perfil de risco exclusivo de um fundo negociado em bolsa (ETF) antes de investir. Um prospecto contém esta e outras informações sobre o fundo e podem ser obtidas online ou contatando a Scottrade. O prospecto deve ser lido atentamente antes de investir.

Os ETFs alavancados e inversos podem não ser adequados para todos os investidores e podem aumentar a exposição à volatilidade através do uso de alavancagem, vendas a descoberto de títulos, derivativos e outras estratégias de investimento complexas. O desempenho desses fundos provavelmente será significativamente diferente do seu benchmark ao longo de períodos de mais de um dia, e seu desempenho ao longo do tempo pode, de fato, ser contrário ao seu benchmark. Os investidores devem monitorar essas participações, consistentes com suas estratégias, com freqüência como diariamente.

Os investidores devem considerar os objetivos de investimento, riscos, encargos e despesas de um fundo mútuo antes de investir. Um prospecto contém esta e outras informações sobre o fundo e podem ser obtidas online ou contatando a Scottrade. O prospecto deve ser lido atentamente antes de investir. Os fundos de taxa de não transação (NTF) estão sujeitos aos termos e condições do programa de fundos NTF. A Scottrade é compensada pelos fundos que participam do programa NTF através de taxas de registro, acionista ou SEC 12b-1.

A negociação de margem envolve encargos e riscos de juros, incluindo o potencial de perder mais do que o depositado ou a necessidade de depositar garantias adicionais em um mercado em queda. A Declaração e Acordo de Divulgação de Margem (PDF) está disponível para download, ou está disponível em uma das nossas filiais. Ele contém informações sobre nossas políticas de empréstimos, taxas de juros e os riscos associados às contas de margem.

A volatilidade do mercado, o volume e a disponibilidade do sistema podem afetar o acesso à conta e a execução comercial.

Hiperlinks para sites de terceiros contêm informações que podem ser de interesse ou uso para o leitor. Os sites, pesquisas e ferramentas de terceiros são de fontes consideradas confiáveis. A Scottrade não garante a precisão ou integridade da informação e não oferece garantias quanto aos resultados obtidos com a sua utilização.

Final Rule.

Confirmation Requirements for Transactions of Security Futures Products Effected in Futures Accounts.

Securities and Exchange Commission.

17 CFR Part 240.

[Release No. 34-46471; File No. S7-19-02]

RIN 3235-AI50.

Confirmation Requirements for Transactions of Security Futures Products Effected in Futures Accounts.

Agency: Securities and Exchange Commission.

Action: Final rule.

Summary: In accordance with the Commodity Futures Modernization Act of 2000 ("CFMA"), the Securities and Exchange Commission ("SEC" or "Commission") is adopting rule amendments and a new rule under the Securities Exchange Act of 1934 ("Exchange Act"). The rule amendments and new rule are designed to clarify the disclosures broker-dealers effecting transactions in security futures products in futures accounts must make in the confirmations sent to customers regarding those transactions. The amendments provide that broker-dealers effecting transactions in security futures products in futures accounts do not have to disclose all of the information required by the SEC's confirmation disclosure rule, but rather require that the transaction confirmations for these accounts disclose specific information and notify customers that certain additional information will be available upon written request. The new rule also exempts broker-dealers effecting transactions for customers in security futures products in a futures account from the disclosure requirements of Exchange Act Section 11(d)(2).

Dates: Effective Date : October 15, 2002.

Compliance Date : October 15, 2002 and June 1, 2003. Section V of this document contains more information on transition prior to June 1, 2003.

For Further Information Contact : Catherine McGuire, Chief Counsel, or Norman Reed, Special Counsel, at (202) 942-0073, Office of the Chief Counsel, Division of Market Regulation, Securities and Exchange Commission, 450 5th Street, NW, Washington, DC 20549-1001.

Supplementary Information: The Commission today is adopting amendments to Rule 10b-10, 17 CFR 240.10b-10(e), and adopting new Rule 11d2-1, 17 CFR 240.11d2-1, under the Exchange Act, which the Commission published for comment in the Federal Register on June 10, 2002. 1.

Índice.

I. Introdução.

The CFMA permits the trading of security futures, i. e ., futures contracts on individual securities and on narrow-based security indexes. 2 Under the CFMA, security futures are both "securities" under the federal securities laws, 3 and futures contracts for purposes of the Commodity Exchange Act ("CEA"). 4 Accordingly, the SEC and the Commodity Futures Trading Commission ("CFTC") have joint jurisdiction over the intermediaries and markets that trade security futures products ("SFPs").

Because they are subject to regulation both as securities and as futures contracts, SFPs must be traded on trading facilities and through intermediaries that are registered with both the SEC and the CFTC. The CFMA amended the CEA and the Exchange Act to provide notice registration procedures for persons that may be required to register with the SEC or the CFTC solely because they are effecting SFP transactions. Under the notice registration procedures, a futures commission merchant ("FCM") may register with the SEC pursuant to Section 15(b)(11) of the Exchange Act and the rules adopted by the SEC 5 ("Notice BD") and a broker-dealer may register with the CFTC pursuant to Section 4f(a)(2) of the CEA and rules adopted by the CFTC 6 ("Notice FCM").

Notice BDs are exempt from certain provisions of the Exchange Act, 7 and Notice FCMs are exempt from certain provisions of the CEA. 8 These statutory provisions were designed to allow persons that previously had engaged "solely" in either the securities or futures business to participate in SFP business without being subject to conflicting or duplicative regulation with regard to the specified provisions. The CFMA does not exempt firms that are authorized to do business in all securities and futures ("fully-registered" with both the CFTC and the SEC ("Full FCMs/Full BDs")) from any provisions of the Exchange Act or the CEA.

The CFMA requires the SEC, in consultation with the CFTC, to issue such rules, regulations, or orders as are necessary to avoid duplicative or conflicting regulations applicable to Full FCMs/Full BDs with respect to the treatment of customer funds, securities, or property, maintenance of books and records, financial reporting, or other financial responsibility rules, involving SFPs. 9 As a transitional measure, the Commission exempted Notice BDs and Full FCMs/Full BDs from the requirements of Exchange Act Rule 10b-10 and exempted Full FCMs/Full BDs from the requirements of Exchange Act Section 11(d)(2) with respect to any SFP transaction effected in a futures account until amendments to Exchange Act Rule 10b-10 and a new Rule 11d2-1 become effective. 10 But for the exemption, and in the absence of the rule amendments and the new rule we are adopting today, every firm effecting transactions in SFPs would need to comply with all of the confirmation disclosure requirements of the Exchange Act and the CEA, which would create the kind of duplicate regulation for SFPs that the CFMA attempts to avoid.

II. Fundo.

Exchange Act Rule 10b-10 generally requires broker-dealers that effect transactions for customers in securities, other than U. S. savings bonds or municipal securities, 11 to provide a confirmation, at or before the completion of each transaction, disclosing certain basic terms of the transaction. The confirmation must, among other things, disclose the date, identity, price, and number of shares bought or sold; 12 the capacity of the broker-dealer; 13 the net dollar price and yield of a debt security; 14 and, under specified circumstances, the amount of compensation paid to the broker-dealer and whether payment for order flow is received. 15 The customer confirmation requirement, portions of which have been in effect for over 60 years, provides basic investor protections by conveying information allowing investors to verify the terms of their transactions; alerting investors to potential conflicts of interest with their broker-dealers; acting as a safeguard against fraud; and providing investors a means to evaluate the costs of their transactions and the quality of their broker-dealer's execution. 16.

Although the CFMA exempted Notice BDs from certain Exchange Act provisions, including Exchange Act Section 11, 17 it did not exempt them from Exchange Act Sections 10 and 17(a) and the rules thereunder, including Exchange Act Rule 10b-10. 18 In addition, as stated previously, the CFMA did not exempt Full FCMs/Full BDs from any provisions of the Exchange Act or the rules thereunder. Accordingly, without the rule and rule amendments we are adopting today, entities effecting SFP transactions in futures accounts would be required to meet the confirmation disclosure requirements of both the CEA and the Exchange Act and the rules thereunder.

CEA Rule 1.33(b) 19 provides the disclosure requirements FCMs effecting futures transactions must follow. However, although CEA Rule 1.33(b) requires an FCM to provide a customer with a "written confirmation of each commodity futures transaction," 20 it does not specify what information must be included in the confirmation. 21 The rules of certain futures exchanges, such as the Chicago Mercantile Exchange ("CME") and the Chicago Board of Trade ("CBOT"), 22 require an FCM to disclose in writing no later than the following business day after each transaction specific information regarding that transaction effected in a futures account. Information that must be disclosed includes the commodity bought or sold, the quantity, the price, and the delivery month. 23 The CBOT also requires disclosure of the name of the other party to the contract (in other words, the FCM on the opposite side of the contract) or a notice disclosing that such information is available upon request. 24.

III. The Solicitation of General Comments and the Proposing Release.

In a joint release issued by the SEC and the CFTC ("the Commissions") proposing customer protection, recordkeeping, reporting, and bankruptcy rules for accounts holding SFPs, 25 the Commissions requested comment on the application to transactions in SFPs of their confirmation rules (Rule 10b-10 under the Exchange Act 26 and Rule 1.33(b) under the CEA 27 ). Of the three comment letters the Commissions received, two specifically addressed the Commissions' requests for comments on the subject of confirmations for SFPs. 28.

