# EDGAR Filing Document

**Accession Number:** 0001457716
**File Stem:** 0001457716-26-000003
**Filing Date:** 2026-2
**Character Count:** 67721
**Document Hash:** 84dd356b88b537107e3ec7f93e0dd740
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001457716-26-000003.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001457716-26-000003

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

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTU AMERICAS LLC
- **CENTRAL INDEX KEY:** 0001457716

**ORGANIZATION NAME:**
- **EIN:** 264219373
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ATS-N/UA
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 013-00175
- **FILM NUMBER:** 26623525

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **STREET 2:** 41ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 512-814-3587

**MAIL ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **STREET 2:** 41ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KCG AMERICAS LLC
- **DATE OF NAME CHANGE:** 20170721

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTU AMERICAS LLC
- **DATE OF NAME CHANGE:** 20170713

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KCG AMERICAS LLC
- **DATE OF NAME CHANGE:** 20140103

### Attached PDF Documents

**Attachment 1:** `Exhibit2_schdB.pdf`

_No text found in this document._

**Attachment 2:** `Exhibit1_schdA.pdf`

_No text found in this document._

**Attachment 3:** `Exhibit3.pdf`

_No text found in this document._

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

### Cover Page

**NMS Stock ATS Name:** POSIT

**Operates Pursuant to Form ATS?** —

**Statement About Amendment:**
Changes have been made to Part I Item 7, Part II Item 6b, and Part III Item 6a to remove the mention of a secondary server that will be deprecated. Changes have also been made to Part III Item 19a to adjust the minimum fee charged to subscribers from $0.0001 to $0.0002. Revisions to these items apply to the Broker Dealer Operator and its Subscribers.

### Part I: Basic Information

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

**2. Name of the NMS Stock ATS:** VIRTU AMERICAS LLC

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

**4a. Broker-Dealer SEC File No.:** 008-68193

**4a. Broker-Dealer CRD No.:** 000149823

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

**5b. Effective Date of Membership:** 02/06/2009

**5c. MPID:** ITGP

**6u. Website:** https://www.virtu.com/about/transparency

**7. Primary Site Address:** Equinix NY5 Data Center, 800 Secaucus Rd, 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:** Virtu Americas LLC ("VAL" or the "Firm") operates two POSIT ATS ("POSIT" or the "ATS") crossing sessions, a Continuous Crossing Session and the Alert Crossing Session, as well as other business units which are described below.  The Firm's businessunits each use one or more technology platforms that have MPIDs associated with the platform.  Asingle business unit can enter or direct orders to the ATS through more than one technologyplatform and consequently under more than one MPID.  These business units are described below.
Virtu Electronic Trading ("VET").  VET provides algorithms that are used by clients and the
Firm's business units.  VET algorithms enter or direct the entry of orders to POSIT as agent whenthose orders are entered by clients into the algorithms or as principal or riskless principal whenone of the other business units enters orders into the algorithms using the MPIDs:
VALR and VALX.

Virtu Client Market Making ("VCMM").  VCMM handles held and not held orders transmitted byother broker-dealers and held orders transmitted by institutions.  The majority of these orders are
SEC Rule 605 eligible orders and are handled and executed on a fully automated basis.  VCMMsales and trading personnel handle larger and less liquid orders manually and can use VETalgorithms in connection with their market making activities.  VCMM enters or directs the entry oforders to POSIT as principal, riskless principal and agent to acquire inventory to fill orders or toacquire positions for its own account using the following MPIDs: VALR and
VALX.
Virtu Institutional Trading ("Institutional Trading").  Institutional Trading handles not held orderstransmitted by institutional clients and facilitates block transactions in single stocks.  Institutional
Trading uses VET algorithms to enter or direct the entry of orders as principal or risklessprincipal in connection with its client facilitation activities under the MPID VALX.
Virtu Hi-Touch Portfolio Trading: Traders on this desk handle not held orders in baskets ofstocks and ETFs. Traders can enter or direct the entry of orders through VAL Electronic Systemsinto the ATS as agent under the MPID VALR.

Virtu ETF Trading ("ETF Trading").  ETF Trading makes markets on exchanges and facilitatesblock transactions in exchange traded products for broker-dealer and institutional clients.  ETF
Trading uses VET algorithms to enter or direct the entry of orders as principal or risklessprincipal in ETFs and singles stocks using the MPID VALX.
Virtu Principal Market Making ("VPMM"). VPMM is a market maker in NMS equity securities.
VPMM enters or directs the entry of orders as principal to POSIT utilizing the MPID VIRT.

**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?** Yes

   - **Affiliates:** Virtu Canada Corporation, Virtu Europe Trading Limited, and Virtu ITG Hong Kong Limited are broker-dealers that offer products andservices similar to VET and have hi-touch desks, all of which can enter or direct the entry oforders to POSIT through VAL.  VAL enters or directs orders to the ATS for these Affiliates asagent or riskless principal using the  VAL MPIDs VALR or VALX.

**2b. Are the services offered and provided by the ATS to such Affiliates the same?** No

   - **Explanation:** VAL provides Subscribers in the U.S. with a FIX gateway to enter orders into POSIT using FIXprotocols 4, 4.2 and 4.4. The FIX gateway communicates with POSIT in a binary format.  VALprovides its Canadian Affiliate with a binary gateway to enter orders into POSIT. Subscribers in
Canada direct orders to the Canadian Affiliate via FIX. See, Part III, Item 5(a).

**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:** VAL offers Subscribers the ability to opt out of interacting with principal orders entered into
POSIT under the MPIDs VIRT and VALX ("the Principal Opt-Out").  Orders entered into
POSIT by VAL under the MPID VALR are not subject to the Principal Opt-Out.
Subscribers can request the Principal Opt-Out through their sales persons.  Following receipt of arequest, the sales person will enter a ticket to make the request.  Thereafter, an entry is made in aconfiguration file which will take effect in most cases on the next business day, but could takeeffect either the same day or greater than the next business day, depending upon the time of daythe request is submitted.  When the POSIT matching logic is applied, the configuration file ischecked to determine whether orders are eligible for crossing with VAL or its Affiliate's  (see
Part II, item 2a) principal orders entered under the above referenced MPIDs.  VAL does notallow POSIT Subscribers to opt out of interacting with any orders submitted to POSIT by VALor its Affiliates when they are submitted under any of the other MPIDs referenced in Part II, Item
2(a). The Principal Opt-Out configuration is applied for all crossing sessions.

