Form ATS-N Filings and Information
Rule 304 of Regulation ATS requires alternative trading systems (“ATSs”) that trade NMS stocks (“NMS Stock ATSs”) to publicly file with the Commission an initial Form ATS-N, amendments to initial Form ATS-N, and notices of cessations of operations.[1] Form ATS-N requires disclosures about the manner of operations of the NMS Stock ATS and the ATS-related activities of the broker-dealer operator and its affiliates, among other things.
An initial Form ATS-N will become effective, unless declared ineffective, upon: (1) the earlier of the completion of review by the Commission and publication via posting on the Commission’s website, or (2) the expiration of the review period, or if applicable, the end of the extended review period. The Commission may declare an initial Form ATS-N ineffective after notice and opportunity for a hearing if it finds such action is necessary or appropriate in the public interest, and is consistent with the protection of investors. A Form ATS-N amendment may be declared ineffective if the Commission finds that such action is necessary or appropriate in the public interest, and is consistent with the protection of investors. In addition, the Commission may suspend for a period not exceeding twelve months, limit, or revoke an NMS Stock ATS’s exemption from the definition of “exchange” pursuant to Rule 3a1-1(a)(2).
Below are links to the Form ATS-N filings for each NMS Stock ATS, including its initial Form ATS-N, subsequent amendments, and Notices of cessation. Also provided below are links to any notices and orders issued by the Commission relating to each NMS Stock ATS’s filings on Form ATS-N or eligibility to operate pursuant to the Rule 3a1-1(a)(2) exemption.
Other Resources
NMS Stock ATSs
ATS Name | Broker-Dealer Operator | Filing Date of Initial Form ATS-N | Effective Date of Initial Form ATS-N | Form ATS-N Submissions | Commission Notices and Orders |
---|---|---|---|---|---|
BIDS ATS | BIDS TRADING L.P. | Feb. 1, 2019 | Jul. 11, 2019 | 013-00031 | Extension Notice |
The Barclays ATS | BARCLAYS CAPITAL INC. | Feb. 11, 2019 | August 5, 2019 | 013-00127 | Extension Notice |
BNPP Cortex ATS | BNP PARIBAS SECURITIES CORP. | August 3, 2021 | August 13, 2021 | 013-00187 | |
BOATS | Blue Ocean ATS, LLC | May 25, 2021 | June 1, 2021 | 013-00180 | |
CBX | INSTINET, LLC | Feb. 8, 2019 | Sep. 19, 2019 | 013-00105 | Extension Notice |
Citi-ONE ATS | CITIGROUP GLOBAL MARKETS INC. | October 14, 2021 | March 4, 2022 | 013-00189 | |
CODA | CODA MARKETS, INC. | Feb. 8, 2019 | Oct. 2, 2019 | 013-00096 | Extension Notice |
CrossStream | NATIONAL FINANCIAL SERVICES LLC | Feb. 11, 2019 | Sep. 18, 2019 | 013-00118 | Extension Notice |
DEALERWEB | DEALERWEB INC. | Feb. 8, 2019 | Oct. 2, 2019 | 013-00113 | Extension Notice |
IBKR ATS | INTERACTIVE BROKERS LLC | Feb. 8, 2019 | Oct. 2, 2019 | 013-00114 | Extension Notice |
IBKR Eos ATS | INTERACTIVE BROKERS LLC | May 13, 2022 | October 11, 2022 | 013-00198 | |
Instinct X | BOFA SECURITIES, INC. | May 10, 2019 | May 10, 2019 | 013-00150 | |
Instinet BlockCross | INSTINET, LLC | Feb. 8, 2019 | Oct. 3, 2019 | 013-00108 | Extension Notice |
IntelligentCross ATS | INTELLIGENT CROSS LLC | Feb. 8, 2019 | Jul. 22, 2019 | 013-00116 | Extension Notice |
JPB-X | J.P. MORGAN SECURITIES LLC | Feb. 8, 2019 | Oct. 4, 2019 | 013-00109 | Extension Notice |
JPM-X | J.P. MORGAN SECURITIES LLC | Feb. 8, 2019 | Oct. 4, 2019 | 013-00110 | Extension Notice |
LeveL ATS | Kezar Trading, LLC | Feb. 25, 2022 | Feb. 28, 2022 | 013-00192 | |
