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 a 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