**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:** VAL offers its clients a number of products and services for the purpose of effectingtransactions, including transactions in POSIT.  Subscribers who can directly enter or direct theentry of orders into POSIT and choose the order types and instructions they use are "Direct
Subscribers".  Subscribers that use algorithms or other electronic systems that choose whetherand when to enter or direct the entry of orders into POSIT and which order types and instructionsto use are "Indirect Subscribers".  Subscribers can be both Direct and Indirect Subscribers.
1.	VAL offers a FIX Application Programming Interface ("API") that allows Subscribersdirectly enter orders into POSIT.  See Part III, Item 5(a).
2.	VAL offers EMSs called Triton, Triton Black, and Triton Valor (collectively "Triton")which allows its users to view market data and enter or direct the entry of orders tomarket centers, including POSIT.  See, Part III, Item 5(c).
3.	VAL offers algorithms and smart order routers which allow clients to indirectly enter ordirect the entry of orders to market centers, including POSIT.  See Part III, Item 5(c).

**5b. Are the terms and conditions of these products/services the same for all Subscribers?** No

   - **Explanation:** Certain means of order entry are only available to certain Subscribers, as discussed at Part III,
Items 5(a) and (d).  Specifically, FIX protocols, as described in Part II, Item 5, are available to
U.S.-based Subscribers and VAL provides its Canadian Affiliate with a binary gateway to enterorders into POSIT. See, Part II, Item 2(b) and Part III, Item 5(a). VAL's agency desks and clientsof its Affiliates cannot use the GUI to view and interact with Conditional interests.  Rather, theysend orders to algorithms that can send conditional orders through Alert.

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

   - **Products/Services:** The Firm's Affiliates operate business units that offer products and services, including tradingdesks and algorithms, that result in the orders of Indirect Subscribers being entered on POSIT.
See Part II, Item 2 for a description of these Affiliates.

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

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

   - **Details:** VAL does not have any personnel whose sole responsibility is for POSIT.  The Firm considersinformation relating to Subscriber's live orders, trading interests and recent executions in POSITthat the Firm reasonably believes may suggest a Subscriber continues at that moment in time tohave the same or additional live orders and trading interests in POSIT, to be ATS confidentialinformation ("Confidential Information").  As is more fully discussed in Part III, Item 7(a), VALdoes not consider all post trade data to be Confidential Information, particularly when theinformation is anonymized, aggregated or both.
Below is a summary of the shared personnel that provide services to both POSIT, VAL, and its
Affiliates and have access to Confidential Information.
*	Compliance and Legal:  Compliance and Legal personnel support all of the Firm'sbusiness units and those of the Firm's Affiliates and perform a variety of compliance andlegal activities related to their roles.  They have access to Subscriber real-time and historical order and execution information.
*	Finance and Management Reporting Group:  Finance and management reportingpersonnel support all of the Firm's business units and those of the Firm's Affiliates.
These personnel are involved in accounting, billing, analyzing revenues, and providingmanagement reporting information.  They have access to Subscribers' real-time and historical order and execution information and data.
*      US Executive Management: Certain US executive management personnel have access to information for oversight purposes, including real-time and historical ATS information.
*	Operations:  Operations personnel support the Firm's middle and back office processesfor clearance and settlement and related activities and have access to Subscribers' realtime intra-day, post-trade, and historical execution information for clearing, settlement,and regulatory reporting purposes.
*	Core Operations:  Core Operations are technical personnel who have access to the Firm'sand its Affiliates' trading infrastructure, which includes POSIT, to monitor thefunctionality, health, and wellness of the Firm's trading infrastructure and take action asnecessary to maintain the systems and manage issues.  They have access to Subscribers'real-time and historical order and execution information.  This group supports all tradinginfrastructure and applications for the Firm.
*	Software Developers:  Software Developers have access to the Firm's and its Affiliates'trading infrastructure, which includes POSIT, to maintain and enhance the software forthe Firm's trading applications.  They have access to Subscribers' real-time and historicalorder and execution information.  This group supports all trading infrastructure andapplications for the Firm.
*	Product Management: Product Management are personnel who manage the day-to-daybusiness activities for products such as POSIT, the algorithms the Firm provides toclients, and other trading-related applications VAL and its Affiliates provide to clients.
These personnel monitor the trading applications, enhance their product features, andcreate new features.  Product Management compile and analyze statistics and metricsrelated to the ATS and other electronic products and services.  Product Managementworks with Software Developers, and in some instances are also Software Developersthemselves.  The Product Manager responsible for supervising POSIT is also the Product
Manager responsible for supervising VAL's other ATS, MatchIt, and also providessupport to both VAL's Affiliates' execution services applications. Product Managementhave access to Subscribers' real-time and historical order and execution information.
*	Relationship Management:  Relationship Management personnel are responsible formanaging the Firm's relationship with its clients, including clients who are Direct
Subscribers of the ATS, and for cross-selling the Firm's other products and services.
They have access to historical order and execution information.
*	Sales and/or Trading personnel:  To the extent Sales or Trading personnel are responsiblefor handling an order, a portion of which is directed to POSIT as a child order, suchpersonnel would have real time access to such child order and any of its executions in
POSIT analogous to the access they would have to information about orders andexecutions that were directed to external market centers in order to monitor executionsand provide order-related services.
*	POSIT Alert ("Alert") Sales and Coverage: The Firm offers an application called Alertthat is a conditional order application which resides outside of the POSIT Matchingengine and which transmit orders to the Alert Crossing Session to consummate trades.
See Part III, Item 9 and 11 for further descriptions of Alert and the Alert Crossing
Session.  Alert Sales and Coverage personnel are responsible for the sales and day-to-daycoverage of Alert.  Alert Sales and Coverage personnel have access to a front endapplication called Phoenix, which displays real-time order and execution information of
Alert participants.  See, Part III, Item 9 for further discussion about Alert.  This group canaccess Alert participants' real-time and historical order and execution information, but donot have access to any real-time or historical order and execution information in POSIT'smatching engines for the Continuous Crossing Session.
*	Analytics Personnel: Analytics Personnel provide transaction cost analysis data andconsultancy to institutional investors.  This group is separate from the business units ofthe broker dealer operator that enter or direct the entry of orders and trading interest into
POSIT, as defined in Part II, Item 1(a). The Firm offers a product called the Analytics
Portal ("the Portal") that provides pre-trade, real-time and post-trade analytics to the
Firm's clients.  In order to enable and support client trade reporting in the Portal,
Analytics personnel have access to real-time order and execution information for Alertparticipants. This group can access Alert participants' real-time and historical order andexecution information, but do not have access to any real-time or historical order andexecution information in POSIT's matching engines for the Continuous Crossing Session.
See Part III, Item 9 for further discussion about Alert.