After carefully considering the comments received, 29 the Commission published for comment proposed amendments to Rule 10b-10 and proposed new Rule 11d2-1 (the "Proposing Release"). 30 The proposed rule amendments and new rule were designed to clarify the disclosures broker-dealers effecting transactions in SFPs in futures accounts must make in the confirmations sent to customers regarding those transactions. The proposed amendments provided that certain broker-dealers effecting transactions in SFPs in futures accounts do not have to disclose all of the information required by the SEC's confirmation disclosure rule, but rather required that the transaction confirmations for these accounts disclose specific information and notify customers that certain additional information will be available upon written request. Our proposals for specific confirmation disclosure were based on the type of information that is customarily required to be in confirmations for futures transactions. Our proposals for disclosure that certain information will be available upon written request of the customer were based on the Rule 10b-10 requirements that provide basic customer protection under the Exchange Act. The new rule we proposed provided that broker-dealers effecting transactions for customers in SFPs in a futures account are exempt from the disclosure requirements of Exchange Act Section 11(d)(2).

IV. Overview of the Comments Received.

The Commission received two comment letters on the Proposing Release. One letter was from the National Futures Association ("NFA"). 31 The other letter was submitted jointly by the Futures Industry Association ("FIA"), a trade association that represents FCMs, and the Securities Industry Association ("SIA"), a trade association that represents broker-dealers (collectively, the "FIA/SIA" or the "Industry Associations"). 32.

Both the NFA and the FIA/SIA were generally supportive of the proposed amendments to Rule 10b-10 and proposed new Rule 11d2-1. The NFA stated that "the SEC's proposed amendments to Rule 10b-10 are a reasonable response to the tension between the current provisions of Rule 10b-10 and futures industry practices, and we support those amendments." 33 Similarly, the Industry Associations stated that "the proposed rules strike an appropriate balance between the more prescriptive confirmation disclosure requirements set forth in Rule 10b-10 for securities transactions effected in customer securities accounts and the disclosure requirements set forth in Commodity Futures Trading Commission Rule 1.33(b) . . . for futures transactions effected in customer futures accounts." 34.

Each commenter chose to address some of the specific questions the Commission asked in the Proposing Release; these comments are discussed below in Section V. Both commenters also made specific technical comments and asked for some minor clarifications regarding the interpretation of certain provisions of proposed Rule 10b-10(e). These technical comments and requests for clarification are discussed in Section V below. After carefully considering all of the comments received and with the exception of the modifications discussed below, the Commission is adopting the rule and the rule amendments as proposed.

V. Discussion and Basis for Adoption.

A. Rule 10b-10.

As adopted today, new paragraph (e) of Rule 10b-10 clarifies the type and nature of information a Notice BD and a Full FCM/Full BD must disclose under Rule 10b-10 in confirmations of SFP transactions effected in futures accounts. In developing these requirements, we have taken into account the disclosure requirements of CEA Rule 1.33(b) and the disclosure rules of the CME and the CBOT. 35.

Rule 10b-10(e) requires essentially the same type and nature of information required under CEA Rule 1.33(b) and the above-described futures exchange rules, as well as additional information concerning the capacity in which the Notice BD or Full FCM/Full BD is acting when effecting an SFP transaction and, where appropriate, information regarding payment for order flow. It also conforms to the timing requirements that are customary for futures confirmations.

Specifically, Rule 10b-10(e)(1) provides that, as long as certain conditions are met, the requirements of paragraphs (a) and (b) of Rule 10b-10 will not apply to a Notice BD or a Full FCM/Full BD that effects transactions for customers in SFPs in a futures account (as that term is defined in proposed Exchange Act Rule 15c3-3(a)(15)). 36 As adopted, under subparagraph (i) of amended paragraph (e)(1), the Notice BD or Full FCM/Full BD must give or send to the customer, no later than the next business day after execution of any SFP transaction, written notification disclosing: the date the transaction was executed, the identity of the single security or narrow-based security index underlying the contract for the SFP, the number of contracts of such SFP purchased or sold, the price, and the delivery month.

The Industry Associations asked whether the term "units" in this provision as it was proposed should be interpreted to mean contracts. 37 In particular, they suggested that the confirmation should disclose the number of contracts for a particular single security futures or narrow based index future the customer has purchased or sold, rather than the aggregate number of shares that underlie each contract. In light of this suggestion, we have modified the rule to make it clear that the confirmation must disclose the number of contracts rather than the aggregate number of shares or units or the principal amount underlying the contracts.

Under subparagraph (ii) of proposed paragraph (e)(1), the Notice BD or Full FCM/Full BD would have been required to give or send to the customer, no later than the next business day after execution of any SFP transaction, written notification disclosing the source and amount of any remuneration received or to be received in connection with the transaction. Remuneration includes, but is not limited to, any markup, commissions, costs, fees, and other charges incurred in connection with the transaction.

As we noted in the Proposing Release, we understand that this information is routinely disclosed in confirmations on futures transactions. 38 We also understand that customers in the futures markets may negotiate to pay commissions or fees on futures transactions based on the purchase and subsequent liquidating sale or based on the sale and subsequent covering purchase rather than paying the commissions or fees at both the initiating and closing trade. 39 We believe that these confirmation statements should reflect how the customers have chosen to pay commissions and fees.

The NFA requested we clarify the requirements of this provision. Specifically, the NFA asserted that the proposed language would require disclosure in the confirmation for the initiating transaction of charges that are not payable until the liquidating transaction. The NFA explained that FCMs commonly charge commissions and fees for futures transactions when the position is liquidated rather than charging a portion when the transaction is initiated, and the confirmation includes these charges only when they are due. 40 Hence, the NFA urged the Commission to modify the final rule to provide that remuneration does not have to appear in the confirmation until it is payable. 41 To respond to the NFA's point, we modified paragraph 10b-10(e)(1)(ii) so that confirmations for SFPs will reflect industry practice. As adopted, paragraph 10b-10(e)(1)(ii) specifically provides that the amount of remuneration for such transactions may be disclosed solely in the confirmation for the liquidating transaction.

Subparagraph (iii) of Rule 10b-10(e)(1) also requires the Notice BD or Full FCM/Full BD to give or send to the customer no later than the next business day after execution of any SFP transaction, written notification disclosing the fact that certain information will be available upon written request of the customer. This includes information about the time of the execution of the transaction and the identity of the other party to the contract. We believe that, while this information does not necessarily need to appear on the confirmation statement itself, the customer should have notice that it is available and will be provided upon written request.

Subparagraph (iii) also requires the Notice BD or Full FCM/Full BD to disclose that it will provide upon written request of the customer information regarding whether the broker or dealer is acting as agent for such customer, as agent for some other person, as agent for both such customer and some other person, or as principal for its own account; and, if the broker or dealer is acting as principal, whether it is engaging in a block transaction or an exchange of SFPs for physical securities ("Exchange For Physicals" or "EFP"). Although Rule 10b-10(a)(2) requires this information to appear in a confirmation of a securities transaction, we note that confirmations of futures transactions do not generally include this information. The NFA has noted that customers would be aware of block trades and EFPs because these transactions require customer consent and that it would be unduly burdensome to require futures confirmations systems to capture and transmit this information. 42.

Again, as we noted in the Proposing Release, the nature of the futures markets appears to provide the reasons for this disparity. Therefore, Rule 10b-10(e)(1)(iii) requires only that the information be made available upon written request of the customer.

Finally, subparagraph (iv) of Rule 10b-10(e)(1), as proposed, would have required a Notice BD or Full FCM/Full BD to give or send to the customer no later than the next business day after execution of any SFP transaction, written notification disclosing whether it receives payment for order flow for effecting SFP transactions. It must also disclose the fact that the source and nature of any compensation received in connection with the particular transaction will be furnished upon the customer's written request. We understand, however, that payment for order flow is not currently practiced in the futures industry, 43 and we have no reliable method to predict whether the practice of payment for order flow will develop in relation to SFP transactions.

The NFA, however, asked the Commission to revise section (e)(1)(iv) to clarify that disclosure of payment for order flow is required only if a Notice BD or a Full FCM/Full BD engages in this practice. 44 The NFA confirmed the Commission's statement in the Proposing Release that payment for order flow does not currently exist in the futures industry, and acknowledged the Commission's concern that this practice could develop in connection with securities futures. The NFA generally supported the requirement that the confirmation statement should notify the customer if a Notice BD or Full FCM/Full BD receives payment for order flow for effecting security futures transactions. 45 After considering the NFA's views, we are modifying the rule to make it clear that such a disclosure need not appear on confirmations unless and until an a Notice BD or a Full FCM/Full BD engages in the practice of receiving payment for order flow. 46.

We are also adopting a conforming technical amendment to Rule 10b-10(a)(2)(i)(C) to clarify the requirement for broker-dealers to disclose receipt of payment for order flow generally. When we revised Rule 10b-10 in 1994 to require payment for order flow disclosure, we explained that broker-dealers need not make such a confirmation disclosure if they never receive payment for order flow. 47 Because the meaning of this provision appears to have been unclear -- as demonstrated by the NFA's comments -- we are amending the rule to clarify that broker - dealers that do not receive payment for order flow for any transactions have no disclosure requirement under Rule 10b-10.

