Display, Fair Access and Systems Capacity Duties

What this video covers

• How every volume trigger uses at least 4 of the preceding 6 calendar months
• When 5 percent National Market System (NMS) stock volume combines with displaying subscriber orders outside alternative trading system (ATS) employees to trigger display and execution access duties
• Why only the highest buy price and lowest sell price go to the public quote, rather than the full depth of the ATS book
• How equivalent execution access works, including the lesser of cumulative displayed size at the price or the size the broker-dealer seeks
• How the 5 percent fair access trigger reaches NMS stocks, non-NMS equity securities, municipal securities, and corporate debt securities
• Why the 20 percent systems capacity trigger applies only to municipal and corporate debt securities, including the five covered system functions and annual review requirements
• How the three-part exemption can remove fair access and systems capacity duties, and why internal price setting breaks the exemption