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SEC adopts rules to enhance oversight of Alternative Trading Systems

Jaclyn Jaeger | July 19, 2018

With the intent of significantly enhancing operational transparency and regulatory oversight, the Securities and Exchange Commission on July 18 voted to adopt amendments to the regulatory requirements governing alternative trading systems (ATS), commonly known as “dark pools.”

The amendments to Regulation ATS would impose new public disclosure requirements on, and enhance the Commission’s oversight of, ATS that facilitate transactions in National Market System stocks (NMS stock). “The U.S. equity markets have evolved substantially since Regulation ATSs was adopted almost 20 years ago,” said SEC Chairman Jay Clayton. “Today, many NMS stock ATSs actively compete with national securities exchanges for order flow and operate with comparable speed and sophistication.”

“That said, there is a significant difference between the information national securities exchanges, on the one hand, and NMS stock ATSs, on the other hand, are required to disclose to the public,” Clayton...

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