The Securities and Exchange Commission (SEC) publishes a monthly list of “alternative trading systems” or ATSs. An ATS is a marketplace that may trade securities similar to a regulated exchange. To receive approval to operate an ATS, a platform must also become a FINRA regulated broker-dealer.
Multiple Fintech platforms have received regulatory approval to operate an ATS and others are seeking to pursue approval. We have heard rumblings that the queue tends to move slowly.
The most recent list, as published by the SEC, is embedded below.
Of note on the list, are platforms like Coinbase, OpenFinance, SeedInvest, SharesPost and more.
It was reported last summer that StartEngine, one of the larger securities crowdfunding platforms, was on the list. Oddly, it is not displaying in the most recent list but a filing in December by StartEngine re-affirmed its intent to pursue a secondary market by leveraging an ATS which will trade securities including tokenized ones.
A list of initial ATS filings, as well as ceased operations, is available here.
SEC ATS List December 2019