# EDGAR Filing Document

**Accession Number:** 0001692652
**File Stem:** 0001692652-25-000029
**Filing Date:** 2025-10
**Character Count:** 41623
**Document Hash:** f62b179d69f8328393aa048fe71ca055
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001692652-25-000029.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001692652-25-000029

**CONFORMED SUBMISSION TYPE**: ATS-N/UA

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251001

**DATE AS OF CHANGE**: 20251024

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ONECHRONOS MARKETS LLC
- **CENTRAL INDEX KEY:** 0001692652

**ORGANIZATION NAME:**
- **EIN:** 814371188
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ATS-N/UA
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 013-00156
- **FILM NUMBER:** 251361919

**BUSINESS ADDRESS:**
- **STREET 1:** 64 WOOSTER STREET, 4TH FLOOR
- **STREET 2:** STE 1204
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10012
- **BUSINESS PHONE:** 303-204-0595

**MAIL ADDRESS:**
- **STREET 1:** 64 WOOSTER STREET, 4TH FLOOR
- **STREET 2:** STE 1204
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10012

### Attached PDF Documents

**Attachment 1:** `form_bd_schedule_a.pdf`

_No text found in this document._

**Attachment 2:** `form_bd_schedule_b.pdf`

_No text found in this document._

**Attachment 3:** `atsn_redlines.pdf`

_No text found in this document._

## Form ATS-N/UA: NMS Stock Alternative Trading System Report

### Cover Page

**NMS Stock ATS Name:** OneChronos

**Operates Pursuant to Form ATS?** No

**Statement About Amendment:**
7(g) language - This Updating Amendment updates:

Part III Item 11(c) to update the formula and result of the calculation of aggregate price improvement provided in "Example 4: Multilateral Limit Order Fill".

Part III Item 19(a) to specify that commission fees for execution of Expressive Orders will be determined in the same way as for Custom Groups and Firm Up Orders, where commission fees are at a negotiated rate in a range from $0 per share to $0.0015 per share.

Part III Item 19(c) to specify that discounted commissions will generally be in a range from $0 per share to $0.0015 per share; and until October 31, 2025, any discounts will continue to be calculated retroactively, and after November 1, 2025, discounts will be established and disclosed to the Subscriber at the beginning of the month and apply only prospectively (and not retroactively).

These updates apply to the Subscribers, but not the Operator of the ATS, as the Operator does not trade on the ATS.

The Amendment also updates Exhibit 1, the Operator's Form BD Schedule A, to the latest version.

