# EDGAR Filing Document

**Accession Number:** 0001368727
**File Stem:** 0001104659-26-042112
**Filing Date:** 2026-4
**Character Count:** 142934
**Document Hash:** deadcaa3d98a56505c836c6a26ed4bf6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-042112.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001104659-26-042112

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

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260413

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BIDS TRADING L.P.
- **CENTRAL INDEX KEY:** 0001368727

**ORGANIZATION NAME:**
- **EIN:** 205087431
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ATS-N/UA
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 013-00031
- **FILM NUMBER:** 26856610

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA, 165 BROADWAY
- **STREET 2:** 23RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10006
- **BUSINESS PHONE:** 212-618-2071

**MAIL ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA, 165 BROADWAY
- **STREET 2:** 23RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10006

## Ats-N

**Exhibit 1.scha**

**EXHIBIT 1<br>BIDS ATS FORM ATS-N<br>FORM BD SCHEDULE A**

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex1-schaimg01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Business Name BIDS TRADING L.P., BD Number 141296, BD Amendment dated 08/28/2025, BD Direct Owners/Executive Officers, question regarding whether there are any indirect owners of the applicant required to be reported on Schedule B with neither Yes nor No selected, ownership codes defined as NA less than 5 percent, A 5 percent but less than 10 percent, B 10 percent but less than 25 percent, C 25 percent but less than 50 percent, D 50 percent but less than 75 percent, and E 75 percent or more, followed by the list of owners and officers as follows: Stephen Berte, individual, President, date acquired 04/2022, ownership code NA, control person Yes, PR No, CRD number 6813438; BIDS Holdings GP LLC, domestic entity, General Partner, date acquired 06/2006, ownership code NA, control person Yes, PR No, tax ID 20-5087280; BIDS Holdings L.P., domestic entity, Sole Limited Partner, date acquired 06/2006, ownership code E, control person Yes, PR No, tax ID 20-5087370; Stephen Anthony Bolton, individual, Principal Financial Officer, date acquired 07/2025, ownership code NA, control person No, PR No, CRD number 7201776; Theodore Richard Lazo, individual, Chief Legal Officer, date acquired 01/2020, ownership code NA, control person No, PR No, CRD number 7215911; Adel Sarhan, individual, Chief Operating Officer, date acquired 08/2025, ownership code NA, control person Yes, PR No, CRD number 5354052; and Brian Smith, individual, Chief Compliance Officer, date acquired 11/2021, ownership code NA, control person No, PR No, CRD number 2866603.  |

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## Ats-N

**Exhibit 2.schb**

**EXHIBIT 2 <br>BIDS ATS FORM ATS-N<br>FORM BD SCHEDULE B**

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex1-schbimg01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/21, 2:47 PM Web CRD - BD Historical Filing » Schedule B [User Name: tlazo, OrgID: 141296] https://crd.finra.org/FRM/BDBDW/CRD_FRM_BDViewHist.aspx?FR=Print7&FL=7&RefNum=&form=BD&type=AMENDMENT&PrintHistorical=-1&Hist… 1/1© 2021 FINRA. All rights reserved. FINRA is a registered trademark of the Financial Industry Regulatory Authority, Inc. Privacy Legal Terms & Conditions Primary Business Name: BIDS TRADING L.P. BD Number: 141296 BD - AMENDMENT 10/19/2021 BD - INDIRECT OWNERS Ownership Codes: C - 25% but less than 50% E - 75% or more D - 50% but less than 75% F - Other General Partners Full Legal Name DE/FE/I Entity in Which Interest is Owned Status Date Acquired Own. Code Control Person PR CRD # (or SSN, IRS Tax #, Emp. ID) BIDS HOLDINGS GP LLC DE BIDS HOLDINGS L.P. GENERAL PARTNER 06/2006 F Y N 20-5087280 CBOE GLOBAL MARKETS, INC. DE CBOE OFF-EXCHANGE SERVICES, LLC MEMBER 01/2019 E Y Y 20-5446972 CBOE OFF-EXCHANGE SERVICES, LLC DE BIDS HOLDINGS LP LIMITED PARTNER 01/2021 E Y N 20-5446972 CBOE OFF-EXCHANGE SERVICES, LLC DE BIDS HOLDINGS GP LLC MEMBER 01/2021 E Y N 20-5446972  |