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

   - **Providers:** POSIT is hosted in the Equinix NY5 Data Center in Secaucus, N.J.  Cross-connections to POSITin NY5 are available by request to Subscribers accessing POSIT directly. The Data Centersprovide services that include, building security; air conditioning; access to electricity andtelecommunication services; and cages for computer equipment.  The Firm owns and maintainsits own computer hardware and network devices within the data center.  Please see Part III, Item
6 for more detail.

**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:**
GENERAL BACKGROUND AND SCOPE OF CONFIDENTIAL INFORMATION. The Firmoperates POSIT on a matching engine that runs on a standalone server in the NY5 Data Center.
See Part I, Item 7; and Part III, Item 6(a).  The POSIT matching engine communicates withshared systems to book trades, to report executed trades to the tape, to facilitate clearance andsettlement, for financial reporting and billing, and to facilitate other post-trade processes.  The
Firm operates the Alert application on servers that are separate from the POSIT matching engine.
These systems contain Confidential Information.  See Part II, Item 6 for information onpersonnel that have access to Confidential Information.
AGGREGATED ANONYMOUS DATA.  Data which has been aggregated and which does notidentify any Subscribers is not Confidential Information ("Aggregated Anonymous Data").  The
Firm publishes firm-wide aggregated anonymous execution data to market wide tradeadvertisement systems after the transaction has been reported to the consolidated tape.  The datadoes not include any client identities but does include symbol level executed volumes.  While the
Firm does not consider this data to be Confidential Information, it does not include POSIT
Aggregated Anonymous Data in these reports.
The Firm posts monthly statistics on its website and disseminates this data to Subscribers ("the
Monthly POSIT and Alert Statistics").  The Monthly POSIT and Alert Statistics are available athttps://www.virtu.com/about/transparency and provide aggregate and anonymous informationabout POSIT and Alert, including total volume; volume by sector; volume by market cap; fillsize distribution; distribution of Alert block size, and distribution of executions at the bid, midand offer.  The Firm produces market commentary from time-to-time that discusses generalmarket trends.  The statistical data described in this paragraph can be used to produce marketcommentary.  The Firm considers this data to be Aggregated Anonymous Data and not
Confidential Information.  The Firm does not permit Subscribers to opt out of having their dataincluded in these reports.
SALES DATA.  Sales Data is aggregated information about the products and services the Firm'sclients use and includes the client's name, the product or service they use, aggregate executedvolume, and revenues ("Sales Data").  Sales Data includes aggregated ATS data as described inthe preceding sentence.  The Firm provides Sales Data to management personnel, Sales or
Trading personnel, Relationship Management personnel and Alert Sales and Coverage personnelwho are involved in handling relationships with the Firm's clients.  Sales Data is provided for thepurpose of allowing these personnel to keep abreast of the client's business activities to managethe client relationship and to cross sell the Firm's products and services to the client.  The Firmdoes not consider Sales Data to be Confidential Information when distributed internally for theabove described purposes.  The Firm makes this information available in end of day reports andin sales systems (i.e., systems that support activities of Sales or Trading personnel, Relationship
Management personnel and Alert Sales and Coverage personnel for the purposes describedabove) on T+1.  The Firm prohibits personnel from disclosing Sales Data to third parties.  The
Firm does not permit Subscribers to opt out of having this data made available to personnelinvolved handling client relationships, as defined in Part II, Item 6(a).
PERSONNEL WITH ACCESS TO CONFIDENTIAL INFORMATION.  The Firm does nothave any personnel whose sole responsibility is for the operations of POSIT.  The sharedpersonnel discussed in response to Part II, Item 6(a), have access to Confidential Information.
SAFEGUARDS AND OVERSEEING CONFIDENTIAL INFORMATION.  The Firm maintainswritten policies and procedures regarding use and protection of Confidential Information.  Firmpersonnel are subject to its parent, Virtu Financial Inc.'s Code of Conduct and Employee Manual.
Firm personnel are also subject to the Firm's Information Security Policy, Compliance Manual,and Written Supervisory Procedures.
These policies prohibit the personnel listed in Part II, Item 6(a), from sharing Confidential
Information with other personnel who are not in one of these permitted categories or with anyother person.  The exception is that Compliance and Legal personnel may provide information toregulators in response to regulatory requests or to third parties pursuant to subpoena.  Personnelwho violate the Firm's policies concerning Confidential Information are subject to discipline,including termination of their employment.  The Firm performs email reviews and employs dataloss software as a means of safeguarding Confidential Information.
The Firm procedures require that personnel make requests for access to its systems through the
Firm's access ticketing system and to receive approval from a supervisor prior to being grantedaccess to any systems.  The Firm's supervisory personnel grant access to systems on the premisethat it is necessary to perform their duties and to carry out the purpose for which the informationis provided to them.  The supervisor responsible for POSIT and Alert approves requests foraccess to the POSIT matching engine and Alert application.  The Firm only permits approvedpersonnel in the categories described in Part II, Item 6(a), to have access to Confidential
Information and only permits these personnel to access the systems and the Confidential
Information contained therein using approved means of access and credentials.  Supervisors donot grant access to Confidential Information. The Firm maintains a process that sendsnotifications to designated personnel to disable systems access for personnel who are no longeremployed by the Firm.  Supervisors are responsible for instructing the technology personnel todisable access when employees change roles.  The Firm provides reports to the supervisors thatshow personnel with access to the POSIT matching engine and Alert application on a monthlybasis.  Supervisors review these reports to ensure that these personnel still require access to carryout responsibilities related to the ATS.
PERSONAL TRADING RESTRICTIONS.  The Firm maintains employee trading policies thatrequire personnel to disclose their own personal accounts and the accounts of close familymembers, that prohibit personnel from trading based on any client Confidential Information, thatrequire personnel to pre-clear transactions and attest at the time of trade entry that they are nottrading on Confidential Information, and that prescribe holding periods for securities purchases.
The Firm conducts reviews of employee trading to determine whether trades were pre-clearedand whether holding periods were observed.

