Alternative trading systems

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The Financial Industry Regulatory Authority (FINRA) previously announced an expansion to its ongoing transparency initiative for the over-the-counter (OTC) equity market. This expansion entails FINRA publishing new data about OTC trading volume occurring outside of alternative trading systems (ATSs).

As of December 2, FINRA began publishing the following types of data: 1) monthly aggregate block-size trading data for OTC trades in National Market System (NMS) stocks executed outside an ATS, on a one-month delayed basis; and 2) aggregate non-ATS volume for each member firm (by eliminating the de minimis exception for member firms executing fewer than, on average, 200 non-ATS transactions per day during an applicable reporting period).
Continue Reading FINRA Expands Transparency Initiative Related to OTC Equity Trading Volume

On August 13, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 18-25 to remind Alternative Trading Systems (ATS) to evaluate their supervisory systems to ensure compliance with their supervision obligations, including, without limitation, with respect to business continuity, recordkeeping, Regulation ATS, Regulation NMS, Regulation SHO and the SEC’s Market Access Rule, to the extent…

On October 3, the Financial Industry Regulatory Authority will begin publishing monthly statistics on block-size trades occurring on alternative trading systems (ATSs). The statistics regarding ATS block-size trades will be aggregated across all National Market System (NMS) stocks (i.e., there will be no security-by-security block data), will be for a time period of one month of trading, and will be published no earlier than one month following the end of the month for which trading was aggregated.
Continue Reading FINRA to Publish ATS Block-Size Trade Data