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## Ats-N

**Exhibit 3**

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Part II: Activities of the Broker-Dealer Operator and its Affiliates \* \* \* \* \* Item 6: Activities of Service Providers a. Does any employee of the Broker-Dealer Operator or its Affiliate that services both the operations of the NMS Stock ATS and any other business unit or any Affiliate of the Broker-Dealer Operator ("shared employee") have access to confidential trading information on the NMS Stock ATS? Yes X No If yes, identify the business unit, Affiliate, or both that the shared employee services, and provide a summary of the role and responsibilities of the shared employee at the ATS and the business unit, Affiliate, or both that the shared employee services. The following categories of BIDS ATS personnel service the ATS as well as the Cboe BIDS Europe business unit operated by Cboe Europe, and the Cboe BIDS Canada business unit operated by Cboe Canada. Cboe Europe, and Cboe Canada are Affiliates of the ATS:have access to Confidential Data (as defined below): ATS Sales Support ATS Integration Desk ATS Operations Developers on Call ATS Analytics and Reporting System Engineering See Part II, Item 7 for a description of the roles and responsibilities of these categories of BIDS ATS personnel. These categories of BIDS ATS personnel service the ATS as well as the Cboe BIDS Europe business unit operated by Cboe Europe, and the Cboe BIDS Canada business unit operated by Cboe Canada. Cboe Europe, and Cboe Canada are Affiliates of the ATS. The BIDS ATS personnel in these categories perform the same roles and responsibilities for the BIDS ATS as well as for Cboe BIDS Europe and Cboe BIDS Canada. In addition, certain personnel of Cboe Global Markets, Inc. ("Cboe"), BIDS's ultimate parent company, provide shared services to BIDS in connection with ATS Analytics and Reporting. These shared Cboe personnel are responsible for carrying out data analysis and database maintenance. The shared Cboe personnel have access to historical Confidential Data of the BIDS ATS; they do not have access to real-time trading data. The shared Cboe personnel who provide services to BIDS in connection with ATS Analytics and Reporting also perform similar roles and responsibilities for the U.S. national securities exchanges that Cboe owns (Cboe U.S. Exchange, Inc., Cboe C2 Exchange, Inc., Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., Cboe EDGA Exchange, Inc., and Cboe EDGX Exchange, Inc.), as well as for Cboe Canada and Cboe Europe. The shared Cboe personnel authorized to access historical Confidential Data are prohibited from using Confidential Data for any purposes other than in connection with ATS Analytics and Reporting. 26-11619-1 C1.1 P79 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Does any entity, other than the Broker-Dealer Operator, support the services or functionalities of the NMS Stock ATS ("service provider") that are required to be explained in Part III of this form? Yes X No If yes, both identify the service provider and provide a summary of the role and responsibilities of the service provider in response to the applicable Item number in Part III of this form, as required. List the applicable Item number here. If there are services or functionalities that are not applicable to Part III, identify the service provider, the services and functionalities, and also provide a summary of the role and responsibilities of the service provider here. BOFA Securities, Inc. ("BOFA") provides the services described in Part III, Item 22 - Clearance and Settlement. BIDS Trading Technologies, Inc. ("BTT"), an affiliate of BIDS Trading L.P. ("BIDS") provides technology and operational services and support to the BIDS ATS. These services range from design and development work to implementation, testing, and assistance with the day-to-day operations of the BIDS ATS software. As noted in Part II, Item 7, employees of BTT are treated as if they are employees of BIDS for regulatory and confidentiality purposes. As noted in Part III, Item 23, the BIDS ATS uses Redline Trading Solutions, Inc., a third-party vendor, to consolidate market data feeds from national securities exchanges and securities information processors ("SIPs") to produce the national best bid and offer ("synthetic NBBO") used by the BIDS ATS to calculate the prices used for executions and invitations. Transaction prices are validated using the SIP NBBO (see Part III, Item 11). The data centers used by the BIDS ATS are provided by Equinix, Inc. ("Equinix"), a third-party vendor. Equinix operates both: (i) the Equinix NY4 New York IBX Data Center, which hosts the servers that operate the BIDS ATS, and (ii) the Equinix CH4 Chicago IBX Data Center, which serves as the backup host for the BIDS ATS. Equinix provides server space, power, security, environmental controls, and connectivity services to the BIDS ATS as described in Part III, Item 6. c. If yes to Item 6(b), does the service provider, or any of its Affiliates, use the NMS Stock ATS services? Yes No X If yes, identify the service provider, or the Affiliate as applicable, and the ATS services that the service provider or its Affiliates use. d. If yes to Item 6(c), are the services that the NMS Stock ATS offers and provides to the entity required to be identified in Item 6(c) the same for all Subscribers? Yes No If no, identify and explain any differences. 26-11619-1 C1.1 P80 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 7: Protection of Confidential Trading Information a. Describe the written safeguards and written procedures to protect the confidential trading information of Subscribers to the NMS Stock ATS, including: i. written standards controlling employees of the ATS that trade for employees' accounts; and ii. written oversight procedures to ensure that the safeguards and procedures described above are implemented and followed. BIDS Trading, L.P., the Broker-Dealer Operator of the BIDS ATS, is a wholly-owned subsidiary of Cboe Global Markets, Inc. ("Cboe"), which also owns national securities exchanges in the U.S. The BIDS ATS is not a national securities exchange or a facility thereof. BIDS Trading, L.P. is not a member of any U.S. national securities exchange owned by Cboe (each, a "Cboe U.S. Securities Exchange"). The BIDS ATS trading systems, including the matching engine, operate on separate technology and servers, and with separate order entry connectivity (e.g., ports) from the Cboe U.S. Securities Exchanges. BIDS Trading, L.P. is a separate legal entity from the Cboe U.S. Securities Exchanges. Different individuals are responsible for managing the day-to-day business of the BIDS ATS, on the one hand, and the Cboe U.S. Securities Exchanges, on the other hand. The different individuals responsible for managing the day-to-day businesses of the BIDS ATS and the Cboe U.S. Securities Exchanges do not report to one another, but they may both report to the same individual within Cboe. The BIDS ATS operates as a dark venue and does not disclose Confidential Data (as defined below) to affiliates (including the Cboe U.S. Securities Exchanges) or third parties, other than as needed to complete transactions or comply with securities laws and regulations as discussed in this Part II, Item 7 or elsewhere in this Form ATS-N. In addition to the Confidentiality Safeguards (as defined below) that the BIDS ATS maintains, Cboe maintains policies and procedures that prohibit access to or receipt of Confidential Data by any personnel other than those providing services to the BIDS ATS as specified in Part II, Item 7(d) below. Confidential Data is defined as: Gateway Logs: Transaction logs for protocol gateways connecting from order management systems ("OMS")/execution management systems ("EMS") to the BIDS ATS Firm Order Information: Information regarding all Firm orders. Conditional Information: Information regarding Conditionals and invitations in the BIDS ATS. AIOI Information: Information regarding all AIOIs in the BIDS ATS. Trade Information: Trades in the BIDS ATS during the live trading session. Sponsor Settings: Administrative settings and risk limits of Sponsored Firms managed by Sponsors. Scorecards and Filter Settings: BIDS Scorecard values for Traders and Filter settings set by Traders (discussed in Part III, Items 7 and 9). 26-11619-1 C1.1 P81 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg04.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trader Configuration: Preferences set by Traders for Firm order and Conditional interaction on the BIDS ATS. Database Information: Transaction and configuration data stored in the BIDS ATS databases. Server Logs: Log files generated by the BIDS ATS applications. Given the sponsored access model made available by BIDS (discussed in Part III, Item 2), BIDS provides each Sponsor with information related to any Firm order, Conditional, or trade on which that Sponsor has been designated by a Sponsored Firm. BIDS does not engage in any trading activities other than activity in connection with the operation of the BIDS ATS as described in this Form ATS-N and, as a result, does not engage in activities that may be deemed in conflict with the BIDS ATS. As part of operating the BIDS ATS, BIDS maintains written policies, procedures and controls ("Confidentiality Safeguards") designed to safeguard the confidentiality, integrity and availability of the BIDS ATS by preventing unauthorized access to or use of Participants' Confidential Data. The Confidentiality Safeguards include: a. Guidance with Respect to Handling Information: Confidentiality and Privacy Policy b. Cybersecurity Policy c. Compliance Manual d. Supervisory Procedures The Confidentiality Safeguards are reviewed, tested and updated regularly as described below. Key aspects of the Employee Access Safeguards and the System Safeguards prescribed by the Confidentiality Safeguards are summarized below. As part of the Confidentiality Safeguards, BIDS requires that all employees and independent contractors of BIDS and BTT, (collectively referred to as "employees") acknowledge receipt and review of applicable BIDS' written policies at the time of hiring, and at least annually thereafter. In addition, all employees must complete security awareness training as part of the onboarding process and complete periodic confidentiality training during employment. BIDS also operates a continuous, organization-wide security awareness program that includes regular testing related to phishing and social engineering. EMPLOYEE ACCESS SAFEGUARDS A. Employee Access Safeguards BIDS strictly limits the employees that may access the live BIDS ATS production networks, databases, servers, and ATS applications (collectively, the "BIDS Systems") and data to those employees that must have such access to perform their jobs. BIDS enforces these protections by implementing access controls around the BIDS Systems. Permitted employees can only access these BIDS Systems through a secure authentication process. 26-11619-1 C1.1 P82 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg05.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Controls: a. Access to BIDS Systems and data is restricted to authorized employees based on job responsibility and approved in advance by management. BIDS management regularly reviews access rights to BIDS Systems. b. Data in the BIDS ATS is partitioned by Participant and Trader. BIDS management regularly reviews and tests access control rules in the BIDS ATS. 2. Authentication: a. Individual employee access must be authenticated and is reviewed by BIDS management. b. Credentials for and access by administrative users are securely maintained and reviewed regularly by BIDS management. c. BIDS network services (e.g., BIDS ATS, BIDS Windows Active Directory) automatically enforce password complexity and password aging rules for access. d. BIDS requires multi-factor authentication for remote access by employees through secure VPN tunnels. 3. Logging: a. Firm orders, Conditionals, trades and application configuration changes in the BIDS Systems are time-stamped and recorded in logs. b. Clocks on BIDS Systems devices are synchronized using Precision Time Protocol ("PTP") to ensure that timestamps are accurate and consistent. PTP is an industry standard protocol used to synchronize computer clocks with a high degree of accuracy. c. Ad hoc queries and ad hoc changes made to the BIDS ATS database are logged and reviewed on a regular basis by BIDS management. B. Trading by Employees Other than operating the BIDS ATS as described in this Form ATS-N, BIDS does not engage in trading and, as a result, does not have employees responsible for trading activities. BIDS does, however, permit employees to maintain personal investment accounts with third party brokers. Employees are required to disclose to BIDS all personal trading accounts controlled by the employee (and other related accounts as set forth in BIDS' policies1 , collectively "outside accounts") and provide BIDS with access to trading confirmations and account 26-11619-1 C1.1 P83 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg06.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;statements for these outside accounts. With access to this information, the firm's compliance department reviews and monitors trading by all employees. Employees must request and receive prior compliance approval for all transactions in covered securities (i.e., securities eligible to be traded on the BIDS ATS) for themselves or in their outside accounts. Employee accounts also include accounts of the employee's spouse, partner, minor children and other members of the employee's household and any account in which the employee has an interest or has the power, directly or indirectly, to make or influence investment decisions (any person who is supported, directly or indirectly, to a material extent by the employee). As part of the employee trading review, the compliance department compares the requested transactions to activity on the BIDS ATS at the time of the request to verify that recent transactions on the BIDS ATS and confidential information available to the BIDS ATS does not appear in conflict with the employee trade request. Any appearance of potential conflict would cause denial of the trade request and an investigation of whether any conflict exists. In addition to prior approval, employees must hold positions in covered securities for a minimum of 30 days, with certain limited exceptions. SYSTEM SAFEGUARDS In addition to internal controls, BIDS has established rigorous safeguards designed to protect the BIDS Systems and the Confidential Data processed by the systems from external threats, as set forth below. A. Physical Security The BIDS Systems are hosted in Equinix data centers and subject to high security standards, including video surveillance, 24x7 armed security, and multi-factor physical access. The physical and operational security controls at these data centers are assessed by independent third parties annually. The facilities maintain multiple backup power systems to help ensure continuous operation in the event of electrical power failure. B. Network Security Participants access the BIDS ATS through point-to-point network cross connects, managed private networks, or over secure Internet connections. Data in transit over the Internet is encrypted. In addition, BIDS employs firewalls to isolate the BIDS Systems from the Internet. C. Network Monitoring BIDS forwards BIDS Systems, network, and application logs to a secure, write-once log aggregation system for analysis and alerting for BIDS engineering, IT and operations staff. BIDS monitors and protects its networks using a security intrusion detection system (IDS) and intrusion prevention system (IPS) on a 24x7x365 basis. 26-11619-1 C1.1 P84 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Web Access and Email BIDS has in place an enterprise Data Loss/Threat Prevention (DLP/DTP) solution and web proxies to monitor and filter outbound email and web traffic from inside BIDS networks. BIDS uses an email gateway service to filter all inbound email. Participants can request encrypted emails through bi-directional enforced transport layer security (TLS) connections. E. Vulnerability Management BIDS scans all BIDS networks on a regular basis for vulnerabilities. The results of scanning are reviewed by BIDS engineering, IT and BIDS management. If issues are identified, remediation activities are scheduled and undertaken. Firewall patches are applied on a regular basis, based on vulnerability severity and operational risk considerations. F. Risk Management BIDS maintains an organization-wide operational risk management program that includes ongoing assessments of strategic, environmental, financial, compliance, security and operational risks. This risk management program is subject to ongoing review and update by BIDS management, including a review of any operational and security incidents, vulnerability management programs, penetration tests and other assessments, and the status of control programs. G. Third-Party Supplier Management BIDS performs risk-based reviews (by legal, compliance and management) of third-party supplier relationships at the time of engagement and on an annual basis. The initial review includes consideration of the service levels to be performed, potential strategic risk, and the security and confidentiality controls of the supplier. In addition, BIDS may require a non-disclosure agreement or similar provisions as part of a third-party supplier relationship. On an annual basis, BIDS operations and compliance reviews third-party suppliers. As part of this annual review, BIDS operations and compliance identify critical suppliers and review their security and confidentiality controls. The results of this annual review are recorded and approved by BIDS management. H. Incident Response BIDS maintains a cyber security incident response program which involves BIDS ATS operations, engineering, IT, compliance and legal staff, and BIDS management. A Computer Security Incident Response Plan ("CSIRP") lays out clear procedures and responsibilities for handling of security incidents including the loss or theft of Confidential Data, and violations of security protocols. BIDS management reviews and tests the CSIRP at least annually. 26-11619-1 C1.1 P85 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg08.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Security Assessments and Audits Existing security controls (including those described in this Part II, Item 7) are reviewed and tested by BIDS management on a regular basis, including scheduled vulnerability scanning and penetration testing, operational and security checks, quarterly and annual BIDS management reviews, and ad hoc checks. The results of these reviews are retained for internal control and audit purposes. In addition to BIDS management and BIDS compliance reviews, BIDS contracts with third party providers to conduct security tests, audits, and assessments, including the following: 1. Network penetration/vulnerability testing (at least annually) 2. Application penetration testing (at least annually) 3. Annual IT control audit 4. Annual SOC 2 Type II assessment of BIDS ATS security and confidentiality controls The results of these tests, audits, and assessments are reviewed with BIDS management. In addition to the systems noted above, Cboe maintains database systems that contain trading-related data from the markets that Cboe owns and operates. These Cboe database systems include historical Confidential Data from the BIDS ATS, i.e., these systems do not include real-time trading data from the BIDS ATS. The BIDS ATS places Confidential Data from the BIDS ATS in the Cboe database systems on a daily basis, after the end of the BIDS ATS trading session, when any Firm orders or Conditionals submitted to the BIDS ATS have been executed or canceled. With respect to Cboe personnel, access to the BIDS historical Confidential Data in these systems to those shared Cboe personnel described in response to Part II, Item 6(a) above for the purposes described in category six – "ATS Analytics and Reporting" – in response to Part II, Item 7(d). The categories of BIDS ATS employees described in Part II, Item 7(d) are permitted to access the historical Confidential Data in the Cboe database systems for the purposes described in those categories. b. Can a Subscriber consent to the disclosure of its confidential trading information to any Person (not including those employees of the NMS Stock ATS who are operating the system or responsible for its compliance with applicable rules)? Yes No X If yes, explain how and under what conditions. c. If yes to Item 7(b), can a Subscriber withdraw consent to the disclosure of its confidential trading information to any Person (not including those employees of the NMS Stock ATS who are operating the system or responsible for its compliance with applicable rules)? Yes No If yes, explain how and under what conditions. 26-11619-1 C1.1 P86 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provide a summary of the roles and responsibilities of any Persons that have access to confidential trading information, the confidential trading information that is accessible by them, and the basis for the access. The list below sets forth a summary of roles and responsibilities of the employees who have access to some or all Confidential Data. With regard to each employee role, the basis for approved access to the Confidential Data is to service or support the BIDS ATS in line with the responsibilities of the particular role. As a general matter, BIDS restricts access to Confidential Data solely to those employees who have a need to know in order to assure the efficient and uninterrupted operation of the BIDS ATS. 1. Role of Permissioned Employee: ATS Sales Support a. Responsibilities i. Sales support covering Participants; ii. Provide training to Participants' staff; iii. Assist Participants with use of the BIDS ATS; iv. Participant reporting and management reporting b. Confidential Data subset that ATS Sales Support can access is limited to: i. Trader Configuration; ii. Firm order Information; iii. Conditional Information; iv. AIOI Information; v. Trade Information; vi. Sponsor Settings; vii. Scorecards and Filter Settings c. Additional Information i. Licensed sales/customer service personnel; ii. Access approved by Head of Sales; iii. ATS Sales Support employees have access to the Confidential Data of Participants as required for support and sales purposes; and iv. Access to data through application query screens and admin screens 2. Role of Permissioned Employee: ATS Integration Desk a. Responsibilities i. Onboarding and set-up of Participants and Traders; ii. Day-to-day monitoring and support of connectivity to the BIDS ATS; iii. Resetting BIDS ATS credentials on request of Traders; iv. First level application support – troubleshoot common connectivity and operational issues 26-11619-1 C1.1 P87 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg10.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Confidential Data subset that ATS Integration Desk can access is limited to: i. Trader Configuration; ii. Firm order Information; iii. Conditional Information; iv. AIOI Information; v. Trade Information; vi. Sponsor Settings; vii. Scorecards and Filter Settings; viii. Gateway Logs c. Additional Information i. Licensed help desk personnel; ii. Access approved by Chief Operating Officer (COO); iii. Session command-line and database activities are logged and reviewed by BIDS management 3. Role of Permissioned Employee: ATS Operations a. Responsibilities i. Day-to-day ATS operational support, including job scheduling and job recovery; ii. Application monitoring and alert management; iii. System configuration changes, configuration reviews/health checks; iv. Deploy changes/upgrades to ATS software; v. Data archival and data repair; vi. Ad hoc data analysis and queries; vii. Second level application support – incident response, problem investigation and recovery b. Confidential Data that ATS Operations can access: i. Trader Configuration; ii. Gateway Logs; iii. Firm order Information; iv. Conditional Information; v. AIOI Information; vi. Trade Information; vii. Scorecards and Filter Settings; viii. Sponsor Settings; ix. Database Information; x. Server Logs c. Additional Information i. Engineering personnel; ii. Access approved by COO; iii. Session command-line and database activities are logged and reviewed by BIDS management 26-11619-1 C1.1 P88 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg11.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Role of Permissioned Employee: BIDS Compliance a. Responsibilities i. Regulatory compliance for BIDS and the BIDS ATS b. Confidential Data subset that BIDS Compliance can access is limited to: i. Trader Configuration; ii. Firm order Information; iii. Conditional Information; iv. AIOI Information; v. Trade Information; vi. Sponsor Settings; vii. Scorecards and Filter Settings c. Additional Information i. BIDS compliance employees have access to the Confidential Data of Participants as required for compliance purposes; ii. Access to data through application query screens and admin screens; iii. Access approved by COO 5. Role of Permissioned Employee: Developers on Call a. Responsibilities i. Assist ATS Operations with problem investigation, diagnosis and recovery; ii. Application monitoring and alert management; iii. Assist with software deployment/changes as required by ATS Operations; iv. Ad hoc data analysis and queries; v. System performance analysis and tuning; vi. Third level application support – problem recovery, root cause analysis, software patching b. Confidential Data that Developers on Call can access: i. Trader Configuration; ii. Gateway Logs; iii. Firm order Information; iv. Conditional Information; v. AIOI Information; vi. Trade Information; vii. Scorecards and Filter Settings; viii. Sponsor Settings; ix. Database Information; x. Server Logs 26-11619-1 C1.1 P89 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg12.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Additional Information i. Senior developers on support rotation, accessing BIDS ATS system/data as requested by ATS Operations or the ATS Integration Desk; ii. Access approved by COO; iii. Session command-line and database activities are logged and reviewed by BIDS management 6. Role of Permissioned Employee: ATS Analytics and Reporting a. Responsibilities i. Analytics and management reporting, metrics and statistics; ii. Ad hoc queries and analysis on request of ATS Sales Support or management b. Confidential Data subset that ATS Analytics and Reporting can access is limited to: i. Trader Configuration; ii. Firm order Information; iii. Conditional Information; iv. AIOI Information; v. Trade Information; vi. Scorecards and Filter Settings; vii. Sponsor Settings; viii. Database Information c. Additional Information i. Licensed personnel and senior developers; ii. Access approved by COO iii. Session command-line and database activities are logged and reviewed by BIDS management As noted above in response to Part II, Item 6(a) above, certain personnel of Cboe provide shared services to BIDS in connection with ATS Analytics and Reporting. These shared Cboe personnel have access to the Confidential Data subset listed above on a historical basis; they do not have access to real-time trading data. Cboe personnel (other than the shared personnel authorized to access historical Confidential Data as described above) may request ad hoc queries and analysis relating to the BIDS ATS. Any information provided pursuant to these requests does not include Confidential Data and is limited to internal use. 7. Role of Permissioned Employee: System Engineering a. Responsibilities i. Provision, configure, monitor and support the runtime infrastructure (servers, network, databases) for the BIDS ATS; ii. System utilization and performance analysis and tuning; iii. BIDS Operations user set up; Incident response, troubleshooting and recovery 26-11619-1 C1.1 P90 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg13.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Confidential Data subset that System Engineering can access is limited to: i. Confidential Data stored on infrastructure devices that are managed by the engineer c. Additional Information i. Engineering personnel; ii. Access approved by COO 8. Role of Permissioned Employee: IT Administrators a. Responsibilities i. Engineering and operational support of office IT applications and services b. Confidential Data subset that IT Administrators can access is limited to: i. Working copies of Confidential Data that may be held on BIDS personnel desktops or in email c. Additional Information i. IT desktop support personnel; ii. No direct access to the BIDS ATS trading systems \* \* \* \* \* Part III: Manner of Operation \* \* \* \* \* Item 19: Fees a. Identify and describe any fees or charges for use of the NMS Stock ATS services, including the type of fees (e.g., subscription, connectivity), the structure of the fees (e.g., fixed, volume-based, transaction-based), variables that impact the fees (e.g., types of securities traded, block orders, form of connectivity to the ATS), differentiation among types of Subscribers (e.g., broker-dealers, institutional investors, retail) and range of fees (e.g., high and low). BIDS offers Subscribers a structured transaction-based fee model that sets forth the fee for each share executed on the BIDS ATS. BIDS charges fees to Subscribers only (including when acting as a Sponsor); fees are not directly billed to Sponsored Firms. The specific fees for a particular Subscriber are determined based on disclosed, objective criteria: (i) means of access; (ii) the type of order; and (iii) the total volume of executions during the calendar month. Within this fee structure, BIDS distinguishes fees between direct access by a 26-11619-1 C1.1 P91 |

