# EDGAR Filing Document

**Accession Number:** 0000753835
**File Stem:** 0000753835-26-000011
**Filing Date:** 2026-5
**Character Count:** 54224
**Document Hash:** 23fb99374d58259ea2eaa5d74654a268
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000753835-26-000011.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0000753835-26-000011

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

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BNP PARIBAS SECURITIES CORP.
- **CENTRAL INDEX KEY:** 0000753835

**ORGANIZATION NAME:**
- **EIN:** 133235334
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ATS-N/OFA
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 013-00187
- **FILM NUMBER:** 26976355

**BUSINESS ADDRESS:**
- **STREET 1:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 201.850.6979

**MAIL ADDRESS:**
- **STREET 1:** 525 WASHINGTON BOULEVARD
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07310

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARIBAS CORP                                            /BD
- **DATE OF NAME CHANGE:** 20000918

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BNP PARIBAS SECURITIES CORP\\NY                         /BD
- **DATE OF NAME CHANGE:** 20000918

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARIBAS CORP /NY/                                       /BD
- **DATE OF NAME CHANGE:** 19970811

### Attached PDF Documents

**Attachment 1:** `ATS-N_EX-1_SCHD_A_BD.pdf`

_No text found in this document._

**Attachment 2:** `ATS-N_EX-2_SCHD_B_BD.pdf`

_No text found in this document._

**Attachment 3:** `ATS-N_EX-3_REDLINE.pdf`

_No text found in this document._

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

### Cover Page

**NMS Stock ATS Name:** BNPP Cortex ATS

**Operates Pursuant to Form ATS?** —

**Statement About Amendment:**
We are now subject to the Fair Access Rule for symbol (NOVZ), and for that reason we are amending our Form ATS-N under Item 25 of Part III to state that we are not accepting orders in NOVZ from either the BDO or any Subscriber.

### Part I: Basic Information

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

**2. Name of the NMS Stock ATS:** BNP PARIBAS SECURITIES CORP.

**3. Name(s) under which business is conducted:** BNPP Cortex, BNPP Cortex ATS

**4a. Broker-Dealer SEC File No.:** 008-32682

**4a. Broker-Dealer CRD No.:** 000015794

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

**5b. Effective Date of Membership:** 10/18/1984

**5c. MPID:** BNPX

**6u. Website:** https://globalmarkets.cib.bnpparibas/cortex-equities/cortex-ats/

**7. Primary Site Address:** 755 Secaucus Road, Secaucus, US-NJ, 07094

**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:** For purposes of this document, the term "Institutional Client" shall mean "institutional Account," as that term is defined under FINRA Rule 4512(c).

For the purposes of this document, unless otherwise noted, the term "order(s)" shall mean order types offered in the Cortex ATS and desfribed in part III, Item 7(a).

1.  Prime Services and Financing ("PS&F") Global Execution Services Americas: Low touch sales trading focusing primarily on executing orders via algorithmic trading, smart order routing and direct market access in listed cash equity products and options for institutional clients.  MPID:BNPS. Order Capacity: Agency. 2. Equities and Derivatives ("EQD") Delta 1 Forwards Trading Americas: Provides liquidity in synthetic products (swaps, futures, forwards, options, synthetic forwards, ETFs/ETNs, certificates, and notes) for institutional clients.  The desk hedges the market risk and financial resources associated with these transactions with various financial instruments, including stocks, options, and futures.  MPID:BNPS.  Order Capacity: Agency, Principal, and Riskless Principal. 3. EQD Convertible Securities Trading Americas: Provides liquidity to facilitate institutional client demand in cash equity, fixed income, and convertible securities.  The desk hedges the market risk and financial resources associated with these transactions with stocks/indices, CDS/indices, bonds, recovery CDS Swaps, options, interest rate products (e.g., Eurodollar, Treasury Futures), and other volatility instruments.  MPID: BNPS. Order Capacity: Agency, Principal, and Riskless Principal. 4. EQD Index Trading Americas:  Provides liquidity and executes derivative transactions (swaps, options, futures, forwards, etc.) with institutional clients on customized products linked to index underlyings.  The desk also responds to requests for quotes from clients to buy or sell derivatives linked to U.S. equity indices.  Furthermore, the desk trades customized and/or structured derivative products with institutional clients in response to their needs for capital protection, yield and diversification. MPID: BNPS. Order Capacity: Agency, Principal, and Riskless Principal. 5. EQD Stock Exotics Americas: Provides liquidity in customized and exotic products to institutional clients using various issuance vehicles.  The desk responds to requests for quotes from clients, providing liquidity to buy or sell OTC derivatives and other products presenting non-vanilla features.  The desk hedges market risk and financial resources associated with these transactions using a combination of stocks, options, and futures. MPID:BNPS. Order Capacity: Agency, Principal, and Riskless Principal. 6. EQD Stock Flow Americas: provides liquidity, responds to requests for quotes, and executes derivative transactions with institutional clients on U.S. single stocks and ETFs.  The desk hedges market risk and financial resources associated with these transaction using a combination of stocks and options. MPID: BNPS. Order Capacity: Agency, Principal, and Riskless Principal. 7. High Touch Cash Trading Americas: Provides liquidity t institutional clients in cash equities and ETFs.  The desk hedges market risk and financial resources associated with these transactions using baskets of stocks, ADRs, and various exchange-traded derivatives, including futures. This may also include order flow from the BDO's Central Risk Book. MPID: BNPS. Order Capacity: Agency, Principal, and Riskless Principal. 8. EQD Automated Market Making - Options Americas:  Provides liquidity to the public markets by posting two sided quotes in exchange listed options referencing the S&P 500 index.  MPID: BNPS. Order Capacity: Principal. 9. PS&F Prime Services Sales and Trading Americas: Effects transactions in long and short swaps to assist institutional clients in achieving leverages returns of single stocks and/or target indices/ETF. MPID: BNPS. Order Capacity: Agency, Principal, and Riskless Principal.  10.  Fixed Income and Currencies Americas:  Focus primarily on executing orders, providing liquidity and carrying inventory to facilitate client demand in foreign exchange, rates, credit, and emerging markets debt, convertible securities, equities, and options for institutional clients.  MPID: BNPS. Order Capacity: Agency, Principal, and Riskless Principal.  11. Central Risk Book MPID: BNPS. Order Capacity: Principal.

