ATS Legal Agreements

The relevant ATS Transparency Data Vendor and Subscriber Agreement must be fully executed and presented to FINRA Market Operations prior to purchasing the corresponding license online from the ATS Transparency Data website at https://ats.finra.org. FINRA reserves the right to immediately terminate access to the FINRA ATS Transparency Data ("Data") and any licenses issued for such Data, without any prior notice or opportunity to cure, in the event User fails to execute or fails to properly execute the required agreements. The rules describing the fees for the FINRA ATS Transparency Data and Information may be found at the following link: http://www.finra.org/finramanual/rules/r4553.

NOTE: As described within the agreements, a single Professional User license provides access to the ATS Data and Information to all of the users within an enterprise, and its subsidiaries and affiliates, but does not extend to its customers or third parties.

ATS Transparency Subscriber Agreement (Direct Subscriber)

Professional Users that intend to access the ATS Transparency Data and Information directly from FINRA must execute the following Subscriber Agreement:

ATS Transparency Vendor Agreement

Vendors as well as any Professional Users that intend to disseminate or otherwise make available the ATS Transparency Data and Information, and/or disseminate Derived Data (as defined in FINRA Rule 4553), must execute the following Vendor Agreement:

Vendors that intend to disseminate or otherwise make available to Professional Users the ATS Transparency Data and Information must:

  • Purchase a Subscriber license for each Professional User prior to providing the Data to the user, and
  • Either have each Professional User execute the following ATS Transparency Vendor's Subscriber Agreement or all terms and conditions of the ATS Transparency Vendor's Subscriber Agreement must be a fully incorporated into the Vendor's master subscriber agreement:

Returning the Agreement(s) to FINRA

Each fully-executed Vendor or Subscriber Agreement may be scanned and returned electronically (to the email address below), faxed or sent via regular mail to:

FINRA Market Operations

9509 Key West Avenue

2nd Floor

Rockville, MD 20850

Fax: (301) 527-4918