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

**7d. Summary of roles of persons with access to confidential trading information:**
The shared personnel described in response to Part II, Item 6(a) have access to Confidential
Information, as described in Part II, Item 6(a). These personnel have access to that informationfor the purpose of carrying out their job functions.
To the extent Sales and Trading Personnel direct orders to the ATS, those orders and relatedexecutions are available to Sales and Trading Personnel who may analyze the data for thepurposes of understanding the performance of the algorithms.
As described in Part II, Item 7(a), the Firm makes public Aggregated Anonymous Data to furtherthe Firm's efforts to market its products and services.  The Firm does not consider Aggregated
Anonymous Data to be Confidential Information.  The Firm provides Sales Data to managementpersonnel, Sales or Trading personnel, Relationship Management personnel and Alert Sales and
Coverage personnel so that they may keep abreast of their clients' activities and coordinate the
Firm's sales efforts.  The Firm does not make this information available to third parties.  The
Firm does not consider Sales Data to be Confidential Information when it is provided tomanagement personnel, Sales or Trading personnel, Relationship Management personnel and Alert
Sales and Coverage personnel or these purposes.

### Part III: Manner of Operations

**1. Types of Subscribers:** Investment Companies, Brokers, Asset Managers, Principal Trading Firms, Hedge Funds, Market Makers, 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:** The Firm permits applicants who satisfy certain eligibility requirements to become Direct
Subscribers.  Direct Subscribers must be institutional investors or broker dealers.  Additionally,
Direct Subscribers must execute an electronic access agreement, and submit the standard on-boarding documentation that all clients of the Firm must submit.  Such documentation includes
"know your customer" information, financial information to assess counterparty risk andestablish a trading limit, and relevant agreements such as Agreements to Give Up ("AGU") or
Qualified Service Representative Agreements ("QSR") to facilitate trade clearance.  The Firmperforms reviews to assess a client's prior disciplinary history.  A disciplinary history related tomarket abuse, for example, would potentially preclude a prospective client from being on-boarded to VAL and consequently would preclude the client from being permitted access to the
ATS.
The Firm evaluates factors such as an institutional investor's assets and assets undermanagement, a broker-dealer's net capital and its clearing firm's net capital to the extent abroker-dealer is not self-clearing, and credit ratings in making on-boarding determinations.
Institutions must meet the FINRA definition of Institutional Investor.  For Broker-Dealers the
Firm doesn't have a specific net capital requirement, but will consider the nature of the businessflow, whether there will be large mark-to-market exposures, anticipated revenues providesufficient risk vs. reward ratios, whether the Subscriber is part of a larger group and there areexplicit or implicit guarantees. For non-Broker-Dealers that do not meet one of the criteria to bedefined as an Institutional Investor, exceptions may be granted is there is a degree of confidencethe company will grow and meet the definition of institutional investor in the future.  The
Product Manager for the ATS approves or denies access to the ATS.  Clients who are notapproved for access to the ATS would generally also not be approved for any other VALservices.
The Firm requires Indirect Subscribers to go through the same on-boarding process.  The Firmonly on-boards clients who use its EMS, algorithms, and Alert that are broker-dealers orinstitutional type clients and does not accept natural persons as clients.

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

**2d. Is there a written agreement required to use the ATS?** No

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

   - **Conditions:** Subscribers may be excluded as a result of regulatory or counterparty risk concerns which wouldresult in the Subscriber being excluded from all services provided by the broker-dealer operatorof the ATS.  The same criteria listed in Part III, Item 2 which would preclude a prospective clientfrom becoming a client of  VAL and being granted access to the ATS could also result in anexisting Subscriber from being excluded from access to the ATS and from other servicesprovided by VAL.  For example, a disciplinary history related to market abuse or a change infinancial condition such that the Subscriber fails to satisfy VAL's counter-party risk criteriacould preclude a Subscriber from continued access to the ATS.  Additionally, a subscriber can betemporarily blocked intraday for a given symbol in the POSIT Alert Crossing Session, which isdescribed in Part III, Item 14a.

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

**4a. Hours of Operation:**
POSIT accepts orders beginning at 8:00 a.m. EST.  POSIT executes orders from 9:30 a.m. to
4:00 p.m. EST, Monday through Friday, except for during United States equity market holidaysand early market close times.  These same hours apply to Alert as well, with the exception that
Alert does not begin accepting Conditional Orders until 9:30 a.m. EST.

**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 Subscribers enter or direct the entry of orders to POSIT through FIX APIs provided by the
Firm or its Affiliates. VAL provides Direct Subscribers in the U.S. with a FIX API to enterorders into POSIT using FIX protocols 4, 4.2 and 4.4.  The FIX API communicates with POSITin a binary format.  VAL provides its Canadian Affiliate with a binary gateway to enter ordersinto POSIT. Indirect subscribers in Canada direct orders to the Canadian Affiliate via FIX. VALprovides a FIX specification document for both POSIT and Alert describing the transmissionformats for order messages.

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

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

   - **Details:** VAL provides its clients with Triton EMS, algorithms, smart order routers and Alert which canenter or indirectly cause the entry of orders to POSIT.  See Part III, Item 9 for a further description of Alert.  The Firm's Affiliates provide algorithmsthat are used by clients and the Firm's business units that enter or direct the entry of orders to
POSIT and orders and conditional interests to Alert.  The conditions described in Part III, Item 2are the only conditions for entering orders through the algorithms provided by VAL and itsaffiliates.  Specifically, Subscribers must execute an electronic access agreement, and submitstandard on-boarding documentation that all clients must submit, including know your customerinformation, financial information to assess counterparty risk and establish a trading limit, andrelevant agreements information to facilitate trade clearance and settlement, and be approved as aclient of VAL or its Affiliates.

**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:**
Continuous Crossing Session

POSIT accepts Peg orders, Day orders and Immediate or Cancel ("IOC") orders.  Peg and Dayorders may execute against contra-side Peg orders, contra-side Day orders or against IOC orders.
IOC orders may only cross against contra-side Peg orders or contra-side Day orders. These ordertypes may be entered with other instructions that will be used by the matching algorithm todetermine whether and how they will interact with other orders.

