ATS operators wary of SEC dark liquidity proposal
The U.S. Securities and Exchange Commission's (SEC's) proposals for regulating dark liquidity, if enacted, could significantly change the way trade orders are routed and liquidity is posted, according to executives from alternative trading systems (ATSes) likely to be affected by the proposals.
The SEC's proposal would require actionable indications of interest (IoIs) to be treated like quotes, subject to the same disclosure rules; lower the trading volume threshold for ATSes to display best
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