Wymagania te obejmują obowiązkowe raportowanie książek i dokumentacji. ATS spełnia definicję giełdy zgodnie z federalnymi przepisami dotyczącymi papierów wartościowych, ale nie jest zobowiązany do zarejestrowania się jako krajowa giełda papierów wartościowych, jeżeli ATS działa na podstawie zwolnienia przewidzianego w art. Powody przejścia na handel ciemnymi basenami Zarządcy aktywami kierują się do "ciemnych puli" do zapasów handlowych, częściowo w celu uniknięcia ujawniania informacji podmiotom gospodarczym o wysokiej częstotliwości. Europa Władze świadczące usługi finansowe w Wielkiej Brytanii uważają, że ciemne puli handlowe stanowią 1.

Legal definition[ edit ] Rule a of the SEC's Regulation ATS provides the following legal definition of an "alternative trading system": Any organization, association, person, group of persons, or system: That constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with Transakcje opcji udostepniania NPM to securities the functions commonly performed by a stock exchange within the meaning of Rule 3b of this chapter; and That does not: Set rules governing the conduct of subscribers other than the conduct of such subscribers' trading on such organization, association, person, group of persons, or system; or Discipline subscribers other than by exclusion from trading.

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Regulation ATS was introduced by the SEC in and is designed to protect investors and resolve any concerns arising from this type of trading system. Specifically, it requires that an alternative trading system comply with the reporting and record keeping requirements Rule b 5 ii of Reg ATS, if during at least 4 of the preceding 6 calendar months, such alternative trading system had: With respect to any NMS stock, 5 percent or more of the average daily volume in that security reported by an effective transaction reporting plan; With respect to an equity security that is not an NMS stock and for which transactions are reported to a self-regulatory organization, 5 percent or more of the average daily trading volume in that security as calculated by the self-regulatory organization to which such transactions are reported; With respect to municipal securities, 5 percent or more of the average daily volume traded in the United States; or With respect to corporate debt securities, 5 Definicja alternatywnego systemu handlowego SEK or more of the average daily volume traded in the United States.

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Examples of ATS[ edit ].