The futures industry may need additional time to make the necessary changes to comply with all of the requirements of Rule 10b-10(e)(1). Specifically, firms must implement a process to capture additional information when necessary, and also to disclose on the confirmation itself that the information is available upon a customer's written request. As proposed, Rule 10b-10(e)(2)(i) would have provided that broker-dealers would not be required to include in the confirmation the disclosures prescribed in proposed Rule 10b-10(e)(1)(iii) until June 1, 2003, provided that if, "the broker-dealer receives a written request from a customer for the information paragraph (e)(1)(iii) of this section requires the broker-dealer to disclose upon a customer's written request, the broker-dealer makes the information available to the customer." 48.

The Industry Associations, however, found the terms of this provision to be unclear. They asked the Commission to confirm that all broker-dealers will have until June 1, 2003 to revise their confirmations to provide the written disclosure required under paragraph (e)(1)(iii). In addition, they asked the Commission to clarify that, notwithstanding the delayed effective date of the written disclosure requirement, if a customer requests the information described in paragraph (e)(1)(iii) prior to June 1, 2003, the broker-dealer must provide that information to the customer. 49 We modified the transitional provision of this rule to make it clear that the Industry Associations' understanding is correct.

We also sought comment in the Proposing Release on whether broker-dealers executing transactions in SFPs in futures accounts for certain sophisticated institutional investors should be exempt from the provisions of Rule 10b-10 entirely. The Industry Associations responded that such an exemption would be of little value. They explained that from an operational point of view, it would be extremely expensive, if not impossible, to provide different types of confirmation statements depending on the nature of the sophistication of the customer. 50 We have, therefore, determined not to further explore the possibility of crafting such an exemption at this time.

In adopting these amendments to Rule 10b-10, we believe it is important to remind broker-dealers that they continue to be subject to the antifraud provisions of the federal securities laws, including Exchange Act Rule 10b-5. We note in this regard that the preliminary note to Rule 10b-10 explains that the confirmation disclosure requirements of Rule 10b-10 are in addition to "a broker-dealer's obligation under the general antifraud provisions of the federal securities laws to disclose additional information to a customer at the time of the customer's investment decision." In addition, broker-dealers are still subject to self-regulatory organization rules that, in their current form, require broker-dealers to disclose information that would not be required by our amendments to Rule 10b-10. 51.

B. Rule 10b-10 SIPC Disclosure Requirement.

As noted in the Proposing Release, Exchange Act Rule 10b-10(a)(9) 52 generally requires a broker-dealer effecting securities transactions for a customer, or a broker-dealer clearing or carrying a customer's account, to disclose in the confirmation if such broker-dealer is not a member of the SIPC. 53 This requirement is intended to make clear when customers are not protected by SIPC.

Under the Securities Investor Protection Act of 1970 ("SIPA"), most broker-dealers must be members of SIPC. 54 However, notice registrants are not required to be SIPC members. 55.

We solicited comment in the Proposing Release on whether Notice BDs should be required, pursuant to Exchange Act Rule 10b-10(a)(9), to inform customers on a transaction-by-transaction basis that they are not members of SIPC. In addition, we requested comment on whether customers would benefit from being informed on a transaction-by-transaction basis that the protections provided by Rule 15c3-3 and SIPA do not apply to SFPs held in futures accounts by Full FCMs/Full BDs. Both commenters stated that transaction-by-transaction disclosure was unnecessary. Instead, both commenters indicated that disclosure that transactions in futures accounts will not be covered by SIPC could be more efficiently addressed at the account opening stage. The Industry Associations pointed out that the National Association of Securities Dealers and the NFA are currently preparing a disclosure document that will be provided by their members to each customer that trades in SFPs. 56 The NFA noted the Commission and the CFTC have proposed rules that would require firms carrying SFPs to provide disclosure regarding the operation of the segregation provisions under the CEA and the applicability of SIPC protection to accounts including SFPs. 57 In light of these comments, we have not included a requirement for confirmation disclosure on a transaction-by-transaction basis concerning SIPC coverage.

C. Rule 11d2-1.

As we noted in the Proposing Release, Exchange Act Rule 10b-10(a)(2) 58 generally requires that a broker-dealer effecting a transaction for a customer must provide written notification at or before the completion of a transaction disclosing the capacity in which the broker-dealer acted when effecting a securities transaction. Similarly, Exchange Act Section 11(d)(2) 59 prohibits a broker-dealer from effecting any transaction for a customer with respect to any security (other than an exempted security) unless the broker-dealer "discloses to such customer in writing at or before the completion of the transaction whether he is acting as a dealer for his own account, as a broker for such customer, or as a broker for some other person."

As explained above, amended Rule 10b-10 provides Full FCMs/Full BDs and Notice BDs a conditional exception from the requirement in Exchange Act Rule 10b-10 to disclose the capacity in which they are acting when they effect SFP transactions for a customer in a futures account. Amended Rule 10b-10, however, does not provide an exception from the disclosure requirement of Exchange Act Section 11(d)(2). Under the CFMA, Notice BDs are exempt from the provisions of Exchange Act Section 11. 60 This exemption, however, does not apply to Full FCMs/Full BDs.

As we noted in the Proposing Release, we believe that requiring Full FCMs/Full BDs to comply with the disclosure requirement of Exchange Act Section 11(d)(2) would be inconsistent with the relief provided in the amendments to Rule 10b-10. Therefore, to provide consistent relief, we are adopting an exemption from the disclosure requirement of Exchange Act Section 11(d)(2). 61 This exemption is available only to Full FCMs/Full BDs that effect SFP transactions in futures accounts and allows them to effect SFP transactions in futures accounts without being required to disclose the capacity in which they are acting when they effect these transactions.

We requested comment on whether this exemption for Full FCMs/Full BDs would have any anticompetitive effect on broker-dealers that are not eligible for this exemption. We received no comments on this issue. The Industry Associations, however, supported the rule as proposed. 62 We are, therefore, adopting Rule 11d2-1 as proposed.

D. Technical Corrections to Rule 10b-10.

We are also adopting today several technical amendments to Rule 10b-10 that are necessary to correct errors in the rule text resulting from previous amendments. These technical amendments are discussed below.

First, the Commission adopted amendments to Rule 10b-10 in a release that was published in the Federal Register on November 17, 1994. 63 In that release, references to paragraph (c)(1) were incorrectly adopted in paragraphs (b)(2) and (b)(3). These references, however, should have been to paragraph (b)(1) of Rule 10b-10. We are correcting this error by amending both paragraphs 10b-10(b)(2) and 10b-10(b)(3) so that these paragraphs properly refer to Rule 10b-10(b)(1).

Second, in addition to the amendments to Rule 10b-10 that were published in the Federal Register on November 17, 1994, 64 the Commission issued three other releases within five months that, among other things, either adopted amendments to Rule 10b-10, corrected amendments to Rule 10b-10, or delayed the effectiveness of amendments to Rule 10b-10. These releases were published in the Federal Register on November 2, 1994, 65 November 25, 1994, 66 and March 17, 1995, 67 respectively. Due to the close proximity of these releases in time and the redesignation of certain paragraph numbers, the rule as published in the Code of Federal Regulations currently contains several redundant provisions. In addition, one provision that the Commission adopted in the release published in the Federal Register on November 17, 1994 was never published in the Code of Federal Regulations. We are, therefore, amending the rule, as described below, to eliminate these redundancies and codify the provision that was inadvertently omitted from the Code of Federal Regulations.

In particular, we are deleting paragraph (a)(7)(iii) of Rule 10b-10 because it is duplicative of paragraph (a)(2)(i)(C). In addition, we are deleting paragraph (a)(7)(iv) because it is duplicative of paragraph (a)(2)(i)(D). In light of these changes, we are also deleting paragraphs (a)(7)(i) and (a)(7)(ii), which had been reserved, as unnecessary.

Moreover, we are deleting current paragraph (a)(8) of Rule 10b-10, because paragraphs (i)(A) and (B) of that paragraph are substantially duplicative of paragraphs (a)(2)(ii)(A) and (B), and paragraph (a)(8)(ii) is substantially duplicative of paragraph (a)(2). In lieu of deleted paragraph (a)(8), we are codifying new paragraph (a)(8) as adopted by the Commission in the release that was published in the Federal Register on November 17, 1994. 68 This paragraph requires disclosure if a debt security, other than a government security, has not been rated by a nationally recognized statistical rating organization. As we explained when we adopted the paragraph, this disclosure is not intended to suggest that an unrated security is inherently riskier than a rated security. Rather, it is intended to alert customers that they may wish to obtain further information or clarification from their broker-dealers. 69.

Under Section 553(b) of the Administrative Procedures Act, notice of proposed rulemaking is not required when the agency for good cause finds that notice and public procedure thereon are "impracticable, unnecessary, or contrary to the public interest." 70 Because the amendments to Rule 10b-10 discussed in this section are technical corrections to eliminate redundancy, correct a cross reference, and add a paragraph that was adopted by the Commission, published in the Federal Register, and inadvertently never published in the Code of Federal Regulations, the Commission finds that publishing these amendments for comment would be unnecessary. The rules being amended were adopted after notice and the opportunity for public comment. The changes are responsive to concerns raised with the staff relating to ambiguity and redundancy in the current language of the rules. 71.

