The Regulation ATS Definitions

What this video covers

• Who qualifies as an ATS subscriber through a contractual agreement, and why a national securities exchange or association is expressly excluded
• How an affiliate of a subscriber is defined, including the specific rule that names employees
• What control means for the broker-dealer of an ATS, and why trading volume alone does not establish control
• The three presumptions of control: director, general partner, or executive officer status, 25% voting or selling power, and 25% partnership capital
• How to distinguish an order, debt security, corporate debt security, and effective transaction reporting plan
• The three required elements of a corporate debt security, including the one-year fixed maturity floor measured from issuance
• Why non-participatory preferred stock is treated as debt, and why debt or convertible debt is excluded from the NMS stock definition for Regulation ATS