Mar. 30, 2023
ATS should disclose detailed information on operations, conflicts of interest, and customer order handling ATS should have policies to prevent fraudulent and manipulative practices ATS should provide data on execution of orders, order routing practices, and use of dark pools to the SEC ATS should operate consistently with broader regulatory structure of securities markets Implement a variable minimum pricing increment model for NMS stocks to promote fair pricing across trading venues Cap on high commissions or fees in lieu of PFOF charged by brokers Competition is necessary to regulate markets and barriers to competition should be removed SEC should prioritise creating a competitive market structure that benefits investors and encourages transparency.