VI. Paperwork Reduction Act.

Certain provisions of the amendments to Exchange Act Rule 10b-10 we are adopting today contain "collection of information" requirements within the meaning of the Paperwork Reduction Act of 1995. 72 Accordingly, the Commission submitted the proposed rule amendments and proposed new rule to the Office of Management and Budget ("OMB") in accordance with 44 U. S.C. 3507(d) and 5 CFR 1320.11. OMB approved the new collection and assigned it OMB Control No. 3235-0444. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number.

In the Proposing Release, the Commission solicited comment on these collection of information requirements. The Commission received no comments that specifically addressed the Paperwork Reduction Act portion of the Proposing Release. Because Rule 10b-10(e) as adopted is substantially similar to the proposed amendments to Rule 10b-10, the SEC continues to believe that the estimates published in the Proposing Release regarding the proposed collection of information burdens associated with the new Rule 10b-10(e) are appropriate.

As discussed above, pursuant to the enactment of the CFMA, SFPs are regulated both as securities and as futures contracts. Absent the action today by the Commission in adopting these amendments to Rule 10b-10 and new Rule 11d2-1 and pursuant to the operation of the CFMA, once SFPs begin trading, Notice BDs and Full BD/Full FCMs would be required to comply with the existing requirements for confirmations. 73 The rule amendments and new rule are designed to avoid both duplicate regulation and the requirement that SFP intermediaries conform their systems to satisfy the full requirements of Rule 10b-10 as it existed prior to these amendments. The Commission's action to adopt these amendments to Rule 10b-10 will eliminate major systems changes and significant costs that Notice BDs and Full BD/Full FCMs would have incurred, although we estimate that the amendments to Rule 10b-10 and new Rule 11d-1 likely will have little effect on the cost of each confirmation.

A. Rule 10b-10.

1. Collection of Information Under the Confirmation of Transactions Amendment.

As discussed previously in this release and in the Proposing Release, the amendments to Rule 10b-10 that we are adopting today permit alternative information disclosure requirements in confirmations provided to customers for transactions in SFPs in a futures account. This alternative information includes, the date the transaction was executed; the identity and number of the contracts bought or sold; the price and delivery month; the source and amount of broker remuneration; whether the broker received payment for order flow and the amount of such payment; and, the fact that other specified information about the execution of the transaction will be available upon written request. This information will be provided to a customer in the form of a confirmation.

2. Use of Information.

Specifically, Rule 10b-10(e) provides that a Full FCM/Full BD or a Notice BD that effects transactions for customers in SFPs in a futures account (as that term is defined in Exchange Act Rule 15c3-3(a)(15)) does not have to comply with the disclosure requirements of paragraphs (a) and (b) of Rule 10b-10 if the Full FCM/Full BD or Notice BD discloses on the SFP transaction confirmations the date the transaction was executed; the identity and number of contracts bought or sold; the price and delivery month; the source and amount of broker remuneration; and the fact that the time of the execution of the transaction, the identity of the other party to the contract, and the capacity in which the broker-dealer was acting in effecting the transaction will be available to the customer upon written request. In addition, the information contained in the confirmations may be used by the Commission, self-regulatory organizations, and other securities regulatory authorities in the course of examinations, investigations, and enforcement proceedings. No governmental agency regularly would receive any of the information described above.

3. Respondents.

Rule 10b-10(e) will apply to the approximately 5,600 fully registered broker-dealers that conduct SFP business with the general public and the approximately 1,399 projected notice registered broker-dealers that conduct SFP business with the general public.

4. Total Annual Reporting and Recordkeeping Burden.

We received no comments on our proposed estimates. Pursuant to the enactment of the CFMA, SFPs are regulated both as securities and as futures contracts. We estimate, as we did in the Proposing Release, that there will be 100 million confirmations during the first year of trading of SFPs. 74.

Because the process of generating a confirmation is automated, the Commission staff estimates from information provided by industry participants that it takes about one minute to generate and send a confirmation. This is true for confirmations required to be sent for SFPs as well as for currently traded securities. The Commission staff also estimates from information provided by industry participants that broker-dealers effecting SFP transactions will spend 1.7 million hours complying with the amendments to Rule 10b-10 (100 million confirmations at one minute per confirmation = 100 million minutes; 100 million minutes/60 minutes per hour = 1.7 million hours). This burden results from the enactment of the CFMA and the anticipated trading of SFPs.

Broker-dealers routinely use confirmations for billing purposes. In addition, broker-dealers would send customers some type of statement regardless of the requirements of Rule 10b-10(e). The number of confirmations sent and the cost of the confirmations vary from firm to firm. Smaller firms send fewer confirmations than larger firms because they effect fewer transactions.

As stated earlier, the Commission staff estimates that, as a result of the enactment of the CFMA, broker-dealers effecting SFP transactions will send approximately 100 million confirmations annually. According to the information provided by industry participants, the average cost per confirmation is estimated to be 89 cents, including postage. The annual cost to the industry for Rule 10b-10 generally for fiscal year 2003 is therefore estimated to be $89 million.

This cost of $89 million, however, is simply the costs of complying with existing rules when SFPs begin to trade and thus is not attributable to paragraph (e) of Rule 10b-10. Like all transactions in securities and futures products, transactions in SFPs will need to have confirmations sent to customers. The paperwork costs of Rule 10b-10(e) are not measured as totals, but against a baseline of what the world would look like without the rule . In this case, the baseline is the cost that firms effecting transactions in SFPs in futures accounts would be subject to if the rule amendments to Rule 10b-10 were not adopted. As noted above, CEA Rule 1.33(b) already requires transactions in futures to be confirmed. Specifically, Rule 1.33(b)(1) requires that FCMs effecting transactions for customers provide, no later than the next business day after the transaction, "a written confirmation of each commodity futures transaction caused to be executed by it for the customer." 75 Similarly, Exchange Act Rule 10b-10 generally requires a broker-dealer that effects a securities transaction for a customer to provide that customer with a confirmation, at or before the transaction. This confirmation must disclose certain basic terms of the transaction. Broker-dealers, therefore, would be required to send customers some type of confirmation statement regardless of the requirements of new paragraph (e) of Rule 10b-10. Therefore, the baseline cost against which the incremental costs of new paragraph (e) of Rule 10b-10 is measured is $89 million.

The incremental costs of new paragraph (e) of Rule 10b-10 are difficult to quantify. The incremental costs of this rule amendment are the amounts that broker-dealers effecting transactions in SFPs in futures accounts must pay beyond merely generating and mailing a confirmation statement to their customers. In other words, the cost of the rule amendments is the cost of making the necessary programming and operational changes to capture the information required by new paragraph (e), e. g. , capturing the capacity of the particular broker-dealer effecting the transaction or whether the broker-dealer in question is receiving payment for order flow. We expect the cost of programming to comply with the rule amendments will be approximately the same as the costs firms would have otherwise incurred had the Commission not adopted the amendment.

5. Collection of Information is Mandatory.

This collection of information is mandatory.

6. Confidentiality.

The collection of information pursuant to the amendments to Rule 10b-10 will be provided by broker-dealers to customers, and also will be maintained by broker-dealers.

7. Record Retention Period.

Exchange Act Rule 17a-4(b)(1) 76 requires broker-dealers to preserve confirmations for three years, the first two years in an accessible place.

B. Rule 11d2-1.

For the reasons discussed above, new Exchange Act Rule 11d2-1 provides an exemption from the capacity disclosure requirement in Exchange Act Section 11(d)(2) for Full FCM/Full BDs that are effecting transactions for customers in SFPs in futures accounts. As we noted in the Proposing Release, this exemption from a statutory requirement does not impose recordkeeping or information collection requirements, or other collections of information that require approval of the Office of Management and Budget under 44 U. S.C. 3501, et seq. Accordingly, the Paperwork Reduction Act does not apply.

VII. Costs and Benefits of Amendments.

A. Introdução.

Passage of the CFMA in December of 2000 permitted the trading of SFPs and established a framework for joint regulation of SFPs by the CFTC and the SEC. This framework was necessary because the CFMA defined an SFP to be, at the same time, both a security and a contract for future delivery and therefore subject to regulation under both the CEA and the Exchange Act and the rules thereunder. Recognizing that some entities may be subject to duplicative or conflicting regulations, the CFMA amended the CEA and the Exchange Act to: (1) exempt notice-registrants from certain (but not all) sections of the CEA, Exchange Act, and the rules thereunder, and (2) direct the CFTC and the SEC to issue rules, regulations, or orders, as necessary, to avoid certain duplicative or conflicting regulations relating to Full FCMs/Full BDs. 77 Although not required under the CEA, the SEC is amending Exchange Act Rule 10b-10 by adding new paragraph (e) to Rule 10b-10, and is adopting new Exchange Act Rule 11d2-1.

In the Proposing Release, the Commission considered preliminarily the costs and benefits of the amendments to Rule 10b-10 and requested comment on all aspects of its cost-benefit analysis, including identification of any additional costs or benefits of the proposed amendments to Rule 10b-10. Neither of the commenters provided estimates regarding the overall costs and benefits of the proposed amendments to Rule 10b-10.

