FINRA Manual: Contents
|View Whole Section||Text only||Print Manager||Link|
4552. Alternative Trading Systems — Trading Information for Securities Executed Within the Alternative Trading System
• • • Supplementary Material: --------------
.01 For purposes of reporting volume under this rule, a trade is considered to be executed within an ATS if the ATS (i) executes the trade; (ii) is considered the "executing party" to the trade under FINRA rules; or (iii) otherwise matches orders constituting the trade in a manner as contemplated by SEA Rule 3b-16 or SEC Regulation ATS. This would include, but not be limited to: any trade executed as a result of the ATS bringing together the purchaser and seller on or through its systems; any trade executed by the ATS's subscribers where the subscribers used the ATS to negotiate the trade, even if the ATS did not itself execute the trade; or any trade in which the ATS takes either side of a trade for clearing or settlement or in any other way inserts itself into a trade (e.g., exchanging securities or funds on behalf of one or both subscribers taking part in the trade). If an ATS routes an order to another member firm or other execution venue for handling or execution where that initial order matches against interest resident at the other venue, then the ATS would not be considered the executing party and would not include such volume for reporting purposes. A trade continues to be considered executed "within an ATS" for purposes of reporting volume under this rule, even if the ATS has been granted an exemption to its trade reporting obligations under Rule 6183, 6625 or 6731.
Adopted by SR-FINRA-2013-042 and amended by SR-FINRA-2014-017 eff. May 12, 2014.
Selected Notice: 14-07