The SEC’s ATS Transparency Rules: What’s the Impact?


The SEC’s new proposed rules on transparency in alternative trading systems are going to shine a light on the operations of dark pools, ensuring fair access to information for all market participants.



The SEC’s new proposed rules on transparency in alternative trading systems are going to shine a light on the operations of dark pools, ensuring fair access to information for all market participants.

The SEC’s proposed rule on Regulation of NMS Alternative Trading Systems would formally create a disclosure regime along with a new form Reg ATS-N and a process for filing amendments.

Clearly, investors are the winners because they will gain access to detailed information about ATS trading services, fees, market data, order types, and algorithms.

In return for filing this form, ATSs are granted an exemption from the more burdensome regulations imposed on exchanges.

As the industry moves in the direction of enhanced disclosure for the once secretive dark pools, the amount of information could skyrocket.

FlexTrade is a global leader in broker-neutral, execution and order management trading systems for equities, FX, options, futures and fixed income. A pioneer in the field, FlexTrade introduced the first trading system that allowed clients to control and customize their proprietary algorithms while maintaining the confidentiality of their trading strategies. Change is the only constant in electronic trading. That's why FlexTrade is continuously upgrading its products and services. All can be tailored to meet the demanding requirements of a global client base of more than a 225 buy- and sell-side firms.
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