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    <title>Smart Order Routing (SOR) - Clarification</title>
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    <description>Stock brokers must inform clients of SOR features, risks, rights and liabilities and obtain a broker-client agreement or addendum; exchanges must permit SOR for all order types, allow approved brokers to offer SOR from any server location, and require re-approval only for addition of a new exchange or material system changes. Exchanges must decide SOR applications within thirty calendar days, not treat testing as part of completeness, schedule testing within that period if needed, and communicate reasons for any rejection to the broker and other exchanges.</description>
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    <pubDate>Thu, 09 Dec 2010 00:00:00 +0530</pubDate>
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