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| &nbsp;&nbsp;![GRAPHIC](tm2611619d1_ex3redlineimg14.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriber and sponsored access provided by a Subscriber on behalf of a customer (Sponsored Firm). BIDS applies its access fee model to all Subscribers and charges the same rate to all similarly situated Subscribers. As a result, any Subscriber that meets the criteria for a specified fee rate will be charged the same fee as another Subscriber that also meets the same criteria. BIDS makes its rates and corresponding qualifications for the rates available to all Subscribers. Any changes to these rates are provided to Subscribers in advance of the effective date of the change. BIDS' application of its fee rates is governed by its Subscriber Agreement, the terms of which are materially the same for every Subscriber. The fees for the BIDS ATS range from $0.0003 to $0.005 per share executed on the BIDS ATS or filled from odd-lots or routed Firm orders. BIDS charges Subscribers a monthly fee for order entry ports of $100 per port, subject to a monthly cap of $1,000 per Subscriber. BIDS does not offer rebates or other forms of credit against the applicable fees. Executions resulting from AIOIs are charged to the Sponsor at regular Subscriber rates unless the AIOI message has a "principal" capacity, in which case the Sponsor leg of the execution is not charged a fee. BIDS does not charge fees for executions on orders that the Subscriber has categorized as originating from retail flow. BIDS passes through certain regulatory fees and connectivity fees, including applicable tax billed to BIDS for Subscribers connecting through third party providers. For trades executed on the BIDS ATS, BIDS and the selling Subscriber are the CAT Executing Brokers and are charged CAT fees accordingly. For non odd lot trades on the ATS, BIDS passes its CAT fee through to the buying Subscriber. BIDS does not pass CAT fees through to Subscribers on odd lot trades executed on the BIDS ATS. The fee structures for the BIDS ATS and the Cboe U.S. Securities Exchanges are independently determined. Fees, charges, rebates, or discounts for the BIDS ATS are not based on participation in the Cboe U.S. Securities Exchanges, and vice versa. b. Identify and describe any fees or charges for use of the NMS Stock ATS services that are bundled with the Subscriber's use of non-ATS services or products offered by the Broker-Dealer Operator or its Affiliates, including a summary of the bundled services and products, the structure of the fee, variables that impact the fee, differentiation among types of Subscribers, and range of fees. Not applicable. c. Identify and describe any rebate or discount of fees or charges required to be identified in Items 19(a) and 19(b), including the type of rebate or discount, structure of the rebate or discount, variables that impact the rebate or discount, differentiation among types of Subscribers, and range of rebate or discount. BIDS does not offer fee rebates. In addition, BIDS adheres to its fee structure by charging each similarly situated Subscriber the same fees and does not offer discounts to these fees. 26-11619-1 C1.1 P92 |

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

### Cover Page

**NMS Stock ATS Name:** BIDS ATS

**Operates Pursuant to Form ATS?** No

**Statement About Amendment:**
BIDS Trading L.P. ("BIDS") submits this Updating Amendment to a Material Amendment filed on March 12, 2026 to reflect changes to access of confidential trading information as between BIDS and its parent company, Cboe Global Markets, Inc. ("Cboe") and the access of those shared personnel to confidential trading information as well as to reflect certain changes in its fee disclosures.  Specifically, the Material Amendment amends Part II, Items 6 and 7 to state that certain Cboe personnel provide shared services to BIDS and have access to historical confidential trading information.  In addition, the Material Amendment amends Part II, Item 7 to state that historical confidential trading information of the BIDS ATS is stored on database systems that Cboe maintains.   The Material Amendment also amends Part III, Item 19 to restore an inadvertent deletion of text to describe the CAT fees that BIDS is charged and passes through to Subscribers. The changes in this Amendment apply to all Subscribers and the Broker-Dealer Operator.

### Part I: Basic Information

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

**2. Name of the NMS Stock ATS:** BIDS TRADING L.P.

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

**4a. Broker-Dealer SEC File No.:** 008-67376

**4a. Broker-Dealer CRD No.:** 000141296

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

**5b. Effective Date of Membership:** 01/04/2007

**5c. MPID:** BIDS

**6u. Website:** www.bidstrading.com

**7. Primary Site Address:** Equinix Data Center NY4, 800 Secaucus Rd., Secaucus, US-NJ, 07094

**7. Secondary Site Address:** Equinix Data Center CH4, 350 East Cermak Rd., Chicago, US-IL, 60616

**8. Is Exhibit 1 (list of subscribers) on a public website?:** No

**9. Is Exhibit 2 (written standards for access) on a public website?:** No

### Part II: Written Safeguards and Procedures

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

   - **Details:** BIDS Trading, L.P., the Broker-Dealer Operator (MPID: BIDS) enters principal trading interest into the ATS in certain circumstances described in Part III, Items 8(c), 8(e) and 11(c) below.

**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?** No

**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:** As used throughout this form, the following terms have the following meanings:

- Subscriber - An SEC registered broker/dealer that enters into a Subscriber Agreement with BIDS and meets any other applicable eligibility requirements to participate on the BIDS ATS as described in Part III, Item 2.

- Sponsored Firm - A firm that is sponsored by a Subscriber to trade on the BIDS ATS.

- Sponsor - A Subscriber that sponsors a Sponsored Firm.

- Participant - A Subscriber or Sponsored Firm.

- Trader - An individual trading on the BIDS ATS with a Sponsored Firm give-up or a Participant's FIX tag 50 order flow (e.g., algorithmic order flow).

- Firm order - Firm orders are executable according to the order specifications.

- Conditionals - Conditionals are trading interests that are not executable.

- Actionable IOI ("AIOI") - targeted indication of interest sent by a Sponsor to one or more of its Sponsored Firms (Part III, Item 9). An AIOI can be submitted as firm or conditional by the Sponsor.

- BIDS Trader - A proprietary front-end user interface that facilitates submission of Firm orders and Conditionals into the BIDS ATS, the Cboe BIDS Europe venue and/or the Cboe BIDS Canada venue as described in Part III, Item 5.

- BIDS Trader User - A Sponsored Firm's individual trader using BIDS Trader to trade on the BIDS ATS or elsewhere.

Firm orders and Conditionals are described in Part III, Sections 7 and 9.

As described in Part III, Item 5, BIDS makes available to all Participants a proprietary front-end user interface called BIDS Trader that facilitates submission of Firm orders and Conditionals into the BIDS ATS, the Cboe BIDS Europe venue, and the Cboe BIDS Canada venue.  BIDS does not restrict the use of BIDS Trader by a Participant other than requiring that a Participant using BIDS Trader must have been approved by a Sponsor, and the Sponsor must set risk limits for the Sponsored Firm.

**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?** Yes

   - **Details:** The following categories of BIDS ATS personnel have access to Confidential Data (as defined below):

- ATS Sales Support

- ATS Integration Desk

- ATS Operations

- Developers on Call

- ATS Analytics and Reporting

- System Engineering

See Part II, Item 7 for a description of the roles and responsibilities of these categories of BIDS ATS personnel.  These categories of BIDS ATS personnel service the ATS as well as the Cboe BIDS Europe business unit operated by Cboe Europe, and the Cboe BIDS Canada business unit operated by Cboe Canada.  Cboe Europe, and Cboe Canada are Affiliates of the ATS.  The BIDS ATS personnel in these categories perform the same roles and responsibilities for the BIDS ATS as well as for Cboe BIDS Europe and Cboe BIDS Canada.

In addition, certain personnel of Cboe Global Markets, Inc. ("Cboe"), BIDS's ultimate parent company, provide shared services to BIDS in connection with ATS Analytics and Reporting.  These shared Cboe personnel are responsible for carrying out data analysis and database maintenance.  The shared Cboe personnel have access to historical Confidential Data of the BIDS ATS; they do not have access to real-time trading data.  The shared Cboe personnel who provide services to BIDS in connection with ATS Analytics and Reporting also perform similar roles and responsibilities for the U.S. national securities exchanges that Cboe owns (Cboe U.S. Exchange, Inc., Cboe C2 Exchange, Inc., Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., Cboe EDGA Exchange, Inc., and Cboe EDGX Exchange, Inc.), as well as for Cboe Canada and Cboe Europe.  The shared Cboe personnel authorized to access historical Confidential Data are prohibited from using Confidential Data for any purposes other than in connection with ATS Analytics and Reporting.

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

   - **Providers:** BOFA Securities, Inc. ("BOFA") provides the services described in Part III, Item 22 - Clearance and Settlement.

BIDS Trading Technologies, Inc. ("BTT"), an affiliate of BIDS Trading L.P. ("BIDS") provides technology and operational services and support to the BIDS ATS.  These services range from design and development work to implementation, testing, and assistance with the day-to-day operations of the BIDS ATS software.  As noted in Part II, Item 7, employees of BTT are treated as if they are employees of BIDS for regulatory and confidentiality purposes.

As noted in Part III, Item 23, the BIDS ATS uses Redline Trading Solutions, Inc., a third-party vendor, to consolidate market data feeds from national securities exchanges and securities information processors ("SIPs") to produce the national best bid and offer ("synthetic NBBO") used by the BIDS ATS to calculate the prices used for executions and invitations. Transaction prices are validated using the SIP NBBO (see Part III, Item 11).

The data centers used by the BIDS ATS are provided by Equinix, Inc. ("Equinix"), a third-party vendor.  Equinix operates both:  (i) the Equinix NY4 New York IBX Data Center, which hosts the servers that operate the BIDS ATS, and (ii) the Equinix CH4 Chicago IBX Data Center, which serves as the backup host for the BIDS ATS. Equinix provides server space, power, security, environmental controls, and connectivity services to the BIDS ATS as described in Part III, Item 6.

**6c. Do any of these service providers also use the services of 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:**
BIDS Trading, L.P., the Broker-Dealer Operator of the BIDS ATS, is a wholly-owned subsidiary of Cboe Global Markets,Inc. ("Cboe"), which also owns national securities exchanges in the U.S. The BIDS ATS is not a national securitiesexchange or a facility thereof. BIDS Trading, L.P. is not a member of any U.S. national securities exchange owned byCboe (each, a "Cboe U.S. Securities Exchange"). The BIDS ATS trading systems, including the matching engine, operateon separate technology and servers, and with separate order entry connectivity (e.g., ports) from the Cboe U.S.Securities Exchanges. BIDS Trading, L.P. is a separate legal entity from the Cboe U.S. Securities Exchanges. Differentindividuals are responsible for managing the day-to-day business of the BIDS ATS, on the one hand, and the Cboe U.S.Securities Exchanges, on the other hand. The different individuals responsible for managing the day-to-daybusinesses of the BIDS ATS and the Cboe U.S. Securities Exchanges do not report to one another, but they may bothreport to the same individual within Cboe.

The BIDS ATS operates as a dark venue and does not disclose Confidential Data (as defined below) to affiliates(including the Cboe U.S. Securities Exchanges) or third parties, other than as needed to complete transactions orcomply with securities laws and regulations as discussed in this Part II, Item 7 or elsewhere in this Form ATS-N. Inaddition to the Confidentiality Safeguards (as defined below) that the BIDS ATS maintains, Cboe maintains policies andprocedures that prohibit access to or receipt of Confidential Data by any personnel other than those providing servicesto the BIDS ATS as specified in Part II, Item 7(d) below.

Confidential Data is defined as:

Gateway Logs: Transaction logs for protocol gateways connecting from order management systems("OMS")/execution management systems ("EMS") to the BIDS ATS

Firm Order Information: Information regarding all Firm orders.

Conditional Information: Information regarding Conditionals and invitations in the BIDS ATS.

AIOI Information: Information regarding all AIOIs in the BIDS ATS.

Trade Information: Trades in the BIDS ATS during the live trading session.

Sponsor Settings: Administrative settings and risk limits of Sponsored Firms managed by Sponsors.

Scorecards and Filter Settings: BIDS Scorecard values for Traders and Filter settings set by Traders (discussed in PartIII, Items 7 and 9).

Trader Configuration: Preferences set by Traders for Firm order and Conditional interaction on the BIDS ATS.

Database Information: Transaction and configuration data stored in the BIDS ATS databases.

Server Logs: Log files generated by the BIDS ATS applications.

Given the sponsored access model made available by BIDS (discussed in Part III, Item 2), BIDS provides each Sponsorwith information related to any Firm order, Conditional, or trade on which that Sponsor has been designated by aSponsored Firm. BIDS does not engage in any trading activities other than activity in connection with the operation ofthe BIDS ATS as described in this Form ATS-N and, as a result, does not engage in activities that may be deemed inconflict with the BIDS ATS.

As part of operating the BIDS ATS, BIDS maintains written policies, procedures and controls ("ConfidentialitySafeguards") designed to safeguard the confidentiality, integrity and availability of the BIDS ATS by preventingunauthorized access to or use of Participants' Confidential Data. The Confidentiality Safeguards include:
a. Guidance with Respect to Handling Information: Confidentiality and Privacy Policy
b. Cybersecurity Policy
c. Compliance Manual
d. Supervisory Procedures

The Confidentiality Safeguards are reviewed, tested and updated regularly as described below. Key aspects of theEmployee Access Safeguards and the System Safeguards prescribed by the Confidentiality Safeguards are summarized below.

As part of the Confidentiality Safeguards, BIDS requires that all employees and independent contractors of BIDS andBTT, (collectively referred to as "employees") acknowledge receipt and review of applicable BIDS' written policies at thetime of hiring, and at least annually thereafter. In addition, all employees must complete security awareness training aspart of the onboarding process and complete periodic confidentiality training during employment. BIDS also operatesa continuous, organization-wide security awareness program that includes regular testing related to phishing andsocial engineering.

EMPLOYEE ACCESS SAFEGUARDS

A. Employee Access Safeguards

BIDS strictly limits the employees that may access the live BIDS ATS production networks, databases, servers, and ATSapplications (collectively, the "BIDS Systems") and data to those employees that must have such access to perform theirjobs. BIDS enforces these protections by implementing access controls around the BIDS Systems. Permitted employeescan only access these BIDS Systems through a secure authentication process.

1. Access Controls:
a. Access to BIDS Systems and data is restricted to authorized employees based on job responsibility and approved inadvance by management. BIDS management regularly reviews access rights to BIDS Systems.
b. Data in the BIDS ATS is partitioned by Participant and Trader. BIDS management regularly reviews and tests accesscontrol rules in the BIDS ATS.

2. Authentication:
a. Individual employee access must be authenticated and is reviewed by BIDS management.
b. Credentials for and access by administrative users are securely maintained and reviewed regularly by BIDSmanagement.
c. BIDS network services (e.g., BIDS ATS, BIDS Windows Active Directory) automatically enforce password complexityand password aging rules for access.
d. BIDS requires multi-factor authentication for remote access by employees through secure VPN tunnels.

3. Logging:
a. Firm orders, Conditionals, trades and application configuration changes in the BIDS Systems are time-stamped andrecorded in logs.
b. Clocks on BIDS Systems devices are synchronized using Precision Time Protocol ("PTP") to ensure that timestampsare accurate and consistent. PTP is an industry standard protocol used to synchronize computer clocks with a highdegree of accuracy.
c. Ad hoc queries and ad hoc changes made to the BIDS ATS database are logged and reviewed on a regular basis byBIDS management.