### Part I: Basic Information

**1. Is the ATS operated by a registered broker-dealer?:** Yes

**2. Name of the NMS Stock ATS:** OneChronos Markets LLC

**3. Name(s) under which business is conducted:** OneChronos

**4a. Broker-Dealer SEC File No.:** 008-69882

**4a. Broker-Dealer CRD No.:** 000286322

**5a. Self-Regulatory Organization:** FINRA

**5b. Effective Date of Membership:** 07/09/2018

**5c. MPID:** CGXS

**6u. Website:** https://www.onechronos.com

**7. Primary Site Address:** 800 Secaucus Rd, Secaucus, US-NJ, 07094

### Part II: Written Safeguards and Procedures

**1a. Are any business units of the Broker-Dealer Operator permitted to enter interest?** —

**1b. Are the services offered and provided by the ATS to such business units the same?** —

**1c. Are there any arrangements between the ATS and such business unit?** —

**1d. Can order and trading interest of the business unit be routed out of the ATS?** No

**2a. Are any Affiliates of the Broker-Dealer Operator permitted to enter interest?** —

**2b. Are the services offered and provided by the ATS to such Affiliates the same?** —

**2c. Are there any arrangements between the ATS and such Affiliate?** —

**2d. Can order and trading interest of the Affiliate be routed out of the ATS?** No

**3a. Can a Subscriber opt-out from interacting with the order and trading interest of the Broker-Dealer Operator?** —

**3b. Can a Subscriber opt-out from interacting with the order and trading interest of an Affiliate?** —

**3c. Are the means to opt-out the same for all Subscribers?** —

**4a. Are there any arrangements between the Broker-Dealer Operator and a trading center?** No

**5a. Does the Broker-Dealer Operator offer any products or services to Subscribers?** Yes

   - **Products/Services:** OneChronos Markets, LLC, the Broker-Dealer Operator ("Operator") of the ATS, provides a supplemental service called the "Expressive Bidding Service" that is available to Subscribers as well as to institutional investors that may submit orders to the ATS indirectly through Subscribers, such as hedge funds, principal trading firms, etc. (collectively, Subscribers and other users of this service are "External Users"). External Users specify customizable execution constraints ("Bidder Logic") for use with a type of multi-part order permitted by the ATS known as an Expressive Order (described in detail in Part III Item 7). External Users are not able to transmit any orders to the ATS. External Users communicate Bidder Logic directly to OneChronos employees (business development, engineering, or both), and engineering staff deploy and activate the Bidder Logic into the ATS.

We use the term "Subscriber" throughout this ATS-N to refer to a broker-dealer that is authorized by the Operator to submit orders, including Expressive Orders, directly to the ATS. Only an External User that is a Subscriber may send an Expressive Order directly to the ATS. Other External Users are not authorized to send Expressive Orders directly to the ATS for execution, and may only do so through, and as a customer of, a Subscriber. Such an External User may direct a Subscriber to send an Expressive Order on its behalf to the ATS, using the External User's specified Bidder Logic. For the limited purpose of accessing the Expressive Bidding Service, such an External User is a "subscriber" of that service for purposes of SEC Regulation ATS, even though it is not a Subscriber that is authorized to submit orders to the ATS.

Upon request, OneChronos employees will provide technical support and guidance related to interaction with the ATS (e.g. connectivity, usage of order types, and construction and management of Bidder Logic).

**5b. Are the terms and conditions of these products/services the same for all Subscribers?** —

**5c. Does an Affiliate of the Broker-Dealer Operator offer any products or services to Subscribers?** —

**5d. Are the terms and conditions of these products/services offered by the Affiliate the same for all Subscribers?** —

**6a. Do any employees of the Broker-Dealer Operator or its Affiliates access confidential trading information?** —

**6b. Does any other entity provide services to the ATS?** Yes

   - **Providers:** 1) Equinix: provides OneChronos physical network connectivity services, and datacenter management services for physical IT infrastructure, including: Points of Presence, the matching engine, market data intake (i.e. SIP data) systems, and time synchronization systems, as described in Part III Items 5, 11, 21, and 23, respectively. Equinix provides power, cooling, server installation, troubleshooting, and various connectivity support services for these systems, along with the physical security controls described in Part II Item 7(a);
2) Instinet, LLC ("Instinet"): OneChronos has entered into a clearing agreement with Instinet. Trades executed (matched) by the ATS are electronically transmitted to Instinet for post-trade clearing and settlement as described in Part III Item 22;
3) Beeks Financial Cloud ("Beeks"): provides OneChronos datacenter infrastructure including server rack space and rooftop GPS antenna access for: Points of Presence, the matching engine, market data intake (i.e. SIP data) systems, and time synchronization systems described in Part III Items 5, 11, 21, and 23, respectively.
4) Pico Quantitative Trading ("Pico"): provides OneChronos networking infrastructure and services for network connectivity between OneChronos and third parties such as: a) Subscribers (for order entry described in Part III Item 5), and b) trade reporting destinations (for regulatory and clearing reports described in Part III Items 11 and 21).
5) Exegy Inc ("Exegy"): provides consolidated SIP data for use in the market data system described in Part III Items 11, 20, and 23.

**6c. Do any of these service providers also use the services of the ATS?** Yes

   - **Details:** Instinet, LLC provides clearing and settlement services to the ATS and is a Subscriber to the ATS.

**6d. Are the services of the ATS to such service provider the same as for other similar Subscribers?** —

**7a. Description of Safeguards and Procedures:**
The Operator maintains Written Supervisory Procedures ("WSPs") that govern the use of Confidential Trading Information.

The Operator classifies as Confidential Trading Information: orders and order handling instructions, Conditional Indications (as described in Part III Item 9), executions, clearing reports, non-tape TRF reports, risk configurations, and Bidder Logic (as described in Part II Item 5). Intraday and historical data are both considered Confidential Trading Information. The commingling of data that would otherwise not be considered confidential with Confidential Trading Information (for example, application performance logs containing raw FIX message data) is also treated as Confidential Trading Information. Individuals with access to a system that stores or processes Confidential Trading Information are considered to have access to that information.

ACCESS TO AND USE OF CONFIDENTIAL TRADING INFORMATION: The Operator's activities as a broker-dealer are limited to operation of its alternative trading system. Operator employees operating the ATS may have access to Confidential Trading Information. A Series 24 registered supervisor ("ATS Supervisor") ensures the Operator restricts access to Confidential Trading Information to employees (and temporarily hired contractors, together with employees, "personnel") who are operating the ATS, those whose roles require access to such information for performing their duties, or those responsible for the Operator's compliance with Reg ATS and other applicable rules, as further described in Part II Item 7(c) below.

Operator personnel with access to Confidential Trading Information are only authorized to use such information as required by their job functions, and are prohibited from using such information for trading for their own accounts. They cannot disseminate such information to anyone not authorized to receive that information. The Operator requires all employees, including those with authorized access to Confidential Trading Information, to undergo annual compliance training that includes instruction and attestation relating to the protection of Confidential Trading Information.

The Operator performs at least quarterly reviews to confirm that those personnel with access to Confidential Trading Information continue to have a valid need to access such information, as described under KEY SECURITY CONTROLS below.

As covered more fully in the ATS's Subscriber Agreement, the Operator's personnel and certain third parties (such as accountants and lawyers) may receive a subscriber's confidential information, which may include Confidential Trading Information, in connection with performing services for the Operator or its subsidiaries or affiliates (e.g., auditing, development or surveillance). To the extent they may receive Confidential Trading Information, such persons will be legally bound by confidentiality obligations substantially similar to those that apply to the Operator under the Subscriber Agreement. Any such Information will not be shared until a third party has satisfactorily undergone a Third Party Risk Assessment (as described below under KEY SECURITY CONTROLS).

KEY SECURITY CONTROLS: The Operator employs a broad range of security controls to protect its trading systems and Confidential Trading Information. The principal controls are as follows:

1) Centralized identity management: The Operator maintains a central repository of user accounts for Operator personnel ("Internal Users"), which may include temporary contractors hired by the Operator as well as employees of the Operator. Only an ATS Supervisor or a designee can establish new accounts for Internal Users or External Users. Internal Users may only access Confidential Trading Information if their accounts have been authorized, as discussed in the "Authorization" section in paragraph (3) below;

2) Authentication: The Operator requires the use of strong passwords meeting specified length and complexity requirements for all authenticated internal and external systems and services. Systems require multi-factor authentication whenever possible. Anti-brute-force mechanisms such as request throttling, IP whitelisting and blacklisting, account lockouts, and the use of cryptographic hashing help protect user credentials against both online and offline attacks;

3) Authorization: The Operator uses Role-based access control ("RBAC") to manage access to resources and systems for both Internal and External Users. In an RBAC process, categories of Roles are identified. Persons in particular Roles are given defined access to specific systems and resources, and thereby to specific categories of Confidential Trading Information. Accounts of specific Internal Users and External Users are granted Roles. Those Accounts can then only access a system or resource to the extent that their configured Roles allow the access. For example, an Internal User in the Operations area who requires routine access to cleared transaction information, but not to "live" orders, would be assigned an Account for which the Role was configured to deny access to live order information. A Subscriber External User would only have access to information related to its orders and transactions, and not to that of other Subscribers. The "principle of least privilege" dictates what Roles are appropriate for a given Account. The Operator's CCO or a designee of the CCO conducts periodic (at least quarterly) audits of Roles and their assignments to Accounts. These audits analyze the current and expected job functions of Operator personnel, the Roles configured for their Accounts, and whether the systems, data, and other resources accessible through those Roles are necessary for those personnel to perform their job functions. As personnel responsibilities change, e.g. through assignments to new positions or due to systems or processes re-design, the CCO or designee would assess the (continued) need for those personnel to access specific kinds of Confidential Trading Information, and, as a result, the CCO or designee may require a change in Accounts or re-configuration of Roles;

4) Encryption: the Operator requires the use of strong encryption for data in transit over any untrusted network. Transmission of unencrypted data is not permissible unless a physical security model, e.g. a private cross connect between a Subscriber and an Operator trading system, provides comparable security guarantees. Media encryption protects Confidential Trading Information (as defined in Part II Item 7(d)) as part of the nightly archival process;

5) Physical Security: all production ATS trading systems are hosted in a SOC (System and Organization Controls) certified facility (described in Part II Item 6) which employs strong security controls, such as: surveillance, physical barriers, armed security, and multi-factor access controls. This facility maintains fully redundant HVAC and power systems to reduce the risk of outages and business interruptions. Control of production trading systems happens over a physically secured private network;

6) Change Management: The Operator employs a rigorous change management process for changes to all of its production systems, including the trading systems described in Part III ("Production Systems"). Any proposed changes to Production Systems are analyzed by a designated "Change Team" for: software and/or configuration integrity; adherence to regulatory requirements and disclosures; impact on systems, operations, and practices; changes to External User-facing elements; and adherence to policies and procedures. These reviews include an assessment of the impact of the change on Confidential Trading Information, including how it is processed and stored, access to the information by Internal Users and External Users, and possible vulnerability to unauthorized access or misuse. The Change Team includes senior management of the Operator and ATS System, Business Development and Compliance managers;

7) Monitoring: the ATS uses a combination of proprietary and commercial software that monitors: a) trading system status, utilization, connectivity, and message rates; b) anomalies in trading data (orders, executions, reports, market data); and c) centrally aggregated system and application log data for anomalous events and unauthorized access to critical systems and systems containing Confidential Trading Information;

8) Incident Management: The Operator maintains a documented incident response process identifying steps to investigate and remediate security incidents, and a list of designated emergency contacts to alert upon detection of a security incident;

9) Third Party Risk Assessment: The Operator maintains a list of third-party suppliers with whom it conducts business. Before integrating any new third-party supplier, the Operator conducts a risk assessment that analyzes a) the type and classification of data that third party may access, and b) the potential threats to that data. For any third parties that have access to or may reasonably receive access to Confidential Trading Information, the risk assessment includes a thorough review of the third-party's security controls, business continuity controls, data protection and privacy practices, policies and procedures. These reviews focus on the ability of the third party to protect the confidentiality, availability, and integrity of Confidential Trading Information at each point where such information is stored or processed;

ATS EMPLOYEES' TRADING ACTIVITY: In accordance with FINRA Rule 3210 employees of the Operator must report to the CCO all personal investment accounts, as well as related accounts (those of immediate family members residing with the employee or to whom the employee provides material financial support, or other accounts the employee controls). These reports must be made to the CCO within 30 days of commencing employment or promptly upon opening a new account. Employees are strictly prohibited from trading on firm proprietary information, Confidential Trading Information, other confidential ATS External User information, and material non-public information ("MNPI"). The CCO surveils employee personal and related accounts for activity that may be indicative of possible abuses or violations of federal securities law, including those proscribing insider trading, which may include, as examples, excessive trading activity, activity that departs materially from typical activity in the account under review, or unusual trading activity in securities of a company with breaking news in the press. Operator employees operating the ATS may have access to External User orders and trading information; those and other employees described in Part II Item 7(d) may have access to information about Subscriber trading strategies and objectives. All Operator personnel are strictly prohibited from using any such information to their personal advantage. Annual compliance training includes materials and an attestation relating to employee trading activity, trading activity with regards to Confidential Trading Information, and identification, escalation and misuse of MNPI. The CCO reviews account statements received from broker-dealers where employees hold accounts on a monthly basis. Patterns of activity, as exemplified above, that may be indicative of insider trading or misuse of confidential data, including External User Confidential Trading Information, are subject to further scrutiny and escalation.

**7b. Can a Subscriber consent to the disclosure of its confidential trading information?** —

**7d. Summary of roles of persons with access to confidential trading information:**
Operator personnel responsible for the day-to-day operation of the ATS have access to Confidential Trading Information to the extent that their responsibilities require it, as provided by the RBAC process described in Part II Item 7(a). The following personnel are authorized to access Confidential Trading Information:

1) ATS Operations staff, who require access to Confidential Trading Information, e.g. for market surveillance, analysis, and customer support;

2) ATS Engineering staff, who require access to Confidential Trading Information, e.g. for development and support of ATS matching systems and analysis of ATS matching performance as described in Part III Item 11;

3) Operator Supervisory and Compliance staff, who require routine access to Confidential Trading Information in summary form, e.g. for market surveillance and investigation of any errors or anomalies, and may require non-routine access to more detailed Confidential Trading Information in the investigation or analysis of particular events, activities or Users;

4) Sales staff, who require access to Confidential Trading Information in summary form, e.g. for analysis of ATS participation and liquidity properties. Individuals who do not have access to specific subsets of Confidential Trading Information, e.g. sales staff who are asked by a Subscriber for assistance in evaluating the efficacy of Bidder Logic used in constructing Expressive Orders, may request access from an ATS Supervisor or designee on an as-needed basis.

