3.3.5. Alternative Trading System Recordkeeping Requirements
An alternative trading system (ATS) is a trading network, like a securities exchange, that matches buy and sell orders of its members, usually institutional traders that trade in large quantities. Alternative trading systems are typically registered with the SEC as broker-dealers, and when they transact in municipal securities, they must observe the MSRB’s recordkeeping requirements.
Like a broker’s broker, an ATS must
