Trade Reporting: SEC Approves FINRA Rule Requiring Alternative Trading Systems to Report Activity Weekly

US-registered broker-dealers that operate Alternative Trading Systems will have to report volume information, by security, to FINRA weekly. The first report, for the week of May 12, 2014, is due May 28, 2014. ATS will, by November, require their own separate Market Participant Identifier (or “MPID”).

Summary of New Rules:

On January 17, 2014, the US Securities and Exchange Commission (“SEC”) voted to approve a FINRA rule proposal that significantly changes the regulatory landscape for broker-dealers that operate as alternative trading systems, or ATSs.

Please see full memo below for more information.

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Topics:  Alternative Trading Systems, FINRA, Market Participants, SEC

Published In: Administrative Agency Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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