**1b. Are the services offered and provided by the ATS to such business units the same?** No

   - **Explanation:** Trajectory Cross will only be available to indirect subscribers via BDOs internal algos and Smart Order Routers.

**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?** Yes

   - **Affiliates:** BNP Paribas Securities Corp (the "BDO") is the operator of the BNPP Cortex ATS, an NMS Stock ATS.  The BDO's MPID is BNPS and the BNPP Cortex ATS's MPID is BNPX.  Affiliates of the BDO include the following:  BNPP Financial Markets, BNPP Financial Markets Paris, BNP Cardif, BNP Paribas, BNP Paribas (BNPP GPM), BNP Paribas Asset Mgmt France, BNPP Paribas Asset Mgmt Luxembourg, BNP Paribas Fortis, BNP Paribas London, BNP Paribas Securities Corp, BNP Paribas Securities Services, BNP Paribas USA, Inc, BNP Wealth Mgmt Hong Kong, BNP Wealth Mgmt Singapore and BNP Wealth Mgmt Taiwan are institutional accounts, as that term is defined under FINRA Rule 4512(c), and some of the entities are foreign broker-dealers.  The affiliates will be able to enter and/or direct order to the ATS for execution through the BDO.  When executing affiliate orders in the ATS, the ATS and the BDO will be acting in an agency capacity.  The affiliates of the BDO could enter and/or direct orders to the ATS in an agency and/or principal capacity.

**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?** Yes

   - **Explanation:** Subscribers can opt out of interacting with the BDO's principal orders (this may also include order flow from the BDO's Central Risk Book) in the ATS by requesting to opt out of interacting with the counterparty type or "Principal" (as defined in Part III, Item 13). BDO counterparty types include Agency and Principal. Subscribers may request to opt out of the BDO's principal orders in the ATS by contacting their assigned BDO high touch or low touch equities sales trader during onboarding or at any other time.  A member of the Client Onboarding team will configure the opt-out settings for all subsequent ATS orders, typically effective next day. Subscribers cannot opt out of orders from the Agency counterparty type. Further information on counterparty types can be found in Part III, Item 13.

**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?** —

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

   - **Products/Services:** As a full service broker dealer, BDO provides the following products and services for the purpose of effecting transactions or submitting orders in the ATS: 1. High Touch trading via sales and trading personnel with internal access to the ATS 2. Low Touch trading with external access to the ATS via FIX Connectivity using the Subscriber's own proprietary or third party Order Management System or Execution Management System ("OMS/EMS"): a. Low Touch algorithmic trading and Smart Order Routing b. Direct market access to liquidity venues, including the ATS, via the BDO's low-latency market connectivity ("Direct Market Access").  All of the BDO's customers, including those with access to the BDO's High Touch sales and trading personnel, must satisfy requirements of the BDO's onboarding process (including with respect to anti-money laundering requirements). Subscribers with external access to the ATS are also required to sign an electronic trading agreement. Order entry into the ATS by means of the products and services above are further described in Part III, Item 5(c).  No market data feed from the ATS is made available externally. Internally, the ATS continuously provides anonymized, aggregated volume on each side of the market and the midpoint to the BDO's Smart Order Routers, as described in Part III, Item 15(b).