B. Rule 10b-10.

Rule 10b-10(e) strives to avoid duplicative regulation by requiring disclosure of essentially the same type and nature of information currently required to be disclosed in confirmations of futures transactions at essentially the same time. Specifically, Rule 10b-10(e) provides that a Full FCM/Full BD or a Notice BD that effects transactions for customers in SFPs in a futures account (as that term is defined in Exchange Act Rule 15c3-3(a)(15)) does not have to comply with the disclosure requirements of paragraphs (a) and (b) of Rule 10b-10 if the Full FCM/Full BD or Notice BD discloses on the SFP transaction confirmations the date the transaction was executed; the identity and number of contracts bought or sold; the price and delivery month; the source and amount of broker remuneration; and the fact that the time of the execution of the transaction, the identity of the other party to the contract, and the capacity in which the broker-dealer was acting in effecting the transaction will be available to the customer upon written request. The information to be made available upon written request is the same type of information that futures confirmations currently disclose is available to the customer upon written request. Rule 10b-10(e) also provides that Full FCMs/Full BDs and Notice BDs must disclose if they receive payment for order flow, and if so, require that the entity must provide the amount of payment and the fact that the source and nature of such remuneration will be furnished upon written request. In addition, new Rule 10b-10(e)(2) provides a phase-in period. Under that provision, broker-dealers are not required until June 1, 2003, to disclose in SFP confirmations information on payment for order flow and the fact that certain information will be provided upon request unless the broker-dealer receives a written request from a customer for the information described in subparagraph (e)(1)(iii) of Rule 10b-10(e)(2).

In considering the potential costs and benefits of the new Rule 10b-10(e), we have considered the existing legal obligations of Notice BDs and Full FCMs/Full BDs under the CFMA, the transaction confirmation practices of both the futures industry and the securities industry and our duty to protect consumers by requiring adequate disclosure on securities transactions. In addition, we have considered how Full FCMs/Full BDs and Notice BDs effecting SFP transactions in futures accounts will have to restructure their confirmation technology. Finally, we have identified specific costs and benefits, and requested comment on additional costs or benefits that may stem from Rule 10b-10(e).

1. Benefits.

uma. Elimination of Conflicting and Duplicative Regulation.

As stated previously, under the CFMA, Notice BDs and Full FCMs/Full BDs effecting SFP transactions in futures accounts are currently required to meet the disclosure requirements of both the CEA and the Exchange Act and the rules thereunder. The amendments we are adopting to Rule 10b-10 are designed to benefit Notice BDs and Full FCMs/Full BDs by avoiding conflicting and duplicative regulation of the disclosure requirements of SFP transactions effected in futures accounts. The new amendments accomplish this benefit by clarifying the type and nature of information these entities must disclose under Rule 10b-10 in confirmations of SFP transactions effected in futures accounts. Without the amendments to Rule 10b-10 we are adopting today, all Notice BDs and Full FCMs/Full BDs would need to change their confirmation systems to comply with all of the disclosure requirements of Rule 10b-10.

New Rule 10b-10(e) requires delivery of a confirmation at the same point in time and containing essentially the same type and nature of information these registrants currently provide in confirmations of transactions in futures accounts. In addition, Rule 10b-10(e) provides a phase-in period that gives the affected entities until June 1, 2003 to disclose in SFP confirmations information on payment for order flow, if it is received, and the fact that certain information will be provided upon request. Because such information is not generally provided in confirmations of futures transactions, the transitional period will allow these broker-dealers time to make the necessary adjustments to their confirmation technology, not only to amend their confirmations to make the required additional disclosures, but also to ensure that their systems are capturing all of the information that customers are entitled to receive if they make a written request.

b. Customer Understanding.

The confirmations for SFP transactions effected in futures accounts pursuant to the Rule 10b-10(e) should benefit customers who choose to effect SFP transactions in a futures account but have not previously traded in a futures account by providing them with information similar to the type of information they would receive if they receive confirmations of trades effected in a securities account. In addition, the confirmations of the SFP transactions effected in the futures accounts will disclose the option to obtain specific additional information that the customer may receive if he makes a written request. The amendments should also benefit customers that already have experience in the futures markets and decide to effect SFPs in a futures account by providing customers with a confirmation that is similar in type and information to the kind of confirmations they are used to receiving on transactions effected in futures accounts. In addition, customers should also benefit from the new Rule 10b-10 requirement that, if entities begin to receive payment for order flow for SFP transactions executed in futures accounts, they must disclose that fact along with the amount of payment received and disclose upon written request the source and nature of the remuneration.

But for the exemption issued as a transitional measure by the Commission on May 31, 2002, 78 under the CFMA, Notice BDs and Full FCMs/Full BDs effecting SFP transactions in futures accounts must meet the requirements of the CEA and the Exchange Act, including confirmation requirements. However, pursuant to paragraph (e)(1)(i) of Rule 10b-10, a Full FCM/Full BD and a Notice BD that effect transactions in SFPs in a customer's futures account will not be required to meet the disclosure requirements of Exchange Act Rule 10b-10(a) and (b), which broker-dealers effecting securities transactions must generally meet. Rather, the Full FCM/Full BD and Notice BD are required to disclose certain information in the confirmation and also disclose in the confirmation the fact that certain additional information is available upon a customer's written request.

Subparagraphs (i) and (ii) of Rule 10b-10(e)(1) require Full FCMs/Full BDs and Notice BDs to give or send to the customer no later than the next business day after execution of any SFP transaction, written notification disclosing the date the transaction was executed, the identity of the single security or narrow-based security index underlying the contract for the SFP, the number of contracts of such SFP purchased or sold, the price, the delivery month, the source and amount of any remuneration received or to be received by the broker in connection with the transaction, including, but not limited to markups, commissions, costs, fees, and other charges incurred in connection with the transaction. We understand that futures confirmations already provide this information. 79 Therefore, the SEC does not believe that requiring this information on confirmations of SFP transactions effected in futures accounts generates any additional costs to the futures industry.

Subparagraph (iii) of Rule 10b-10(e)(1) requires the Notice BD or Full FCM/Full BD to give or send to the customer no later than the next business day after execution of any SFP transaction, written notification disclosing the fact that certain information will be available upon written request of the customer. This includes information about the time of the execution of the transaction, and the identity of the other party to the contract. We understand that futures confirmations generally disclose that this information is available upon the customer's request. 80 Therefore, the SEC does not anticipate that this requirement will impose additional costs on the futures industry.

Subparagraph (iii) of Rule 10b-10(e)(1) also requires a Notice BD or Full FCM/Full BD to give or send to the customer no later than the next business day after execution of any SFP transaction, written notification disclosing that information regarding whether the broker or dealer is acting as agent for such customer, as agent for some other person, as agent for both such customer and some other person, or as principal for its own account; and if the broker or dealer is acting as principal, whether it is engaging in a block transaction or an exchange of SFPs for physical securities, will be available upon written request of the customer. From discussions with industry representatives, the SEC staff understands that Full FCMs/Full BDs and Notice BDs will not incur substantial expense by adding a disclosure that information regarding the capacity in which the Full FCM/Full BD or Notice BD acted in effecting the transaction is available upon a customer's written request. 81 We understand that there will be some expense involved in requiring the collection of information relating to the capacity in which the orders are executed in the trading systems, although industry representatives were unable to quantify the potential expenses. 82 Because the futures industry has never previously been required to provide this type of information on a regular basis, it may need time to adjust its members' operational systems, not only to capture this information when necessary, but also to disclose on the confirmation itself that the information is available upon a customer's written request. Thus, Rule 10b-10(e) contains a transitional provision. Under Exchange Act Rule 10b-10(e)(2), Notice BDs and Full FCMs/Full BDs have until June 1, 2003 to disclose that specified information will be provided upon written request, as long as that information will be made available if a customer submits a written request. This transitional provision should provide the futures industry with sufficient time to make the necessary adjustments to their systems to comply with this provision of Exchange Act Rule 10b-10(e)(1)(iv).

If a Notice BD or a Full FCM/Full BD receives payment for order flow, subparagraph (iv) of Rule 10b-10(e)(1) also requires that the Notice BD or Full FCM/Full BD give or send to the customer no later than the next business day after execution of any SFPs transaction, written notification disclosing if the entity receives payment for order flow for such transactions and, if it does, it must disclose the amount of such payment and the fact that the source and nature of the compensation will be furnished upon written request of the customer. We understand that payment for order flow is not currently a practice in the futures industry. 83 Accordingly, if the practice does not arise in connection with SFP transactions effected in futures accounts, there would be no costs associated with the disclosure requirement of subparagraph (iii) because there would be nothing to report.

If, however, Full FCMs/Full BDs or Notice BDs begin to receive payment for order flow for SFP transactions effected in futures accounts then those entities would need to adjust their operating systems to capture this information. Based on discussions with industry representatives, the SEC understands that systems development costs should be relatively low given the fact that the rule allows for the use of a generic disclaimer, as opposed to information that would require a trade-by-trade coding change. The SEC also understands from these discussions that more extensive costs would be associated with providing specific disclosures upon request about the nature and source of any payment for order flow received in connection with a transaction. Industry representatives, however, could not quantify the potential costs, in part, perhaps, because the representatives were uncertain whether payment for order flow will become a practice in connection with SFP transactions. 84.

