The Securities and Exchange Commission (``Commission'') is postponing the effective date that registered broker-dealer sponsors of certain automated trading systems (as defined in Rule 17a-23) (``Broker-Dealer Trading Systems'') must comply with the recordkeeping requirements of Rule 17a-23 under Section 17 of the Securities Exchange Act of 1934 from June 1, 1995 to July 1, 1995, in order to facilitate the process of conversion to a standard trade settlement time frame of three business days after the trade date. In addition, the Commission is amending its regulation concerning Organization and Program Management<SUP>1 to delegate authority to the Director of the Division of Market Regulation (``Division'') to grant exemptions to any sponsor, or class of sponsors, of a Broker-Dealer Trading System or Systems from any or all of the provisions of Rule 17a-23, either unconditionally or on specified terms and conditions, if the Director of the Division determines that such exemption is consistent with the public interest or the protection of investors.