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An ATS must be approved by the United States Securities and Exchange Commission (SEC) and is an alternative to a traditional stock exchange. [1] The equivalent term under European legislation is a multilateral trading facility (MTF). These venues play an important role in public markets for allowing alternative means of accessing liquidity.
The automated trading system determines whether an order should be submitted based on, for example, the current market price of an option and theoretical buy and sell prices. [7] The theoretical buy and sell prices are derived from, among other things, the current market price of the security underlying the option.
However, under section 5 [37] of the Securities Exchange Act of 1934 and Regulation ATS of 1998, off-exchange trading was allowed for up to five percent of the national volume of a stock. [36] The U.S. SEC adopted rules, as amendments to Regulation ATS, to require disclosures about dark pools in 2018. [38]
For the online stock order placed above, the electronic confirmation might read: "You bought 25 shares of XYZ Inc. for $10 a share, for a total cost of $250. The shares will appear in your account ...
If you own shares in ATS Automation Tooling Systems Inc. (TSE:ATA) then it's worth thinking about how it contributes...
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BATS Global Markets is a global stock exchange operator founded in Lenexa, Kansas, with additional offices in London, New York, Chicago, and Singapore.BATS was founded in June 2005, became an operator of a licensed U.S. stock exchange in 2008 and opened its pan-European stock market in October 2008.