# EDGAR Filing Document

**Accession Number:** 0001957871
**File Stem:** 0001957871-26-000013
**Filing Date:** 2026-3
**Character Count:** 39293
**Document Hash:** f96f306fe19be807b99deda7fb1d89da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001957871-26-000013.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001957871-26-000013

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

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADMIRAL SECURITIES LLC
- **CENTRAL INDEX KEY:** 0001957871

**ORGANIZATION NAME:**
- **EIN:** 884006880
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ATS-N/UA
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 013-00208
- **FILM NUMBER:** 26738243

**BUSINESS ADDRESS:**
- **STREET 1:** 110 W. 96TH STREET
- **STREET 2:** APT. 10A
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10025
- **BUSINESS PHONE:** 773 799 5260

**MAIL ADDRESS:**
- **STREET 1:** 110 W. 96TH STREET
- **STREET 2:** APT. 10A
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10025

## Ats-N

```

WRITTEN SAFEGUARDS AND WRITTEN PROCEDURES
Admiral strictly limits the persons that may access the live Admiral ATS
production networks, databases, servers, and ATS applications (collectively,
the "Admiral Systems") and data to those persons that must have such access to
perform their jobs. Admiral enforces these protections by implementing access
controls around the Admiral Systems. Permitted persons can only access these
Admiral Systems through a secure authentication process.
1. Access Controls:
Access to Admiral Systems and data is restricted to authorized persons based on
job responsibility and approved in advance by Admiral Management. Admiral
Management regularly reviews access rights to Admiral Systems. Individuals
granted access to CTI are separated from those who do not have access to CTI.
The separation is accomplished by use of segregated offices and/or privacy
screens.
2. Authentication:
a. Individual access by associated persons to the Admiral Systems must be
authenticated and is reviewed by Admiral Management.
b. Credentials for and access by administrative users are securely maintained
and reviewed regularly by Admiral Management.
c. Admiral network services automatically enforce password complexity and
password aging rules for access through secure VPN tunnels.
3. Logging:
a. Orders, trades and application configuration changes in the Admiral Systems
are time-stamped and recorded in logs.
b. Ad hoc queries and ad hoc changes made to the Admiral Systems are logged and
reviewed on a regular basis by Admiral Management.
B. Trading by associated persons
Admiral permits associated persons to maintain personal investment accounts
with third party brokers. Associated persons are required to disclose to
Admiral all personal trading accounts controlled by the associated person (and
other related accounts as set forth in Admiral policies, collectively "outside
accounts") and provide Admiral with access to trading confirmations and account
statements for these outside accounts. Admiral's compliance department reviews
and monitors trading by all associated persons. Associated person accounts also
include accounts of the associated person's spouse, partner, minor children and
other members of the associated person's household and any account in which the
associated persons 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 associated person).
All requests for transacting in equity securities by associated persons are
required to be pre-approved by the CCO. The CCO or designee compares the
requested transactions to activity on the Admiral ATS at the time of the
request to verify that recent transactions on the Admiral ATS and confidential
information available to the Admiral ATS does not appear in conflict with the
associated person 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, associated persons must hold positions
in  securities eligible to be traded on the Admiral ATS for a minimum of 30
days unless the  current value of the securities is less than the purchase
price.
ADDITIONAL SAFEGUARDS FOR CTI
1. Cybersecurity Measures and Protections
A. Data Encryption
- Azure Disk Encryption (ADE): Encrypts the Operating System (OS) and data
disks of the Linux-based Admiral ATS Order Management System (OMS), Matching
Engine, Market Data Feeder, Database (specifically, the Relational Database
Management System (RDBMS)) and other processes using dm-crypt, and the
Windows-based ATS administrative tools using BitLocker. This protects data at
the OS level.
- Server-Side Encryption (SSE): Automatically encrypts Azure-managed storage,
such as logs and database backups, at the storage infrastructure level.
- Encryption in Transit: VPN tunnels (e.g., IPsec via Azure VPN Gateway)
provide secure network-level encryption for FIX connections between ATS
subscribers and the OMS, as well as Remote Desktop Protocol (RDP) sessions
between Admiral ATS operators and Windows admin servers. In addition, Transport
Layer Security (TLS) encryption is used where supported for added protection of
data flows (e.g., web admin interfaces).
B. Identity and Access Management
- Azure Active Directory (AAD): Manages authentication for administrative
applications and Role-Based Access Control (RBAC) to restrict access based on
user roles (e.g., admin, operator, auditor).
