The Securities and Exchange Commission (SEC) proposed a new registration form in 2015 for alternative trading systems (ATS), Form ATS-N, which would make details for each platform’s broker-dealer affiliates and operations publicly available. The proposal would impose new transparency requirements on all ATSs, also referred to as “dark pools,” which accounted for 15% of total industry volume and 39% of off-exchange volume in 2015. TABB’s latest market note, “ATS Transparency: The Industry Weighs In on Proposed Form ATS-N,” recaps market participants’ concerns and lays out specific areas for enhancements that TABB believes will ensure an effective transparency regime.
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