A vigorous and spirited etude. It features a short, jocose middle section before returning to its bright character. The primary focus of this etude appears to be on the intricate arpeggiated sixteenth notes in the right hand, played with a wide dynamic range from pp to ff (and molto marcato). This work is the only one among the Études-Tableaux, Op. 33, that was orchestrated by Respighi, and for which Rachmaninoff himself revealed the "secret of its conception" in a letter addressed to him. Based on Rachmaninoff's description of a "market scene," Respighi gave the orchestral version of this work the subtitle "The Market." The work's bright vivacity and distinct rhythms undeniably evoke the atmosphere of a market scene and the mood of its people. However, in contrast to the market image, the scale of the music created by Rachmaninoff (e.g., in the coda) seems overly grand. From this perspective, the aforementioned Keldysh casts doubt on the suitability of applying a small-scale scene like a market to this piece. According to him, "one must admit that Rachmaninoff's programmatic settings were not always successful, and at times the music itself did not sufficiently match their character. (It is doubtful whether the setting of a market scene for the Étude-Tableau in E-flat major is successful. The music expresses the image of a more monumental and solemn scene.)" Indeed, precisely in this ambiguity of the program lies the difficulty of interpreting Rachmaninoff's Études-Tableaux.