141:(although an alternative trading system can apply to be regulated as a securities exchange). In general, for regulatory purposes, an alternative trading system is an organization or system that provides or maintains a market place or facilities for bringing together purchasers and sellers of securities, but does not set rules for subscribers (other than rules for the conduct of subscribers trading on the system). An ATS must be approved by the
22:
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In recent years, the SEC and other regulators have ramped up their enforcement activities with respect to alternative trading systems, initiating broad investigations and bringing actions for various violations, such as trading against customer order flow or permitting external vendors to retain and
207:
Regulation ATS was introduced by the SEC in 1998 and is designed to protect investors and resolve any concerns arising from this type of trading system. Regulation ATS requires stricter record keeping and demands more intensive reporting on issues such as transparency once the system reaches more
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With respect to an equity security that is not an NMS stock and for which transactions are reported to a self-regulatory organization, 5 percent or more of the average daily trading volume in that security as calculated by the self-regulatory organization to which such transactions are
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That constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange within the meaning of Rule 3b-16 of this chapter;
211:
Specifically, it requires that an alternative trading system comply with the reporting and record keeping requirements Rule 301 (b)(5)(ii) of Reg ATS, if during at least 4 of the preceding 6 calendar months, such alternative trading system had:
160:. They can be used for trading large blocks of shares away from the normal exchange, a practice that could otherwise skew the market price in a particular direction, depending on a security's
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Set rules governing the conduct of subscribers other than the conduct of such subscribers' trading on such organization, association, person, group of persons, or system; or
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With respect to any NMS stock, 5 percent or more of the average daily volume in that security reported by an effective transaction reporting plan;
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244:- An auction market where orders are grouped until they reach a certain amount, and then executed together at a predetermined time.
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that matches buyers and sellers to find counterparties for transactions. Alternative trading systems are typically regulated as
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With respect to corporate debt securities, 5 percent or more of the average daily volume traded in the United States.
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Rule 300(a) of the SEC's
Regulation ATS provides the following legal definition of an "alternative trading system":
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With respect to municipal securities, 5 percent or more of the average daily volume traded in the United States; or
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172:(ECNs), which are a "fully electronic subset of ATSs that automatically and anonymously match orders".
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These venues play an important role in public markets for allowing alternative means of accessing
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make use of confidential customer trading information in the vendor’s trading activities.
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168:. ATSs are generally electronic but don't have to be. ATSs can be distinguished from
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Any organization, association, person, group of persons, or system:
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Discipline subscribers other than by exclusion from trading.
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Lee/Zubulake, The High
Frequency Game Changer (2011), p. 17
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than 5% of the trading volume for any given security.
149:. The equivalent term under European legislation is a
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46:. Unsourced material may be challenged and removed.
316:List of US Alternative Trading Systems at sec.gov
143:United States Securities and Exchange Commission
341:
145:(SEC) and is an alternative to a traditional
8:
348:
334:
326:
300:Soft Dollars and Other Trading Activities
278:Soft Dollars and Other Trading Activities
106:Learn how and when to remove this message
269:
7:
44:adding citations to reliable sources
14:
302:, §2:25 (Thomson West, 2013 ed.).
280:, §2:25 (Thomson West, 2013 ed.).
237:Electronic communication networks
170:electronic communication networks
604:Electronic communication network
20:
31:needs additional citations for
1:
598:Multilateral trading facility
151:multilateral trading facility
1021:Returns-based style analysis
817:Post-modern portfolio theory
723:Security characteristic line
55:"Alternative trading system"
775:Efficient-market hypothesis
679:Capital asset pricing model
616:Straight-through processing
1143:
592:Alternative Trading System
119:Alternative trading system
248:Electronic trade matching
656:Arbitrage pricing theory
129:term for a non-exchange
935:Initial public offering
796:Modern portfolio theory
691:Dividend discount model
574:List of stock exchanges
125:) is a US and Canadian
823:Random walk hypothesis
961:Market capitalization
770:Dollar cost averaging
162:market capitalization
781:Fundamental analysis
765:Contrarian investing
728:Security market line
633:Liquidity aggregator
610:Direct market access
521:Quantitative analyst
40:improve this article
1026:Reverse stock split
971:Market manipulation
895:Dual-listed company
755:Algorithmic trading
685:Capital market line
487:Inter-dealer broker
1066:Stock market index
905:Efficient frontier
844:Technical analysis
802:Momentum investing
624:(private exchange)
514:Proprietary trader
456:Shares outstanding
446:Authorised capital
1127:Financial markets
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915:Flight-to-quality
667:Buffett indicator
357:Financial markets
253:Crossing networks
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628:Crossing network
586:Over-the-counter
423:Restricted stock
379:Secondary market
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859:Value investing
854:Value averaging
849:Trend following
834:Style investing
829:Sector rotation
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807:Mosaic theory
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579:Trading hours
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96:December 2009
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57: –
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52:
51:Find sources:
45:
41:
35:
34:
29:This article
27:
23:
18:
17:
1086:Tender offer
1006:Public float
976:Market trend
966:Market depth
786:Growth stock
760:Buy and hold
669:(Cap-to-GDP)
509:Floor trader
499:Market maker
482:Floor broker
470:Participants
413:Golden share
408:Common stock
384:Third market
299:
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285:
277:
272:
242:Call markets
210:
206:
186:
183:
174:
155:
122:
118:
117:
102:
93:
83:
76:
69:
62:
50:
38:Please help
33:verification
30:
1091:Uptick rule
1071:Stock split
1051:Squeeze-out
1046:Speculation
991:Open outcry
880:Block trade
812:Pairs trade
1096:Volatility
1076:Stock swap
996:Order book
747:strategies
673:Book value
541:Arbitrager
536:Speculator
321:Capitality
264:References
258:Dark pools
127:regulatory
66:newspapers
712:Fed model
707:EV/EBITDA
622:Dark pool
553:Regulator
398:Types of
364:Types of
220:reported;
158:liquidity
139:exchanges
1121:Category
1041:Slippage
1001:Position
986:Momentum
890:Dividend
569:Exchange
526:Investor
930:Haircut
734:T-model
546:Scalper
366:markets
153:(MTF).
80:scholar
951:Margin
819:(PMPT)
681:(CAPM)
531:Hedger
504:Trader
477:Broker
400:stocks
82:
75:
68:
61:
53:
1106:Yield
1081:Trade
1016:Rally
937:(IPO)
825:(RMH)
798:(MPT)
777:(EMH)
730:(SML)
719:(NAV)
693:(DDM)
687:(CML)
658:(APT)
651:Alpha
618:(STP)
612:(DMA)
606:(ECN)
600:(MTF)
594:(ATS)
87:JSTOR
73:books
941:Long
745:and
675:(BV)
662:Beta
164:and
59:news
192:and
123:ATS
42:by
1123::
349:e
342:t
335:v
121:(
109:)
103:(
98:)
94:(
84:·
77:·
70:·
63:·
36:.
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