**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 BDO does not have employees dedicated solely to servicing its ATS.  Certain employees of the BDO who service the operations of the ATS also service the operations of other business units or business subunits of the BDO or its Affiliates ("shared employees").  Shared employees of the BDO or its Affiliates have the following roles and responsibilities in addition to their responsibilities in support of the ATS: 1. Low Touch Sales and Trading: Shared employees of the BDO who services the ATS for the purpose of sales support, trade support, and execution consultation provide the same services to Low Touch clients of the BDO who route orders to the BDO by means of algorithms, Smart Order Routers, and Direct Market Access.  These shared employees have access to the ATS order book, executions on the ATS with attribution to counterparties, and Subscriber counterparty opt-out configurations to support their clients with orders on the ATS. 2. Product Development and other IT: Shared employees of the BDO or its Affiliates who service the ATS in Product Development and other information technology roles, implement electronic trading solutions for all clients of the BDO.  These shared employees have access to the ATS order book, executions on the ATS with attribution to counterparties, and Subscriber counterparty configurations to support the BDO's ATS offering.  Some shared employees of Product Development and other IT roles are employed by BNPP Paribas US Wholesale Holdings Corp., a BDO Affiliate, rather than the BDO itself. 3. Low Touch Technical Trade Support:  Shared employees of the BDO or its Affiliates who provide technical trade support to the ATS also provide technical trade support to the Low Touch Sales and Trading desk.  These shared employees have access to the ATS order book, executions on the ATS with attribution to counterparties, and Subscriber counterparty configurations to support Low Touch Sales and Trading.  Some shared employees of Low Touch Trade Support are employed by BNP Paribas US Wholesale Holdings Corp, a BDO Affiliate, rather than the BDO itself. 4. Operations: Shared employees of the BDO or its Affiliates who service the ATS for the purpose of clearance, settlement, client onboarding, and finance operations also service the BDO's other businesses in the same capacity.  Shared employees performing these roles include members of the Client Onboarding team.  These shared employees have access to executions on the ATS with attribution to counterparties to provide operational support for the BDO's ATS offering.  Some shared employees performing Operations roles are employed by BNP Paribas RCC, Inc., a BDO Affiliate, rather than the BDO itself. 5. Legal and Compliance: Shared employees of the BDO or its Affiliates who provide legal and compliance services to the ATS also service the BDO's other businesses in the same capacity.  These shared employees have access to the ATS order book, executions on the ATS with attribution to counterparties, and Subscriber counterparty configurations to provide legal and regulatory guidance for the BDO's ATS and to ensure compliance with all relevant regulations, policies, and procedures. Some shared employees of Legal and Compliance are employed by BNP Paribas US Wholesale Holdings Corp. or BNP  Paribas RCC, Inc., BDO Affiliates, rather than the BDO itself. 6. Members of the BDO's BNPP Cortex ATS Working Group ("ATS Working Group") meet to discuss business, technical, operational, and regulatory issues related to the ATS, and belong to the functional areas described above, or are senior managers responsible for the BDO's equities trading business as a whole, including the ATS.  Members of the ATS Working Group are shared employees who service other business units or business subunits of the BDO.  These employees have access to the ATS order book, executions on the ATS with attribution to counterparties, and Subscriber counterparty configurations, to make business, technology, and regulatory decisions related to the ATS.  Some members of the ATS Working Group are employed by BNP Paribas S.A., BNP Paribas RCC, Inc., or BNP Paribas US Wholesale Holdings Corp., Affiliates of the BDO, rather than the BDO itself.

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

   - **Providers:** The ATS is hosted by Equinix Inc., which operates the Equinix NY4 Data Center. Equinix does not have access to Subscriber confidential trading information within the ATS.