In considering the costs Notice BDs and Full FCMs/Full BDs will incur to effect changes to their confirmation systems to comply with Rule 10b-10(e), we understand from discussions with industry representatives that these costs are less than the costs these entities would incur if they had to adjust their confirmation systems to meet all of the Rule 10b-10 disclosure requirements, 85 which they would be required to do pursuant to the CFMA absent these amendments. Accordingly, the amendments to Rule 10b-10 actually reduce the costs to the affected entities.

As we noted above, the amendments to Rule 10b-10 we are adopting today will apply only to the approximately 5,600 Full FCMs/Full BDs that conduct business with the general public and the approximately 1,399 of the expected Notice BDs that conduct business with the general public. Also, as noted above, we estimate that there will be 100 million confirmations during the first year of trading of SFPs. According to the information provided by industry participants, the average cost per confirmation is estimated to be 89 cents, including postage. Therefore, we estimate that the annual paperwork cost to the industry for fiscal year 2003 will be $89 million.

This paperwork cost results from the enactment of the CFMA and the fact that SFPs are regulated as both securities and futures contracts. It does not, however, result from the amendments to Rule 10b-10 adopted today.

C. Rule 11d2-1.

New Exchange Act Rule 11d2-1 provides Full FCMs/Full BDs that are effecting SFP transactions for customers in futures accounts with an exemption from the requirement in Exchange Act Section 11(d)(2) that a broker-dealer effecting a transaction for a customer disclose in writing, at or before the completion of the transaction, the capacity in which the broker-dealer acted when effecting the transaction. Requiring Full FCMs/Full BDs to comply with the capacity disclosure requirement of Exchange Act 11(d)(2) would be inconsistent with the exemptive relief provided in Rule 10b-10(e), which does not require automatic disclosure of capacity. Therefore, new Rule 11d2-1 provides consistent relief.

As we noted in the Proposing Release, we do not anticipate that this exemption will generate large benefits or impose great costs. We have, however, identified some potential benefits and costs that could result from Rule 11d2-1.

1. Benefits.

This exemption benefits Full FCMs/Full BDs by avoiding any potential conflicting regulation regarding the disclosure of capacity when Full FCMs/Full BDs effect SFP transactions for customers in futures accounts. This exemption is also designed so that Notice BDs and Full FCMs/Full BDs effecting SFP transactions in futures accounts will not have different disclosure requirements. Finally, if the Commission did not adopt an exemption from Exchange Act Section 11(d)(2), certain of the anticipated benefits of the new Rule 10b-10(e) would be undermined.

Rule 11d2-1 will exempt Full FCMs/Full BDs that effect SFP transactions in futures accounts from a statutory requirement to provide specific information to customers regarding the capacity those entities acted in when effecting such transactions. The exemption, therefore, means that customers would not receive this information on the confirmations they receive about these transactions. This cost, however, is ameliorated to a large extent by the fact that, pursuant to the amendments to Rule 10b-10, the confirmations of these transactions will inform the customers that information on capacity is available upon the customers' written requests.

VIII. Consideration of Burden on Competition, and Promotion of Efficiency, Competition, and Capital Formation.

Section 3(f) of the Exchange Act requires the SEC, when it is engaged in rulemaking and is required to consider or determine whether an action is necessary or appropriate in the public interest, to consider whether the action will promote efficiency, competition, and capital formation. 86 Section 23(a)(2) of the Exchange Act requires the SEC, in adopting rules under the Exchange Act, to consider the impact such rule would have on competition. 87 Further, Section 23(a)(2) prohibits the SEC from adopting any rule that would impose a burden on competition not necessary or appropriate in furtherance of the purposes of the Exchange Act. In the Proposing Release, the SEC requested comments on these statutory considerations.

The SEC received no comments on the issues of efficiency and capital formation. We believe paragraph (e) of Rule 10b-10 and new Rule 11d2-1 should promote efficiency. The rule amendments and rule, which were modeled in great part on the existing confirmation requirements of futures contracts, will allow Notice BDs and Full FCMs/Full BDs to use present confirmation systems, after making the required adjustments, rather than having to build new confirmation systems to meet their confirmation obligations for SFPs held in futures accounts.

In addition, paragraph (e) of Rule 10b-10 and new Rule 11d2-1 are designed to give investors the information necessary to evaluate their securities transactions and the broker-dealers effecting those transactions. We believe that these new rules will improve investor confidence and will therefore promote capital formation.

The SEC also believes that the rules would not impose any significant burden on competition. The SEC received one comment on the issue of competition. The NFA stated that "the proposed rule actually creates a more level playing field by alleviating the competitive burden that would exist if FCMs were required to modify their futures systems to include the transaction-by-transaction information currently required by Rule 10b-10(a)(2)." 88 We therefore find that Rule 10b-10(e) and Rule 11d2-1 should promote competition, improve efficiency and capital formation and should not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Exchange Act.

IX. Final Regulatory Flexibility Act.

Pursuant to Section 605(b) of the Regulatory Flexibility Act, 89 the Chairman of the Commission has certified, based on the representations of the Division of Market Regulation, and the analysis of the Office of Economic Analysis and Office of General Counsel, that the proposed amendments to Rule 10b-10 and new Rule 11d2-1 would not have a significant economic impact on a substantial number of small entities. This certification was attached to the Proposing Release No. 34 - 46014 (May 31, 2001) as Appendix A. The Commission solicited comments concerning the impact on small entities and the Regulatory Flexibility Act certification, but received no comments.

X. Statutory Authority.

The Commission is adopting amendments to Rule 10b-10 and adopting new Rule 11d2-1 under the Exchange Act pursuant to the authority conferred by the Exchange Act, including Sections 10, 11, 17, 23(a), and 36(a)(1). 90.

Text of Final Rules.

List of Subjects in 17 CFR Part 240.

Brokers, Reporting and recordkeeping requirements, Securities.

In accordance with the foregoing, Title 17, Chapter II, of the Code of Federal Regulation is amended as follows.

PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934.

1. The authority citation for Part 240 continues to read, in part, as follows:

Authority: 15 U. S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3, 77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78d, 78e, 78f, 78g, 78i, 78j, 78j-l, 78k, 78k-1, 78 l , 78m, 78n, 78o, 78p, 78q, 78s, 78u-5, 78w, 78x, 78 ll , 78mm, 79q, 79t, 80a-20, 80a-23, 80a-29, 80a-37, 80b-3, 80b-4 and 80b-11, unless otherwise noted.

2. Section 240.10b-10 is amended by removing the authority citation following.

& # 167; 240.10b-10, redesignating paragraph (e) as paragraph (f), and adding new paragraph (e) to read as follows:

§240.10b-10 Confirmation of transactions.

(e) Security futures products . The provisions of paragraphs (a) and (b) of this section shall not apply to a broker or dealer registered pursuant to section 15(b)(11)(A) of the Act (15 U. S.C. 78 o (b)(11)(A)) to the extent that it effects transactions for customers in security futures products in a futures account (as that term is defined in § 240.15c3-3(a)(15)) and a broker or dealer registered pursuant to section 15(b)(1) of the Act (15 U. S.C. 78 o (b)(1)) that is also a futures commission merchant registered pursuant to section 4f(a)(1) of the Commodity Exchange Act (7 U. S.C. 6f(a)(1)), to the extent that it effects transactions for customers in security futures products in a futures account (as that term is defined in § 240.15c3-3(a)(15)), Provided that:

(1) The broker or dealer that effects any transaction for a customer in security futures products in a futures account gives or sends to the customer no later than the next business day after execution of any futures securities product transaction, written notification disclosing:

(i) The date the transaction was executed, the identity of the single security or narrow-based security index underlying the contract for the security futures product, the number of contracts of such security futures product purchased or sold, the price, and the delivery month;

(ii) The source and amount of any remuneration received or to be received by the broker or dealer in connection with the transaction, including, but not limited to, markups, commissions, costs, fees, and other charges incurred in connection with the transaction, provided, however, that if no remuneration is to be paid for an initiating transaction until the occurrence of the corresponding liquidating transaction, that the broker or dealer may disclose the amount of remuneration only on the confirmation for the liquidating transaction;

(iii) The fact that information about the time of the execution of the transaction, the identity of the other party to the contract, and whether the broker or dealer is acting as agent for such customer, as agent for some other person, as agent for both such customer and some other person, or as principal for its own account, and if the broker or dealer is acting as principal, whether it is engaging in a block transaction or an exchange of security futures products for physical securities, will be available upon written request of the customer; e.

(iv) Whether payment for order flow is received by the broker or dealer for such transactions, the amount of this payment and the fact that the source and nature of the compensation received in connection with the particular transaction will be furnished upon written request of the customer; provided, however, that brokers or dealers that do not receive payment for order flow have no disclosure obligation under this paragraph.

(2) Transitional provision .

(i) Broker-dealers are not required to comply with paragraph (e)(1)(iii) of this section until June 1, 2003, Provided that, if, not withstanding the absence of the disclosure required in that paragraph, the broker-dealer receives a written request from a customer for the information described in paragraph (e)(1)(iii) of this section, the broker-dealer must make the information available to the customer; e.

(ii) Broker-dealers are not required to comply with paragraph (e)(1)(iv) of this section until June 1, 2003.

