Exchanges Seek 15c3-5 Delay for Routing Broker-Dealers
In the letter, the exchange operators ask the regulator 34 questions that they would like clarified on how the rule against "naked" sponsored access will affect routing brokers-dealers and exchange-affiliated broker-dealers due to their unique responsibilities and limitations on their businesses.
Unlike other broker-dealers, exchange-affiliated broker-dealers are regulated as a facility of their respective exchanges, which adds to addition complexity to altering their business.
"The exchanges
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