Page:United States Statutes at Large Volume 106 Part 4.djvu/860

 106 STAT. 3596 PUBLIC LAW 102-546—OCT. 28, 1992 "(i) records such data in a form which cannot be altered except in a manner that will leave a complete and independent record of such alteration; "(ii) continually provides such data to the contract market; "(iii) identifies such time, to the extent practicable as determined by the Commission— "(I) independently of the person making the trade; "(II) through a mechanism that records the time automatically when entered by the person making the trade; or "(III) through such other means that will capture a similarlv reliable time; and "(iv) is adequately precise to determine, to the extent practicable as determined by the Commission by rule or order— "(I) the sequence of all trades by each floor trader; and "(II) the sequence of all trades by each floor broker; and "(B) to the extent practicable as determined by the Commission by rule or order, for customer trades, record the time that each order is received on the floor of the board of trade, is received by the floor broker for execution (or when such order is transmitted in an extremely rapid manner to the broker), and is reported from the floor of the board of trade as executed, through a means that— "(i) records such times in a form which cannot be altered except in a manner that will leave a complete and independent record of such alteration; "(ii) continually provides such data to the contract market; "(iii) identifies such time— "(I) independently of the person making the trade or processing the order; "(II) through a mechanism that records the time automatically when entered by the person making the trade or processing such order, as appropriate; or "(III) through such other means as will capture a similarly reliable time; and "(iv) is adequately precise to determine— "(I) the sequence in which, for each futures commission merchant, floor broker, or member firm, as applicable, all orders are received on and reported from the floor of the contract market; and "(II) the sequence in which orders are received by each floor broker for execution. "(4) The Commission may, by rule, establish standards under which the audit trail systems required under paragraph (3) shall record, to the extent practicable— "(A) the sequence of all trades made by all floor traders and floor brokers; and "(B) the interval between the time of receipt and the time of execution of each order by the floor broker executing the order. "(5)(A) The Commission shall, by rule or order, make exemptions from the requirements of paragraph (3)—

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