It shall be unlawful for any
broker, dealer, or exchange, directly or indirectly, to make use of
the mails or any means or instrumentality of interstate commerce for
the purpose of using any facility of an exchange within or subject
to the jurisdiction of the United States to effect any transaction
in a security, or to report any such transaction, unless such exchange
(1) is registered as national securities exchange under section 6
of this title, or (2) is exempted from such registration upon application
by the exchange because, in the opinion of the Commission, by reason
of the limited volume of transactions effected on such exchange, it
is not practicable and not necessary or appropriate in the public
interest or for the protection of investors to require such registration.