**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:**
The BDO complies with REG ATS Rule 301(b)(10) by implementing written safeguards and procedures to protect Subscribers' confidential trading information.  These safeguards and procedures include restricting access to systems, or to certain application entitlements, to employees with a strict "need to know" with respect to confidential trading information, and implementing controls for shared employees of the ATS trading for their own or the BDO's accounts.  The BDO also has oversight procedures to ensure that these safeguards and procedures are followed.  In addition, the BDO complies with Rule 303(a)(1)(v) by preserving a copy of a written procedure that refers to safeguards and procedures to protect Subscribers' data, including the written procedures for overseeing those safeguards.  The BDO's ATS resides on dedicated application servers under a common datacenter shared across the BDO's U.S. Equities Execution Platform.  Access to the production application servers is managed via a third party Endpoint Privilege Management System ("EPMS").  The EPMS was implemented by the BDO to protect privileged accounts, prevent and control breaches, and achieve compliance on UNIX and Linux systems within the BDO's environment.  The BNPP Cortex ATS utilizes databases to record order and transaction information.  Access to the databases that contain Subscriber confidential trading information is restricted, for "write" and "update" privileges, to production accounts only.  Access of the Application Support and Development teams to the databases is restricted to "read only."  A very limited number of employees of the BDO and Affiliates of the BDO have access to systems, or to certain application entitlements, containing confidential trading information in the ATS.  As described in Part II, Item 6(a), certain shared employees have access to confidential trading information in the ATS to fulfill such functions in support of the ATS.  A very limited number of Business and Production Support employees are granted access to an administrative interface with a view into confidential trading information in the ATS.  Access to the interface is requested via a standardized proprietary approval workflow tool, and limited by the ATS Working Group via assignment of employees to a predefined set of user profiles, based on the employee's role.  Access privileges follow the BDO's "need to know" and "least privilege" principles.  Low Touch Sales and Trading employees (as defined under Part II, Item 6(a)) utilize this interface for client coverage purposes, which allows them to view real-time subscriber order and trade information, cancel client orders, and perform other business related support functions.  Client coverage employees do not have "modify" access to the interface -- such privilege is limited to employees in ATS support roles described in Part III, Item 6(a).  No other shared employees (as described in Part II, item 6a), have access to the interface data.  A periodic report on user access privileges to the ATS administrative interface is system generated and auto-distributed to appropriate employees for review and challenge.  In addition to access controls specific to the ATS, the BDO's Chief Information Security Office has developed an Identity and Access Governance framework, which included a bank-wide end-user access recertification framework including enterprise-wide tools that certify critical BNP Paribas applications and infrastructure data.  The BDO considers the following to be "confidential trading information" of the ATS: The identity of Subscribers, their data on the Order Book, attributable Subscriber execution data (with the exception of post-execution transaction information typically of the type made public under reporting rules or regulations and quarterly aggregated execution data published on the BDO's ATS website and referenced in Part III, Item 26), the identity of a Subscriber's counterparty type, and any settings that control a Subscriber's interaction with other counterparty types.  Restrictions on access to confidential trading information in the ATS are maintained by enforcement of the policies and procedures described below: a. BNP Paribas Information Security Policies and Procedures: "Americas Information Flow Policy", "CUSO IHC Information Security Policy", "CUSO IHC Code of Conduct and Ethics", "BNP Paribas Group Global Code of Conduct", and "Global Markets Written Supervisory Procedures."  b. A written procedure for implementing safeguards and procedures to protect Subscribers' confidential trading information in the ATS, which references the safeguards and procedures below.  Specifically, the BDO maintains and enforces written supervisory procedures and/or controls that are designed to limit access to confidential trading information of Subscribers to those BDO employees who are operating the ATS and/or responsible for its compliance with applicable securities laws, rules, and/or regulations.  These procedures and/or controls include restricting access to systems, or to certain application entitlements, to employees on a strict "need to know" basis, regarding confidential trading information.  These measures also include the implementation of controls for shared employees of the ATS that perform other BDO functions, that are designed to prevent the potential unauthorized disclosure of ATS order and/or transaction information, in particular to employees that trade for clients and/or BDO principal accounts.  c. An Information Barriers Policy based on the "need to know" principle.  The policy states that a "need to know" is limited to, among other conditions, information required by the recipient to participate in, and contribute to, a given transaction applicable to the employees of the BDO and its Affiliates generally.  The "need to know" basis for access to confidential ATS Subscriber information by Shared employees of the BDO, including their respective roles and responsibilities are described in Part II, Item 6(a). d.  A policy outlining principles for physical and technological segregation based on the "need to know" principle applicable to the employees of the BDO and its Affiliates. e. A Personal Account Dealing Policy restricting employees from transacting when in possession of material non-public Price Sensitive Information applicable to the employees of the BDO and its Affiliates generally.  The Personal Account Dealing Policy establishes the minimum global standards for the controls and restrictions over personal investment and trading Activity ("Personal Account Dealing").  BNP Paribas staff, including shared employees of the BDO, or its Affiliates (as described in Part II, Item 6a) are required to disclose to Compliance all accounts with the ability to hold or transact in financial instruments of any kind.  The mandatory disclosure applies to accounts in the name of the member of staff or for his/her benefit, accounts for which the member of staff has power to enter trades or exercise discretion.  Staff members are required to make such account disclosures via the PAD system.  All accounts must be disclosed prior to requesting approval to trade, and new employees are required to disclose accounts within 30 days of joining the BDO.  Typically, employee personal trading accounts are required to be held with a designated broker, to allow the BDO to conduct ongoing monitoring of employee trading activity.  Oversight procedures designed to ensure that the above written safeguards and procedures are followed are: a. Personal Account Dealing Compliance Procedures related to employee trading, which require employees to obtain pre-approval for personal trading, adhere to holding periods, make attestations prior to executing a personal trade regarding possession of material non-public information, and adhere to the BDO's restricted securities list applicable to the employees of the BDO and its Affiliates.  b. Procedures for managers and administrators to oversee user access to IT applications (including assigning, withdrawing, administering and recertifying access), based on the principles of least privilege (i.e., a user should have only those access rights minimally necessary to perform authorized tasks) and segregation of functions (i.e., a single user should never have access rights that allow for the execution of incompatible tasks) applicable to the employees of the BDO and its Affiliates generally.  Thus, a new employee assigned exclusively to one of the BDO's High Touch trading desks would be denied access to databases and systems, or denied entitlements to applications, with confidential ATS trading data.  Also, a shared employee of the ATS with access to confidential trading information who then leaves the BDO or changes roles within the BDO where the new role lacks a "need to know" with respect to confidential trading information on the ATS, would have their access to databases and applications with confidential ATS trading information revoked. c. Reviews by the ATS Working Group of users with access to the confidential trading information of Subscribers to the ATS.  In these reviews, the ATS Working Group confirms the relevant applications and data sources that supply Subscriber confidential trading information, and reviews and validates the list of users of those data sources who are entitled to view confidential trading information of the ATS.