- Multi-Factor Authentication (MFA): Ensures secure operator access to Windows
administrative tools and RDP sessions.
C. Secure Networking
- Network Security Groups (NSGs): Firewall rules are applied to control traffic
between Azure VMs, allowing only authorized FIX client traffic and
inter-service communication.
- Azure Firewall: Inspects and filters incoming traffic to protect against
external threats.
- Azure Bastion: Allows Admiral ATS operators to securely access Windows-based
admin tools via RDP without exposing VMs to the internet.
D. Threat Detection and Monitoring
- Microsoft Defender for Cloud: Provides real-time detection of anomalies,
security misconfigurations, and threats targeting the Admiral ATS environment.
- Azure Monitor: Tracks performance and logs from the Linux Admiral ATS
software stack (OMS, Matching Engine, Market Data Feeder, RDBMS) and raises
alerts for abnormal activity.
E. Backup and Recovery
- Azure Backup: Regularly backs up ATS system logs, RDBMS data, and
administrative configurations.
- Azure Site Recovery: Replicates the entire ATS environment to a secondary
region for business continuity in case of regional outages.
F. Regular Updates
- Azure Automation: Schedules and applies security patches and software updates
to both Linux and Windows VMs, ensuring the ATS environment remains up-to-date
and secure.
G. VPN Integration for Secure Remote Access
- Admiral ATS uses highly available and industry-standard Azure VPN Gateway for
site-to-site and point-to-site VPN scenarios.
- To protect inbound FIX connections from ATS subscribers, a site-to-site or
point-to-site VPN connection is established between the subscriber's network
and Azure. This ensures FIX order flow travels securely over an encrypted
tunnel.
- Admiral ATS personnel accessing administrative Windows machines via RDP also
connect through the same VPN infrastructure, ensuring secure and private access
without exposing RDP to the public internet.
- VPN access is tightly controlled via Azure Active Directory, Conditional
Access policies, and IP whitelisting, ensuring only authorized users can
establish VPN sessions.
3. System Safeguards
A. Physical Security
Azure data centers are certified to industry standards including ISO 27001, SOC
1/2/3. Facilities are protected by 24x7 surveillance, biometric access control,
and multiple layers of physical segmentation. Admiral ATS systems are hosted in
Azure West US 2 and Azure West Central US regions with geographic redundancy,
backup power, and disaster recovery capabilities.
B. Log Monitoring & Retention
All logs generated by the Admiral Systems are centralized in a secure Azure Log
Analytics workspace. Logs are retained in write-once, read-many (WORM)
configuration, with alerts configured in Microsoft Sentinel for real-time
threat detection and operational visibility.
C. Vulnerability Management
Regular vulnerability scans are conducted using Microsoft Defender and Azure
Security Center. All critical and high-severity vulnerabilities are reviewed
weekly and patched according to internal SLAs. Azure's integrated patch
management helps automate and enforce security updates across both Linux and
Windows systems.
D. Incident Response
Admiral ATS maintains a formal Incident Response Plan to manage and contain
security incidents including data breaches, system outages, and regulatory
violations. This plan is reviewed and tested annually, and includes designated
roles across engineering, operations, compliance, and legal functions.
E. Third-Party Risk Management
Key vendors and third-party services used by Admiral ATS-including Azure
infrastructure, clearing firms, and security tooling providers-are subject to
annual reviews. These reviews assess confidentiality, data handling, service
continuity, and regulatory alignment.
F. Security Assessments
Annual penetration testing is conducted by independent security firms.
Vulnerability and configuration assessments are performed regularly using both
internal tools and Azure Defender.
4. Periodic Reviews and Enforcement
- The Chief Compliance Officer (CCO) conducts periodic remote reviews, no less
than annually,  to ensure physical and electronic safeguards are functioning
properly, including separation of individuals with CTI access. This includes a
review of the firm's vendors' independent third party reports on systems and
organizational controls (SOC 2).
- Admiral's COO and CCO conduct reviews of electronic communications to help
determine if CTI is being distributed to unauthorized persons and to determine
if files and e-mails that contain CTI are being encrypted.
- The protection of CTI is covered by the CCO during Admiral's Continuing
Education program and annual compliance meetings.
5. External Disclosure
- Any disclosure of CTI must comply with Admiral's written policies and
procedures and is permissible only in order to comply with regulatory requests.
6. Outside Business Activities
- Upon request from a (potential) subscriber, Admiral discloses all outside
business activities of its associated persons.
INDIVIDUAL RESPONSIBILITIES FOR SAFEGUARDING CTI
All individuals with access to CTI must:
1. Refrain from discussing CTI in public places (e.g. elevators, hallways,
restrooms, social gatherings).

2. Limit, where practicable, access to Admiral offices where CTI could be