B. Trading by Employees

Other than operating the BIDS ATS as described in this Form ATS-N, BIDS does not engage in trading and, as a result,does not have employees responsible for trading activities. BIDS does, however, permit employees to maintain personalinvestment accounts with third party brokers. Employees are required to disclose to BIDS all personal trading accountscontrolled by the employee (and other related accounts as set forth in BIDS' policies , collectively "outside accounts")and provide BIDS with access to trading confirmations and account statements for these outside accounts. With accessto this information, the firm's compliance department reviews and monitors trading by all employees. Employees mustrequest and receive prior compliance approval for all transactions in covered securities (i.e., securities eligible to betraded on the BIDS ATS) for themselves or in their outside accounts. Employee accounts also include accounts of theemployee's spouse, partner, minor children and other members of the employee's household and any account inwhich the employee has an interest or has the power, directly or indirectly, to make or influence investment decisions(any person who is supported, directly or indirectly, to a material extent by the employee).

As part of the employee trading review, the compliance department compares the requested transactions to activity onthe BIDS ATS at the time of the request to verify that recent transactions on the BIDS ATS and confidential informationavailable to the BIDS ATS does not appear in conflict with the employee trade request. Any appearance of potentialconflict would cause denial of the trade request and an investigation of whether any conflict exists. In addition toprior approval, employees must hold positions in covered securities for a minimum of 30 days, with certain limited exceptions.

SYSTEM SAFEGUARDS

In addition to internal controls, BIDS has established rigorous safeguards designed to protect the BIDS Systems andthe Confidential Data processed by the systems from external threats, as set forth below.

A. Physical Security

The BIDS Systems are hosted in Equinix data centers and subject to high security standards, including videosurveillance, 24x7 armed security, and multi-factor physical access. The physical and operational security controls atthese data centers are assessed by independent third parties annually. The facilities maintain multiple backup powersystems to help ensure continuous operation in the event of electrical power failure.

B. Network Security

Participants access the BIDS ATS through point-to-point network cross connects, managed private networks, or oversecure Internet connections. Data in transit over the Internet is encrypted. In addition, BIDS employs firewalls toisolate the BIDS Systems from the Internet.

C. Network Monitoring

BIDS forwards BIDS Systems, network, and application logs to a secure, write-once log aggregation system for analysisand alerting for BIDS engineering, IT and operations staff. BIDS monitors and protects its networks using a securityintrusion detection system (IDS) and intrusion prevention system (IPS) on a 24x7x365 basis.

D. Web Access and Email

BIDS has in place an enterprise Data Loss/Threat Prevention (DLP/DTP) solution and web proxies to monitor and filteroutbound email and web traffic from inside BIDS networks. BIDS uses an email gateway service to filter all inboundemail. Participants can request encrypted emails through bi-directional enforced transport layer security (TLS)connections.

E. Vulnerability Management

BIDS scans all BIDS networks on a regular basis for vulnerabilities. The results of scanning are reviewed by BIDSengineering, IT and BIDS management. If issues are identified, remediation activities are scheduled and undertaken.Firewall patches are applied on a regular basis, based on vulnerability severity and operational risk considerations.

F. Risk Management

BIDS maintains an organization-wide operational risk management program that includes ongoing assessments ofstrategic, environmental, financial, compliance, security and operational risks. This risk management program is subjectto ongoing review and update by BIDS management, including a review of any operational and security incidents,vulnerability management programs, penetration tests and other assessments, and the status of control programs.

G. Third-Party Supplier Management

BIDS performs risk-based reviews (by legal, compliance and management) of third-party supplier relationships at thetime of engagement and on an annual basis. The initial review includes consideration of the service levels to beperformed, potential strategic risk, and the security and confidentiality controls of the supplier. In addition, BIDS mayrequire a non-disclosure agreement or similar provisions as part of a third-party supplier relationship.
On an annual basis, BIDS operations and compliance reviews third-party suppliers. As part of this annual review, BIDSoperations and compliance identify critical suppliers and review their security and confidentiality controls. The resultsof this annual review are recorded and approved by BIDS management.

H. Incident Response

BIDS maintains a cyber security incident response program which involves BIDS ATS operations, engineering, IT,compliance and legal staff, and BIDS management. A Computer Security Incident Response Plan ("CSIRP") lays out clearprocedures and responsibilities for handling of security incidents including the loss or theft of Confidential Data, andviolations of security protocols. BIDS management reviews and tests the CSIRP at least annually.

I. Security Assessments and Audits

Existing security controls (including those described in this Part II, Item 7) are reviewed and tested by BIDS managementon a regular basis, including scheduled vulnerability scanning and penetration testing, operational and securitychecks, quarterly and annual BIDS management reviews, and ad hoc checks. The results of these reviews are retainedfor internal control and audit purposes.

In addition to BIDS management and BIDS compliance reviews, BIDS contracts with third party providers to conductsecurity tests, audits, and assessments, including the following:

1. Network penetration/vulnerability testing (at least annually)

2. Application penetration testing (at least annually)

3. Annual IT control audit

4. Annual SOC 2 Type II assessment of BIDS ATS security and confidentiality controls

The results of these tests, audits, and assessments are reviewed with BIDS management.

In addition to the systems noted above, Cboe maintains database systems that contain trading-related data from themarkets that Cboe owns and operates. These Cboe database systems include historical Confidential Data from theBIDS ATS, i.e., these systems do not include real-time trading data from the BIDS ATS. The BIDS ATS places ConfidentialData from the BIDS ATS in the Cboe database systems on a daily basis, after the end of the BIDS ATS trading session,when any Firm orders or Conditionals submitted to the BIDS ATS have been executed or canceled. With respect toCboe personnel, access to the BIDS historical Confidential Data in these systems to those shared Cboe personneldescribed in response to Part II, Item 6(a) above for the purposes described in category six - "ATS Analytics andReporting" - in response to Part II, Item 7(d). The categories of BIDS ATS employees described in Part II, Item 7(d) arepermitted to access the historical Confidential Data in the Cboe database systems for the purposes described in thosecategories.

**7b. Can a Subscriber consent to the disclosure of its confidential trading information?** No

**7d. Summary of roles of persons with access to confidential trading information:**
The list below sets forth a summary of roles and responsibilities of the employees who have access to some or all Confidential Data. With regard to each employee role, the basis for approved access to the Confidential Data is to service or support the BIDS ATS in line with the responsibilities of the particular role.

As a general matter, BIDS restricts access to Confidential Data solely to those employees who have a need to know in order to assure the efficient and uninterrupted operation of the BIDS ATS.

1. Role of Permissioned Employee: ATS Sales Support
a. Responsibilities
i. Sales support covering Participants;
ii. Provide training to Participants' staff;
iii. Assist Participants with use of the BIDS ATS;
iv. Participant reporting and management reporting
b. Confidential Data subset that ATS Sales Support can access is limited to:
i. Trader Configuration;
ii. Firm order Information;
iii. Conditional Information;
iv. AIOI Information;
v. Trade Information;
vi. Sponsor Settings;
vii. Scorecards and Filter Settings
c. Additional Information
i. Licensed sales/customer service personnel;
ii. Access approved by Head of Sales;
iii. ATS Sales Support employees have access to the Confidential Data of Participants as required for support and sales purposes; and
iv. Access to data through application query screens and admin screens

2. Role of Permissioned Employee: ATS Integration Desk
a. Responsibilities
i. Onboarding and set-up of Participants and Traders;
ii. Day-to-day monitoring and support of connectivity to the BIDS ATS;
iii. Resetting BIDS ATS credentials on request of Traders;
iv. First level application support - troubleshoot common connectivity and operational issues
b. Confidential Data subset that ATS Integration Desk can access is limited to:
i. Trader Configuration;
ii. Firm order Information;
iii. Conditional Information;
iv. AIOI Information;
v. Trade Information;
vi. Sponsor Settings;
vii. Scorecards and Filter Settings;
viii. Gateway Logs
c. Additional Information
i. Licensed help desk personnel;
ii. Access approved by Chief Operating Officer (COO);
iii. Session command-line and database activities are logged and reviewed by BIDS management

3. Role of Permissioned Employee: ATS Operations
a. Responsibilities
i. Day-to-day ATS operational support, including job scheduling and job recovery;
ii. Application monitoring and alert management;
iii. System configuration changes, configuration reviews/health checks;
iv. Deploy changes/upgrades to ATS software;
v. Data archival and data repair;
vi. Ad hoc data analysis and queries;
vii. Second level application support - incident response, problem investigation and recovery
b. Confidential Data that ATS Operations can access:
i. Trader Configuration;
ii. Gateway Logs;
iii. Firm order Information;
iv. Conditional Information;
v. AIOI Information;
vi. Trade Information;
vii. Scorecards and Filter Settings;
viii. Sponsor Settings;
ix. Database Information;
x. Server Logs
c. Additional Information
i. Engineering personnel;
ii. Access approved by COO;
iii. Session command-line and database activities are logged and reviewed by BIDS management

4. Role of Permissioned Employee: BIDS Compliance
a. Responsibilities
i. Regulatory compliance for BIDS and the BIDS ATS
b. Confidential Data subset that BIDS Compliance can access is limited to:
i. Trader Configuration;
ii. Firm order Information;
iii. Conditional Information;
iv. AIOI Information;
v. Trade Information;
vi. Sponsor Settings;
vii. Scorecards and Filter Settings
c. Additional Information
i. BIDS compliance employees have access to the Confidential Data of Participants as required for compliance purposes;
ii. Access to data through application query screens and admin screens;
iii. Access approved by COO

5. Role of Permissioned Employee: Developers on Call
a. Responsibilities
i. Assist ATS Operations with problem investigation, diagnosis and recovery;
ii. Application monitoring and alert management;
iii. Assist with software deployment/changes as required by ATS Operations;
iv. Ad hoc data analysis and queries;
v. System performance analysis and tuning;
vi. Third level application support - problem recovery, root cause analysis, software patching
b. Confidential Data that Developers on Call can access:
i. Trader Configuration;
ii. Gateway Logs;
iii. Firm order Information;
iv. Conditional Information;
v. AIOI Information;
vi. Trade Information;
vii. Scorecards and Filter Settings;
viii. Sponsor Settings;
ix. Database Information;
x. Server Logs
c. Additional Information
i. Senior developers on support rotation, accessing BIDS ATS system/data as requested by ATS Operations or the ATS Integration Desk;
ii. Access approved by COO;
iii. Session command-line and database activities are logged and reviewed by BIDS management

6. Role of Permissioned Employee: ATS Analytics and Reporting
a. Responsibilities
i. Analytics and management reporting, metrics and statistics;
ii. Ad hoc queries and analysis on request of ATS Sales Support or management
b. Confidential Data subset that ATS Analytics and Reporting can access is limited to:
i. Trader Configuration;
ii. Firm order Information;
iii. Conditional Information;
iv. AIOI Information;
v. Trade Information;
vi. Scorecards and Filter Settings;
vii. Sponsor Settings;
viii. Database Information
c. Additional Information
i. Licensed personnel and senior developers;
ii. Access approved by COO
iii. Session command-line and database activities are logged and reviewed by BIDS management

As noted above in response to Part II, Item 6(a) above, certain personnel of Cboe provide shared services to BIDS in connection with ATS Analytics and Reporting.  These shared Cboe personnel have access to the Confidential Data subset listed above on a historical basis; they do not have access to real-time trading data.  Cboe personnel (other than the shared personnel authorized to access historical Confidential Data as described above) may request ad hoc queries and analysis relating to the BIDS ATS.  Any information provided pursuant to these requests does not include Confidential Data and is limited to internal use.

7. Role of Permissioned Employee: System Engineering
a. Responsibilities
i. Provision, configure, monitor and support the runtime infrastructure (servers, network, databases) for the BIDS ATS;
ii. System utilization and performance analysis and tuning;
iii. BIDS Operations user set up; Incident response, troubleshooting and recovery
b. Confidential Data subset that System Engineering can access is limited to:
i. Confidential Data stored on infrastructure devices that are managed by the engineer
c. Additional Information
i. Engineering personnel;
ii. Access approved by COO

8. Role of Permissioned Employee: IT Administrators
a. Responsibilities
i. Engineering and operational support of office IT applications and services
b. Confidential Data subset that IT Administrators can access is limited to:
i. Working copies of Confidential Data that may be held on BIDS personnel desktops or in email
c. Additional Information
i. IT desktop support personnel;
ii. No direct access to the BIDS ATS trading systems

### Part III: Manner of Operations

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

**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:** Any "Subscriber" to the BIDS ATS must be registered as a broker-dealer with the U.S. Securities and Exchange Commission ("SEC").  All Subscribers must enter into a Subscriber Agreement with BIDS, and BIDS verifies that each prospective Subscriber: (i) is an active U.S. registered broker dealer; and (ii) has no issues identified on the Office of Foreign Assets Control ("OFAC") system.  Any U.S. broker-dealer that is affiliated with Cboe is not eligible to become a Subscriber to the BIDS ATS.

In addition, through "sponsored access arrangements," Subscribers may authorize their customers ("Sponsored Firms") to submit Firm orders and Conditionals directly to the BIDS ATS through  a BIDS Trader terminal or a FIX connection (see Part III, Item 5). A Sponsored Firm must be approved by at least one Sponsor before it is permitted to submit Firm orders or Conditionals into the BIDS ATS. Sponsored Firms may be authorized by multiple Sponsors and, as a result, Sponsored Firms are required to designate a Sponsor for each Firm order submitted; Sponsored Firms are not required to designate a Sponsor for Conditionals.  Sponsored Firms are customers of the Sponsor (not customers of BIDS), and the Sponsor is responsible for all Firm orders on which it is designated as Sponsor entered into the BIDS ATS by its Sponsored Firms.  Although BIDS does not restrict or categorize the type of entity that a Sponsor may authorize as a Sponsored Firm Sponsored Firms that can use the BIDS ATS are institutional investors, which include asset managers, investment companies, hedge funds, and similar entities.

**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:** Any U.S. broker-dealer that is affiliated with Cboe is not eligible to become a Subscriber to the BIDS ATS.

BIDS reserves the right to exclude a Participant or a Trader, in whole or in part, where it believes the activities of such Participant or Trader may be illegal, in violation of securities regulations, or otherwise pose a detrimental risk to the BIDS ATS or the capital markets.  BIDS would make any such determination based on the relevant facts and circumstances at the time that they occur.