**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 only personnel who have access to Subscriber confidential trading information are the shared employees of the BDO or its Affiliates. Such shared employees, their respective roles and responsibilities, the type of information they can access, as well as the reasons for that access, are described in Part II, Item 6(a).

### Part III: Manner of Operations

**1. Types of Subscribers:** Investment Companies, Issuers, Brokers, Asset Managers, Principal Trading Firms, Hedge Funds, Market Makers, Banks, Dealers

**2a. Is a Subscriber required to be a registered broker-dealer?** No

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

   - **Conditions:** All ATS Subscribers must be qualified entities that pass the BDO's standard Know-Your-Customer procedures and other vetting processes (e.g., reputational risk, uncommon counterparties) and satisfy such credit and other operational criteria the BDO may establish from time to time for the BDO's brokerage clients generally. All ATS Subscribers will be subject to due diligence, including review of the criteria listed in Part III, Item 13(a), to determine counterparty type assignment. The terms and conditions required to access the ATS vary by means of access: External (Low Touch) Subscribers (as described in Part III, Item 5(c)) with access the ATS via BDO's algorithmic trading strategies, smart order routers, or by directing orders to the ATS via Direct Market Access, must also have satisfactory technical and functional specifications to connect with the BDO's electronic trading platform in line with the BDO's other brokerage clients that connect with the BDO's electronic trading platform. Such Subscribers are also bound by relevant contractual agreements (generally titled an Electronic Trading Service Agreement) for connecting to the BDO's electronic trading platform, subject to the BDO's policies relating to the administration and documentation of such agreements, which describe the manner in which a client may access the BDO's electronic trading platform, including access to the ATS. Such agreements also require External Subscribers to agree to (a) only use the relevant services in compliance with applicable laws and regulations, (b) maintain appropriate security measures, and (c) each party's responsibilities with respect to the relevant services to be provided. Subscribers who are broker-dealers with direct connectivity to the ATS ("Liquidity Partners") must be able demonstrate that they are broker-dealers registered with the United States Securities and Exchange Commission and be able to interact with the ATS in accordance with the BDO's technical and functional specifications for direct interaction with the ATS. Such Subscribers are also bound by relevant contractual agreements (generally titled an Electronic Trading Service Agreement) for connecting to the ATS, subject to the BDO's policies relating to administration and documentation of such agreements, which describes the manner in which a client may access the ATS directly, and may include terms relating to access to the BDO's electronic trading platform. Such agreements also require External Subscribers to agree to (a) only use the relevant services in compliance with applicable laws and regulations, (b) maintain appropriate security measures, and (c) each party's responsibilities with respect to the relevant services to be provided. Such Liquidity Partner Subscribers will also be subject to additional due diligence by the BDO.

**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:** BDO's BNPP Cortex ATS Working Group ("ATS Working Group") meets to review Subscriber activity (in aggregate and within each counterparty type), analyze any material changes in behavior, identify Subscriber behavior that may represent heightened risk to the BDO and/or the ATS (e.g., potentially manipulative trading or other conduct that may violate the terms and conditions of the ATS), and take appropriate follow-up actions.  These may include engaging in conversations with the Subscriber regarding their trading activity, changing a Subscriber's counterparty type (as described in Part III, item 13), up to and including the Subscriber's exclusion from the ATS.  Subscribers that have been off-boarded as clients of the BDO will also be excluded from accessing the ATS through the connectivity channels offered by the BDO.

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

**4a. Hours of Operation:**
The ATS will begin to accept orders at 8:00 AM Eastern Time. Matching occurs from 9:30 AM up to 4:00 PM Eastern Time. The ATS will not match orders in a symbol until it is open on its primary exchange. The ATS follows the holiday calendar of the New York Stock Exchange.
Additionally, as described in Part III Item 7(a) and Part III item 11(c) the ATS will reject Close orders entered after cutoff time.  Close Orders will be executed after 4:00 p.m. (or market close on shortened days) immediately after the security's official closing price is known or disseminated by the primary listing exchange.

**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:** Liquidity Partners may enter orders directly into the ATS via the FIX 4.2 protocol. External Subscribers directing orders to the ATS via the BDO's Direct Market Access ("DMA") platform may not directly enter orders into the ATS but may enter orders into the DMA platform via a separate FIX 4.2 session. In such case the External Subscriber will submit the order into the DMA platform utilizing a distinct FIX session and then the DMA platform will connect to and enter the order into the ATS via a separate FIX session. Proprietary protocols are not available.