Priority in the POSIT Continuous Crossing Session for all order types is price, then size, thentime.  For orders without a peg instruction, the limit price submitted is used to determinethe price portion of the queue priority.  For orders with a peg instruction, the less aggressiveprice between the current peg price and limit price submitted is used to determine the priceportion of the queue priority.  If the algorithm modifies the terms of a previously transmittedorder, the order will receive a new order time stamp for matching purposes (i.e. the order willlose queue spot).  The only exception is a reduction in order quantity which, absent any otherchanges to the terms of the order, will not update the order time stamp for matching purposes.
The following instructions are available for orders entered in the POSIT Continuous Crossing
Session.  The instructions placed on orders will affect whether an order is eligible to be executedagainst contra-side orders.
(1) Peg Orders: Peg orders remain open until executed, canceled by the Subscriber or until theend of the daily matching session. Peg orders can be designated with the following executioninstruction:
      (i) Market: A Market instruction designates that a buy order can be executed up to thenational best offer and a sell order can be executed down to the national best bid.
      (ii) Mid-Point: A Mid-Point instruction designates that an order can be executed up to themid-point between the national best bid and national best offer ("NBBO").
      (iii) Primary: A Primary instruction designates that the order can only be executed at thenational best bid in the case of a buy order and the national best offer in the case of a sell order.
A Limit Price instruction can be specified for Peg orders in conjunction with the abovereferenced execution instruction.
(2) Day Orders: Day orders remain open until executed, canceled by the Subscriber or until theend of the daily matching session. Day orders can also include a Market, Mid-Point, Primary Pegor Limit Priceinstruction.
(3) IOC Orders: IOC orders will either execute if an eligible contra side order exists againstwhich the order can be executed or if not the order is canceled.  Subscribers may enter IOCorders with Market, Mid-Point, Primary Peg or Limit Price instructions.

Other available Instructions and Designations for the Continuous Crossing Session: Thefollowinginstructions may be applied to the above order types unless otherwise indicated. Theseinstructions may be implemented by either transmitting a specified value over a FIX tag on anorder by order basis, or requesting a session level configuration that will apply the requestedinstruction across all orders sent to the session specified by the Direct Subscriber, unlessotherwise indicated:

(i) Minimum Execution Quantity (MEQ): An MEQ instruction specifies the minimumnumber of shares that must be available for a contra side order to be eligible for execution.
POSIT does not aggregate multiple contra side orders to satisfy a MEQ instruction on a singleorder.  POSIT will cancel back an order to the Direct Subscriber if the residual quantity of anorder falls below the MEQ instruction.

(ii) Locked Market: A Locked Market instruction specifies that an order is not eligible forexecution during locked markets. IOC orders entered with a Locked Market instructionwill be accepted if the NBBO is locked, but will receive a 'Nothing Done' message. Peg orders willbe accepted but ineligible for execution until the NBBO unlocks.

(iii) Peg Order Add-Only Liquidity Instruction ("Add Only"): An Add-Only instructionspecifies that the order is only eligible for execution when it adds liquidity to POSIT uponentry. Peg orders that would remove liquidity from POSIT will be accepted by POSITand remain open but ineligible for execution until such a time as the order adds liquidity to
POSIT. Contra-side Peg orders on the book at the time a Peg order with an Add Onlyinstruction is entered will not interact with the Peg Add Only order.  The Add Only instructionwill be ignored if specified for an IOC order.

(iv) Virtu Principal Opt Out: Direct and Indirect Subscribers may request to havetheir orders not interact with Virtu principal orders. This instruction will only preventinteraction against orders entered by VAL under the MPID's VIRT and
VALX. Principal orders entered by VAL or the Affiliates, as defined in Part II, Item 2a, usingother MPIDs will not be subject to this opt out. See Part II, Item 3a for more detail.  This orderinstruction can only be specified at the session level, and cannot be specified on an order byorder basis via a FIX tag.

(v) POSIT Liquidity Profiles and Limits on Interaction: This instruction specifies thetypes of counterparties that an order may interact with based on the counterparty's
Liquidity Profile. POSIT uses quantitative metrics to create one or more Liquidity Profiles foreach POSIT Subscriber. The metrics include execution performance relative to the market overdifferent time horizons for all fills in POSIT. POSIT makes discretionary decisions in assigning a
Liquidity Profile to a new or previously uncategorized Subscriber. POSIT will inform
Subscribers about their own profile information upon request.  See Part III, Item 13a for moredetail on POSIT Liquidity Profiles.
(vi) Self-Match Prevention: Subscribers may provide instructions that will preventorders from crossing if the resulting cross may result in a transaction with no changein beneficial ownership.  This order instruction can only be specified at the session level, andcannot be specified on an order by order basis via a FIX tag.

 An order that contains a value in a utilized FIX field other than a value recognized by VAL (asdescribed in its FIX specifications) will be rejected.  An order containing a value in a non-utilized FIX field will be accepted, but that instruction will not be processed.

Alert Crossing Session
The Alert Crossing Session supports all of the order types and instructions described in the
Continuous Crossing Session section in Part III, Item 7(a). Additionally, the below order type instructions areonly available in the Alert Crossing Session.
(i) 	Conditional Indicator: Peg orders entered into the Alert Crossing Session are bydefault designated as Conditional Orders. Conditional Orders are not firm andmust respond affirmatively to an Invitation to Firm-Up from the Alert Crossing
Session by transmitting a Firm-Up Response Order to be eligible to be executedagainst contra-side orders.
(ii) 	Firm-Up Response Order: These orders are entered in response to invitationsfrom the Alert Crossing Session.
(iii)	Auto-Ex: Human Participants, as described in Part III, Item 9(a), can designate a
Conditional Order as Auto-Ex.  If the Auto-Ex instruction is enabled for a
Conditional Order, the Human Participant will not receive a pop up windowrequesting to Firm-Up, as described in Part III, Item 9(a), but instead the
Conditional Order from the Human Participant will automatically Firm-Upagainst a contra side order.
See Part III, Item 9a for more detail on the Alert Crossing Session.

**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 are treated and handled in the same manner as round and mixed 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 are treated and handled in the same manner as round and odd lot orders.

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

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

**10a. Opening/Re-opening/Closing Procedures:**
POSIT begins accepting all order types at 8:00 AM EST, while Alert begins accepting
Conditional Orders at 9:30 AM EST. POSIT does not execute orders before the U.S. market'sopen, after the U.S. market's close, and during a trading halt. There are no limitations on thetypes of orders POSIT will accept prior to the start of regular trading hours or during a tradinghalt; however, IOC orders will be cancelled back and Peg orders will remain on the POSIT orderbook until trading begins. Unexecuted orders will be cancelled at the market's closing time.
POSIT does not have an opening auction or any specific procedures to reopen after a halt oftrading.  Peg orders will remain on the book during a trading halt, and be prioritized by price, prorata shares, as described in Part III, Item 7(a), subject to the instructions placed on an order by a
Subscriber.  POSIT will not begin trading after the market's open or after a trading halt in a givensecurity until one of the following occur: (1) a trade occurs on the primary market whose size isat least a round lot, or (2) a bid and offer for the security has been posted on the primary market.
A Subscriber can request to not begin trading in POSIT after the market's open or after a tradinghalt unless both (1) and (2) are met.  Peg day orders already resting on the POSIT order book justprior to a trading halt will remain on the order book after the trading halt commences.

