Form ATS-N Filings and Information

Aug. 31, 2023

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.

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