United States of America: Closed consultation on SEC Amendment on the definition of security exchange

On 13 June 2022, the US Security and Exchanges Commission closed the consultation on the draft amendment on the definition of security exchange. The proposal would request more Alternative Trading Systems (ATS) that trade government securities to register as exchanges or as broker-dealers and comply with the dedicated regulation. The reform attempts to modernize SEC's rules in front of the increasing electronification of trading platforms. In particular, the proposal extends the regulation by SEC to ATS that offers the use of non-firm trading interest and provides protocols to allow the matching of buyers and sellers for trading any type of security.