Exhibit S – ABC, LLC

If this is an application for an exemption from registration as a clearing agency, attach a statement demonstrating why the granting of an exemption from registration as a clearing agency would be consistent with the public interest, the protection of investors and the purposes of Section 17A of the Act, including the prompt and accurate clearance and settlement of securities transactions and the safeguarding of securities and funds.

ABC requests exemption from registration as a clearing agency and believes that granting an exemption from registration would be consistent with the public interest, the protection of investors, and the purposes of Section 17A of the Act. ABC’s clearing function is a real time matching system, which allows members to effectively verify transaction data. This is an important prerequisite to timely trade settlement and risk mitigation. Automated data verification removes obstacles to settlement and decreases potential losses created by input and reference data errors. This allows participants to focus on their core competencies in the securities markets, eliminating unnecessary costs and facilitating fair competition.