On August 8, 2013, the SEC issued an order temporarily exempting certain broker-dealers and certain transactions from the recordkeeping and reporting requirements of Rule 13h-1 under the Securities Exchange Act of 1934. Broker-dealers that are large traders but do not self-clear, and broker-dealers effecting transactions directly or indirectly for a large trader where a non-broker-dealer carries the account for the large trader are temporarily exempted from recording and reporting transaction data through the EBS system for the duration of "phase two" which ends November 1, 2013. Such broker-dealers must come into compliance by the end of "phase three" which ends November 1, 2015. SEC Release No. 34-70150.