BIDS reserves the right to exclude a Participant or a Trader, in whole or in part, if such Participant or Trader may have violated applicable contractual provisions, including any provision in the  Subscriber Agreement between BIDS and the Subscriber.

BIDS reserves the right to disable any BIDS ATS system functionality, in whole or in part, if such functionality experiences technical issues or could otherwise pose a detrimental risk to Participants, the BIDS ATS or the capital markets.

BIDS also maintains automated restrictions that may prevent a Participant or Trader, in whole or in part, from entering Firm orders or Conditionals if certain thresholds are exceeded (e.g., risk limits imposed on a Sponsored Firm by a Sponsor (see Part III, Item 11)).  BIDS also monitors activity on the BIDS ATS for potentially erroneous activity (e.g., multiple identical orders), which may result in BIDS temporarily excluding a Participant or Trader from entering Firm orders or Conditionals until the activity is resolved.

If BIDS excludes a Sponsor, any Sponsored Firms would be unable to designate that Sponsor for any Firm orders it wishes to submit to the BIDS ATS.

As discussed in Items 7 and 9 of Part III, BIDS scores individual Traders submitting Conditionals based on their performance in responding to invitations to firm-up, and Traders may set a filter to prevent invitations from being sent to contra-parties that have BIDS Scorecard levels below the filter threshold.  The use of filters is at the discretion of each Trader.

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

**4a. Hours of Operation:**
The BIDS ATS is open for trading during regular market hours (9:30 a.m. ET to 4:00 p.m. ET unless there is an early close due to a holiday, in which case the close is 1:00 p.m. ET) on the days that the U.S. stock exchanges are open. The BIDS ATS does not execute trades when U.S. stock exchanges are not operating.

Firm orders, Conditionals, and AIOIs may be entered on the BIDS ATS starting at 6:15 a.m. ET on trading days. Any Firm order, Conditional, or AIOI remaining in the BIDS ATS is cancelled at the end of each trading day. The BIDS ATS will not accept Firm orders, Conditionals, or AIOIs outside of this window, and the BIDS ATS does not hold any Firm orders, Conditionals, or AIOIs overnight.

**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:** Participants can access the BIDS ATS directly using version 4.2 of the FIX protocol through a dedicated point of entry, or "gateway," that is part of the BIDS ATS. Through these FIX connections, Participants can send their algorithmic flow, route client orders, or submit manual Firm orders, Conditionals, and AIOIs using front-end interfaces to the BIDS ATS.

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

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

   - **Details:** BIDS makes available to all Participants a proprietary front-end user interface called BIDS Trader.  BIDS Trader is a desktop application developed for Participants to manage and deliver:  (i) U.S. equity Firm orders and Conditionals into the BIDS ATS; (ii) equity EU Conditionals into the Cboe BIDS Europe venue; and/or (iii) equity Canadian Firm orders and Conditionals into the Cboe BIDS Canada venue.  BIDS Trader integrates with a Participant's OMS or EMS to automatically synchronize the Participant's OMS/EMS blotter with the BIDS Trader blotter. All of the functionalities of BIDS Trader are made available to all Participants.

To use BIDS Trader, a Participant must install software on the desktop computer of any BIDS Trader User. BIDS does not restrict the use of BIDS Trader by a Participant other than requiring that a Participant using BIDS Trader must have been approved by a Sponsor, and the Sponsor must set risk limits for the Sponsored Firm.

A BIDS Trader User can represent trading interest in the BIDS ATS as a Conditional for a potential match or deliver Firm orders to trade in the BIDS ATS.  BIDS Trader also allows for message delivery between the BIDS ATS and each BIDS Trader User, such as invitations to trade or status of the execution (as described in Part III, Item 9), as well as a view of the BIDS Trader User's inventory of executions and of Firm orders and Conditionals represented in the BIDS ATS.  BIDS Trader provides functionality that allows a BIDS Trader User to manually change price, minimum execution size requirements and other order attributes that are otherwise managed with FIX tags on automated orders delivered via a FIX connection.  Apart from transmitting Firm orders and Conditionals to the BIDS ATS, BIDS Trader was adapted to also manage equity EU Conditionals for the Cboe BIDS Europe venue, and equity Canadian Firm orders and Conditionals for the Cboe BIDS Canada venue.  From a single BIDS Trader interface, a BIDS Trader User can submit Firm orders and Conditionals to the BIDS ATS, EU Conditionals to the Cboe BIDS Europe venue, and Canadian Firm orders and Conditionals to the Cboe BIDS Canada venue.  BIDS Trader allows BIDS Trader Users to respond to invitations from either venue. BIDS Trader also provides the sole means by which Sponsored Firms can receive and respond to AIOIs submitted through the BIDS ATS by Sponsors (as described in Part III, Item 9).  Sponsors submit AIOIs through the BIDS ATS via a FIX connection.  BIDS can configure Sponsored Firms using BIDS Trader with access to any or all of the BIDS ATS, the Cboe BIDS Europe venue, or the Cboe BIDS Canada venue.

The specification details regarding the integration of BIDS Trader with a Participant's OMS/EMS vary from vendor to vendor.  The integrations are implemented using OMS/EMS-specific FIX or non-FIX transactions.  For example, some vendors require integration via a web services interface which is considered non-FIX.  Integration communication is done via controlled network connections to ensure that the full quantity needed to support the Firm order is solely committed to the BIDS ATS and not concurrently committed elsewhere so as to avoid over-execution.

BIDS Trader offers functionality that, to the extent used, is designed to streamline a BIDS Trader User's interaction with the BIDS ATS. All such functionality is sited in the user interface and a BIDS Trader server facility.  Further, the use of BIDS Trader to transmit a Firm order or Conditional to the BIDS ATS does not in any way result in that Firm order or Conditional receiving priority or otherwise affect how the BIDS ATS prioritizes these versus other Firm orders or Conditionals (e.g., there is no preference to Firm orders or Conditionals received from a BIDS Trader User).

BIDS Trader is not required for Sponsored Firms to access the BIDS ATS, and BIDS Trader can be used without accessing the BIDS ATS (e.g., to access Cboe BIDS Europe or Cboe BIDS Canada). BIDS does not offer or maintain any additional means for entering orders or trading interest into the BIDS ATS, such as a proprietary smart order router or trading algorithms.

**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:**
Firm Orders,Conditionals, and Actionable IOIs

The BIDS ATS accepts (i) Firm orders (ii) Conditionals and (iii) AIOIs. Firm orders are executable according to the order specifications. Conditionals, which are described in Part III, Item 9, are trading interests that have the same general attributes of a Firm order except that they are not executable. A Trader must always replace ("firm-up") its Conditional with a Firm order before it can be executed. If an invitation interaction, as described in Part III, Item 9, ends with Firm orders on both sides that satisfy each other's terms and the trade meets applicable regulatory requirements, then a trade will occur.  Traders may modify, replace, or cancel a Firm order at any time before execution.

Conditionals are discussed in Part III, Item 9; however, unless otherwise noted, the order types and attributes described below apply to both Firm orders and Conditionals.  A Trader may modify, replace, or cancel a Conditional at any time prior to an invitation.  Once an invitation is received, the Trader may either "firm-up" the Conditional or cancel or ignore the invitation as described in Part III, Item 9.

AIOIs, which are described in Part III, Item 9, may be sent through the BIDS ATS as a firm AIOI or a conditional AIOI by Sponsors to their designated Sponsored Firms that use BIDS Trader under terms agreed to by the parties (e.g., BIDS Trader Users can choose whether or not to receive AIOIs from Sponsors). All AIOIs and AIOI messaging pass through the BIDS ATS; however, neither the AIOI message nor the response interact with other Firm orders or Conditionals in the BIDS ATS order book. The Sponsor submitting an AIOI does not know what symbols exist on any BIDS Trader User's blotter. Once an AIOI is received by the BIDS Trader User, the BIDS Trader User may send a message to the BIDS ATS accepting the AIOI on its terms, accepting the AIOI with modified terms (e.g., price terms, quantity, minimum), or declining it, or the BIDS Trader User can ignore the AIOI.  If the BIDS Trader User responds to an AIOI by accepting it and the terms on both sides match, a firm AIOI is executed immediately by the BIDS ATS.  If the originating AIOI was conditional and the BIDS Trader User responds to the AIOI by accepting it, the BIDS ATS sends the Sponsor a notification to firm-up.  Once the Sponsor firms-up the AIOI, the BIDS ATS executes the trade. Any resulting trades may execute at, within, or outside the NBBO as agreed to by both parties to the trade.  Executions outside the NBBO would initiate an intermarket sweep order ("ISO") as described in Part III, Item 9.

Firm Order and Conditional Order Types

The following Firm order and Conditional order types are accepted by the BIDS ATS:

(i) limit order, a Firm order or Conditional with a limit price and a peg defaulted using the Trader's default preference for Price Protection as described below;

(ii) market order, a Firm order or Conditional with no limit price and a peg defaulted using the Trader's default preference for Price Protection as described below;

(iii) midpoint peg order, which is a priced or unpriced Firm order or Conditional that is pegged to the midpoint of the NBBO;

(iv) market peg order, which is a priced or unpriced Firm order or Conditional pegged to the opposite side of the market, either at the inside quote or with an offset amount to make the resulting price more or less aggressive; or

(v) primary peg order, which is a priced or unpriced Firm order or Conditional pegged to the same side of the market, either at the inside quote or with an offset amount to make the resulting price more or less aggressive.

All Firm orders and Conditionals in the BIDS ATS are peg orders in nature and therefore each Firm order and Conditional entered into the BIDS ATS has an explicit order term referred to as "Price Protection" for capturing the type of pegging (i.e., Midpoint, Market, or Primary) for that particular Firm order or Conditional.  A Firm order or Conditional entered into the BIDS ATS as a market or limit order may be set to any of the three peg types. The peg type may be explicitly specified for a particular Firm order or Conditional using a custom FIX tag, or otherwise determined by the Trader's default preference for Price Protection (defaults allowed are Midpoint and Market) set by the Trader. All Firm orders or Conditionals submitted by a BIDS Trader User will always have the peg type specifically set by the BIDS Trader User or his or her default for Price Protection (Midpoint or Market).  Consequently, a Firm order or Conditional submitted simply as a "limit order" or a "market order" without an explicit peg type will be accepted and default to the Trader's default preference for Price Protection.

The BIDS ATS determines trade and invitation prices based on NBBOs calculated as described in Part III, Item 23.  See Part III, Item 11 for more information on how tradeable prices are determined for different Price Protection terms.

AIOI Order Types

The following AIOI order types are accepted by the BIDS ATS:

(i) peg (i.e., Midpoint, Market, or Primary) with or without an offset. If the offset is zero or no offset is provided, the execution can only occur at or between the NBBO. If the offset is non-zero, the execution may occur outside the NBBO depending on the peg instruction and the offset value;

(ii) peg with a limit, same as (i), but the execution price will not exceed the limit price;

(iii) limit only, the execution price will not exceed limit price, but may be outside the NBBO.

If no pricing or pegging information is provided on the AIOI, the pegging instructions are determined by the Trader's default preference for Price Protection (defaults allowed are Midpoint and Market) set by the Trader.

AIOI Acceptance

If a BIDS Trader User accepts an AIOI from a Sponsor, the acceptance may include a limit price, and BIDS Trader will always set a default AIOI Price Protection based on the BIDS Trader User's AIOI Price Protection setting (i.e., allow outside NBBO, or do not allow outside NBBO).

Minimum Attributes for Firm Orders

All Firm orders submitted to the BIDS ATS must include the following minimum order attributes or the Firm order will be rejected by the BIDS ATS:

1. Symbol

2. Price (discussed above in this item)

3. Side (buy, sell or sell short)

4. Size

5. Capacity (agency or principal)
a. Subscribers are responsible for assigning the appropriate capacity to their Firm orders and Conditionals
b. All Firm orders and Conditionals submitted by a Sponsored Firm are designated as agency

Minimum attributes for Conditionals and AIOIs are described in Part III, Item 9.

Additional Order Attributes

Participants may include a variety of additional attributes on an order-by-order basis or as a default setting.  The use of additional attributes is limited to specific types of Participants (e.g., Traders or Subscribers) as stated in each description, and the additional attributes are applicable to all orders unless specifically restricted in the description. These additional attributes include:

Time-in-Force

The BIDS ATS supports the following time-in-force ("TIF") types:

(i) Good-til-day ("Day")

(ii) Good-til-time ("GTT") (time designation must be within the same trading day that the Firm order or Conditional is entered)

(iii) Execute-and-cancel ("ENC")

(iv) Immediate-or-cancel ("IOC") (Firm order)

Firm orders, Conditionals, and AIOIs may be designated with a specified TIF for resting in the BIDS ATS matching book. Firm orders, Conditionals, and AIOIs entered without a specified TIF will be designated with the Trader's default TIF preference (Day, GTT, ENC); if the Trader has not changed the default TIF preference, the Firm order, Conditional, or AIOI will initially default to a Day TIF. Regardless of TIF, any Firm order, Conditional, or AIOI remaining in the BIDS ATS will be cancelled at the end of the trading day.

Firm orders, Conditionals, and AIOIs designated as ENC may specify an optional expiry time. If a Firm order or a firm AIOI has an ENC TIF and does not trade its total available volume after the initial execution, the remaining quantity is cancelled. If a Firm order or a firm AIOI has an ENC TIF and an expiry time and does not trade at all, it will terminate at the expiry time. Because Conditionals or conditional AIOIs are not executable, the ENC TIF has no practical application for Conditionals or conditional AIOIs.  The BIDS ATS will not reject Conditionals or conditional AIOIs  entered with an ENC TIF designation; rather, the ENC TIF designation on the Conditional or conditional AIOI will be treated as a Day TIF or, if an expiry time is specified, a GTT TIF.  All open Firm orders, Conditionals, and AIOIs are cancelled at the market close.

The BIDS ATS will reject Conditionals and conditional AIOIs with an IOC TIF.

Minimum Volume

Automatch Minimum Volume

Any Firm order submitted to the BIDS ATS may set a minimum volume that specifies the quantity every trade involving the Firm order must meet. Where two Traders have each set a minimum volume, any resulting transaction between those two Firm orders must have a volume greater than or equal to the highest minimum volume between the two Firm orders (note: the BIDS ATS trades are at least one round lot).

