Alternative trading system: Difference between revisions
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An [[alternative trading system]] or (“'''[[ATS]]'''”) is a trading system that meets the definition of an “exchange” under federal securities laws but is not required to register as a national securities exchange as long as it operates under the exemption provided under Exchange Act Rule 3a1-1(a). | An [[alternative trading system]] or (“'''[[ATS]]'''”) is a trading system that meets the definition of an “exchange” under federal securities laws but is not required to register as a national securities exchange as long as it operates under the exemption provided under Exchange Act Rule 3a1-1(a). To operate under this exemption, an ATS must comply with the requirements set forth in Rules 300-303 of Regulation ATS. | ||
To comply with fabulously eponymous [[Regulation ATS]], before commencing operations an ATS must, register as a [[broker-dealer]] and file an initial operation report with the SEC on [[Form ATS]]. | To comply with fabulously eponymous [[Regulation ATS]], before commencing operations an ATS must, register as a [[broker-dealer]] and file an initial operation report with the SEC on [[Form ATS]]. | ||