Regulation ATS establishes a regulatory framework for “alternative trading systems” (“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). To operate under this exemption, an ATS must comply with the requirements set forth in Rules 300-303 of Regulation ATS.

To comply with Regulation ATS, an ATS must, among other things, register as a broker-dealer and file an initial operation report with the Commission on Form ATS before commencing operations. Thereafter, an ATS must file amendments to Form ATS to provide notice of any changes to its operations, and must file a cessation of operation report on Form ATS if it ceases operations. The requirements for filing reports using Form ATS can be found in Rule 301(b)(2) of Regulation ATS.

Based on information filed by ATSs on Form ATS, the ATS list includes the name, the name(s) under which business is conducted, and location of each ATS with a Form ATS on file with the Commission. The list also identifies each ATS that filed a cessation of operations report in the prior month. The list is provided in a PDF format and arranged alphabetically by ATS name.

The SEC receives submissions from ATSs on an ongoing basis pursuant to Regulation ATS. We note that the list of ATSs changes over time. Commission staff expects to update the list monthly.

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