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ARTICLE · 01 OCTOBER 2018

SEC Tightens Alternative Trading Platform Oversight

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On July 18, 2018, the SEC ramped up its oversight of alternative trading systems ("ATSs") by adopting a series of rule amendments imposing public disclosure requirements ...

United StatesCorporate/Commercial Law
Jeff Kern
Jeff Kern
Kate Ross
Kate Ross
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On July 18, 2018, the SEC ramped up its oversight of alternative trading systems ("ATSs") by adopting a series of rule amendments imposing public disclosure requirements on ATSs that trade NMS ("National Market System") stocks (i.e., stocks listed on a national securities exchange). The amendments also require ATSs to establish written procedures to protect subscribers' confidential trading information. Initially proposed in 2015, the amendments will take effect on October 9, 2018, per the July 18th Notice of Final Rulemaking.

As set forth in Regulation ATS, issued by the SEC in 1998, ATSs are trading platforms that facilitate securities transactions by providing a marketplace where buyers and sellers come together to collect and execute orders. As its name implies, an ATS is an alternative trading venue to a national securities exchange, such as the NASDAQ or New York Stock Exchange, where transactions typically occur through electronic, automated means. According to

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