3. Section 240.10b-10 is amended by:

uma. Revising the phrase, at the end of the paragraph (a)(2)(i)(C), "upon written request of the customer; and" to read as follows "upon written request of the customer; provided, however, that brokers or dealers that do not receive payment for order flow in connection with any transaction have no disclosure obligation under this paragraph; and";

b. Removing paragraphs (a)(7)(i), (a)(7)(ii), (a)(7)(iii), and (a)(7)(iv);

c. Revising paragraph (a)(8);

d. Revising the phrase "paragraph (c)(1)" to read "paragraph (b)(1)" in paragraph (b)(2); e.

e. Revising the phrase "paragraph (c)(1)" to read "paragraph (b)(1)" in paragraph (b)(3);

The revision reads as follows:

240.10b-10 Confirmation of transactions.

(8) In the case of a transaction in a debt security, other than a government security, that the security is unrated by a nationally recognized statistical rating organization, if such is the case; e.

4. Section 240.11d2-1 is added to read as follows:

& # 167; 240.11d2-1 Exemption from Section 11(d)(2) for certain broker-dealers effecting transactions for customers security futures products in futures accounts.

A broker or dealer registered pursuant to section 15(b)(1) of the Act (15 U. S.C. 78 o (b)(1)) that is also a futures commission merchant registered pursuant to section.

4f(a)(1) of the Commodity Exchange Act (7 U. S.C. 6f(a)(1)), to the extent that it effects transactions for customers in security futures products in a futures account (as that term is defined in § 240.15c3-3(a)(15)), is exempt from section 11(d)(2) of the Act (15 U. S.C. 78k(d)(2)).

Pela Comissão.

Margaret H. McFarland.

Date: September 6, 2002.

1 Exchange Act Release No. 46014 (May 31, 2002), 67 FR 39647 (June 10, 2002).

2 Pub. L. No. 106-554, 114 Stat. 2763 (2000). Under Exchange Act Section 3(a)(55)(A), the term "security future" is defined as a contract of sale for future delivery of a single security or of a narrow-based security index. 15 U. S.C. 78c(a)(55)(A). Under Exchange Act Section 3(a)(56), the term "security futures product" is defined as a security future or an option on security future. 15 U. S.C. 78C(a)(56).

3 See, e. g., Exchange Act Section 3(a)(10) (15 U. S.C. 78c(a)(10)).

4 The term "security future" is defined in CEA Section 1a(31) (7 U. S.C. 1a(31)) as a contract of sale for future delivery of a single security or of a narrow-based security index. Under CEA Section 1a(33) (7 U. S.C. 1a(33)), the term "security futures product" is defined as a security future or an option on a security future.

5 15 U. S.C. 78o(b)(11)(A)(i) and Exchange Act Release No. 44730 (August 21, 2001), 66 FR 45137 (August 27, 2001).

6 7 U. S.C. 6f(a)(2) and 66 FR 43080 (August 17, 2001).

7 Exchange Act Section 15(b)(11)(B) (15 U. S.C. 78o(b)(11)(B)).

8 CEA Section 4f(a)(4)(A) (7 U. S.C. 6f(a)(4)(A)).

9 Exchange Act Section 15(c)(3)(B) (15 U. S.C. 78o(c)(3)(B)). Cf . CEA Section 4d(c) (7 U. S.C. 6d(c)) (providing the same requirement for the CFTC).

11 Municipal securities are covered by a parallel rule MSRB rule G-15, which applies to all municipal securities brokers and dealers — both bank and non-bank.

12 17 CFR 240.10b-10(a)(1). Subparagraph (1) also provides that the confirmation include either the time of the transaction or the fact that it will be furnished upon written request.

13 17 CFR 240.10b-10(a)(2) and (8).

14 17 CFR 240.10b-10(a)(5) and (6).

15 See, e. g., 17 CFR 240.10b-10(a)(2)(i)(B), (C) and (D); 17 CFR 240.10b-10(a)(8)(i)(A).

16 Exchange Act Release No. 34962 (November 10, 1994), 59 FR 59612, 59613 (November 17, 1994).

17 See Exchange Act Section 15(b)(11)(B) (15 U. S.C. 78o(b)(11)(B)).

18 17 CFR 240.10b-10.

19 17 CFR 1.33(b). Specifically, CEA Rule 1.33(b)(1) requires FCMs that effect futures transactions for customers to provide, no later than the next business day after the transaction, "a written confirmation of each commodity futures transaction caused to be executed by it . . . . & quot;

21 CEA Rule 1.33b(2) (17 CFR 1.33(b)(2)) does specify the detail required in a confirmation of a commodity option transaction. In addition, CEA Rule 1.46(a) (17 CFR 1.46(a)) requires an FCM to furnish a futures or options customer a purchase-and-sale statement when an offsetting transaction is executed showing the financial result of the transactions in involved.

22 See, e. g., CME Rule 537; CBOT Rules 421.00 & 421.01.

23 CME Rule 537; CBOT Rules 421.00.

24 See, e. g., CBOT Rules 421.00 & 421.01.

25 Exchange Act Release. No. 44854 (September 26, 2001), 66 FR 50786 (October 4, 2001).

26 17 CFR 240.10b-10.

28 Letter dated December 5, 2001, from Thomas W. Sexton, Vice President and General Counsel, National Futures Association, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission; Letter dated December 5, 2001, from John M. Damgard, President, Futures Industry Association, and Mark E. Lackritz, President, Securities Industry Association, to Jonathan G. Katz, Secretary, U. S. Securities & Comissão de intercâmbio. The other letter, dated December 4, 2001, from James J. McNulty, Chicago Mercantile Exchange, Inc. and David J. Vitale, Board of Trade of the City of Chicago, Inc., to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission, did not address the application of the confirmation requirements of the Commission and the CFTC but did support account specific recordkeeping requirements.

29 A discussion of these comments is found in the release proposing the rule amendments and the new rule. Exchange Act Release No. 46014 (May 31, 2002), 67 FR 39647 (June 10, 2002).

31 Letter dated July 10, 2002, from Thomas W. Sexton, Vice President and General Counsel, National Futures Association, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission.

32 Letter dated July 24, 2002, from Jonathan Barton, Chairman, FIA/SIA Steering Committee on Security Futures, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission.

33 Letter dated July 10, 2002, from Thomas W. Sexton, Vice President and General Counsel, National Futures Association, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission.

34 Letter dated July 24, 2002, from Jonathan Barton, Chairman, FIA/SIA Steering Committee on Security Futures, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission.

35 See CME Rule 537; CBOT Rules 421.00 and 421.01. As noted above, the exchanges that plan to trade SFPs have not yet proposed or adopted confirmation rules.

36 Exchange Act Release No. 44854 (September 25, 2001), 66 FR 50785 (October 4, 2001).

37 Letter dated July 24, 2002, from Jonathan Barton, Chairman, FIA/SIA Steering Committee on Security Futures, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission.

38 See Memorandum to file number S7-17-01 regarding February 12, 2002 Conference call between Commission staff members and representatives of Morgan Stanley Dean Witter (March 13, 2002).

39 See Memorandum to file number S7-17-01 regarding February 27, 2002 and March 5, 2002 conversations between Securities and Exchange Commission staff member and representative of Morgan Stanley Dean Witter (March 12, 2002).

40 Letter dated July 10, 2002, from Thomas W. Sexton, Vice President and General Counsel, National Futures Association, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission.

42 Letter dated December 5, 2001, from Thomas W. Sexton, Vice President and General Counsel, National Futures Association, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission. See, e. g. , CME Rules 526 and 538, BrokerTec Futures Exchange ("BTEX") Rules 406 and 407; see also Chicago Board of Trade's Proposal to Adopt Block Trading Procedures, 65 FR 58051 (September 27, 2000).

43 Letter dated July 10, 2002, from Thomas W. Sexton, Vice President and General Counsel, National Futures Association, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission; see also Memorandum to file number S7-17-01 regarding March 11, 2002, and March 12, 2002, conversations between Securities and Exchange Commission staff member and representative of Credit Suisse First Boston (March 12, 2002).

44 Letter dated July 10, 2002, from Thomas W. Sexton, Vice President and General Counsel, National Futures Association, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission.

46 The National Association of Securities Dealers, Inc. also attempted to clarify this provision in the September 1997 issue of NASD Regulatory & Compliance Alert explaining that: "[b]roker-dealers that never receive payment-for-order flow have no disclosure requirement under SEC Rule 10b-10." Confirmation Disclosures: Payment-For-Order-Flow Practices And Yield-To-Maturity Calculations on Treasury Bills, Bonds, And Notes , NASD REGULATORY & COMPLIANCE ALERT, Vol. 11, No. 3 September 1997 at 30.

47 Exchange Act Release No. 34902 (October 27, 1994) 59 FR 55006 (November 2, 1994).

48 Proposed Rule 10b-10(e)(2)(i). See Exchange Act Release No. 46014 (May 31, 2002), 67 FR 39647 (June 10, 2002).

49 Letter dated July 24, 2002, from Jonathan Barton, Chairman, FIA/SIA Steering Committee on Security Futures, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission.

51 See, e. g. , Exchange Act Release No. 46186 (July 11, 2002), 67 FR 47412 (July 18, 2002). This release proposed new rules and proposed amending existing rules to prepare for the trading of SFPs. For example, the release proposed amending Interpretative Material 2310-2 (Fair Dealing with Customers) to refer to new proposed Rule 2865 regarding security futures sales practices as well as creating new Rule 2865 to regulate security futures sales practices. See also National Association of Securities Dealers Rule 2230.

