A form that is filed with the SEC as an initial operation report or an amendment to initial operation report, or a cessation of operations report for alternative trading systems. SEC Form ATS must be filed 20 days prior to the initial operation or before a material change to an alternative trading system.


An alternative trading system means any organization or system that provides a market place for bringing together purchases and sellers of securities. It also applies to any system which with respect to securities performs the functions commonly performed by a stock exchange and that does not set rules governing the conduct of its subscribers.

  1. SEC Form ATS-R

    A form that is filed with the SEC by alternative trading systems. ...
  2. Fourth Market

    The trading of exchange-listed securities between institutions ...
  3. Securities And Exchange Commission ...

    A government commission created by Congress to regulate the securities ...
  4. Secondary Market

    A market where investors purchase securities or assets from other ...
  5. Primary Market

    A market that issues new securities on an exchange. Companies, ...
  6. Third Market

    Trading by non exchange-member brokers/dealers and institutional ...
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