Series 53: Alternative Trading System (ATS)

Taken from our Series 53 - MSRB Municipal Securities Principal Qualification Exam

Definition of the term Alternative Trading System (ATS)...

a trading network, like a securities exchange, that matches buy and sell orders of its members, usually institutional traders that trade in large quantities. Alternative trading systems are typically registered with the SEC as broker-dealers, and when they transact in municipal securities, they must observe the MSRB’s recordkeeping requirements.

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