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Federal Register / Vol. 86, No. 35 / Wednesday, February 24, 2021 / Notices the User turns down an offer of a cabinet of the same size it requested in its order. If the Exchange offers the User a cabinet of a different size than the User requested in its order, the User may turn down the offer and remain at the top of the Cabinet wWaitlist until its order is completed.
A User that is removed from the Cabinet wWaitlist but subsequently submits a new written order for cabinets will be added back to the bottom of the Cabinet wWaitlist.
When unallocated cabinet inventory is more than 10 cabinets, the Exchange will cease use of the Cabinet wWaitlist.
b. Combined Waitlist. The Exchange would create a power and cabinet waitlist Combined Waitlist if the unallocated power capacity 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. The Exchange would place Users seeking cabinets or power on the Combined Waitlist, as follows:
All Users with PNU cabinets will be required to either convert their PNU cabinets into dedicated cabinets or relinquish their PNU cabinets in accordance with the measures set forth in General Note 7b, above.
If a Cabinet Waitlist exists when the requirements to create a Combined Waitlist are met, the Cabinet Waitlist will automatically convert to the Combined Waitlist. If a Combined Waitlist exists when the requirements to create a Cabinet Waitlist are met, no new waitlist will be created, and the Combined Waitlist will continue in effect.
A User will be placed on the Combined Waitlist based on the date its signed order for cabinets and/or additional power is received.
A User may only have one order for new cabinets and/or additional power on the Combined Waitlist at a time, and the order would be subject to the Combined Limits. If a User changes the size of its order while it is on the Combined Waitlist, it will maintain its place on the Combined Waitlist, and will remain subject to the Combined Limits.
As additional power and/or cabinets become available, the Exchange will offer them to the User at the top of the Combined Waitlist. If the Users order is completed, the order will be removed from the Combined Waitlist. If the Users order is not completed, it will remain at the top of the Combined Waitlist.
A User will be removed from the Combined Waitlist a at the Users request;
b if the User turns down an offer that is the same as its order e.g., the offer includes cabinets of the same size and/or the amount of additional power that the User requested in its order. If the Exchange offers the User an offer that is different than its order, the User may turn down the offer and remain at the top of the Combined Waitlist until its order is completed.
A User that is removed from the Combined Waitlist but subsequently submits a new written order for cabinets and/or additional power will be added back to the bottom of the waitlist.
If the Combined Waitlist is in effect, when unallocated power capacity in co-

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location is at 100 kW, the Exchange will cease use of the waitlist. If at that time the unallocated cabinet inventory is 10 or fewer cabinets, the Cabinet Limits would enter into effect.

that requested new cabinets or Additional Power.
The Exchange believes that integrating the procedures for the allocation of power with the Existing The proposed change would apply the Procedures would be reasonable, same way to all types and sizes of because cabinets are provided with market participants. As is currently the power. Having both power and cabinets case, the purchase of any colocation covered by the Proposed Procedures service is completely voluntary and the would ensure that the procedures for all Price List and Fee Schedule are applied relevant services are consistent and uniformly to all Users. The proposed coordinated. Having the Proposed change is not otherwise intended to Procedures state what would occur if address any other issues relating to cothe Cabinet Threshold and Power location services and/or related fees, Threshold are reached at different times, and the Exchange is not aware of any and how the Cabinet Waitlist and problems that Users would have in Combined Waitlist interrelate, is complying with the proposed change.
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 13 15

U.S.C. 78fb.
14 15 U.S.C. 78fb4 and 5.

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15 See Securities Exchange Act Release No. 62397
June 28, 2010, 75 FR 38860 July 6, 2010 SR
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