52 17 CFR 240.10b-10(a)(9).

53 See Exchange Act Release No. 34962 (November 10, 1994), 59 FR 59612 (November 17, 1994).

54 15 U. S.C. 78ccc(a)(2) and 78ddd.

55 15 U. S.C. 78fff-3(a)(1). When a SIPC member is liquidated in a SIPC proceeding, due to bankruptcy or other financial difficulties, SIPC will return to customers their cash and securities held by the broker-dealer. To the extent that the broker-dealer does not have sufficient resources to return the cash and securities to customers, SIPC will replace the missing assets, up to $500,000 per customer (including $100,000 for cash claims).

56 Letter dated July 24, 2002, from Jonathan Barton, Chairman, FIA/SIA Steering Committee on Security Futures, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission.

57 Letter dated July 10, 2002, from Thomas W. Sexton, Vice President and General Counsel, National Futures Association, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission.

58 17 CFR 240.10b-10(a)(2).

60 See Exchange Act Section 15(b)(11)(B)(ii) (15 U. S.C. 78o(b)(11)(B)(ii)).

61 Exchange Act Section 36(a)(1) (15 U. S.C. 78mm(a)(1)); see also Exchange Act Section 23(a)(1) (15 U. S.C. 78w(a)(1)).

62 ("The [Industry] Associations also support the adoption of proposed Rule 11d2-1 as published for comment."). See Letter dated July 24, 2002, from Jonathan Barton, Chairman, FIA/SIA Steering Committee on Security Futures, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission fn. 3.

63 Exchange Act Release No. 34962 (November 10, 1994), 59 FR 59612 (November 17, 1994).

65 Exchange Act Release No. 34902 (October 27, 1994), 59 FR 55006 (November 2, 1994).

66 Exchange Act Release No. 34962A (November 18, 1994), 59 FR 60555 (November 25, 1994).

67 Exchange Act Release. No. 35473 (March 10, 1995), 60 FR 14366 (March 17, 1995).

68 Exchange Act Release No. 34962 (November 10, 1994), 59 FR 59612 (November 17, 1994).

71 See, e. g ., Letter dated March 10, 1998, from Frederick Wertheim, Sullivan & Cromwell, to Catherine McGuire, Associate Director and Chief Counsel, Division of Market Regulation, U. S. Securities and Exchange Commission.

73 As such, the Commission amended its estimate of the paperwork burden for Rule 10b-10 to reflect the additional transactions (and the resulting confirmations) the Commission estimated will be required once SFPs begin trading. We note, however, that this increase in the paperwork burden for Rule 10b-10 is pursuant to the enactment of the CFMA and the expected increased trading brought about by the anticipated trading in SFPs.

74 In our April 29, 2002 order adjusting the fee rates under Section 31 of the Exchange Act, we estimated that we would collect $450,000 in assessments on round turn transactions in security futures in fiscal 2003. This estimate was based on the Congressional Budget Office's August 28, 2001 estimate of collections for that fiscal year, adjusted to reflect the reduction in the assessment rate included in the Investor and Capital Markets Fee Relief Act. Dividing the estimated $450,000 in collections on round turn transactions in security futures by the assessment rate of $0.009 per round turn transaction yields 50 million round turn transactions. Because each of the estimated 50 million round turn transactions will involve at least two confirmations, we estimate that there will be approximately 100 million confirmations.

77 CEA section 4d(c) (7 U. S.C. 6d(c)) and Exchange Act section 15(c)(3)(B) (15 U. S.C. 78 o (c)(3)(B)) respectively.

79 See CME Rule 537; CBOT Rules 421.00 and 421.01; see also Memorandum to file number S7-17-01 regarding February 12, 2002 conference call between Commission staff members and representatives of Morgan Stanley Dean Witter (March 13, 2002).

80 See Memorandum to file number S7-17-01 regarding February 12, 2002 conference call between Commission staff members and representatives of Morgan Stanley Dean Witter (March 13, 2002).

81 See Memorandum to file number S7-17-01regarding February 27, 2002 and March 5, 2002 conversations between Securities and Exchange Commission staff member and representative of Morgan Stanley Dean Witter (March 12, 2002).

83 Letter dated July 10, 2002, from Thomas W. Sexton, Vice President and General Counsel, National Futures Association, to Jonathan G. Katz, Secretary, U. S. Securities and Exchange Commission. See also Memorandum to file number S7-17-01 regarding February 12, 2002 conference call between Commission staff members and representatives of Morgan Stanley Dean Witter (March 13, 2002); Memorandum to file number S7-17-01 regarding March 11, 2002, and March 12, 2002, conversations between Securities and Exchange Commission staff member and representative of Credit Suisse First Boston (March 12, 2002).

84 See Memorandum to file number S7-17-01 regarding March 11, 2002, and March 12, 2002, conversations between Securities and Exchange Commission staff member and representative of Credit Suisse First Boston (March 12, 2002).

85 See Memorandum to file number S7-17-01 regarding February 12, 2002 conference call between Commission staff members and representatives of Morgan Stanley Dean Witter (March 13, 2002); Memorandum to file number S7-17-01 regarding March 11, 2002, and March 12, 2002, conversations between Securities and Exchange Commission staff member and representative of Credit Suisse First Boston (March 12, 2002).

What is a Brokerage Trade Confirmation?

Trade Confirmation Definition and Explanation for New Investors.

Thanks to SEC=mandated and other regulatory requirements, when you begin placing trades through your brokerage account with your new stock broker, you will get something known as a trade confirmation. This trade confirmation will be mailed to you or, if you've opted for paperless delivery, made available to you in some downloadable format such as Adobe PDF, whenever your broker executes a buy or sell order for you.

Depending upon your brokerage firm or broker, the information on a trade confirmation will vary, but there are a few things that are included on almost all of them.

The Things You Might Find on a Brokerage Trade Confirmation.

The name of the investment you traded, along with the ticker symbol Total shares bought or sold The cost or selling price per share The commission paid to the brokerage firm (depending upon the specifics, if your broker was acting for you in a dealer capacity, you may see bond spreads on fixed income securities) The trade execution date, which shows when the trade was placed The settlement date, which is the day the money and investment, such as shares of stock, transfers (if you have your purchases or sales settled against a bank account, this is the date the money will be taken out of or deposited into your account) The total gross value of the transaction The total net value of the transaction after deducting brokerage commissions The account number in which the trade was placed The type of order that was used; e. g., a market order, limit order, et cetera.

Why You Should Examine Your Broker's Trade Confirmations Carefully.

The trade confirmation is extremely important because it is your way of verifying that the broker has filled an order according to your instructions (there are twelve different types of stock trades a typical investor might place with his or her stock broker).

If you notice that the trade confirmation includes information on it that you believe is in error, you must contact your bank or broker immediately to attempt to get it corrected.

It is highly recommended that you keep accurate copies of all of your trade confirmations. Those trade confirmations will prove to be extremely useful when it comes time to filing your taxes; tracking capital gains and losses will be much simpler, and if you are ever audited you will have the necessary documentation, though recent changes in the way cost basis accounting is done for the IRS make the custodian records the official tax records.

Your Investment Advisor Might Have Copies of Your Trade Confirmations.

If you work with a Registered Investment Advisor, the individual advisor representative overseeing your portfolio may have copies of your trade confirmations, or be able to get them for you, though it's still best to maintain your own records. You can also use these trade confirmations to reconcile the statement from your custodian with the statement from your advisor so you and your accountants, attorneys, or private bankers can better audit the activity in your individually managed account.

Finally, the trade confirmations themselves should match the activity summary on your account statement from the broker or custodian, too; everything from the exact share count to the precise commission and, if available, your instructions for whether or not you want the dividend reinvested automatically.

If push comes to shove, you can recreate the details of your trades from the information found on your account statements, which is one of the reasons it is important to review those account statements for accuracy, too.

To learn more about stock brokers, brokerage accounts, broker trade confirmations, full service brokers versus discount brokers, investment advisors, and much, much more, check out the New Investor's Complete Guide to Brokers, which will link you to many more articles and essays I've written on these and other, related, topics. It can be a great way to gain an introductory understanding of some of these concepts.

Pronto para começar a construir riqueza? Inscreva-se hoje para aprender a economizar para uma reforma antecipada, enfrentar sua dívida e aumentar seu patrimônio líquido.

Opção Trading & # 8211; SPX, Trade Confirmation and VIX.

Categorias.

Charts We Like (1) Educational Articles (2) FOREX Hour Shows (123) FOREX Trading (445) Futures Trading (4) Older Weekend Update Archive (1) Options Trading (60) Pairs Trading (570) Pairs Trading Hour Shows (122) Peter's Premarket Perspective (1,456) ShadowTrader Video Weekly (120) Swing Trading (704) Tasty Trade (ShadowTrader Uncovered) (69) Trading Psychology (9) Uncategorized (30)

Opção Trading & # 8211; SPX, Trade Confirmation and VIX.

Ryan Mastro aparece no ShadowTrader SquawkBox terças e quintas-feiras às 3pm EST.

No show de hoje no ThinkorSwim Squawkbox hospedado por Shadowtrader discutimos: