U.S. Senate Permanent Subcommitte on Investigations of the Committee on Homeland Security and Governmental Affairs
Passive order flow often "rests" in liquidity pools such as IEX or ATS's owned by brokers.
Watch this video to learn how trading strategies like re-allocation allow investors to rest on IEX without missing liquidity opportunities in other venues.
In order to legally operate as an Alternative Trading System ("ATS"), trading venues must submit a Form ATS to the SEC.
This document is meant to describe how that market operates, including who is able to participate, the types of securities traded, pricing, order types supported, matching logic, and order book priority.
We share below our effective Form ATS (redacted to protect partner and subscriber information). It's part of our effort to set new standards for transparency in our industry.
Form ATS, effectively registered as of September 11, 2014
Stay tuned to this space for more content and ideas including videos on how our market works.