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Bats stands for "better alternative trading system, " a concept that Cummings says the investing world badly needs.
FORBES: Magazine Article
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Dark pools are a private or alternative trading system that allows participants to transact without displaying quotes publicly.
FORBES: Dark Pools: The Menace Of Rising Opacity In Financial Markets
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There are two areas that I feel demand reform and they revolve around the ATS (Alternative Trading System) industry.
FORBES: Don't Be Afraid Of The Dark Pools
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And when they put a black box in the middle of it, when they start executing electronically, the SEC says you have to create it, you have to call it an ATS, an alternative trading system.
FORBES: The Different Players In The Trading Sandbox
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SecondMarket is registered with the Securities and Exchange Commission as an "alternative trading system, " its compliance staff communicates regularly with its Washington minders, and Mr. Silbert hired a former SEC lawyer to be his general counsel.
WSJ: The Weekend Interview With Barry Silbert: So Who Needs Wall Street?
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Dan Mathisson of Credit Suisse Securities, which he describes as the largest U.S. broker-dealer by volume traded, the top broker in algorithmic trading, and the largest U.S. alternative trading system, says the proposal as now creates a dangerous situation because it only applies to trading between 9:45 a.m. and 3:45 p.m.
FORBES: Broker-Dealers See Holes In SEC Circuit Breakers
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That recommendation was sat on for six months, and then rejected by Mr Byers who asked that the Office of Fair Trading should propose an alternative selling system.
ECONOMIST: Stephen Byers is making a mess of competition policy