What Is Securitiღes and Exchange Commi🔯ssion (SEC) Form ATS-R?

Securities and Exchange Commission (SEC) Form ATS-R is a quarterly update that alternative trading systems (ATS) are r𝔍equired to file with the SEC. Securities and Exchange Commission (SEC) Form ATS-R reports the volume and dollar amount of all trades in securities conducted through the trading system during the pr๊evious quarter.

Understanding Securities and Exchange Commission (SEC♏) Form ATS-R

SEC Regulation ATS established a regulatory framework for ATS. An ATS meets the definition of an exchange under federal securities laws but is not required to register as a national securities exchange if the ATS operates under the exemption provided under Exchange Act Rule 3a1-1(a). To operate underꦅ this exemption, an ATS must comply with the requirements in Rules 300-303 of Regulation ATS.

In order to be in compliance with SEC Regulation ATS, an alternative trading system must file an SEC Form ATS-R. SEC Form ATS-R reports the quarterly activities of an alternative trading system's quarterly activities—both the unit volume and dollar volume of trades in every type of security it handles.

Definit൩ion of an Alternative Trading System (ATS)

An ATS meets the definition of an exchange under federal securities laws but is not required to register as a national securities exchange (as long as the ATS operates under the exemption provided under Exchange Act Rule 3a1-1(a); to operate under this exemption, an ATS mus🍨t comply with the reqꦅuirements in Rules 300-303 of Regulation ATS.)

Th🤪e function of an ATS is to match buyers with sellers, gene🌠rally for large blocks of assets.

For example, an institutional investor (such as The Goldman Sachs Group, Inc. or JPMorgan Chase & Co.) might use an ATS to fi𝄹nd another institutional investor who want💟s to buy a million shares of Microsoft (MSFT) stock.

An ATS is considered a dark pool. A dark pool is a privately organized financial forum or exchange for trading securities; the price and size of a user's order are not🅰 displayed to other users. Transactions are done in private so that the large transaction doesn't have an unintended impact on the stock's price. (Big transactions that appear on the order book♒s of big exchanges can cause a domino effect.)

An ATS is a terminology used in the U.S. and Can♊ada. In Europe, an alternative trading system is known as a multilateral trading facility. An ATS must file the Securities and Exchange Commission (SEC) For𝕴m ATS-R within 30 days of the end of each calendar quarter.

The SEC provides this definition of an ATS.

"Any organization, association, person, group of persons, or systems:

• that constitutes, maintains, or provides a marketplace 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 under the Exchange Act;
• that does not (i) 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 (ii) discipline subscribers other than by exclusion from trading."

Types of 💯Assets on the Securities and Exchange Commission (SEC) Form ATS-R

The form mus☂t provide these details for activity conducted through the system, incl🅘uding transactions in the following:

• Listed equity securities
• Nasdaq National Market securities
• 澳洲幸运5官方开奖结果体彩网:Nasdaq SmallCap Market securities
• 澳洲幸运5官方开奖结果体彩网:Rule 144A equity securities
• Penny stocks
• Other equity securities
• Rights and warrants
• Listed options
• Unlisted options
• Government securities
• Municipal securities
• Corporate debt securities
• Mortgage-related securities
• Other debt securities

The ATS must also provide unit and dollar volume transaction figures in most oꦬf these categories for after-hours trading that take❀s place on the ATS.