Invitation Minimum Volume

Traders may also specify a minimum quantity that every invitation related to a Firm order or Conditional must meet. A Firm order using this minimum will only issue an invitation to a contra-party Conditional that is greater than or equal to the required amount. A Conditional using this minimum will only issue or receive an invitation to or from a contra-party Conditional that is greater than or equal to the required amount. See Part III, Item 9 for a discussion of Conditionals and invitations (note: the BIDS ATS invitations are at least one round lot).

Automatch and Invitation Minimum Volume designations may be specified on AIOIs.

Additional Volume Preferences

Traders may supplement minimum volume requirements with the following preferences:

1. Volume Aggregation

A Trader may permit trade aggregation for the purpose of meeting its automatch minimum volume requirement. If a Trader enables aggregation, a Firm order from this Trader may trade when it has the aggressive-order status (see Continuous Matching in Part III, Item 11 for definition of aggressive status), with more than one passive Firm order each of which includes volume below the automatch minimum, but the total of which is greater than or equal to the automatch minimum.  Each such trade must meet the contra-party's automatch minimum volume, if any.

Volume aggregation is not available on AIOIs

2. Minimum Volume for Principal Flow

A Sponsored Firm's individual trader  may also set a preference called "Minimum Volume for Principal Flow". With this preference, the Sponsored Firm's Firm order or Conditional will only trade/interact with principal capacity Firm orders or Conditionals that have the required minimum quantity. Minimum Volume for Principal Flow may also be set for AIOIs.

Contra-party Capacity

A Sponsored Firm's individual trader may designate whether his or her Firm order or Conditional may interact with Firm orders or Conditionals that indicate principal capacity. By default, all Sponsored Firm's individual trader's Firm orders and Conditionals only interact with agency capacity Firm orders or Conditionals; however, this default can be overridden at the order level or the Sponsored Firm level at the direction of the Sponsored Firm. This designation is not available on AIOIs.

Filter Level

A Trader can specify a BIDS Scorecard level that a potential contra-party must achieve in order to interact with a particular Firm order or Conditional. As discussed more fully in Part III, Item 9, BIDS scores Traders submitting Conditionals based on their performance in responding to invitations to firm-up. A Trader may set a filter ("Filter") to prevent invitations from being sent to contra-parties that have BIDS Scorecard levels below the Filter.

A Trader sets the Filter level to one of three levels (the "benchmark settings" refer to a variety of proprietary metrics that are calculated for each Trader based on his or her long-term and short-term behavior):

(i) Aggressive - allowing invitation to any potential contra-party, regardless of that contra-party's Scorecard score

(ii) Normal - permitting interaction with all contra-parties except for poor performing contra-parties (no invitations sent to Traders with scores worse than Normal benchmark settings); and

(iii) Conservative - invitations not sent to Traders with scores worse than the Conservative benchmark settings

BIDS cannot override a Trader's Filter settings. BIDS, at its discretion, may change the benchmark settings for the different Filter levels. Filter settings do not apply to AIOIs.

Invite Mode

A Trader may specify which type(s) of contra Conditionals a Firm order or Conditional may invite. The available Invite Mode options include:

1. ON - no restriction, the Firm order or Conditional can interact with any type of contra Conditionals

2. OFF - do not interact with contra Conditionals at all
a. A Firm order using "OFF" will only trade with contra Firm orders
b. This Invite Mode is only available for Firm orders
c. A Conditional using "OFF" will be rejected

3. Auto-only - the Firm order or Conditional will only interact with contra Conditionals that do not involve a human trader seeing an invitation and deciding whether to firm up or not.

A Trader may elect to receive a notification from BIDS when the Trader's Firm order invites a Conditional.

Invite Mode does not apply to AIOIs.

Intra-firm Priority

A Subscriber may designate that Firm orders and Conditionals have a priority for interacting with contra Firm orders and Conditionals that are from the same order source. This order preference applies to both invitations and trades. See Part III, Item 11 for a discussion of Intra-firm Priority. Intra-firm Priority designation does not apply to AIOIs.

Hosted Pools

A Subscriber may designate that Firm orders and Conditionals interact only with others from the same group by setting up a Hosted Pool. See Part III, Item 14 for a discussion of Hosted Pools. AIOIs are not available for use in Hosted Pools.

Attributes of Conditionals Only

Traders may use certain attributes related to firming-up that are only applicable to Conditionals (e.g., Regular FirmUp Conditional, Auto FirmUp Conditional, Dual Conditional). These attributes affect a Trader's interaction with Conditionals and invitations to firm-up and are discussed in Part III, Item 9 under the Conditional Types and Firm-Up Mode section. These attributes are not available on AIOIs.

Routing Instruction

The BIDS ATS only routes Firm orders (it does not route Conditionals), and only at the explicit direction of a BIDS Trader User.  See Part III, Item 16 for a discussion of order routing. Routing instructions are not available on AIOIs.

Buyback Instructions

A Subscriber may include buyback instructions on a Conditional or Firm order for execution consistent with the price conditions of Rule 10b-18 under the Securities Exchange Act of 1934.  Other than as described below, Conditionals and Firm orders with buyback instructions will be executed consistent with the descriptions above of Conditionals and Firm orders.

Rule 10b-18 provides issuers with a safe harbor from manipulation under Section 9(a)(2) of the Exchange Act and Rule 10b-5 under the Exchange Act solely by reason of the manner, timing, price, and volume of their repurchases when they repurchase the issuer's common stock in the market in accordance with the rule's manner, timing, price, and volume conditions.  The buyback instructions that the BIDS ATS offers address only the price conditions of Rule 10b-18, not the manner, timing, or volume conditions.

A Subscriber may designate a buy Conditional or Firm order with buyback instructions, in which case the buy Conditional or Firm order will be restricted from receiving invitations or from execution in the BIDS ATS, respectively, as follows:

- A Firm order with buyback instructions will not be executed in the BIDS ATS if the trade price for the security would exceed the higher of: (a) the national best bid; or (b) the consolidated last sale price.

- A Conditional with buyback instructions will not receive an invitation if the price terms would exceed the higher of: (a) the national best bid; or (b) the consolidated last sale price

All Conditionals and Firm orders with buyback instructions will be canceled either: (a) 10 minutes prior to the market close if the Subscriber specifies that the symbol satisfies the requirements of Rule 10b-18(b)(2)(ii) by having an average daily trading value of $1 million or more and a public float value of $150 million or more; or (b) 30 minutes prior to the market close for all other symbols.  In order to specify that a symbol satisfies the requirements of Rule 10b-18(b)(2)(ii), the Subscriber must include, in addition to the buyback instructions, a GTT designation expiring between 3:30 p.m. ET and 3:50 p.m. ET (or between 12:30 p.m. ET and 12:50 p.m. ET on a day with an early close).  If a Subscriber does not include such a GTT designation, in addition to the buyback instructions, then the Conditional or Firm order will be canceled 30 minutes prior to the market close.

Conditionals and Firm orders with buyback instructions will either be executed consistent with the restrictions stated above or remain in effect in accordance with any TIF designation (e.g., a GTT designation that expires before the mandatory cancellation times described above) until they can be executed consistent with those restrictions.

**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?** Yes

   - **Procedures:** A BIDS Trader User may submit an odd-lot Firm order for approval to execute the odd-lot balance of an OMS/EMS parent order (same symbol and same side) that has traded in the BIDS ATS on the current trading day on Firm orders submitted by that BIDS Trader User.  The BIDS ATS will, in its discretion, either approve and execute this odd-lot Firm order for that symbol and side or reject it.  The BIDS ATS may not approve an odd-lot Firm order if, for example, there was not a previous execution for the BIDS Trader User on the BIDS ATS in that symbol on the same side on the same day or may reject an odd-lot Firm order based on its consideration of the number or frequency of requests to execute odd lots.  If the odd-lot Firm order is approved, BIDS takes the contra side of the order in a principal capacity and fills the trade on the BIDS ATS at the last trade price by the BIDS Trader User.

Because execution of an odd-lot Firm order does not involve two Subscribers (i.e., there is not an offsetting Firm order from another Subscriber against which the odd-lot Firm order crossed), this creates a position for BIDS within its facilitation account at BOFA because the BIDS ATS executed the odd-lot with only one Subscriber. BIDS then sends out a market order to trade out of this position through the BOFA FIX connection. BOFA will report this fill to the clearing arm which will then flatten out the position that had been created.

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

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

   - **Procedures:** Mixed lots entered into the BIDS ATS participate in the matching process with the same order interaction priorities as round lots. The BIDS ATS will match a mixed lot with a round-lot or another mixed lot.  For BIDS Trader Users, any remaining odd lot (the "tag-end") associated with a mixed lot execution will be auto-filled if the Trader's order fully fills the contra-party's available shares.  If the tag-end is auto-filled, BIDS takes the contra side position of the order in a principal capacity and fills the trade on the BIDS ATS at the execution price of the associated order.

Because execution of the tag-end does not involve two Subscribers (i.e., there is not an offsetting Firm order from another Subscriber against which the odd-lot Firm order can cross), this creates a position for BIDS within its facilitation account at BOFA because the BIDS ATS executed the odd-lot with only one Subscriber. Accordingly, BIDS then sends out a market order to trade out of this position through the BOFA Securities FIX connection. BOFA will report this fill to the clearing arm which will then flatten out the position that had been created.

The rules involving mixed-lot orders apply equally to all Sponsored Firms.  Only BIDS Trader Users with Sponsored Firms may elect to auto-fill a tag-end.  The auto-fill functionality is not available to Subscribers or trading algorithms of Sponsored Firms, and BIDS cancels tag-ends remaining after executions for Subscribers or trading algorithms of Sponsored Firms.

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

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

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

The BIDS ATS is open for trading during market hours (9:30 a.m. ET to 4:00 p.m. ET unless there is an early close due to a holiday, in which case the close is 1:00 p.m. ET) on any day that the U.S. stock exchanges are open. Firm orders, Conditionals, and AIOIs are accepted starting at 6:15 a.m. ET, prior to the opening of the U.S. markets at 9:30 a.m. ET.

The BIDS ATS does not conduct any matching processes or executions prior to the opening of the markets and the availability of the NBBO.

Opening

The BIDS ATS commences the opening process for each symbol once the primary market for that symbol opens and upon receipt of the next event involving that symbol, which may be an order event or a market data event.

During the BIDS ATS opening process, the BIDS ATS uses the NBBO to determine the tradeable prices (see Part III, Item 11 for discussion of tradeable price) at which each Firm order and Conditional could trade such that:

1. All buy Firm orders and Conditionals are prioritized by tradeable price (high to low) and then, for those with the same price, by volume and then by time of entry.

2. All sell Firm orders and Conditionals are prioritized by tradeable price (low to high) and then, for those with the same price, by volume and then by time of entry.

The buy Firm orders and Conditionals with the highest price and the sell Firm orders and Conditionals with the lowest price are compared and the Firm order or Conditional with the earlier timestamp is dequeued and tagged as "aggressive" in the BIDS ATS (see Part III, Item 11). The aggressive order then goes through the trading and invitation cycles (as described in Part III, Item 11) in the same manner as a new aggressive Firm order or Conditional that had just entered the BIDS ATS. When this matching process is complete, the new top Firm orders and Conditionals of the two lists are compared again for the next aggressive Firm order or Conditional, continuing until the opening lists are exhausted.

Re-open

When trading in a symbol permitted to trade on the BIDS ATS is halted for any reason (e.g.,  regulatory trading halt or manual halt done by the BIDS ATS), the BIDS ATS cancels all Firm orders and Conditionals in its matching book as well as any AIOI messaging in that symbol and does not accept new Firm orders, Conditionals, or AIOIs in that symbol during the halt. All pending Firm orders, Conditionals, AIOIs, and firm-ups in that symbol will be rejected. At the time of resuming trading in a symbol after a halt, the BIDS ATS book for the symbol is empty.

BIDS may suspend trading across all symbols on the BIDS ATS as described in Part III Item 20. The BIDS ATS will not match Firm orders or Conditionals or execute trades resulting from AIOI messaging in any symbols until trading is resumed by BIDS. After resumption of trading, each symbol will be re-opened when a valid NBBO for that symbol is received by the BIDS ATS. At the time of re-opening a symbol, the BIDS ATS performs the same trading and invitation cycles as for the opening.

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

**10c. Unexecuted Orders Procedures:**
Except as noted in Item 10(a) above, unexecuted Firm orders and uninvited Conditionals remain in the BIDS ATS order book following an Opening or Re-opening, and are eligible to trade or interact with contra-party Firm orders or Conditionals.

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

**10e. Is there any difference in pre-opening or execution procedures following a stoppage?** No

**11a. Structure of the NMS Stock ATS:**
The BIDS ATS operates a single limit order matching book during regular market hours (9:30 a.m. ET to 4:00 p.m. ET unless there is an early close due to a holiday, in which case the close is 1:00 p.m. ET) (see Part III, Item 4 Hours of Operation).  The BIDS ATS generally trades all NMS stocks listed on a national securities exchange that are eligible for trading on the BIDS ATS on that day. BIDS may, in its sole discretion, stop trading certain symbols from time to time for, among other reasons, the purpose of remaining below the volume thresholds for (i) classification as an "SCI Entity" under Regulation SCI and (ii) certain regulatory requirements as set forth in Rules 301(b)(3) and (5) of Regulation ATS.

The BIDS ATS matching engine anonymously identifies potential counterparties based on the Firm orders and Conditionals that have been submitted by Participants into the BIDS ATS.  The interaction of the Firm orders and Conditionals in the BIDS ATS matching engine is determined according to the rules discussed in Item 11(c) below. The BIDS ATS establishes all execution prices using the NBBO (see Part III, Item 23 for a discussion of the NBBO) at the time of the execution.

Neither the AIOI message nor the response interact with other Firm orders or Conditionals in the BIDS ATS order book. AIOI acceptances only interact with the initiating AIOI message.

Participants may submit Firm orders and Conditionals to the BIDS ATS using various methods of access as discussed in Part III, Item 5.  Firm orders and Conditionals may be submitted beginning 6:15 a.m. ET on trading days through 4:00 p.m. ET on trading days.

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

**11c. Rules and procedures of the NMS Stock ATS:**
The BIDS ATS matches Firm orders and Conditionals based on the pricing methodologies, Firm order and Conditional attributes, and priority rules set forth below. AIOIs are bi-laterally negotiated and neither the AIOI message nor the response interact with other Firm orders or Conditionals in the BIDS ATS order book. AIOI acceptances only interact with the initiating AIOI message.