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

**10c. Unexecuted Orders Procedures:**
As described in Part III, Item 10(a) above, POSIT will not begin trading after the market's open orafter a trading halt in a given security until one of the following occur: (1) a trade occurs on theprimary market whose size is at least a round lot, or (2) a bid and offer for the security has beenposted on the primary market. A Subscriber can request to not begin trading in POSIT after themarket's open or after a trading halt unless both (1) and (2) are met.  Unexecuted orders andtrading will be treated in accordance with the procedures 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:**
POSIT is an equity crossing system providing a continuous trading environment in all NMSstocks for orders received by POSIT through a variety of means, both direct and indirect, asdescribed in response to Part III, Item 5.  POSIT operates two general crossing sessions: (i) the
Continuous Crossing Session; (ii) the Alert Crossing Session. Each of these crossing sessions isdescribed in detail in response to Part III, Item 11(c).  The Continuing Crossing Session employsa price, size, time priority crossing methodology, as described in Part III, Item 7(a).  All NMSstocks are eligible for trading in POSIT.  POSIT may, in its sole discretion, stop trading certainsymbols for, among other reasons, the purpose of remaining below the volume thresholds for (i)classification as an "SCI Entity" under Regulation SCI and (ii) certain regulatory requirements asset forth in Rules 301(b)(3) and (5) of Regulation ATS.

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

**11c. Rules and procedures of the NMS Stock ATS:**
POSIT operates two crossing sessions: (i) the Continuous Crossing Session and (ii) the Alert
Crossing Session.  POSIT offers the ability to participate in the two crossing sessions to all
Subscribers. Note, the rules and procedures applicable to the Continuous Crossing Session applyto the Alert Crossing session unless otherwise stated.  Subscribers can specify which session toroute an order to via a specific FIX tag.
POSIT reserves the right to review any transaction based upon the request of a Subscriber or onits own motion and declare any transaction executed by POSIT null and void in the event that thetransaction occurred at a price that was within the numerical guidelines for erroneoustransactions of any exchange or was the result of a significant systems disruption.  In reviewingtransactions resulting from significant systems disruptions, in addition to the price of thetransactions, POSIT may also take into account the volume of transactions as compared to thenormal volume of transactions for the relevant security as executed by POSIT.  POSIT reservesthe right to use its discretion to provide price accommodations in circumstances that are notclearly errors or erroneous transactions but where the circumstances are appropriate, such asminor systems latency, to make a price adjustment as an accommodation to an affected client(s).
In these scenarios, the Firm performs an analysis to determine the appropriate price and anyprofit or loss as a result of the adjustment is incurred by VAL.
Below are descriptions of the Continuous Crossing Session and the Alert Crossing Session.
      Continuous Crossing Session

POSIT will execute Peg and Day orders against eligible contra-side IOC, Day and Pegorders. For Peg and Day orders, priority is determined on a price, size, time basis. If a Subscribermodifies the terms of a previously transmitted order, the order will receive a new order time formatching purposes (i.e. the order will lose queue spot). The only exception is a reduction in orderquantity which, absent any other changes to the terms of the order, will not update the order timefor matching purposes. Providers receive price improvement. In the case of an IOC order, the
IOC order is always the removing order. In the case of two Peg and/or Day orders, the first intime is the providing order
Subscribers accessing POSIT directly can request that POSIT apply certain default instructionsor attributes to the Subscriber's orders submitted to POSIT, as described in Part III, Item 7a, and
Part III, Item 14a.
POSIT will execute crosses at prices within the permissible price bands established under the
Limit Up - Limit Down Plan.  POSIT is programmed to prevent executions outside of the Limit
Up - Limit Down price bands.
Subscribers can include MEQ instructions on their orders. In that event, POSIT will not executethe order in an amount less than such minimum quantity. When the remaining quantity on theorder is less than the MEQ instruction, POSIT will automatically cancel back the remainingquantity of the order.

	Alert Crossing Session
VAL offers a conditional messaging system known as Alert.  Alert is an anonymous Conditional
Order matching application that exists outside of the POSIT matching engine.  Please see Part
III, Item 9a for a description of Alert.
All sessions
Locked and Crossed Markets: POSIT does not execute in a crossed market, but will execute ina locked market.  Subscribers have the option of not executing in a locked market at the sessionlevel or via a fix tag.
Price Protection: There are no Price Protection mechanisms.
Short Sales: Subscribers are required to mark short sale orders as "sell short" or "sell shortexempt".  POSIT does not execute short sell orders at the bid price in securities subject to a Reg
SHO Rule 201 price restriction.