Persons from third-party service providers as listed in Part II Item 6, may have access to Confidential Trading Information as necessary or appropriate in connection with their performance of services for OneChronos (for example: clearing, settlement, surveillance, fraud detection). Such access is permitted with limited scope, subject to the evaluation, legal agreement and audit procedures for third-party vendors described in Part II Item 7(a). As part of the quarterly audit process described under KEY SECURITY CONTROLS in Part II Item 7(a), the Operator will review the type and scope of access of third-party service providers to Confidential Trading Information. As part of the review, the Operator confirms those providers continue to have a valid reason to access such information.

### Part III: Manner of Operations

**1. Types of Subscribers:** Brokers, Dealers, Other

**2a. Is a Subscriber required to be a registered broker-dealer?** Yes

**2b. Are there any other conditions for eligibility to become a Subscriber?** Yes

   - **Conditions:** Applicants to be a Subscriber to access the ATS directly for submitting orders must be duly registered under the Securities Exchange Act of 1934 with the SEC as a broker-dealer and in good standing; a member of FINRA or (only if it does not have customers) a member of an exchange that is registered with the SEC as a national securities exchange; and registered and/or qualified in those states and other jurisdictions where its business requires such registration and/or qualification. Applications must be satisfactorily complete and include the following documents for consideration:

1) Subscriber Agreement;
2) Expressive Bidding Terms of Service Addendum to the Subscriber Agreement (required only if using Expressive Bidding Service described in Part II Item 5);
3) Attestation of electronic filing of NSCC Form 9-A, 9-B, Attachment #1;
4) FINRA Uniform Reporting Agreement;

To receive initial approval and maintain access as a Subscriber, broker-dealer applicants must meet and maintain the following requirements:
a) Applicants must complete all application materials, as set forth above;b) Applicants must be self-clearing, or clear through another broker-dealer, supplying information detailing their clearing relationship as prescribed above. Operator reserves the right to confirm the standing of the applicant, its clearing broker and the adequacy of clearance and settlement arrangements, with the applicant's clearing broker, NSCC, DTC or other registered clearing agency, as applicable;c) Subscribers must remit all applicable payments on a timely basis;d) Subscribers must meet the technical requirements prescribed by the Operator, including but not limited to connectivity certification and verification of a Subscriber's ability to send orders and cancellations and receive execution reports as well as unsolicited cancels;e) Subscribers must have executed and not terminated the OneChronos Subscriber Agreement;f) Subscribers and its personnel must otherwise remain in compliance with their obligations as set forth in the Subscriber's Agreement, the OneChronos User Manual (found on its public website), and other policies and procedures of which Subscriber is notified in writing by OneChronos reasonably in advance of effectiveness.

Eligibility to Access the Supplemental Expressive Bidding Service:

External Users may access the Expressive Bidding Service as described in Part II Item 5(b). A Subscriber is not required to use the Expressive Bidding Service but may elect to use this service by agreeing to the Operator's terms of service set forth in an optional addendum to the subscriber agreement. The Expressive Bidding Service is also available to any institutional investor (e.g., hedge funds, principal trading firms) as an External User if such person agrees to the Operator's terms of service set forth in an agreement developed for use with such External Users.

An External User may submit its specific Bidder Logic ("Submitted Bidder Logic") to reside within the ATS electronically to designated OneChronos employees, as discussed in Part II Item 5. Submitted Bidder Logic submissions are NOT orders themselves. In addition, only Subscribers may submit orders directly to the ATS for execution.

A person's Submitted Bidder Logic represents conditionality that may be attached to an order submitted to the ATS (termed a "Target Order") for execution. Subscribers may submit Target Orders that reference Submitted Bidder Logic to the ATS; the combination of the Target Order and referenced Submitted Bidder Logic is referred to as an "Expressive Order."  Expressive Orders are always submitted to the ATS via FIX protocol. External Users that are not Subscribers cannot establish FIX connections to the ATS and cannot directly enter Expressive Orders into the ATS. Such an External User may instead direct a Subscriber with which it has established a customer relationship to submit an Expressive Order on its behalf that references the External User's Submitted Bidder Logic.