Continuous Matching

Open Firm orders and Conditionals that are already entered into the BIDS ATS are referred to as "passive."  A new Firm order or Conditional entering the BIDS ATS book that is matchable against one or more of those passive Firm orders or Conditionals is called "aggressive." The fill priority in the BIDS ATS is determined by the aggressive Firm order or Conditional.

Traders may select "price/volume/time" or "volume/price/time" fill priorities with the default as price/volume/time. Where the fill priority of the aggressive Firm order or Conditional is "price/volume/time", the matching sequence is the best price, and then volume and then time, except that a Sponsored Firm's passive Firm order or Conditional will have priority in the matching sequence over Subscribers' passive Firm orders or Conditionals at the same price.

If the fill priority of the aggressive Firm order or Conditional is "volume/price/time", then the matching sequence is highest volume, and then price and then time.

In all cases, the fill priorities of the passive Firm orders or Conditionals are not taken into consideration.

As discussed below and in Part III, Item 7, certain Firm orders and Conditionals may use Intra-firm Priority to designate a specified source as part of its priority designation.

Aggressive Firm orders and Conditionals engage in the following matching sequences:

1. A Firm order goes through: (i) the automatching cycle, then (ii) the invitation cycle.
a. The automatching cycle compares the aggressive Firm order with passive Firm orders.
b. The invitation cycle compares the Firm order with passive Conditionals, which require an invitation and firm-up for execution.

2. A Conditional only goes through the invitation cycle.
a. The invitation cycle compares the Conditional with passive Firm orders as well as Conditionals.

Following an automatch, a Firm order that has remaining unexecuted volume that is greater than the Firm order's minimum volume setting will remain eligible for execution at that remaining volume with the original minimum volume. Otherwise, the BIDS ATS will set the minimum volume to the unexecuted volume or cancel the Firm order, based on the default setting established by the Trader.

At any time that a Firm order or Conditional (or the portion of its volume) is tied to an invitation, the volume tied to the invitation is committed to the intended contra. As a result, that Firm order or Conditional (or the portion of its volume that is committed) is not eligible to trade/interact with other contras while the invitation is active. For example, a Firm order that has an outstanding invitation to a Conditional cannot automatch with another contra Firm order that is placed in the BIDS ATS while the invitation is pending.  Any Firm orders or Conditionals not subject to an outstanding invitation continue to be available for the matching and trading process.

Invitations and trades can also occur between two resting Firm orders or Conditionals.  For example, a Firm order to buy and a Firm order to sell can be resting on the BIDS ATS order book with pricing terms that would match at a price outside of the current NBBO, but these two Firm orders are not permitted to match on the BIDS ATS because they are outside the NBBO.  If the NBBO subsequently moves to a level that would permit the two Firm orders to match, then a trade can occur.  In this case, there was no "aggressive" Firm order, and the BIDS ATS performs the same trading and invitation process as for Opening and Re-opening.

Dual Conditional Treatment

As discussed in Part III, Item 9, the BIDS ATS supports "Dual Conditionals" in its matching process.

Where a Dual Conditional has aggressive status, it goes through the invitation cycle once using its AFU terms. If it is not involved in an invitation, the Dual Conditional will go through the cycles a second time, using its RFU terms.

If a Dual Conditional is passive, its priority relative to other passive Firm orders and Conditionals is dictated by its AFU terms. Once it is selected to interact with the aggressive Firm order or Conditional but fails to create an invitation, it is re-prioritized against the remaining passive Firm orders and Conditionals using its RFU terms and has the chance to interact with the same aggressive Firm order or Conditional a second time.

NBBO Validation

The BIDS ATS screens the NBBO immediately prior to allowing the trading and/or invitation cycles to proceed for the following:

1. Crossed market - if the NBBO is crossed, then the BIDS ATS does not permit executions or invitations in the symbol.

2. Locked market - if the NBBO is locked, then the BIDS ATS will not (i) execute a trade if a Trader on either side of the potential trade has disabled trading at locked markets or (ii) create invitations.  Traders have the option of setting their trading preference to prohibit trading in locked markets.

3. Wide spread - if the spread of the SIP NBBO exceeds the pre-set maximum spread permitted by the BIDS ATS, no trading nor invitation will occur. BIDS establishes a maximum spread that applies to all securities eligible to trade on the BIDS ATS.  BIDS may adjust the permitted maximum spread at any time at its discretion without notifying the Participants.

As described in Part III, Item 9, BIDS Trader provides messaging capabilities that allow for bi-lateral negotiation and executions resulting from AIOI messaging.  Any resulting trades may execute at, within, or outside the NBBO as agreed to by both parties to the trade.  Executions outside the NBBO would initiate an ISO.  (See Part III, Items 9 and 23.)

Tradeable Price

The BIDS ATS makes all pricing determinations with reference to the NBBO calculated in accordance with the description in Part III, Item 23 below.  In a single transaction, using the NBBO at the time and the Firm order and Conditional requirements, Firm orders and Conditionals considered for automatching and/or invitation are affixed a "tradeable price" for the scope of that transaction. To establish the tradeable price, the BIDS ATS reviews the pricing terms (limit price, if present, Price Protection (i.e., peg type), and peg offset) of the Firm order or Conditional and determines the most aggressive price (i.e., the highest price for buy Firm orders and Conditionals and the lowest price for sell Firm orders and Conditionals) at which it would trade. The resulting price is the tradeable price in the BIDS ATS.

Price Determination and Price Improvement

The BIDS ATS determines the trade price during the trading and invitation cycles as follows:

1. Calculate the two tradeable prices

2. Determine the candidate trade price (see below for "candidate trade price" discussion)

3. Validate the candidate trade price

The BIDS ATS establishes the candidate trade price by determining the price at which two Firm orders or Conditionals can interact at that time. The candidate trade price is the price equal or closest to the NBBO midpoint that does not exceed the tradeable prices of the Firm orders,  Conditionals, or AIOI involved. Once the candidate trade price is determined, the BIDS ATS then validates if this candidate trade price can be used at that time. To validate the candidate trade price, the BIDS ATS reviews for any restrictions, including regulatory restrictions, that would prevent a trade at that candidate trade price at that time.

Pursuant to the validation process, the candidate trade price is unusable (and thus no trading/invitation will occur) if:

1. it is outside the current limit-up/limit-down (LULD) restriction - not applicable to AIOIs.

2. the sell Firm order, Conditional, or AIOI is a non-exempted short, a regulatory short sale restriction is in effect, and the candidate trade price is equal to the national best bid (NBB).

3. it is outside the current SIP NBBO, which can happen if the candidate trade price is calculated using the synthetic NBBO rather than the SIP NBBO. This check is not performed for an AIOI that can execute outside the NBBO.
a. As discussed in Part III, Item 23 Market Data, the BIDS ATS uses a synthetic NBBO (so long as the data is available), but always validates the transaction price using the SIP NBBO.

Effective Time for Prioritization

A Firm order or Conditional in the BIDS ATS is assigned an effective time by the BIDS ATS when it is accepted in the BIDS ATS. The BIDS ATS updates this effective time to the time of any cancel-and-replace action if the action involves a material change to the Firm order or Conditional. Material changes causing a new time stamp include changes to any price, volume, and short sale terms. Changes in short sale terms refers to short sale restrictions imposed by regulators pursuant to applicable rules and regulations.

All timestamps are assigned by the BIDS ATS matching engine, using the system time when the events take place.

Delaying Cancellation of IOCs

As discussed in Part III, Item 7, Traders can designate a TIF on Firm orders, Conditionals, and AIOIs, and Firm orders and firm AIOIs can be designated as immediate or cancel ("IOC").  Automated Firm orders often are designated as IOC, which is effective for automatching but not meaningful in invitation interactions because an IOC Firm order needs to rest in the order book for at least a very brief time period (at least 1 millisecond) to allow any invited contra Conditional time to respond.  Without this time period, an IOC Firm order would be limited to interacting only with Firm orders. To facilitate interactions with Conditionals, instead of requiring automated Traders to change their implementations and give up using IOCs on Firm orders, an automated Trader may opt in and allow the BIDS ATS to delay canceling its IOC Firm orders for a duration specified by the Trader.  BIDS does not restrict the duration of any delay specified by a Trader; however, the duration is typically tens to hundreds of milliseconds.  By opting in for this delay, the IOC Firm order has the rest-on-book time for an invited contra-party to firm-up. The automated Trader may choose to apply such a delay only to firm-up IOCs in response to invitations, or to all its IOC Firm orders. BIDS Trader has no function allowing submission of IOCs or delayed IOCs.  The option to delay cancellation is not available for firm AIOIs designated with an IOC TIF.

Optional Rejection of IOCs

By default, IOCs enter the BIDS ATS order book and are immediately canceled if there is no matchable trading interest (unless they are delayed as described above). Participants have the option to have IOCs rejected before reaching the BIDS ATS order book for matching (i.e., at the gateway or at the matching engine) if there is no matchable contra trading interest in the BIDS ATS order book.  If a Participant opts into IOC rejection, the BIDS ATS system determines whether there is matchable contra trading interest to the IOC in the order book, first at the gateway described above in Part III, Item 5, and then at the matching engine before the IOC enters the BIDS ATS order book for matching.  If the gateway or the matching engine determines that there is no matchable contra trading interest in the order book, the gateway or the matching engine rejects the IOC.  The matching engine uses real-time information on the order book, including symbol, side, size, and price to identify potential matchable contra trading interest.  In addition, the matching engine provides the gateway real-time information, only on the symbols resting in the order book, which allows the gateway to identify whether there is matchable contra trading interest to the IOC in the order book.

Intra-firm Priority

The BIDS ATS allows Subscribers to give priority to contra-parties from that Subscriber, subject to the BIDS ATS restrictions preventing wash trades. If enabled and the aggressive Firm order or Conditional is from such a Participant, then the passive Firm orders and Conditionals will be sorted in a way preferencing those from the same source: first by tradeable price, then those from the identified source over others, then by volume, then by effective time (i.e., price/source/volume/time priority). Intra-firm Priority can be set up for Firm orders or Conditionals sent to the general BIDS ATS, or for orders sent to a Hosted Pool.

Hosted Pools

Hosted Pools, discussed in Part III, Item 14, can be set up as a business arrangement with certain Subscribers and are only available to the Subscribers that set them up.  Firm orders and Conditionals from this group of one or more Subscribers can be designated to belong to the Hosted Pool and only interact with Firm orders and Conditionals in the same pool. The matching and trading rules and logic in a Hosted Pool are the same as in the BIDS ATS.

Subscriber Risk Management and Controls

All Subscribers to the BIDS ATS are registered broker-dealers and are subject to the SEC's Market Access Rule (Rule 15c3-5 under the Securities Exchange Act of 1934).  The BIDS ATS provides Sponsors with tools and functionality that they may use to assist them in complying with these obligations.  This includes providing administrative access to Sponsors to allow them to set and manage risk limits for their Sponsored Firms, as well as the ability to suspend sponsorship for specific or all customers or restrict certain types of trades (e.g., short sales). The BIDS ATS will not allow a trade by a Sponsored Firm if it would breach the limit imposed by the Sponsor.  Upon request of a Sponsor, the BIDS ATS can configure email alerts to the Sponsor to be sent when risk limits or some high watermarks are exceeded by a Sponsored Firm. If a Firm order or Conditional from a BIDS Trader User exceeds the Sponsor's risk limit, the BIDS Trader server facility will reduce the size of the Firm order or Conditional to within the permitted limit (so long as the amount is above any minimum volume requirements from the Trader).

Treatment of Partially Traded Orders

Pursuant to voluntary preference settings, a Trader may direct the BIDS ATS on how to handle any remaining volume that is below its minimum volume requirement but not down to an odd-lot. The remaining volume may be cancelled back, left in the BIDS ATS as an All-or-None order, or processed through the Overtime function.

Where the remaining volume is an odd-lot:

1. For BIDS Trader Users, BIDS fills the remaining odd-lot volume automatically at the execution price by the BIDS Trader User.

2. For Sponsored Firms not using BIDS Trader, they can choose between having BIDS fill the odd-lot automatically as for Sponsored Firms using BIDS Trader, or have the BIDS ATS cancel back the odd-lot.

3. For Subscribers, their odd-lots are always cancelled back.

Overtime

Pursuant to voluntary preference settings, a BIDS Trader User may elect the Overtime function on Firm orders, on an order-by-order basis, upon receipt of an invitation and before firming up.  If a BIDS Trader User executes a trade from a Firm order for which it has elected the Overtime function, and the quantity executed on the trade is less than the quantity on the Firm order (an "Overtime Trade"), then the remaining quantity (an "Overtime Order") may execute against orders in the BIDS ATS in amounts less than the BIDS Trader User's minimum volume.

An Overtime Order retains the time stamp of the corresponding Overtime Trade, and it will remain in effect pursuant to voluntary preference settings for limit price, minimum volume, and time-in-force made by the BIDS Trader User in electing the Overtime function.

Clean Up

BIDS Trader Users also have the option of using "clean up" to work remaining volumes, which involves directing BIDS to route the remaining volume to a specified third party trading venue with which the BIDS ATS has connected.

Self-crossing Rules

The BIDS ATS prevents certain Firm orders or Conditionals from interacting with Firm orders and Conditionals submitted by the same Participant ("self-crossing"). For example, a Sponsored Firm is prevented from matching with itself as a counterparty. In addition, a Subscriber cannot interact with itself if  either of the opposing Firm orders or Conditionals are entered with a principal capacity.

At the request of a Participant, the BIDS ATS can also prevent a Participant from "self-crossing" with an affiliated Participant, by setting up an explicit block for the pair.  The block may apply to all Firm orders and Conditionals of the affiliated Participant, or limited to a specific capacity (i.e., principal or agency).

Execution Errors

BIDS may, at the request of a Participant or on its own initiative, determine to review any transaction on the BIDS ATS to assess whether it was "clearly erroneous" (i.e., there is an obvious error in any term, such as price, quantity, or identification of the security or a technical issue is identified).  If BIDS determines a transaction was clearly erroneous, it may cancel (bust) the cross trade or cancel one side of the cross trade.  If BIDS cancels one side of a cross trade, it takes the contra side position of the order in a principal capacity and fills the trade on the BIDS ATS at the execution price of the cross trade.  BIDS then covers that position in its error account as soon as is practicable by submitting via FIX Protocol an offsetting order to BOFA, BIDS' clearing agent.  Therefore, the trades to cover the position will both be executed and cleared by BOFA.

Allocations

The BIDS ATS does not perform any trade allocations.

