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Rule 440I. Records of Compensation Arrangements—Floor Brokerage

This rule is no longer applicable effective August 17, 2009.

(a) Every member not associated with a member organization and each member organization primarily engaged as an agent in executing transactions on the Floor of the Exchange must maintain a written record including a description of each type of compensation arrangement entered into with other members, member organizations, non-member organizations and customers in connection with transactions executed on the Floor of the Exchange.
(b) Records maintained in accordance with paragraph (a) of this Rule must identify, by name, the members, member organizations, non-member organizations and customers who are parties to each type of compensation arrangement in effect.
Adopted.
October 8, 1999

• • • Supplementary Material: --------------

.10 For purposes of paragraphs (a) and (b) of this Rule 440I, the requirement to maintain a written record of each type of compensation arrangement shall not apply to:
(a) any compensation arrangement wherein a member or member organization receives gross compensation of less than $5,000 per year from any member, member organization, non-member organization or customer; or
(b) any compensation arrangement involving transmission of orders solely through the Exchange's electronic order routing system.
.20 A member or member organization is deemed to be primarily engaged as an agent in executing transactions on the Floor of the Exchange if at least 75% of its revenue is derived from floor brokerage.
Adopted.
October 8, 1999.

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