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 and any subsequent amendments. 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.

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
Aqua Securities, L.P. AQUA SECURITIES L.P. Feb. 7, 2019

[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.