An “established securities market” is:
- A national securities exchange registered under section 6 of the Securities Exchange Act of 1934 (“1934 Act”);
- A national securities exchange not registered under the 1934 Act because of the limited volume of transactions;
- A foreign securities exchange satisfying regulatory requirements analogous to those of the 1934 Act;
- A regional or local exchange; or
- An interdealer quotation system that regularly disseminates firm buy or sell quotations by identified brokers or dealers, by electronic means or otherwise. Treas. Reg. §1.7704-1(b)