The 3 o'clock dial is supposed to show elapsed minutes and hours when the chronograph is used for an extended time.
See this link to a similar model to this one:
http://www.timeandwatches.com/2013/04/omega-speedmaster-57-co-axial.html
On the reps it can either be fixed in the position you see in the pic, or moving at a rate not related to any specific time. The mod for this sub-dial would be to freeze both hands in the 12 o'clock position.
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