Page:United States Statutes at Large Volume 106 Part 4.djvu/861

 PUBLIC LAW 102-546—OCT. 28, 1992 106 STAT. 3597 finds that— "(I) the volume of trading on such exchange is relatively small and the exchange has demonstrated substantial compliance with the objectives of such paragraph; and "(n) the trade monitoring system at such exchange otherwise maintains a high level of compliance with this subsection; and "(ii) to the extent determined appropriate by the Commission, for categories of customer orders witii respect to which the Commission finds that such orders are transmitted to and reported fix)m the trading pit in an extremely rapid manner such that substantial compliance with the objectives of paragraph (3) can be otherwise achieved. ^B) For purposes of subparagraph (A)(i)(1) the Commission shall find that the volume of tradiog at an exchange is relatively small if, among other things, the Commission determines that the average daily trading volume for each contract market for which the boiEurd of trade is designated is less than the threshold trading level established for the contract market under section 4j(a)(4). '*(6) Any rule or order adopted by the Commission under para- Effective date. graphs (4) and (5) shall become effective thirty legislative days or ninety calendar days, whichever is later, after submission of such rule or order to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate. For purposes of this paragraph, the term legislative day* means any day on which either House of Congress is in session.". (b) STUDY. — 7 USC 7a note. (1) IN GENERAL.~Not later than two years afl»r the date Repo'^ of enactment of this Act, the Commodity Futures Trading Commission shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report that containis— (A) an assessment of the progress of each contract market in developing and implementing systems to record the times of transactions independently, precisely, and completely as required under section 5a(b) of the Commodity Exchange Act (as added by subsection (a) of this section); and (B) recommendations as to whether any extension of time for the completion of such systems or any modification of the standards contained in such section is appropriate. (2) GAO VIEWS.—The Comptroller General of the United States shall state to Congress the views of the Comptroller General with regard to the issues addressed in such report. (c) AUDIT TRAIL COMPLIANCE AS CONDITION FOR CONTRACT MARKET DESIGNATION. —Section 5 (7 U.S.C. 7) is amended by— (1) indenting the left margin of subdivisions (a) through (g) by 2 ems; (2) striking "(ar, "(bf, 'KeT, "(dr, "(er, "(f)", and 'XgT, and inserting "(ir, -(2)", "(3)", **(4r, 'XBT, **(6r, and XTT, respectively; and (3) adding at the end the following:
 * ii) for an exchange with respect to which the Commission

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