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H. ATS
This topic includes information and reporting requirements for ATSs.
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01/27/2022
FAQ
H4.
A firm operates a display ATS that only publishes periodic snapshots of aggregate quotes based on a pre-determined frequency (e.g., every X milliseconds). The aggregate quote published only reflects open interest at the time of the snapshot. Consequently, there may be orders that have been received, executed, canceled, or repriced as the result of a change in NBBO (or other relevant reference price), but no aggregate quote will be published until the time of the next snapshot. Is the ATS required to generate and report order display modifications under these circumstances?
Topics
H. ATS
03/24/2020
FAQ
H1.
If an Industry Member holds a peg order, is the Industry Member required to report to the CAT a modification to the peg order every time the market moves?
Topics
H. ATS
06/18/2019
FAQ
H3.
What should be populated in the "nbboTimestamp" fields on the New Order, Order Accept, Child Order, Child Order Modified, Order Modified, Order Adjusted and Trade Events for ATSs?
Topics
H. ATS
11/15/2018
FAQ
H7.
Is the handlingInstructions field required to be populated by ATSs when the atsOrder Type includes a condition that is also an allowable handlingInstruction value, such as Add Liquidity Only?
Topics
H. ATS
11/15/2018
FAQ
H6.
How should an ATS report NBBO (or other relevant reference price) information if the NBBO is invalid or one sided at the time the ATS referenced the NBBO (or other relevant reference price)?
Topics
H. ATS
11/15/2018
FAQ
H2.
Must a FINRA member ATS use its ATS MPID to report ATS activity to CAT?
Topics
H. ATS
11/15/2018
FAQ
H5.
An ATS receives an IOC order and prior to obtaining any applicable reference price necessary to process the order, the ATS determines there is no contra side interest available for execution. Consequently, the ATS immediately cancels the order back to the subscriber without ever determining an applicable reference price. What should the ATS populate in the NBBO (or other applicable reference price) information fields?
Topics
H. ATS
CAT Alert
CAT Alert 2019-01 - Alternative Trading System (“ATS”) Order Type Identifier Registration
Topics
H. ATS