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

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

   - **Details:** Order Entry into the ATS is either by internal (High Touch) or external (Low Touch) means. Individual Subscribers may have multiple access points into the ATS, including both High Touch and Low Touch channels, due to relationships with multiple business units of the BDO or the BDO's relationships with multiple business units of such Subscriber. Internal Order Entry: Certain High Touch BDO sales and trading personnel have the ability to enter orders into the ATS, on behalf of their clients in an Agency capacity, and for the BDO's principal account in a Principal or Riskless Principal capacity through the BDO's existing order and execution infrastructure only. Orders can be entered by these sales and trading personnel in one of two ways prior to reaching the ATS. In the first scenario, a sales and trading employee can enter the customer order via the BDO's various algorithmic trading strategies which will then utilize the BDO's smart order routers ("SOR") to direct the order to a market center, where the BDO's ATS is one among many possible final destinations. In the second scenario, the sales and trading employee can send the order directly to the SORs, which in turn can elect to direct the order to the BDO's ATS as the final destination. In either scenario, the order will always utilize the SORs to make the trading venue routing decision. External Order Entry: External Subscribers trading via Low Touch electronic means may enter orders into the ATS via FIX Connectivity using the Subscriber's own proprietary or third party OMS/EMS by: (i) connecting directly to BDO's various algorithmic trading strategies which will then utilize the BDO's smart order routers ("SOR") to direct the order to a market center, including but not limited to, the BDO's ATS; (ii) connecting directly to the SORs, which could direct the order to the BDO's ATS; (iii) connecting through a 3rd party ATS aggregation or Dark Liquidity smart order router where the External Subscriber is an Institutional Client of the BDO; (iv) directing orders to the BDO's ATS via FIX connectivity to the BDO's low-latency Direct Market Access platform; or (v) if the Subscriber is a Liquidity Partner, via direct FIX connectivity.  Connectivity to the ATS via the BDO's Direct Market Access platform or, for Liquidity Partners, via direct connectivity, are the lowest latency routes to the ATS. All BDO customers, including those with access to BDO's High Touch sales and trading personnel who route orders internally to the ATS via the BDO's algos and smart order routers, must satisfy requirements of the BDO's onboarding process (including with respect to anti-money laundering requirements). External Subscribers are also required to sign an electronic trading agreement, as described in Part III, Item 2(b).

**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:**
For Non Close orders: The ATS supports three order types, each of which is available across all forms of connectivity. Each order type may have a Time-in-Force of Day or Immediate or Cancel (IOC). If an order is not marketable upon entry, it will either cancel immediately (if designated IOC), or rest on the book as a Day order until either executed, cancelled by the Subscriber or expired by the ATS at the end of the trading day. Supported Order Types: 1. Priced limit orders 2. Pegged orders: Limit price is derived dynamically from the current NBBO. Subscribers may include an optional absolute limit price above/below which a pegged buy/sell order will not execute. Pegged order types include: a. Midpoint peg orders: Pegged to the midpoint of then-current NBBO (Note, Midpoint Peg orders have separate matching logic as described in Part III, Item 11(c))  b. Market peg orders: Pegged to the opposite side of the market (buy/sell at then-current national best offer/bid) c. Primary peg orders: Pegged to the near side of the market (buy/sell at then-current national best bid/offer) Pegged orders do not receive a new time stamp if the order price is dynamically adjusted due to a change in NBBO. 3. Market orders: Buy/sell at then-current national best offer/bid, or better. Pursuant to SEC Regulation NMS, for orders priced equal to or greater than $1.00, the ATS will neither accept orders priced in sub-pennies, nor will it accept orders that would explicitly lead to a sub-penny price (e.g., peg to inside bid plus 0.5 cents). However, the ATS will accept orders with a price target that potentially could lead to a sub-penny execution price (e.g., a midpoint peg order in a stock that has a one cent spread). The ATS supports the following order parameters: 1. MinQTY: Represents the minimum contra-side order quantity. All Subscribers may include MinQTY on an order-by-order basis. The ATS does not aggregate orders to meet MinQTY. By default, where leaves quantity is less than MinQTY, MinQTY is reduced to leaves quantity. During or after onboarding, a Subscriber may contact their sales representative to configure their MinQTY orders to cancel the leaves quantity in this scenario. 2. Time-In-Force: a. Immediate or Cancel (IOC) - The order will match with eligible resting contra-side orders and cancel back the balance. b. Day - The order will remain in the book until it is canceled, completely filled, or until the market closes at 4:00 PM. The ATS does not route orders or transmit indications of interest to any destination. Orders will only be accepted (and executed subject to matching conditions), cancelled by the order originator, or expired by the ATS at the end of the trading day. The ATS does not support post-only orders or orders with discretionary price ranges. The ATS will not combine orders or replace orders on an unsolicited basis. The BDO may remove ("bust") certain executions. For example, when the primary exchange makes a determination of clearly erroneous executions or, upon subscriber request and under certain limited circumstances such as when the Subscriber is on both sides of a cross and inadvertently crossed itself in the ATS. See the Error Handling section of Part III, Item 11(c). The ATS establishes order rank and execution priority strictly on a price-time basis. Order types and parameters will influence the price, priority, conditions, time stamp, and other attributes related to an order's potential for execution only inasmuch as the order types and parameters determine the theoretical matching price of an order (where the potential execution price of a buy order is greater than or equal to the lowest potential execution price of a sell order, limited by the NBBO and LULD bands), as described in Part III, Item 11(c).  Other procedures governing trading; Short Sales: Stocks subject to the Reg SHO Rule 201 short sale restriction will trade in the ATS only at a price greater than the current national best bid, unless an exception applies.  Short sale orders, except those exempted under Reg SHO Rule 203, must be accompanied by a Locate Broker ID.