observed or overheard, permitting entry only to those with a business need.

3. Avoid using speakerphones in areas where unauthorized persons may overhear.

4. Use code names or numbers for confidential projects where appropriate.

5. Prevent unauthorized viewing of documents containing CTI; store them
securely when not in use.

6. Destroy copies of confidential documents that are no longer needed and not
otherwise required to be maintained under federal securities laws.

7. Restrict access to Admiral's records and offices so they are available only
to persons who require it; visitors must be accompanied by an associated person
of Admiral.

8. Dispose of documents containing CTI securely (e.g., by shredding), ensuring
they are not readable or recoverable by unauthorized individuals.
All individuals with access to CTI shall attest on an annual basis that they
understand and will follow these protocols which are included in Admiral's
Written Supervisory Procedures. Individuals who fail to do so may face
disciplinary action including termination.
PROCEDURES FOR THIRD PARTY PROVIDERS
Personnel of third-party service providers retained by Admiral may have access
to CTI only to the extent necessary and appropriate to perform services for
Admiral (for example, clearing, settlement, surveillance, and fraud detection).
Admiral permits such access on a limited-scope, need-to-know basis and subject
to Admiral's vendor diligence, contractual protections, and ongoing oversight
and audit practices. Admiral periodically reviews the type and scope of any
third-party access to CTI and confirms that each provider continues to have a
valid business reason to access such information.
Admiral maintains an inventory of third-party suppliers with whom it conducts
business. Prior to onboarding or integrating a new third-party supplier,
Admiral conducts a risk assessment that evaluates (a) the type and
classification of data the supplier may access or receive, and (b) potential
threats to that data. For any third party that has access to, or may reasonably
be expected to obtain access to, Confidential Trading Information, Admiral's
risk assessment includes a review of the supplier's security controls, business
continuity controls, and data protection and privacy practices, policies, and
procedures. These reviews focus on the supplier's ability to protect the
confidentiality, availability, and integrity of CTI at each point where such
information is stored, transmitted, or processed.
- Vision -
Vision implements a comprehensive and rigorous set of safeguards and procedures
to protect CTI. In addition, Vision has successfully completed a SOC 1 Type I
examination. The safeguards and procedures include, but are not limited to:
1. Role-Based Access Controls
   - Restrict data access to authorized personnel on a "need-to-know" basis.
   - Use unique logins, strong passwords, and multi-factor authentication.
2. Encryption of Data
   - Encrypt sensitive information both at rest (on servers) and in transit
(via secure protocols like SSL/TLS).
   - Frequently update and test encryption keys.
3. Network Monitoring & Audit Trails
   - Maintain comprehensive logs of system access and data queries.
   - Use real-time monitoring to identify unusual patterns or unauthorized
attempts to access trading data.
4. Information Barriers ("Chinese Walls")
   - Segregate departments (e.g., clearing vs. proprietary trading) through
technical and administrative controls.
   - Prevent improper sharing of client or trading data across business lines.
5. Physical Security Measures
   - Secure server rooms with controlled card access, biometrics, or other
identity checks.
   - Enforce clean-desk policies and lock away any printed confidential records.
6. Written Supervisory Procedures (WSPs)
   - Outline detailed processes for handling, storing, and sharing trading
data.
   - Define review and approval steps for any activity involving confidential
information.
7. Training & Awareness
   - Conduct regular sessions on data privacy, social engineering risks, and
firm policies.
   - Emphasize legal and regulatory consequences of sharing or mishandling CTI.
8. Incident Response & Escalation Protocols
   - Formal plan for investigating potential data breaches or unauthorized
disclosures.
   - Define responsibilities and notification timelines for impacted clients,
regulators, and internal teams.
9. Vendor and Third-Party Risk Management
   - Vet third-party service providers for robust data security practices.
   - Include confidentiality clauses and rights to audit in vendor agreements.
- TRAFiX -
TRAFiX is a third-party service provider that has access to CTI necessary to
perform the services described below (Part III Item 5). Because TRAFiX is a
service provider to Vision (not directly retained by Admiral), its access to
CTI is governed by Admiral's clearing and services agreement with Vision.
Vision maintains the direct contractual relationship with TRAFiX and imposes
appropriate confidentiality, security, and data-protection obligations on
TRAFiX. Admiral oversees Vision's performance of these obligations, including
through the vendor due diligence, contractual protections, ongoing oversight,
audit rights, periodic reviews, and risk-assessment processes described
elsewhere in this Form ATS-N.

