On July 18, 2018, the Securities and Exchange Commission voted
unanimously to adopt significant amendments to Regulation ATS. The
amendments, which impose heightened public disclosure requirements
on alternative trading systems (ATSs) that trade national market
system stocks (NMS Stock ATSs), are designed to enhance operational
transparency, expand the Commission's oversight and limit
potential conflicts of interest relating to these trading
venues.
Under the amended rules, NMS Stock ATSs must comply with the
heightened disclosure requirements of new Form ATS-N starting
January 7, 2019. All NMS Stock ATSs currently operating under a
previously filed Form ATS must file a Form ATS-N by February 8,
2019, but no earlier than January 7, 2019. The approaching
effective date may pose challenges for certain NMS Stock ATSs in
light of the work required.