Liquidnet H2O ATS | LIQUIDNET, INC. | Feb. 8, 2019 | Aug. 2, 2019 | 013-00078 | Extension Notice |
Liquidnet Negotiation ATS | LIQUIDNET, INC. | Feb. 8, 2019 | Sep. 18, 2019 | 013-00107 | Extension Notice |
Luminex ATS | Kezar Trading, LLC | Feb. 8, 2019 | Sep. 24, 2019 | 013-00112 | Extension Notice |
MS Trajectory Cross ATS-1 | MORGAN STANLEY & CO. LLC | Feb. 8, 2019 | Oct. 3, 2019 | 013-00115 | Extension Notice |
MS POOL ATS-4 | MORGAN STANLEY & CO. LLC | Feb. 11, 2019 | Sep. 26, 2019 | 013-00117 | Extension Notice |
MS RPOOL ATS-6 | MORGAN STANLEY & CO. LLC | Feb. 13, 2019 | Oct. 3, 2019 | 013-00139 | Extension Notice |
OneChronos | OneChronos Markets LLC | July 22, 2019 | Feb. 6, 2020 | 013-00156 | |
POSIT | VIRTU AMERICAS LLC | May 29, 2020 | June 1, 2020 | 013-00175 | |
PureStream | PureStream, LLC | March 22, 2021 | July 22, 2021 | 013-00182 | |
SIGMA X2 | GOLDMAN SACHS & CO. LLC | Feb. 11, 2019 | Oct. 4, 2019 | 013-00121 | Extension Notice |
Stifel X | STIFEL, NICOLAUS & COMPANY, INCORPORATED | May 20, 2020 | May 21, 2020 | 013-00171 | |
TOR ATS | Tor Brokerage, LLC | July 7, 2021 | Jan. 28, 2022 | 013-00185 | |
UBS ATS | UBS SECURITIES LLC | Feb. 8, 2019 | Oct. 3, 2019 | 013-00069 | Extension Notice |
Virtu MatchIt ATS | VIRTU AMERICAS LLC | Feb. 13, 2019 | Oct. 4, 2019 | 013-00140 | Extension Notice |
Ceased Operations
ATS Name | Broker-Dealer Operator | Date of Cessation | Effective Date of Initial Form ATS-N | Form ATS-N Submissions | Commission Notices and Orders |
---|---|---|---|---|---|
Aqua | AQUA SECURITIES L.P. | Sep. 16, 2022 | Aug. 14, 2019 | 013-00067 | Extension Notice |
CitiBLOC | CITIGROUP GLOBAL MARKETS INC. | Mar. 22, 2022 | Oct. 4, 2019 | 013-00129 | Extension Notice |
Citi Cross | CITIGROUP GLOBAL MARKETS INC. | Apr. 30, 2019 | N/A | 013-00128 | |
Crossfinder | CREDIT SUISSE SECURITIES (USA) LLC | Aug. 1, 2023 | Oct. 2, 2019 | 013-00106 | Extension Notice |
GCX | MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | May 10, 2019 | N/A | 013-00076 | |
GCX | BOFA SECURITIES, INC. | May 20, 2022 | Jan. 8, 2020 | 013-00165 | |
Instinct X | MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | May 10, 2019 | N/A | 013-00077 | |
Instinet Crossing | INSTINET, LLC | May 25, 2021 | Sep. 20, 2019 | 013-00104 | Extension Notice |
LeveL ATS | EBX LLC | Feb. 28, 2022 | Aug. 30, 2019 | 013-00132 | Extension Notice |
Magma ATS | TOR BROKERAGE LLC | Sep. 4, 2019 | N/A | 013-00120 | Extension Notice |
POSIT | VIRTU ITG LLC | Jun. 1, 2020 | Oct. 4, 2019 | 013-00111 | Extension Notice |
Retail Auction Market | CODA MARKETS, INC | Apr. 17, 2024 | May 15, 2023 | 013-00197 | |
SuperX ATS | DEUTSCHE BANK SECURITIES INC. | Sep. 24, 2021 | Sep. 6, 2019 | 013-0052 | Extension Notice |
tZERO ATS | tZERO ATS, LLC | Jun. 18, 2021 | Oct. 7, 2019 | 013-00126 | Extension Notice |
Ustocktrade | USTOCKTRADE SECURITIES, INC. | Jan. 17, 2022 | Oct. 4, 2019 | 013-00119 | Extension Notice |
XE | WEEDEN & CO. L.P. | Aug. 5, 2019 | N/A | 013-00141 | Extension Notice |
XE | PIPER SANDLER & CO. | Jan. 4, 2024 | Aug. 2, 2019 | 013-00160 |
[1] Regulation ATS establishes a regulatory framework for ATSs. An ATS is a trading system that meets the definition of “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)(2). To operate under this exemption, an ATS must comply with the requirements set forth in Rules 300-303 of Regulation ATS, which includes, among other things, registering as a broker-dealer under Section 15 of the Exchange Act. Rule 304 of Regulation ATS sets forth additional requirements applicable only to NMS Stock ATSs.
Last Reviewed or Updated: April 25, 2024