Series 7: 17.3.1.3 Regulation ATS

Taken from our Series 7 Top-off Online Guide

17.3.1.3 Regulation ATS

Regulation ATS requires every alternative trading system to register with the SEC and FINRA as broker-dealers. No ATS may use the word “exchange” or “stock market” in its name, but if an ATS achieves dominance in the market, the SEC may require it to become an exchange.

If an ATS trades more than 5% of the trading volume of an exchange-list

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