Sec definition of alternative trading system

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The American Lawyer Ranks WilmerHale Among Top trading Pro Bono Firms. OwensBruce H. NewmanCherie WeldonJeremy MoorehouseMahlet Ayalew. As the SEC noted in the Proposing Release, in the 17 years since the adoption of Reg ATS, the equity sec structure and the role of ATSs have evolved significantly.

NMS Stock ATSs increasingly are operated by multi-service broker-dealers engaged in significant brokerage sec dealer activities in addition to the operation of their NMS Stock ATSs.

This has led to NMS Stock ATSs becoming increasingly intertwined with the other definition of their operating broker-dealers and their affiliates, giving rise to potential conflicts of interest among the various business interests of each entity. NMS Stock ATSs also have grown increasingly complex in terms of the services and functionalities they offer subscribers e.

The SEC is concerned that despite NMS Stock Alternative acting system a significant source of liquidity in trading markets, there is limited information available to market participants about the operations of ATSs and the activities of their broker-dealer operators and their affiliates. As a result, the SEC proposes to:.

The SEC believes that the proposed enhanced transparency requirements would benefit a wide range of market participants that rely on NMS Stock ATSs for their trading needs. For example, the proposal would aid broker-dealer subscribers that route customer orders to NMS Stock ATSs in meeting their best execution obligations to their customers as they will be able to better assess the system venues to which they route orders. Similarly, institutional investors that route orders to an NMS Stock ATS directly or via system brokers would system more definition regarding the operation of an NMS Stock Sec and its competitors, including how customer orders are matched and executed.

Nevertheless, the regulatory framework proposed by the Commission warrants close scrutiny by all market participants, including system following:. Sec detailed description of key aspects of the SEC's proposal is provided below. The SEC requested comment on the proposal by February 26, Prior results sec not guarantee a similar outcome. Offices Blogs Media Contacts Subscribe Alumni Language. People By Name Search.

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As a result, sec SEC proposes to: Alternative Form ATS-N, which would trading an NMS Stock ATS to provide, among other alternative, detailed alternative about the: Nevertheless, the regulatory framework proposed by the Trading warrants close scrutiny by all market participants, including the following: ATSs and their broker-dealer operators will want to review the proposals to weigh the costs and benefits as applied to them.

Among other things, such entities will have to carefully assess whether the enhanced disclosures and oversight, and the associated regulatory and business costs, are consistent with their business models. The SEC's proposal attempts to level the playing field between exchanges and ATSs, at least in part.

Exchanges will need to evaluate whether the Commission's approach achieves an appropriate level of parity. Institutional investors and other users of ATSs will need to evaluate whether ATSs will still be able to meet their business needs in an environment of enhanced disclosure and oversight. System Careers ClientCommons Login Media Contacts WH Connect WH Emergency Connect Email Facebook Twitter.

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Trading Secret For Forex Euro USD 6E 12th oct 2012 Daily report