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

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

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

   - **Procedures:** Continuous Crossing Session
VAL segments Direct Subscribers into three distinct Liquidity Profiles based upon all of theirfilled orders. Direct Subscribers may enter instructions that when present on orders will preventinteraction with orders from Subscribers who fall into specified Liquidity Profiles. VAL scoresand segments Direct Subscribers at the POSIT Moniker level.  The POSIT Moniker is an internalsubscriber identifier.  A Direct Subscriber can have one or more POSIT Monikers.  Direct
Subscribers with more than one POSIT Moniker have custom order attributes, as described in
Part III, Item 7a, at the session level for each POSIT Moniker.  VAL scores and segments itsown POSIT Monikers. VAL does not score and segment Indirect Subscribers. To the extent that
VAL, its Affiliates or Direct Subscriber's transmit the orders of multiple Indirect Subscribersthrough a single POSIT Moniker, the Liquidity Profile will be the composite of all of the Indirect
Subscribers. An exception is that VAL permits Direct Subscribers to have different order flowsscored independently based upon a Segment ID FIX tag. The Current POSIT FIX Specification
Document provides Direct Subscribers the ability to use up to four Segment IDs labeled Segment
1, Segment 2, Segment 3 and Segment 4.
VAL uses a scoring methodology to determine a Subscriber's Liquidity Profiles that is derivedfrom the price move of a stock from the midpoint price at the time of fill to a weighted averageof individual midpoint prices of durations that range from 10 minutes to 60 minutes after the time offill, divided by the stock's spread (a "mark out").  Liquidity Profiles are generated monthly, basedon the prior 3 months of trading activity. There is no de minimis volume rule in the Liquidity
Profile generation.
VAL creates Liquidity Profiles by sorting Subscribers by their mark-out score. The three
Liquidity Profile tiers are called Move Towards, Neutral, and Move Away, where Direct
Subscribers in the Move Towards segment generally produce negative markouts for the contrawhere the stock price moves towards the contra (the stock price for buy orders move lower, sellorders move higher), while subscribers in the Move Away segment generally produce positivemarkouts for the contra where the stock price moves away from the contra (the stock price forbuy orders move higher, sell orders move lower).  After sorting Subscribers markout scores frommost negative to most positive, the Liquidity Profiles are constructed such that approximately
20% of the share volume of the most negative markout Subscribers are placed into the Move
Towards category, 60% of the share volume is placed in the Neutral category, 20% of the sharevolume of the most positive markout Subscribers are placed in the Move Away category. Thepercentages are approximations. Based on the mix of Subscribers' share volume, they may notperfectly fit into a Segment such that the percentages are exact. VAL will use its discretion inthese circumstances and typically will elect to include more Subscribers in a higher Segment.
Subscribers that submit orders in POSIT can elect to prevent either the Move Towards or Move
Away segments from interacting with their orders on an order by order basis via FIX tag or at asession level. VAL uses its own discretion to place new Subscribers into one of the three Segments described above. Segmentselection for new Subscribers is based on VAL's subjective judgment of the trading andinvestment process employed by the new Subscriber. For new Subscribers that have no prior history trading in POSIT, Segment selection is based on the type of firm, as well as the expected characteristics of the order flow, as specified by the new Subscriber.  For new Subscribers that have a history trading in POSIT (for example, a current Subscriber that wants to set up a new POSIT moniker), Segment selection is based on the type of firm, the expected characteristics of the order flow (as specified by the new Subscriber), as well as the Segment placement of other POSIT Monikers associated with the same underlying Subscriber. VAL reserves the right to move a
Subscriber's liquidity profile bucket intra-month if that Subscriber's mark outs during the monthdeviate widely from expected or prior trading activity.
Liquidity Profiles only apply to order interaction in the Continuous Crossing Session and haveno influence on order interaction in the Alert Crossing Session.
Alert Crossing Session
Alert has two types of participants: Human Participants and Electronic Participants.  See Part III,
Item 9a for more detail.

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

**13c. Does segmentation depend on whether the order is from a customer?** No

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

   - **Content:** Upon request, POSIT will disclose to a Subscriber their own profile information. Thiscommunication is provided either verbally or through email to the party that originally requested the information. Liquidity Profile designations cannot be contested.

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

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

   - **Details:** POSIT:
Virtu Principal Opt Out: Direct and Indirect Subscribers may request to have their orders notinteract with Virtu principal orders. See Part III, Item 7a which lists order instructions includingthis instruction.

POSIT Liquidity Profile Interaction: All Direct Subscribers have the option to block either the
Move Towards or Move Away segments for a single order, as described in Part III, Item 13.
Direct Subscribers cannot block both the Move Towards and Move Away segments for a singleorder.  Direct Subscribers cannot block the Neutral segment.  VAL programs its algorithms touse blocking when analysis suggests it may improve execution outcomes. VAL implements thelogic of the algorithms such that decisions are made on specific child orders in specificcircumstances. Indirect Subscribers cannot make decisions to block based on Liquidity Profiles.
Direct subscribers can send instructions designating which Liquidity Profiles to interact with onan order by order basis via a FIX tag, or set a default at the session level. These Profiles are onlycreated for the Continuous Crossing Session and only effect counterparty interaction in the
Continuous Crossing Session. See Part III, Item 7a, which  lists order instructions including thisinstruction.

Self-Match Prevention: Direct Subscribers may provide instructions that will prevent orders fromcrossing if the resulting cross may result in a transaction with no change in beneficial ownership,as described in Part III, Item 7a. Subscribers can request Self-Match Prevention through theirsalesperson, who enter a ticket to make the request. Thereafter, an entry is made in aconfiguration file which takes effect in most cases on the next business day, but could take effecteither the same day or greater than the next business day, depending upon the time of day therequest is submitted. Further, Subscribers are able to block interaction against certain Virtu
MPIDs. See Part II, Item 3a for further detail.

Other Order Attributes: Direct Subscribers can place other attributes on orders that could limit anorder's ability to interact with certain contra side interest. These additional attributes include:
Minimum Execution Quantity, Do Not Execute In A Locked Market, and Add Only.  See Part
III, Item 7a for more detail.
Alert:
Participant Type Blocking: Electronic Participants can request to block interaction against
Human Participants via a FIX tag, on an individual order basis.  Human Participants can requestto block interaction against Electronic Participants.  This blocking instruction is supported at thesession level.
Participant and Symbol Specific Blocking: Alert Sales and Coverage personnel can block certainparticipants in whole or at a symbol level.  Alert Sales and Coverage personnel apply participantblocks in whole, or at a symbol level, on an intraday basis if a participant is having a technicalissue. For example, if an Alert participant was duping messages repeatedly then the Alert Salesand Coverage personnel could introduce a temporary block until the issue was resolved.  Alert
Sales and Coverage personnel can lift this block once the participant verifies the technical issue has been resolved. Additionally, Human Participants can request to block individual symbols.  The Human Participant can make this request through their Alert Sales and Coverage person. Following receipt of a request, the sales person will enter a ticket to make the request. Thereafter, an entry is made in a configuration file which will take effect in most cases on the next business day, but could take effect either the same day or greater than the next business day, depending upon the time of day the request is submitted.  Symbol level blocks are also applied on an automated basis between an
Electronic Participant and a Human Participant, as well as between two Electronic Participants.
If within a two-minute span, for a given symbol, three consecutive invitations to Firm Upbetween the two participants result in no trades, a one minute block will be applied between thetwo participants in the given symbol.  After the one-minute blocking period, the block betweenthe two participants will automatically be lifted in the given symbol.   The three-minute timespan begins at the time of when the first invitation is sent.  Symbol level blocks do not carry overinto the next trading day.  Please see Part III, Item 9(a) for more detail on the POSIT Alert
Conditional Order process.
Self-Match Prevention: Subscribers may provide instructions that will prevent orders fromcrossing if the resulting cross may result in a transaction with no change in beneficial ownership.

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

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

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

   - **Details:** As described above in response to Part III, Item 9, Alert, through the Conditional Orderinvitation process, makes information available to Alert participants that might prompt the userto send an order to POSIT.  This information includes the symbol where contra side order existsin Alert.