For Close Orders: The ATS supports a Close order type ("Close order(s)").  The ATS supports Buy, Long Sales and Short Sale Close order types.  Close orders will be matched after market closing at the closing price of the respective stock's primary market center closing price.  Only Market Close orders are supported.  Close orders with peg instructions are not supported and will be rejected.  For Short Sale Close orders, in the event a Short Sale order is received in a stock subject to Reg SHO Rule 201(b) at the time of order entry, the Short Sale order will be rejected, Long Sale and Buy orders will not be affected.  In the event a stock becomes subject to Reg SHO Rule 201(b) after order entry but before the match event time as described in Part III Item 11(c), Short Sale order(s) will be rejected to the sender(s) at the time of the match event, Long Sale and Buy orders will not be affected.  In the event a stock becomes subject to Reg SHO Rule 201(b) after the match event time as described in Part III Item 11(c), but before the official market center close, and there is an eligible Sell Short order that is a Close order, the ATS will not conduct a close match in that stock and will reject all open orders, Buy, Long Sale, and Short Sale back to the sender(s).  Close orders with a Min Qty instruction are not supported and will be rejected.  Only a Day time in force is supported.  Close orders will be matched in time/size priority.  Close order modifications and cancellations are supported until match event time as described in Part III item 11(c).  For the purposes of time priority calculation, an order modification to a larger order quantity will reset order time to time of modification; an order modification to a smaller order quantity will maintain the original order time.  Additionally, system outages may result in order cancellation.  Close orders are available across all forms of connectivity to all ATS participants.  The ATS does not route any orders, Close order or non Close order, to other trading centers.

For Trajectory Cross orders:  The ATS supports a Trajectory Cross order type.  Trajectory Cross will only be available to indirect subscribers via BDOs internal Algos and Smart Order Routers.  Trajectory Cross supports Buy, Long Sales, and Short Sale orders only.  Trajectory cross will support the Day Time in force only.  Trajectory Cross will support Limit orders only.  Trajectory Cross will not support a Min Qty parameter.  Trajectory Cross will cross orders at the 5 minute Interval Volume Weighted Average Price ("VWAP").  Trajectory Cross will match orders in time/price priority.

The calculation of the execution VWAP price will begin when a contra side order arrives to match vs a resting order in the same symbol in any given Trajectory Cross interaction.  After 5 minutes has elapsed, both orders will receive an execution at the size of the smaller order at the interval VWAP price.  In the event that either side cancels before 1 minute has elapsed, the interaction is cancelled.  In the event either side cancels after 1 minute, but before 5 minutes, both sides will receive a pro-rated execution.  VWAP execution will only occur, in any scenario, as long as there are 5 regular prints on the tape during the interval in question. If that 5 print criteria is not met, the execution will be at the midpoint of the NBBO at the time of execution.  After execution of a Trajectory Cross any order that was not fully executed will have any residual quantity cancelled.  Attempted amends of orders that are in the process of matching will be rejected and not allowed.  Only orders that are not in the process of being matched will be able to be amended.

Trajectory Cross orders follow the supension of trading rules as described in Part III Item 20.  In the event of a suspension of trading at the time of the trade reporting of a Trajectory Cross order, the trade report will occur when trading has resumed and all qualifing conditions have been met.  Trajectory Cross orders will trade report as described in Part III Item 21.

**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:** Odd-lot orders will be treated the same as round lot orders.

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

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

   - **Procedures:** Mixed lot orders will be treated the same as round lot orders

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

**9a. Does the ATS send any messages to indicate trading interest?** No

**10a. Opening/Re-opening/Closing Procedures:**
Prior to the open: As described in Part III, Item 4(a), the ATS will begin to accept Day orders at 8:00 AM Eastern Time, but will not match or execute orders in a symbol until the symbol is open on its primary exchange. When a symbol is open on its primary exchange, the ATS will rank priority on the ATS Order Book (defined in Part III, Item 11(c)) first by price and then by time. The ATS Matching Algorithm will then begin to match and execute orders as described in Part III, Item 11(c). Prior to a reopening: When trading in a symbol is halted during the trading day, the ATS Matching Algorithm will cease to match orders in the symbol. All pending orders will remain in the Order Book unless cancelled by the order originator. During the halt, the ATS will continue to accept orders and queue them in the Order Book. Upon the symbol's reopening on its primary exchange, the ATS will rank priority on the ATS Order Book first by price, and then by time. The ATS matching algorithm will then begin to match and execute orders as described in Part III, Item 11(c).

