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Federal Register / Vol. 86, No. 35 / Wednesday, February 24, 2021 / Notices
Combined Waitlist interrelate, is reasonable for the same reason.
The Exchange believes that following 2. Statutory Basis the Existing Procedures two-tier The Exchange believes that the structure of establishing, first, a proposed rule change is consistent with purchasing limitation on order size, and Section 6b of the Act,13 in general, and second, a waitlist, would be a furthers the objectives of Sections reasonable method to respond to 6b4 and 5 of the Act,14 in particular, increasing demand for power and because it provides for the equitable cabinets in the future. The Exchange allocation of reasonable dues, fees, and notes that the Existing Procedures are other charges among its members, consistent with the Nasdaq procedures issuers and other persons using its for allocating cabinets if its cabinet facilities and does not unfairly inventory shrinks to zero.15 The discriminate between customers, Exchange believes that it is reasonable issuers, brokers or dealers. In addition, to amend the Existing Procedures to it is designed to foster cooperation and clarify what would occur if a User coordination with persons engaged in changes the size of its order while it is regulating, clearing, settling, processing on the Cabinet Waitlist.
information with respect to, and The Exchange believes that the facilitating transactions in securities, to proposed Power Threshold is reasonable remove impediments to, and perfect the and equitable. Based on experience, the mechanisms of, a free and open market Exchange believes that the Power and a national market system and, in Threshold of 350 kW is reasonable and general, to protect investors and the appropriate because it is sufficiently public interest and because it is not low that it would not be triggered designed to permit unfair repeatedly, yet it offers a reasonable discrimination between customers, buffer during which the Combined issuers, brokers, or dealers.
Limits would apply before the Combined Waitlist would become The Proposed Rule Change Is effective.
Reasonable and Equitable The Exchange believes that the The Exchange believes that the proposed Combined Limits are proposed rule change is reasonable and reasonable and equitable. Based on its equitable for the following reasons.
experience with co-location and The Exchange believes that User purchasing trends over the last few demand for power will continue. The years, the Exchange believes that in Exchange is currently working to most cases the amount of power that a expand the amount of power and User would be allowed to buy under the number of cabinets available in proposed Combined Limits, whether in colocation. Nevertheless, the Exchange the form of cabinets or Additional believes that it would be reasonable for Power, would be sufficient for a Users it to put in place the Proposed needs while leaving a margin for Procedures to establish the allocation of potential growth.
power and cabinets on an equitable Further, the Exchange believes that, basis, consistent with the Established by establishing a waitlist on the basis of Procedures. The Proposed Procedures the date it receives signed orders, would establish a rational, objective limiting the size and number of orders procedure that would be applied a User may have on the waitlist at any uniformly by the Exchange to all Users one time, stating what happens if a User that requested new cabinets or changes its order while on the waitlist, Additional Power.
and removing a User from the waitlist The Exchange believes that if it turns down an offer that is the same integrating the procedures for the as what it requested, the Combined allocation of power with the Existing Waitlist is largely consistent with the Procedures would be reasonable, Existing Procedures and reasonably because cabinets are provided with designed to prevent Users from utilizing power. Having both power and cabinets the waitlist as a method to obtain a covered by the Proposed Procedures greater portion of the power and would ensure that the procedures for all cabinets available, thereby facilitating a relevant services are consistent and more equitable distribution. Similarly, coordinated. Having the Proposed the Exchange believes that by requiring Procedures state what would occur if a 30-day delay before a User subject to the Cabinet Threshold and Power the Combined Limits could purchase Threshold are reached at different times, Standard Cabinets or Additional Power and how the Cabinet Waitlist and
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would have in complying with the proposed change.

15 See Securities Exchange Act Release No. 62397
June 28, 2010, 75 FR 38860 July 6, 2010 SR
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again, the Proposed Procedure is reasonably designed to prevent a User from obtaining a greater portion of the power and cabinets available.
The Exchange believes that the proposed change is reasonable and equitable because the Exchange would only place limits on Users ability to purchase Standard Cabinets or Additional Power if either or both the Power Threshold and Cabinet Threshold are reached. Similarly, the Exchange believes that the proposed change is reasonable and equitable because the Combined Waitlist would only be created if unallocated power capacity in co-location is zero, or if a User requests, in writing, an amount of power whether power allocated to a Standard Cabinet or Additional Power that, if provided, would cause the unallocated power capacity to be below zero, and because there would be an established threshold for cessation of the Combined Waitlist.
The Exchange believes that it would be reasonable and equitable to require Users with PNU cabinets to either convert their PNU cabinets into dedicated cabinets or relinquish them if either or both the Cabinet Threshold and Power Threshold are reached.
Doing so would make the power reserved for PNU cabinets and the cabinets themselves available to meet User demand for power and cabinets. As a result, no User would be subject to limitations on its ability to purchase and use power or cabinets at the same time that PNU cabinets were dormant. The Exchange believes that the measure is therefore reasonably designed to prevent a User from reserving, but not using, power or cabinets at a time when other Users are subject to limitations, facilitating a more equitable distribution.
The Proposed Procedures would provide additional specificity to the existing PNU cabinet provision permitting conversion of PNU cabinets, by stating what the relevant thresholds would be, when the Exchange would require Users to decide whether to convert their PNU cabinets, and when PNU cabinets would be offered again, thereby increasing transparency and adding clarity.
The Exchange believes that the proposed change would be a reasonable method for the Exchange to accommodate demand for power and cabinets on an equitable basis, while allowing all Users that currently have a PNU cabinet to have a choice between converting their PNU cabinet to a dedicated cabinet or relinquishing it.
The Exchange notes that Nasdaqs colocation customers that have a Cabinet
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