As explained in Part 2 Item 5, the term "Subscriber" is used throughout this ATS-N to refer to a broker-dealer that is authorized by the Operator to submit orders to the ATS, but for the limited purpose of accessing the Expressive Bidding Service, an External User that is not a Subscriber within that meaning is considered a "subscriber" of the Expressive Bidding Service for purposes of SEC Regulation ATS.

**2c. Are the conditions for eligibility the same for all persons?** —

**2d. Is there a written agreement required to use the ATS?** Yes

**3a. Are there any conditions under which a Subscriber may be excluded?** Yes

   - **Conditions:** The Operator approves and denies Applicants to be Subscribers in its sole discretion. The Operator may reject Applicants and terminate Subscriber Agreements, Expressive Bidding Terms of Service, or both if, for example, an Applicant or Subscriber is charged with, or is determined to have committed, material violations of the federal securities laws, FINRA rules, or other relevant rules or regulations, or is deemed by Operator to have engaged in conduct or activities that may be materially detrimental to the operation of the ATS, the reputation of the Operator or the ATS, or the interests or well-being of other Subscribers or External Users of the ATS.

If Operator personnel become aware of issues related to a Subscriber's participation in the ATS regarding any of the criteria set forth above in Part III Item 2(b) they may bring those issues to the attention of the team responsible for review of new and ongoing Subscribers ("Application Review Team"; which consists of a Registered Principal of the Operator, a Business Development person, and such other personnel as the Operator may designate). If deemed necessary the Application Review Team may convene and determine whether a Subscriber is still eligible for access in light of new information, and if their continued access jeopardizes the well-being of the ATS or other Subscribers. The Application Review Team may take actions including the termination of a Subscriber Agreement or the imposition of restrictions on a Subscriber's activities. If the Application Review Team concludes that action is necessary, they will document the material facts and actions taken before communicating them to the Subscriber via a Registered Principal of the Operator.

If an application is denied, approved subject to terms and conditions, a Subscriber Agreement is terminated, or a Subscriber's activities are restricted, the applicant or Subscriber may request a written explanation of the determination made by the Operator.  Upon receiving the Operator's written explanation, the Applicant/Subscriber will have 30 calendar days to respond or otherwise cure that which is the cause of the denial, termination, limitation or restriction of services.

**3b. Are these conditions the same for all Subscribers?** —

**4a. Hours of Operation:**
The ATS operates Monday through Friday according to the standard market hours schedule below, with the exception of the following NYSE market holidays: New Years Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

Standard Market Hours (US Eastern time):
1) 8:00am: begin accepting FIX connections / sessions;
2) 9:15am: begin accepting orders;
3) 9:30am: begin executing orders (i.e. first call auction will take place at or after 9:30am);
4) 4:00pm: stop executing orders (i.e. final call auction will take place at or before 4:00pm)*;
5) 5:00pm: all FIX sessions disconnected.

* The ATS stops executing orders at 1:00pm instead of 4:00pm on: the day prior to observed Christmas Day, the day prior to observed Independence Day, and the day after Thanksgiving Day. FIX sessions are disconnected at 2:00pm instead of 5:00pm on these days.

**4b. Are the hours of operation the same for all Subscribers?** Yes

**5a. Are Subscribers permitted to enter orders and other messages by electronic means?** Yes

   - **Protocols:** The ATS is designed to accommodate multiple points of presence ("Points of Presence", "PoP", "PoPs") for order entry. Only Subscribers may directly submit orders to the ATS, and may only do so by establishing a connection via FIX (4.2) protocol at a PoP maintained by the Operator. Currently, the Operator maintains a single PoP at Equinix NY5. Such orders are time-stamped then transmitted to the (centralized) matching engine location at Equinix NY5. Further information on the PoP model follows in Part III Items 5, 6 and 11. No other order entry protocols are available.

ORDER AND BIDDER LOGIC SUBMISSION:

Only a Subscriber may submit orders to the ATS. External Users may submit their Bidder Logic to the ATS (as described in Part II Item 5), but such Submitted Bidder Logic submissions are NOT orders themselves.