```

### Attached PDF Documents

**Attachment 1:** `ADMLSCHEDA.pdf`

_No text found in this document._

**Attachment 2:** `ADMLSCHEDB.pdf`

_No text found in this document._

**Attachment 3:** `ADMLRedline03102026.pdf`

_No text found in this document._

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

### Cover Page

**NMS Stock ATS Name:** Admiral Securities LLC

**Operates Pursuant to Form ATS?** —

**Statement About Amendment:**
We added language to Part II Item 7a that alerts the reader to the additional language provided in an attached text document. This applies equally to 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:** ADMIRAL SECURITIES LLC

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

**4a. Broker-Dealer SEC File No.:** 008-71028

**4a. Broker-Dealer CRD No.:** 000324098

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

**5b. Effective Date of Membership:** 10/21/2024

**5c. MPID:** ADML

**6u. Website:** www.admiral.trade

**7. Primary Site Address:** 1515 Port Industrial Way, Quincy, US-WA, 98848

**7. Secondary Site Address:** 644 Logistics Dr, Cheyenne, US-WY, 82009

**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:** The Admiral ATS is operated by Admiral Securities LLC, henceforth "Admiral". Admiral operates no business lines other than the Admiral ATS.
Admiral personnel may enter or direct the entry of orders, as principal, into the ATS in the event of an error, a clearly erroneous execution or as a result of a fail to deliver or receive that have violated the Admiral ATS Rulebook. The applicable MPID used is ADML.

As described in Part III, Item 22, Admiral's clearing broker is Vision Financial Markets ("Vision"), FINRA member firm and a member of the National Securities Clearing Corporation and Depository Trust and Clearing Corporation. Vision acts as the clearing broker for all transactions executed on the ATS.

In addition, Vision is a subscriber to the Admiral ATS and, as such, can send orders to the Admiral ATS, but only in an agency capacity. Vision's MPID is VSIN.
All orders to the Admiral ATS pass through Vision. Before orders reach the Admiral ATS, Vision performs numerous risk checks. Vision performs these exact same checks to all orders sent by its correspondents and customers. These checks include buying power, duplicate orders, sub-penny stocks, price checks, and wash trades. If an Admiral subscriber order fails any of these Vision risk checks, the order will not be sent to the Admiral ATS. If an order passes the Vision risk checks, Vision sends the order to the Admiral ATS via a FIX connection.