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

**10c. Unexecuted Orders Procedures:**
As described in the response to Part III, Item 10(a): At the start of regular trading, when a symbol is open on its primary exchange, the ATS will rank priority on the ATS Order Book first by price and then by time. The ATS Matching Algorithm will then begin to match and execute orders, as described in Part III, Item 11(c). Upon a symbol's reopening following a trading halt, the ATS will rank priority on the ATS Order Book first by price, and then by time. The ATS matching algorithm will then begin to match and execute orders as described in Part III, Item 11(c).

**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 ATS is an automated, continuous, price/time limit order matching book for NMS Stocks, with the exception of symbols on the Stopped Symbol List and other conditions under which trading is suspended, as described in Part III, Item 20. The ATS is comprised of an order book (the "ATS Order Book" or "Order Book") and a matching algorithm (the "ATS Matching Algorithm" or "Matching Algorithm"). The Order Book and Matching Algorithm rely on rules-based logic (See Part III, Item 11(c)), Subscriber selected order parameters (See Part III, Item 7(a)) and counterparty selection and other configurations as described in Part III, Item 14(a).

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

**11c. Rules and procedures of the NMS Stock ATS:**
The ATS supports Close, Non Close and Trajectory Cross orders for all symbols supported by the ATS as described in Part III Item 11(a) and in each case subject to the Stopped Symbols Lists and other conditions described in Part III Item 11(a)

For Non Close orders:  The ATS establishes priority on the Order Book first by price and then by time. Multiple orders executable at the same price will be ranked on the Order Book on a first-in-time basis. Subscribers and the BDO do not otherwise gain matching preference. The ATS includes only one pool of liquidity in which orders are matched in strict price/time priority; for example, it is not possible to rank in order of counterparty type. Orders accepted by the ATS include Agency, Principal, and Riskless Principal capacities. Riskless Principal orders are the result of the BDO's facilitation of client orders, where the riskless leg of the order is executed in the marketplace at the same price as the price given to the client by the BDO. The ATS does not consider order capacity in its determination of order priority. For the purposes of determining Order Book priority, in compliance with Regulation NMS Rule 612, the ATS calculates an order's theoretical execution price by rounding the order to the nearest permissible increment, within the NBBO. For orders priced greater than or equal to $1.00 having a price with more than two decimal places, the ATS will round the price in the Order Book as follows: Buys will round down to two decimal places; sells will round up to two decimal places. For orders in NMS Stocks priced less than $1.00, the theoretical execution price is limited to four decimal places, and the ATS will round the price in the Order Book as follows: Buys will round down to four decimal places; sells will round up to four decimal places. Queue position cannot be improved through sub-tick-increment limit prices or setting the limit price of an order through the far touch. With respect to time prioritization on the Order Book, any Subscriber or BDO modification to an existing order results in that order receiving a new time stamp associated with the time of the modification, thus potentially changing the priority of that order in the Order Book. Pegged orders do not receive a new time stamp if the order price is dynamically adjusted due to a change in NBBO. Time stamping is in microsecond intervals. The Matching Algorithm reviews the Order Book for potential executions (crosses). Subject to Subscriber preferences (e.g., counterparty interaction restrictions; see Part III, Item 13), a cross in the ATS will only be possible when liquidity on the Order Book is available for both buy orders and sell orders and the theoretical execution price for buy orders is greater than or equal to the lowest theoretical execution price for sell orders, limited by the NBBO and LULD bands. Price improvement, where available, will be fully assigned to the liquidity remover, i.e., the second order to arrive in the Order Book resulting in a cross. If the theoretical execution price of a buy order is greater than the lowest theoretical execution price of a sell order, the execution price will favor the liquidity remover over the liquidity provider, whichever side the liquidity remover is on. Thus, for example, if the NBBO for XYZ stock is 10.00 - 10.02, a liquidity providing market peg order to buy will cross with a liquidity removing market peg order to sell at 10.02. The liquidity remover receives full price improvement. An IOC order is a liquidity removing order. For the same NBBO, a resting (Day) limit order to sell at 10.00 will cross with a midpoint peg IOC order to buy at 10.00. The ATS ensures that all crosses are executed at prices at or within the prevailing consolidated NBBO. This is because the theoretical execution price of an order submitted to the Order Book is limited by the NBB or NBO as applicable. Therefore, pricing an order through the NBBO does not affect price improvement calculations. The ATS Matching Algorithm will not run as long as any of the exceptions below are in effect. Throughout the duration of a Matching Algorithm Exception, the Order Book will continue to accept new orders, as well as cancel or replace requests for existing orders. However, throughout the exception, the Matching Algorithm will be disabled, and IOC orders will be cancelled after they are placed on the Order Book. On the other hand, Day orders will remain on the Order Book for the remainder of the trading day until cancelled or replaced by the client. Matching Algorithm Exceptions: 1. A trading halt exists in the name's primary market 2. The market is crossed, i.e. NBO

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**19a. Fees:**
—

**19b. Bundled Services/Fees:**
—

**19c. Rebates and Discounts:**
—

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

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

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

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

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

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

**23a. Market Data Sources:**
—

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

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

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

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