Yesterday the SEC adopted new rules of disclosure for ATSs. This comes years after fines of dark pool operators, especially in the wake of 2014’s Flash Boys. The new Form ATS-Ns will have to be filed early in 2019 (between January 7th and February 8th), and will require an NMS Stock ATS to disclose:   Moreover, material changes made to an ATS’s workings must be filed 30 days prior to planned implementation with the SEC.  The SEC could then begin a process of review, where – based on findings – it might even decide to declare a Form ATS-N ineffective. (more…)

  After repeated attempts to convince the SEC to approve a bitcoin ETF, the Cboe is back once again with another Bitcoin ETF application. Earlier this year, the SEC asked the bitcoin fund sponsors to withdraw all applications because of fears of fragmentation and extreme volatility.  But the Cboe just won’t quit. The Cboe is again filling to list the Van Eck SolidX Bitcoin Trust which has already been rejected twice by the SEC. This application looks fairly similar to their previous ones so we’re not sure why the Cboe thinks the SEC will have a change of heart.  Maybe SEC Chairman Clayton’s recent remark (more…)