**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?** —

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

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

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

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

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

   - **Providers:** Admiral utilizes the services of independent contractors to conduct the business. These include the following:
Chief Executive Officer (CEO): The CEO's role is to oversee the company as a whole, which includes the operation of the ATS. He is thus responsible for supervising the individuals operating the ATS and its operations as described in Part III, Items 1-5, 7, 8, 10, 11, 15, and 19-23.
Chief Operations Officer (COO): The COO's core responsibility is to oversee the daily operations of the ATS as described in Part III, Items 1-5, 7, 8, 10, 11, 15, and 19-23
Chief Compliance Officer (CCO): The Firm's CCO is responsible for ensuring a robust compliance scheme, monitoring adherence to the rules, policies, and procedures. The CCO's key responsibility is to identify and address potential compliance issues by monitoring activities and reporting violations to relevant authorities.
 Financial and Operations Principal (FINOP): The FINOP is an employee of Accounting & Compliance International, and is responsible for overseeing Admiral's financials and bookkeeping, the financial and operational aspects, ensuring compliance with regulations, maintaining accurate books and records, and submitting financial reports.
Together, the CEO, COO, and CCO constitute Admiral Management.

Admiral has engaged Connamara Systems, LLC ("Connamara"), a software engineering company, to provide technology development of the matching engine, upgrades, order entry support, maintenance and regulatory reporting in connection with the Admiral ATS. Connamara has successfully completed a SOC 2 Type II examination. This includes functionalities described in Part III, Items 5, 7, 11, 15, 20, and 21. The Admiral ATS is hosted on the Microsoft Azure cloud platform (see Part III, Item 11). This means that the ATS's servers, storage, networking, and ancillary services run inside Microsoft Azure's data-center infrastructure leveraging Azure resources (VMs, VNets, managed databases, security and monitoring services) that are provisioned, scaled, and maintained through Azure's cloud platform.
As described in Part III, Item 22, Admiral's clearing broker is Vision Financial Markets ("Vision").

As discussed in Part III, Item 23, Admiral's market data provider is Options Technology. Throughout, "market data" refers to publicly disseminated equity market data and not data from the Admiral ATS.

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

   - **Details:** As discussed in Part II Item 1 above, Vision is a subscriber to the Admiral ATS and, as such, can send orders to the Admiral ATS, but only in an agency capacity.

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

**7a. Description of Safeguards and Procedures:**
DEFINITION OF CONFIDENTIAL TRADING INFORMATION

Confidential trading information (CTI) of subscribers to the Admiral ATSconsists of:

*The identity of the subscriber
*All orders and related messages transmitted to the Admiral ATS by a subscriber
*All transactions executed in the Admiral ATS
*FIX logs of incoming subscribers' order management operations and outgoingorder states reports.
*Database Information: Transaction and configuration data stored in the Admiral
ATS databases
*ATS System Logs: ATS order management/execution management system logs, ATS matching engine logs, ATS Market Data Feeder logs, EOD/BOD process logs, logs of the ATS Administrative front-end
*E-mail, issue tracking system communications, and notes related to the ATSsystem support operations between the subscriber and Admiral

Please find additional information regarding safeguards and procedures for protecting CTI in the attached document.

**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:**
Access to CTI is provided only to 1) Persons associated with Admiral directly (i.e. the CEO, CCO, COO, and FINOP and their direct reports (if any)), and 2) Certain third party providers.

As discussed above (Part II, Item 6), the primary associated persons are the Chief Executive Officer (CEO), Chief Operations Officer (COO), Chief Compliance Officer (CCO), and Financial and Operations Principal (FINOP), all of whom have access to CTI. We will now discuss the basis for this access in turn.

CEO: The CEO's role is to oversee the company as a whole, which includes the operation of the ATS. As such, the CEO has access to CTI, including daily subscriber activity reports, the resolution of errors, and other situations that are necessary to support the ATS.

COO: The COO's core responsibility is to oversee the daily operations of the ATS, including troubleshooting system issues, resolution of errors, erroneous transactions, etc.  As such, the COO has access to CTI on a regular basis as needed to support the ATS.

CCO: The CCO has access to real-time and post-trade CTI in order to help ensure compliance with the requirements of Regulations ATS and SCI.

FINOP: The FINOP has access to post-trade CTI as well as the identity of Admiral's subscribers and fees as identified in Part III item 19.
As discussed in Item 6b, Admiral has engaged Connamara for ongoing technical support, for instance (but not limited to) issues relating to latency spikes, order mismatches, system crashes or hangs, connectivity drops. This means that Connamara personnel will occasionally need access to the Admiral ATS technology stack, which contains CTI.

