SEC Extends ATS Trading Info Disclosure Rules
Published Date: 2/25/2025
Notice
Summary
The SEC is asking to extend the rules that require certain trading systems to share info about how they operate and who runs them. This helps keep markets fair and transparent, especially for brokers and investors. The change won’t cost extra but means about 1,900 hours a year spent on paperwork by these trading systems, with public comments open for 30 days.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Paperwork and Record‑Keeping Burden on Trading Systems
If you operate an NMS Stock alternative trading system (ATS), you must file Form ATS‑N and provide information about your operations and the broker‑dealer operator and affiliates, and preserve related records for at least three years. Commission staff estimates entities subject to Rule 304 and Form ATS‑N will spend approximately 1,901 hours per year to comply.
More Transparency for Market Participants
If you trade or invest in NMS Stock markets, Rule 304 and Form ATS‑N require alternative trading systems to disclose how they operate and who controls them. The disclosures are meant to give market participants more transparency about potential conflicts of interest and to increase competition in order routing and execution quality.
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