Glossary of Municipal Securities Terms

ALTERNATIVE TRADING SYSTEM (ATS)

An entity that provides a platform for bringing together purchasers and sellers of securities or for otherwise performing functions commonly performed by an exchange. Participants are typically broker-dealers, including municipal securities dealers, or institutional investors that purchase securities or offer securities for sale by way of an offering or a bid-wanted procedure. The system operator must be registered under SEC Rule ATS as a broker-dealer or a securities exchange.

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