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]]. | ||
Revision as of 15:28, 12 February 2019
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.
Thereafter, it must update its Form ATS to provide notice of any changes to its operations or if it ceases operations. The filing requirements for Form ATS are in Rule 301(b)(2) of Regulation ATS. The SEC maintains a list of ATSs including the name, the business name, and location of each registered ATS.
That tells you a lot, doesn't it.