Posted on Friday, October 2, 2020

The Securities and Exchange Commission published a proposal rule: Regulation ATS for ATSs that Trade U.S. Government Securities, NMS Stock, and Other Securities; Regulation SCI for ATSs that Trade U.S. Treasury Securities and Agency Securities; and Electronic Corporate Bond and Municipal Securities Markets. The rule would require filers to submit forms ATS-G, ATS, and ATS-R in a custom XML schema, however they ask if instead, the files should be formatted in Inline XBRL to render the data both human- and machine-readable. The proposal notes that this would involve numerical details tagging of quantitative disclosures and text block tagging for narrative disclosures.

An ATS (Alternative Trading System) is a trading system for securities that meets the definition of exchange but is not required to register with the Commission as a national securities exchange. Comments are due 60 days after publication in the Federal Register.

Read the proposal.