An External User's Submitted Bidder Logic represents conditionality that may be attached to an order submitted to the ATS (termed a "Target Order") for execution. Subscribers may submit Target Orders that reference Submitted Bidder Logic (the combination of which is the "Expressive Order") to the ATS via FIX protocol. An External User that is not a Subscriber may direct a Subscriber with which it has established a customer relationship to submit an Expressive Order on its behalf that references the External User's Submitted Bidder Logic.

**5b. Are these protocols the same for all Subscribers?** —

**5c. Are there any other means to enter orders?** —

**5d. Are the terms and conditions for other means the same for all Subscribers?** —

**6a. Are co-location services offered?** —

**6c. Are any other means offered that reduce the latency of communications?** No

**6e. Are any other means offered that reduce the latency of communications between the ATS and its Subscribers?** No

**7a. Order Types and Attributes:**
STANDARD ORDER TYPES: The ATS supports the following "Standard Order" types:

1) "Limit Order": an order which (if filled) executes at or above (for an order to sell) or at or below (for an order to buy) the User specified price. Limit Orders must include a security (symbol), a side (buy or sell), a limit price, and a maximum quantity (shares);

2) "Peg Order": a type of Limit Order which (if filled) executes at the NBB, NBO, or midpoint of the NBBO (or better) as indicated by execution instructions. Determination of the NBBO and midpoint price follows in Part III Items 11 and 23. Peg Orders must include a security (symbol), a side (buy or sell), and a maximum quantity (shares). Peg orders can also optionally include a limit price and/or an offset amount. Offset amounts must be expressed in increments greater than or equal to one penny ($.01). Buy orders will not execute at a price greater than the lowest of: the limit price, the NBO, or the peg price plus or minus the offset amount. Sell orders will not execute at a price lower than the greatest of: the limit price, the NBB, or the peg price plus or minus offset amount.

Limit prices greater than or equal to $1.00 must be expressed in increments of at least $.01 (i.e. sub-penny prices are not permitted). Limit prices less than $1.00 must be expressed in increments of at least $.0001. This applies to limit prices on all order types. If a peg order (including offset amount) would result in an effective price at an impermissible increment for a given auction, then the order will not be eligible to participate in that auction.

EXPRESSIVE ORDERS: The ATS also supports Expressive Orders, an order type that allows Subscribers or other External Users entering Bidder Logic to specify execution instructions spanning one or more individual Limit Orders. Any Limit Order or collection of Limit Orders referencing Bidder Logic receives treatment as an Expressive Order.

Expressive Orders have three components:
1) Bidder Logic: static functions that take data and return execution instructions. External Users approved to use the Expressive Bidding Service may provide their Bidder Logic via the mechanism described in Part III Item 5 under "ORDER AND BIDDER LOGIC SUBMISSION";
2) Bidder Inputs: data provided by Subscribers (for example, notional maximum values or symbol ratios/weightings) for use in Expressive Orders. Bidder Inputs are provided as a FIX tag and may be specified on any Target Order entered in connection with a Expressive Order;
3) Target Orders: Limit or Pegged Orders submitted by Subscribers via FIX that reference Submitted Bidder Logic upon which such Bidder Logic acts.

BIDDER LOGIC SUBMISSION: Bidder Logic can be expressed using a programming language supported by the Operator, or via a domain-specific language developed by the Operator. A person using the Expressive Bidding Service must submit its Bidder Logic in advance of its use in any Expressive Order. The Operator may require External Users to certify their Bidder Logic in the OneChronos UAT environment before the Bidder Logic is available in production, particularly when the Logic is first submitted, or if the logic is altered in a material way (minor updates to Bidder Inputs such as the tolerance of a fill ratio on a pairs order may not require certification). When UAT certification is not required, updates to existing Bidder Logic will be available on the next calendar day after receipt by the ATS. Supported languages for expressing Bidder Logic use common mathematical and Boolean constraints. Examples are provided below. Users of the service, as authors of any Bidder Logic, can submit such code via specific ATS personnel, who will deploy it into the ATS. As detailed in Part III Item 5, Bidder Logic is not itself an order, and orders themselves can only be submitted directly to the ATS by Subscribers.