As discussed below (Part III Item 5), TRAFiX is a broker-neutral execution management system that provides a system to effectively manage the order flow, connectivity, routing, risks checks, compliance checks and post trade processing. TRAFiX has access to all CTI to perform these functions.

Admiral's clearing broker Vision has access to all CTI to perform the functions as described in Part III, Items 5 and 22(a).

### 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:** The Admiral ATS accepts Subscriber applicants that meet the following requirements:

1. Be a U.S. Securities Exchange Commission and FINRA registered broker-dealer in good standing.
2. Be a correspondent of Vision.
3. Execute a Subscriber agreement.
4. Satisfy Admiral's onboarding process (e.g., KYC/AML review, OFAC checks, disciplinary review).
5. Satisfy any technical or system requirements that Admiral may prescribe (i.e., connectivity certification, certification of applicable order and trade functionality, ability to receive trades/cancellations, rejects and trade breaks from the ATS).
Given that all subscribers to the Admiral ATS must be correspondents of Vision, if a subscriber ceases to be a correspondent of Vision, they will no longer be eligible to trade on the Admiral ATS. All orders from Vision's correspondents pass through Vision first, and so broker dealers who are not (or no longer) Vision correspondents will not be able to send orders to the Admiral ATS.

While Admiral intends to treat each prospective subscriber equally, Admiral retains the discretion to refuse access to the Admiral ATS due to legal, regulatory, credit, or other concerns, including negative news reports relating to the prospective subscriber, such as criminal allegations or charges, civil litigation, cybersecurity breaches, and ties to sanctioned entities or jurisdictions.

Vision eligibility requirements

Whether or not to onboard a new correspondent is ultimately a business decision made by Vision, and Vision retains full discretion to decide whether or not to onboard a new correspondent. Vision sets various criteria regardless of whether the new correspondent intends to subscribe to the Admiral ATS.

-To start the process, a potential correspondent will first complete Vision's Correspondent Questionnaire and provide all required documents listed in the Questionnaire. After the Questionnaire is completed and the requested documents have been provided, the relevant documents will be submitted to Vision's Correspondent Review Committee ("CRC") for discussion.

 -The CRC may then circulate questions internally for discussion or to the potential correspondent to get clarity on any of the information provided.

 -A CRC meeting will then be scheduled where the members will discuss the prospective correspondent relationship. Each team member completes their review based on their area of expertise including, but not limited to, the correspondent's regulatory history and current standing, financial information, anticipated trade flow, potential use of internal resources and commercial terms of the relationship. The CRC then will decide as a group to either accept or reject the new correspondent.

-Upon approval of a new correspondent by the CRC, Vision will then enter into a written clearing agreement with the correspondent.  The clearing agreement will then be submitted to FINRA for final approval. After receiving FINRA approval, Vision will begin the process of onboarding the new correspondent.

**2c. Are the conditions for eligibility the same for all persons?** No

   - **Differences:** Vision retains full discretion to refuse broker-dealers as new correspondents and terminate existing correspondent clearing relationships. As such, there is no guarantee of full equality of conditions.

**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:** While Admiral intends to treat each prospective subscriber equally, Admiral retains the sole discretion to refuse access to the Admiral ATS. Reasons may include failure to meet the eligibility requirements outlined in Item 2 above, as well as legal, regulatory, credit, or other concerns, including negative news reports relating to the (prospective) subscriber, such as criminal allegations or charges, civil litigation, cybersecurity breaches, and ties to sanctioned entities or jurisdictions. Moreover, as discussed above, subscribers need to be correspondents of Vision, and therefore remain in good standing with Vision. In addition, as discussed in Item 7 below, a subscriber's failure to settle on T+0is financially liable to Admiral and Vision for the costs of remediation (e.g. loss in value of position or borrowing costs) and this could also result in a temporary or permanent expulsion from the Admiral ATS.

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

**4a. Hours of Operation:**
The ATS accepts orders between 9:30am ET and 4:00pm ET on weekdays, and follows the New York Stock Exchange hours of operation on partial trading days and holidays.

