(4)Section 3(a)(1) of the Securities Exchange Act of 1934 (the ‘Exchange Act’) defines an exchange as any organisation, association, or group of persons which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange. The term exchange is further defined under SEC Rule 3b-16 as an organisation, association or group of persons that brings together the orders for securities of multiple buyers and sellers and uses established, non-discretionary methods, whether by providing a trading facility or by setting rules, under which such orders shall interact with each other and the buyers and sellers entering such orders agree to the terms of the trade. Accordingly, an exchange is required to operate a multilateral system in accordance with non-discretionary rules.