Upon acceptance, each Bidder Logic submission is evaluated to confirm its properties (e.g. that it can successfully terminate), then assigned a unique reference ID, which is provided back to the user, for inclusion in Target Orders. Target Orders are always sent via FIX and must be received by the ATS from Subscribers.

The ATS supports Bidder Logic that enables the External User to submit a pairs order type on the ATS (see example below), where the External User may submit two target orders, and join them together as a pair order. The two target orders joined in the pair order will only execute if both can be filled (i.e., one target order will not execute if the other cannot). The ATS also supports specifying optional, customizable parameters that impose additional constraints, which, when not satisfied, suppress fills in either target order. One set of parameters constrains the ratio of fill quantities to a numeric range (i.e., the orders in the pair may not fill except in a specific ratio; the User may optionally specify a tolerance, so that the ratio need not be exact, but within the tolerance specified). Another set of parameters mandates that the execution prices of those fills satisfy a linear relationship (i.e., the User may specify three numbers, g1, g2, and L, such that the two orders in the pair may not fill unless g1 * p1 + g2 * p2 >= L, where p1 and p2 are the execution prices of the two orders in the Pair, respectively).

The following Example illustrates this functionality:

EXAMPLE: Pairs / Hedge Trade:
A trader may wish to transact in two different symbols in similar amounts: buy A if and only if selling an approximately equal (within $1,000) notional amount of B

Constraint 1 (both A and B simultaneously):

Quantity(A) > 0 AND Quantity(B) > 0

Constraint 2 (maximum net notional of +/- $1,000):

-$1,000

**7b. Are the order types, attributes, and instructions the same for all Subscribers?** —

**8a. Does the ATS require a minimum or maximum order size?** —

**8c. Are odd-lot orders accepted and executed?** —

**8d. Are odd-lot procedures the same for all Subscribers?** —

**8e. Are mixed-lot orders accepted and executed?** —

**8f. Are mixed-lot procedures the same for all Subscribers?** —

**9a. Does the ATS send any messages to indicate trading interest?** —

**10a. Opening/Re-opening/Closing Procedures:**
—

**10b. Are these procedures the same for all Subscribers?** —

**10c. Unexecuted Orders Procedures:**
—

**10d. Is there any difference in execution procedures during trading hours?** —

**10e. Is there any difference in pre-opening or execution procedures following a stoppage?** —

**11a. Structure of the NMS Stock ATS:**
—

**11b. Are the means that facilitate access the same for all Subscribers?** —

**11c. Rules and procedures of the NMS Stock ATS:**
—

**11d. Are these rules and procedures the same for all Subscribers?** —

**12a. Are there any arrangements to provide liquidity?** —

**13a. Is order or trading interest segmented?** —

**13b. Is the segmentation the same for all Subscribers?** —

**13c. Does segmentation depend on whether the order is from a customer?** —

**13d. Are segmentation categories disclosed to Subscribers?** —

**13e. Is the disclosure the same for all Subscribers?** —

**14a. Is a Subscriber designated to interact with specific trading interest?** —

**14b. Is the counter-party selection the same for all Subscribers?** —

**15a. Does the ATS use electronic communications to display order and trading interest?** —

**15b. Is order and trading interest displayed to anyone other than Subscribers?** —

**15c. Are the display procedures the same for all Subscribers?** —

**16a. Are orders or other messages routed out of the ATS?** —

**17a. Is there any difference between the treatment of order and trading interest based on source?** —

**17b. Is the treatment the same for all Subscribers?** —

**18a. Does the ATS execute trades outside of its regular trading hours?** —

**19a. Fees:**
—

**19b. Bundled Services/Fees:**
—

**19c. Rebates and Discounts:**
—

**20a. Suspension of Trading Procedures:**
—

**20b. Are these procedures the same for all Subscribers?** —

**21a. Trade Reporting Arrangements:**
—

**21b. Are these arrangements the same for all Subscribers?** —

**22a. Clearance and Settlement Arrangements:**
—

**22b. Are these arrangements the same for all Subscribers?** —

**23a. Market Data Sources:**
—

**23b. Are these sources the same for all Subscribers?** —

**24a. Does the ATS aggregate Subscriber order and trading interest with that of other trading centers?** —

**25a. Did the ATS exceed the volume thresholds of Regulation ATS?** —

**26. Are order flow and execution statistics published?** —