Consequently, any alternative trading system that elects exchange registration would not be subject to oversight by a competing national securities exchange or national securities association.162 Similarly, as a national securities exchange, an alternative trading system would be able to establish its own rules of conduct, trading rules, and fee structures for external access. An alternative trading system registered as a broker-dealer, on the other hand, would have to comply with the rules of the SRO to which it belongs, including any rules regarding the automatic execution of small orders