Regulatory Notice 18-25

FINRA Reminds Alternative Trading Systems of Their Obligations to Supervise Activity on Their Platforms

Summary

FINRA is issuing this Notice to remind Alternative Trading Systems (ATSs) of their supervision obligations. As registered broker-dealers and FINRA members, ATSs—like other broker-dealer trading platforms—are required to maintain supervisory systems that are reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable FINRA rules, including, for example, rules on disruptive or manipulative quoting and trading activity.

Questions regarding this Notice should be directed to:

  • Alex Ellenberg, Associate General Counsel, Office of General Counsel (OGC), at (202) 728-8152; or
  • Cara Bain, Counsel, OGC, at (202) 728-8852.