ATS Transparency

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Chapters in this video

  1. 0:00 Who Publishes ATS Trading Data
  2. 1:23 FINRA's Publication Responsibility
  3. 2:11 Weekly ATS Publication Delays
  4. 4:04 Monthly Block Trading Statistics
  5. 5:06 Defining ATS Trading Information
  6. 6:10 Separating Member and ATS Data
  7. 7:38 Rapid-Fire Exam Recap

What this video covers

  • The difference between a member's duty to report ATS trades and FINRA's duty to publish aggregate ATS information
  • The two-week publication window for Tier 1 NMS stocks under the Limit Up-Limit Down Plan
  • Why other reportable NMS stocks and over-the-counter (OTC) equity securities have a publication delay of no earlier than four weeks
  • The requirements for monthly aggregate ATS block trading statistics, including why they apply to NMS stocks only
  • What ATS Trading Information includes: the number of shares and the number of trades executed on the system and reported to FINRA
  • How FINRA aggregates a member's MPIDs while excluding identifiers used for ATS trades
  • Why a member's published Trading Information is separate from the ATS's volume and is not a combined member-and-system figure

Read the full lesson, free

This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 57 course also includes adaptive practice questions and spaced-repetition flashcards, available in Free Beta.

Read the Free Lesson → free · no signup wall