Display, Execution and Trading Systems: Rapid Fire

What this video covers

• How an ATS matches orders by non-discretionary methods, sets no conduct rules beyond trading, and disciplines subscribers only by exclusion
• The Form ATS initial operation report deadline of at least 20 days before operating, plus the Quarterly Report of Alternative Trading System Activities (Form ATS-R) within 30 calendar days after quarter end
• Why order display and fair access use the 5% or more threshold for a National Market System (NMS) stock's volume in at least 4 of the preceding 6 calendar months
• Why capacity, integrity, and security duties use the 20% or more threshold for municipal and corporate debt securities in at least 4 of the preceding 6 calendar months
• How an ADF handles automated quotes, 14 calendar days' written notice to Financial Industry Regulatory Authority (FINRA) Market Operations, three unexcused outages in five business days, and the different appeal results for outages and access complaints
• How locked and crossed markets differ, and why a sweep-order exception requires a simultaneous sweep while manual quotation repair requires a prompt repair
• How a Chicago Board Options Exchange (Cboe) options series opens through the queue, trigger, width check, price, and aftermath steps, including limit up-limit down timing, fast markets, and why a forced opening never produces a trade