**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:** All trading communications between subscribers and the Admiral ATS pass through Vision using FIX 4.2 protocol. Before orders reach the Admiral ATS, Vision performs numerous risk checks. Vision performs these exact same checks to all orders sent by its correspondents and customers. These checks include buying power, duplicate orders, sub-penny stocks, price checks, and wash trades. If an Admiral subscriber order fails any of these Vision risk checks, the order will be rejected, and thus not reach the Admiral ATS. If an order passes the Vision risk checks, Vision sends the order to the Admiral ATS via a FIX connection.

In addition, TRAFiX is a broker-neutral execution management system that provides a system to effectively manage the order flow for Vision's execution business. TRAFiX technology sits in the middle of the trading stack as the hosted OMS/EMS that receives inbound order flow, normalizes it, and routes it out to execution venues using Vision's routing rules. It enforces Vision's pre-trade risk controls (Rule 15c3-5 style checks and firm/trader/account limits) before orders leave Vision. If an order passes the risk checks, Vision sends the order to the Admiral ATS via a FIX connection.

When an order reaches the Admiral ATS, Admiral performs a number of checks before the order enters the order book. These checks include, but are not limited to, the validity of the ticker, the order type (e.g. Admiral does not accept market orders), and the order size. If an order fails any Admiral check, it is rejected and sent back.

TRAFiX also produces the compliance/audit outputs Vision needs (e.g., CAT lifecycle reporting and trade-reporting interfaces like ACT/ORF, along with order marking and supervisory controls). After fills, TRAFiX pushes post-trade messages into Vision's downstream workflow via real-time FIX drop copies and/or end-of-day files. In sum, Vision uses TRAFiX as the plumbing that ties together connectivity, routing, risk/compliance, and post-trade processing across the full order lifecycle.

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

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

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

**6a. Are co-location services offered?** No

**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:**
The Admiral ATS utilizes the price-time priority matching algorithm. In this algorithm, all orders at the same price level are filled according to time priority; the first order at a price level is the first order matched.
All orders entered into the Admiral ATS are firm orders. An order is actionable and eligible for matching at any time until such order has expired by its terms, is canceled, or is executed. A reduction in an order's size does not affect the order's original time priority.
The Admiral ATS accepts buy, sell, and sell short orders. The Admiral ATS accepts limit and post-only orders.
Post-only orders can only post (i.e., add liquidity) and cannot remove liquidity on entry. If the post-only order is marketable on entry, it is rejected.
Here is an example of how orders might come in, rest, and then match:
ORDER A: tagged with identifier SUBSCRIBER1, a post-only, LIMIT DAY buy order to buy 500 shares of ABC @ $10 is entered in the system at 2:00 p.m.;
ORDER B: tagged with identifier SUBSCRIBER2, a post-only , LIMIT DAY order to sell 500 shares of ZZZ @ $10 is entered in the system at 2:01 p.m.;
ORDER A and ORDER B are "resting" orders i.e., they are posted on the ATS and they are awaiting a contra aggressive interest;
ORDER C: tagged with identifier SUBSCRIBER3, a LIMIT DAY sell order to sell 500 shares of ABC @ $10 is entered in the system at 2:02 p.m.;
ORDER C is immediately executed (matched with a contra interest) @ $10 at 2:02 p.m. against resting ORDER A;
ORDER B remains resting on the ATS and will be held on the ATS until the end of the session, until the order is canceled, or until it is executed (matched with a contra interest)
Day orders are canceled at 4:00 p.m.
The minimum price variation ("MPV") or minimum trading increment is $0.01. Orders that do not meet this criterion are rejected.
The Admiral ATS only accepts orders that are marked for cash (T+0) settlement. Orders must be marked with FIX tag

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**19a. Fees:**
—

**19b. Bundled Services/Fees:**
—

**19c. Rebates and Discounts:**
—

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

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

**21a. Trade Reporting Arrangements:**
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**21b. Are these arrangements the same for all Subscribers?** —

**22a. Clearance and Settlement Arrangements:**
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**22b. Are these arrangements the same for all Subscribers?** —

**23a. Market Data Sources:**
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**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?** —