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

**16a. Are orders or other messages routed out of the ATS?** No

**17a. Is there any difference between the treatment of order and trading interest based on source?** No

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

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

**19a. Fees:**
POSIT does not charge any subscription or connectivity fees. Historically, execution charges, if any, were individually negotiated with each Direct Subscriber. Currently, Direct Subscribers pay fees between $0.0002 and $.05 per share. VAL and VAL Affiliates are not assessed a fee for POSIT trades. Indirect Subscribers pay bundled fees, See Section III, Item 19(b). VAL will consider a number of factors in determining the fee an individual Subscriber will be assessed, including, but not limited to, the client's overall relationship with VAL, the type of trading flow, the amount of trading flow, and the markets that will be traded.

VAL is assessed certain Consolidated Audit Trail (CAT) regulatory fees relating to trading on POSIT as an execution venue. In each transaction that does not include VAL mpids VIRT and VALX, VAL is identified on transaction reports as the CAT executing broker for the buyer and the selling POSIT direct broker dealer subscriber is reported as the CAT executing broker for the seller. When both sides of the transaction are broker dealers, FINRA assesses CAT fees on both VAL, on behalf of the buying POSIT subscriber, and on the selling POSIT subscriber. VAL passes through to the buying POSIT broker dealer direct subscriber these CAT-related fees that VAL is assessed on behalf of those buying POSIT broker dealer direct subscribers.  For transactions that include VAL mpids VIRT or VALX and an external broker dealer direct subscriber as the contra, the external subscriber's mpid is reported as the CAT executing broker regardless of the side of the external subscriber's trade.  For transactions where the direct subscriber is a non-broker dealer, VAL is identified on transaction reports as the CAT executing broker on the side of the transaction of the non-broker dealer.  VAL only passes through CAT- related fees to broker dealer direct subscribers to POSIT.  VAL does not pass through CAT- related fees if the POSIT subscriber's CAT-related fees are less than $50 for a given month.

**19b. Bundled Services/Fees:**
VAL establishes fees for use of its execution products and services, which could include executions in POSIT, on an individual client basis. VAL will consider a number of factors in determining the fee an individual client will be assessed, including, but not limited to, the client's overall relationship with VAL, the type of trading flow, the amount of trading flow, and the markets that will be traded. Client specific clearing arrangements, as specified in Section III, Item 22, are not considered when establishing a fee for that client.

**19c. Rebates and Discounts:**
VAL may pay the cost of cross connects for Direct Subscribers to connect to the NY 5 Hub based upon the overall relationship with the client and or the perceived value of having the Subscriber enter or direct the entry of orders to POSIT.

**20a. Suspension of Trading Procedures:**
VAL may in its sole discretion, stop trading certain symbols from time to time for, among other reasons, the purpose of remaining below the volume thresholds for (i) classification as an "SCI Entity" under Regulation SCI and (ii) certain regulatory requirements as set forth in Rules 301(b)(3) and (5) of Regulation ATS.
VAL uses a proprietary market data system to consolidate the best bids and offers to determine the NBBO at which executions occur on POSIT. See Part III, Item 23 for a description of this system. VAL has programmed its market data system to disseminate an alert when it detects a certain level of disparity from normative messages received by the systems. The POSIT system is programmed to shift to utilizing only the SIP BBOs when there is a certain level of disparity between the exchange book feeds and the SIP. If the Firm's Core Operations staff determines that there appears to be a significant delay or issue with the Firm's market data, they will cause POSIT to suspend trading in the impacted symbol or in all symbols in the case that they determine there is a more severe systems issue. In either event, the Core Operations staff will cause POSIT to cancel impacted orders. Cancellation reports will be sent to clients as soon as possible and POSIT's client services personnel will attempt to contact Subscribers. Where there is a severe systems interruption that prevents POSIT from recovering for the remainder of the day, POSIT will instruct Subscribers to route their orders to other market centers.
POSIT will not execute orders if the NBBO is crossed, if the NBB is below the LULD Lower Limit Price Band, if the NBO is above the LULD Upper Limit Price Band, or if the security is in a LULD Trading Pause.
POSIT will reject orders in certain NMS Stocks, including any symbols on VAL's restricted list or symbols for which VAL seeks to remain below certain volume thresholds. In those circumstances POSIT will provide clients with notice of the symbol(s) that will be unavailable by posting information on the POSIT page on the Virtu Financial, Inc. website (http://www.virtu.com).
For details on suspension of trading as a result of trade reporting outages, see Part III Item 21a.

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

**21a. Trade Reporting Arrangements:**
VAL reports all POSIT transactions to the FINRA NASDAQ CARTERET TRF.  POSIT may also report transactions to the FINRA NASDAQ Chicago TRF in the event of an outage of the FINRA NASDAQ Carteret TRF. In theevent that POSIT is unable to report transactions to the NASDAQ CARTERET TRF or NASDAQ Chicago TRF, POSIT will cease trading, cancel existing orders, and reject new orders.

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

**22a. Clearance and Settlement Arrangements:**
VAL is the counterparty to all trades that occur in POSIT and VAL clears and settles with eachcounterparty.  Broker-dealer Subscribers are required to be self-clearing or have anarrangement with a clearing firm.  All transactions are submitted to NSCC for clearance andsettlement.  Subscribers may elect to clear their transactions via a Qualified Service
Representative (QSR) agreement or via an Automated Give-Up (AGU) agreement.    For
Subscribers that are Customers, VAL will settle their transactions through the facilities of the
DTCC via RVP/DVP settlement.  VAL will clear and settle Indirect Subscriber trades in thesame manner as Direct Subscribers.

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

**23a. Market Data Sources:**
POSIT employs a proprietary market data system that uses a combination of direct market data feeds fromexchanges and market data disseminated by the Securities Information Processors (SIP) to determine the NBBO.  Specifically, POSIT uses direct market data feeds for all exchanges other than LTSE, for which the SIP is used as LTSE does not offer direct market data feeds.  POSIT utilizes this proprietary system to price, prioritize,and match orders in the POSIT Continuous and POSIT Alert Crossing Sessions, in compliancewith regulations, including Reg NMS and Reg SHO.

SIP data is used as a backup feed, and is used in place of a direct feed from a particular exchangeif that exchange is experiencing a technical issue.  Switching to the SIP data feed is done via anautomated process that compares direct feed data to SIP data.  Additionally, Core Operationshave the ability to switch to the SIP data feed on a discretionary basis.  Switching back to directfeed data from the SIP data feed is done purely on a discretionary basis, and is performed by the
Core Operations team once this team has confirmed that direct feed data in question is correct.
The SIP data feed is also used for regulatory items, including limit up/limit down bands, tradinghalts, and Reg SHO designations.

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

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

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

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