Alternative trading systems sec
Company Filings More Search Options. The proposal would require an NMS stock ATS to file detailed disclosures on newly proposed Form ATS-N about its operations and the activities of its broker-dealer operator and its affiliates. The proposals also would provide a process for the Commission to qualify NMS stock ATSs for the exemption under which they operate and to review disclosures made on Form ATS-N.
This would provide a process for the Commission to declare Form ATS-N filings effective or ineffective, as well as provide a process to review amendments. The SEC is seeking public comment on the proposal for 60 days following its publication in the Federal Register. The proposed amendments would enhance transparency and oversight of alternative trading systems. The proposal would amend Regulation ATS to require all ATSs to have and maintain written safeguards and procedures to protect the confidential trading information of their subscribers, and written procedures to ensure that those safeguards and procedures are followed.
In , the Commission adopted Regulation ATS, which established a new regulatory framework designed to encourage market innovation, while ensuring basic investor protections.
OTC (ATS & Non-ATS) Transparency | bozirixejiwi.web.fc2.com
It gave securities markets a choice to register as a national securities exchange, or operate as an alternative trading system, which would be required to register as a broker-dealer and comply with Regulation ATS.
Since the adoption of Regulation ATS, the equity markets have evolved substantially and ATSs have become a significant source of liquidity in NMS stocks, accounting for approximately 15 percent of volume in NMS stocks.
bozirixejiwi.web.fc2.com | SEC Proposes Rules to Enhance Transparency and Oversight of Alternative Trading Systems
ATSs that trade NMS stocks generally operate with complexity and sophistication similar to registered national securities exchanges, which applicable laws and regulations require to be transparent trading venues.
Despite the evolution in the equity markets, and growth of NMS stock trading on ATSs since , information available to market participants about the operations of ATSs that trade NMS stocks is often limited.
In addition, little information is available to market participants about the relationship between these ATSs and the other business operations of their broker-dealer operators. The comment period for the proposed amendments will be 60 days after publication in the Federal Register.
STAY CONNECTED 1 Twitter 2 Facebook 3 RSS 4 YouTube 5 Flickr 6 LinkedIn 7 Pinterest 8 Email Updates. Securities and Exchange Commission. SEC Proposes Rules to Enhance Transparency and Oversight of Alternative Trading Systems FOR IMMEDIATE RELEASE Washington D. Specifically, Form ATS-N would require an NMS Stock ATS to disclose information regarding: The manner of operations of the NMS Stock ATS, including: Commission Review of Form ATS-N Filings The proposal would provide a process for: The Commission to review Form ATS-N filings for compliance with the form requirements and consistency with federal securities laws.
The Commission to review and declare, by order, initial filings on Form ATS-N effective or ineffective. An NMS Stock ATS to file amendments to Form ATS-N and the Commission to review and declare, by order, Form ATS-N Amendments ineffective.
Background In , the Commission adopted Regulation ATS, which established a new regulatory framework designed to encourage market innovation, while ensuring basic investor protections.