to satisfy the requirements of Rule 17(c). Br. at 3-4. The Court will address each argument in turn. A. Nasdaq and Its Subsidiary SRO Do Not Enjoy Absolute Immunity from Third-Party Subpoenas in Criminal Cases Nasdaq Stock Market is undisput-edly a national stock exchange registered with the Securities Exchange Commission (“SEC”) and thus, by statute, a self-regulatory organization (“SRO”) with attendant regulatory, enforcement, and adjudicatory authority subject to SEC approval and oversight. See In the Matter of the Application of Nasdaq Stock Market LLC for Registration as a National Securities Exchange, Exchange Act Release No. 34-53128, 2006 WL 92913 (Jan. 13, 2006); 15 U.S.C. §§ 78c(a)(26), 78f, 78s(b); see also Lanier v. Bats Exchange, Inc., 838 F.3d 139, 143 (2d Cir. 2016) (<HOLDING>). Nasdaq asserts that by virtue of its
recognizing implied duty to produce and market recognizing considerable authority of sros like nasdaq stock market holding in action for breach of contract caused by wrongful foreclosure and sale of shares of stock plaintiff was entitled to recover the fair market value of the stock at the time of its sale recognizing implied duty to market holding that erisa trustee could rely on pricing through major stock market for the best estimate of the current value of a stock at any given time and citing work of dr malkiel neither fiduciary was required to act on the assumption that the market was overvaluing united