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ARTICLE · 21 MARCH 2014

Trade Reporting: SEC Approves FINRA Rule Requiring Alternative Trading Systems To Report Activity Weekly

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US-registered broker-dealers that operate Alternative Trading Systems will have to report volume information, by security, to FINRA weekly.

United StatesFinance and Banking
Charles Gittleman
Charles Gittleman
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US-registered broker-dealers that operate Alternative Trading Systems will have to report volume information, by security, to FINRA weekly. The first report, for the week of May 12, 2014, is due May 28, 2014. ATS will, by November, require their own separate Market Participant Identifier (or "MPID").

INTRODUCTION

Summary of New Rules

On January 17, 2014, the US Securities and Exchange Commission ("SEC") voted to approve a FINRA rule proposal that significantly changes the regulatory landscape for broker-dealers that operate as alternative trading systems, or ATSs.1

The rule changes cumulatively require each ATS to report weekly volume information and number of securities transactions, by security, and also require broker-dealers operating as ATSs to acquire and use a single, unique market participant identifier ("MPID") when reporting information to FINRA.

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