Securities traded on a national securities exchange must be registered with the Commission and approved for listing on the exchange. In addition, national securities exchanges are permitted to trade securities listed on other exchanges and Nasdaq pursuant to unlisted trading privileges, or UTP.196 Alternative trading systems that choose to register as exchanges would be required to have rules for trading the class or type of securities it seeks to trade pursuant to.197 Moreover, to trade Nasdaq NM securities, these systems would have to become signatories to an existing plan governing such trading.198 These requirements ensure that investors have adequate information and that all relevant trading activity in a security is reported to, and surveilled by, the exchange on which it is listed. Alternative trading systems that choose to register as national securities exchanges would be subject to these requirements.