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

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

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

   - **Procedures:** The BIDS ATS does not segment Firm orders or Conditionals by type of Participant. It does, however, provide Traders and Participants with certain tools and order attributes to permit a Participant (or an individual Trader) to limit the interaction of its Firm orders and Conditionals with qualifying contra-party Firm orders and Conditionals.

Please refer to Part III, Items 7 and 9 for a discussion about BIDS Scorecards and the availability of Filters for filtering potential counterparties based upon a counterparty's Scorecard level. Please refer to the discussion in Part III, Item 14 for a discussion about how Participants and Traders may use certain order attributes to filter potential counterparties.

The BIDS ATS accepts Firm orders and Conditionals with the required "agency" or "principal" capacity indicated, and provides Sponsored Firms the ability to select whether to interact with principal orders (the default setting is agency only).

The BIDS ATS does not designate Firm orders or Conditionals as "customer orders" beyond what may be implied by the use of the "agency" capacity. All Firm orders or Conditionals from Sponsored Firms are designated with agency capacity.

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

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

**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?** Yes

   - **Details:** Participants and Traders in the BIDS ATS have certain tools that provide the ability to manage the counter-parties with which they interact on the BIDS ATS. To the extent these tools are used, trading interest will only interact with counter-parties that meet the specified criteria.
a. BIDS Filters

As discussed in Part III, Items 7 and 9, the BIDS ATS permits a Trader to restrict its Firm orders or Conditionals from sending invitations to counter-parties based on the counter-party's BIDS Scorecard level as determined by BIDS.
b. Capacity

Sponsored Firms may choose not to interact with principal capacity Firm orders or Conditionals either in general, or on an order-by-order basis.

Sponsored Firms may choose not to interact with principal capacity Firm orders or Conditionals under a minimum volume in general, or on an order-by-order basis.
c. Invite mode

As discussed in Part III, Item 9, the BIDS ATS permits Traders to use Invite Mode to limit its interaction with certain types of contra-party Conditionals. (Invite mode options: on, off, auto-only)
d. Same Counterparty

The BIDS ATS restricts Participants from interacting with themselves in the following situations:
a. A principal capacity Firm order or Conditional from a Subscriber will not interact with a principal Firm order or Conditional from that Subscriber.
b. A Firm order or Conditional from a Sponsored Firm will not interact with Firm orders or Conditionals from the same Sponsored Firm.
e. Hosted Pool

At the request of one or more Subscribers, BIDS will establish a "Hosted Pool" that is totally segregated from the other Firm orders and Conditionals in the BIDS ATS and in other Hosted Pools.  Firm orders and Conditionals from Participants in a Hosted Pool can be designated to belong to the Hosted Pool and only interact with Firm orders and Conditionals in the same Hosted Pool.  The matching and trading rules and logic in a Hosted Pool are the same as in the BIDS ATS.

Within the Hosted Pool, Participants and Traders can denote Firm orders and Conditionals to belong to a sub-grouping within the Hosted Pool and the Firm order or Conditional can be set not to trade against other Firm orders or Conditionals within the same sub-group.

BIDS does not put limitations on which Subscribers may set up a Hosted Pool.
f. AIOIs

As discussed in Part III, Item 9, Sponsors may send AIOIs to their Sponsored Firms who use BIDS Trader.  An AIOI will interact only with those Sponsored Firms of that Sponsor who use BIDS Trader and have elected to receive AIOIs from that Sponsor. Sponsors can create lists of counterparties and if those counterparties agree to receive AIOIs from that Sponsor, the relationship is created which allows for AIOI messages to be transmitted and replied to.  The Sponsor can determine which counterparties on its list will receive AIOIs on a symbol by symbol basis and may offer different terms to different Sponsored Firms, even within the same symbol.  The Sponsor may also set prioritization for the order in which their AIOIs are distributed.

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

**15a. Does the ATS use electronic communications to display order and trading interest?** No

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

   - **Details:** As described in Part III, Item 9, in the context of Conditionals, the existence of counterparty trading interest may be made known through the invitation process described in that Item.  The invitation process, however, makes counterparty trading interest known solely on a share-to-share basis.   That is, a Firm order or Conditional cannot invite multiple Conditionals unless its quantity is large enough to satisfy all the invited Conditionals.  As also described in Part III, Item 9, Sponsors sending an AIOI are identified on the AIOI notification, and an AIOI itself includes at least symbol, side, price terms, quantity, and capacity.

**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?** No

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

**18a. Does the ATS execute trades outside of its regular trading hours?** No

**19a. Fees:**
BIDS offers Subscribers a structured transaction-based fee model that sets forth the fee for each share executed on the BIDS ATS. BIDS charges fees to Subscribers only (including when acting as a Sponsor); fees are not directly billed to Sponsored Firms.

The specific fees for a particular Subscriber are determined based on disclosed, objective criteria: (i) means of access; (ii) the type of order; and (iii) the total volume of executions during the calendar month. Within this fee structure, BIDS distinguishes fees between direct access by a Subscriber and sponsored access provided by a Subscriber on behalf of a customer (Sponsored Firm).

BIDS applies its access fee model to all Subscribers and charges the same rate to all similarly situated Subscribers. As a result, any Subscriber that meets the criteria for a specified fee rate will be charged the same fee as another Subscriber that also meets the same criteria. BIDS makes its rates and corresponding qualifications for the rates available to all Subscribers. Any changes to these rates are provided to Subscribers in advance of the effective date of the change. BIDS' application of its fee rates is governed by its Subscriber Agreement, the terms of which are materially the same for every Subscriber.

The fees for the BIDS ATS range from $0.0003 to $0.005 per share executed on the BIDS ATS or filled from odd-lots or routed Firm orders.  BIDS charges Subscribers a monthly fee for order entry ports of $100 per port, subject to a monthly cap of $1,000 per Subscriber.  BIDS does not offer rebates or other forms of credit against the applicable fees.  Executions resulting from AIOIs are charged to the Sponsor at regular Subscriber rates unless the AIOI message has a "principal" capacity, in which case the Sponsor leg of the execution is not charged a fee.

BIDS does not charge fees for executions on orders that the Subscriber has categorized as originating from retail flow.

BIDS passes through certain regulatory fees and connectivity fees, including applicable tax billed to BIDS for Subscribers connecting through third party providers.

For trades executed on the BIDS ATS, BIDS and the selling Subscriber are the CAT Executing Brokers and are charged CAT fees accordingly. For non odd lot trades on the ATS, BIDS passes its CAT fee through to the buying Subscriber. BIDS does not pass CAT fees through to Subscribers on odd lot trades executed on the BIDS ATS.

The fee structures for the BIDS ATS and the Cboe U.S. Securities Exchanges are independently determined.  Fees, charges, rebates, or discounts for the BIDS ATS are not based on participation in the Cboe U.S. Securities Exchanges, and vice versa.

**19b. Bundled Services/Fees:**
Not applicable.

**19c. Rebates and Discounts:**
BIDS does not offer fee rebates. In addition, BIDS adheres to its fee structure by charging each similarly situated Subscriber the same fees and does not offer discounts to these fees.

**20a. Suspension of Trading Procedures:**
The BIDS ATS suspends trading under the following circumstances:

1. The SIP market data feed is disconnected or otherwise becomes suspect and the BIDS ATS loses its ability to determine trade and invitation prices.
a. If the BIDS ATS loses the synthetic NBBO feed as described in Part III, Item 23, it will switch to calculating trade/invitation prices using SIP NBBOs and continue trading.

2. Trading halt message received for an individual stock.

3. The BIDS ATS detects critical build-up of transactional backlogs.

BIDS operations may also perform proactive manual suspension of trading of individual stocks or in general if an issue arises with critical hardware, software, and/or the BIDS ATS is experiencing trading anomalies.

The operation of the BIDS ATS is continuously monitored by the BIDS support team to ensure that the use of new technology releases, the impact of electronic participation by Participants and Traders in the BIDS ATS, and other similar technological change does not negatively impact the operation of the BIDS ATS.  In the event of a problem, BIDS may halt the activity of a Trader or Participant, symbol or symbols or the BIDS ATS in order to contain the impact of a problem while pursuing a resolution to ensure the safety and soundness of the equity markets in the United States.

BIDS may stop trading certain symbols from time to time for the purpose of remaining below the volume thresholds for (i) classification as an "SCI Entity" under Regulation SCI and (ii) certain regulatory requirements as set forth in Rules 301(b)(3) and (5) of Regulation ATS.

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

**21a. Trade Reporting Arrangements:**
All transactions on the BIDS ATS are reported to a FINRA Trade Reporting Facility ("TRF") with BIDS as the executing broker and the Subscriber as the contra-broker.  BIDS has trade reporting arrangements in place with the FINRA NYSE TRF, as its primary trade reporting facility, and the FINRA Nasdaq TRF, as its secondary/backup trade reporting facility.

In the event of connection loss or other outage, BIDS has procedures in place to identify affected trade reports and to resubmit them to either the same TRF or the secondary TRF.

All Subscribers are required to enter either a Qualified Special Representative Agreement ("QSR") or an Automatic Give Up Agreement ("AGU").  For Subscribers that clear pursuant to an AGU, BIDS will only report the transactions to the FINRA Nasdaq TRF.

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

**22a. Clearance and Settlement Arrangements:**
BIDS has entered into a clearing agreement with BOFA to provide for BIDS' clearance and settlement of transactions executed on the BIDS ATS.  BOFA is a wholly owned subsidiary of Bank of America Corporation.  BIDS requires all Subscribers either to be members of NSCC or to enter into a clearing arrangement with an NSCC member.

All BIDS ATS trades with Subscribers that clear through BOFA (DTC No. 161) are cleared and settled by BOFA.  All BIDS ATS trades with Subscribers that do not clear through BOFA (DTC No. 161) are submitted by BOFA on behalf of both BIDS and its Subscribers to NSCC via an NSCC Qualified Service Representative Agreement ("QSR") or in limited circumstances via a Nasdaq Act Give Up Agreement ("AGU") with BIDS as the executing broker and the Subscriber as the introducing broker. All routed trades, odd lot trades, and error trades executed by BOFA are also cleared and settled by BOFA. All trades for execution and/or clearing and settlement are submitted to BOFA via FIX Protocol.

Standard Cross Trades

BIDS sends BOFA two trades for clearance and settlement for each cross trade executed on the BIDS ATS.  Settlement occurs with BIDS as the executing broker and the Subscriber as the introducing broker, resulting in BIDS as the counter-party to all transactions for clearance and settlement purposes.

Error Positions

As described in Part III, Item 11(c) (Execution Errors), when BIDS determines it is required to take over one side of a cross trade as the result of an error, BIDS cancels the applicable leg of the BIDS ATS cross trade in the BIDS ATS. The lack of an offsetting trade because of the cancellation creates a position in the agency pass through account maintained with BIDS' clearing agent (BOFA). BIDS then journals the position from its agency pass through account to its error account that is also maintained with BOFA. BIDS creates the offsetting trade to flatten out the error account position that was created by the cancelation of the single leg by sending limit orders routed via FIX to BOFA. BOFA provides the fills back to BIDS and BIDS books the offsetting trades to the error account to flatten the position.

Odd-lots

The BIDS ATS fills odd lots with a single Sponsor only and therefore BIDS incurs an odd-lot position in its odd-lot account with BOFA when the odd lot is filled. To flatten out the odd-lot position, BIDS automatically sends a market order to BOFA via FIX to execute an offsetting trade.

Routed Trades

As described in Part III, Item 16(b), BIDS Trader Users may direct a Firm order to be routed by the BIDS ATS to BOFA for execution.  The BIDS ATS will then route the Firm order to BOFA under BIDS' MPID.  If the routed trade is executed, BOFA provides a fill back to the BIDS ATS.  The BIDS ATS then provides that fill to the Sponsor of the initial routed Firm order and sends that fill to BOFA for clearance and settlement.

ISOs

As described in Part III, Item 9, the BIDS ATS may route an ISO order type to BOFA to provide the necessary executions to meet the ISO exception in Regulation NMS for executions outside the NBBO resulting from AIOI messaging.  The BIDS ATS will route the Firm order to BOFA under BIDS' MPID.  If the routed order is executed, BOFA provides a fill back to the BIDS ATS.  The BIDS ATS then provides that fill to the Sponsor of the initial routed Firm order and sends that fill to BOFA for clearance and settlement.

For Error Positions, Odd-Lots, and Routed Trades, BOFA itself chooses the execution venue, which may be a Cboe U.S. Securities Exchange; the BIDS ATS does not direct the venue to which those orders are routed.  For ISOs, as described above, the BIDS ATS directs BOFA to send the orders to Nasdaq with the Nasdaq MOPB order type.

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

**23a. Market Data Sources:**
The BIDS ATS receives the national best bid and offer ("NBBO") from the following sources:

1. Direct feeds through Redline Trading Solutions, Inc., a third-party vendor ("Vendor"), that:
a. uses proprietary feeds from all national securities exchanges other than NYSE's National and Chicago exchanges--for which it uses the SIP feed--to produce the NBBO ("synthetic NBBO")
b. will switch to extracting equivalent data from the SIP where a proprietary feed is: unavailable; unstable; experiencing unacceptable latencies; or detected to be providing quotes that appear to have quality issues.  When a direct feed is affected, the SIP is used for market data from the affected market and Vendor will continue to use direct feeds from the unaffected markets to determine the NBBO.

2. SIP (Security Information Processor) ("SIP NBBO")

The BIDS ATS uses the synthetic NBBO to calculate the prices used for executions and invitations (see Part III, Item 11). The BIDS ATS checks all trade prices using the synthetic NBBO against the SIP NBBO. If a trade price is outside the corresponding SIP NBBO, the trade will not be executed unless the trade resulted from AIOI messaging.  As described in Part III, Item 9, BIDS Trader provides messaging capabilities that allow for bi-lateral negotiation and executions resulting from AIOI messaging, and any resulting trades may execute at, within, or outside the NBBO as agreed to by both parties to the trade.  Executions outside the NBBO would initiate an ISO.  (See Part III, Items 9 and 23.)

The BIDS ATS system monitors and compares the synthetic NBBO and the SIP NBBO on a continuous basis and if (i) there is data loss or (ii) the two NBBOs are out of sync for a prolonged period, then the BIDS ATS may deem the NBBOs invalid for trading for as long as the problem persists.

During any period when the synthetic NBBO is not available for any reason, the BIDS ATS will use the SIP NBBO for trade and invitation price determination.

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

**24a. Does the ATS aggregate Subscriber order and trading interest with that of other trading centers?** No

**25a. Did the ATS exceed the volume thresholds of Regulation ATS?** No

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