With the growing dependence on information systems and evolving regulatory requirements, electronic trading operators such as Alternative Trading System (ATS) operators, Dark Pools/Alternative Liquidity Providers (ALP), High Frequency Trading (HFT) and Direct Market Access (DMA) firms are facing heightened compliance, operational and technological challenges in the United States and Europe. Regulators expect firms with electronic trading operations to conduct thorough assessments on a regular basis, establish a process to demonstrate the effectiveness of operational and technology controls and ensure compliance with regulatory requirements.



Dark Pools/ ALP

DMA/ Algo/ DCM/
 Smart Order Routing

  Regulated Markets

  • Market Access Rule 15c3-5
  • FINRA/ SEC ATS Registration
  • Internal Controls Assessment
  • Operational Risk Assessments
  • Annual Audit Support
  • Exception Report Testing and Validation
  • Conflicts Reviews (Manning Rule)
  • AML & Trade Surveillance
  • Business Impact Analysis
  • FINRA 3110 and 3310 Annual and AML Testing
  • Compliance/ Risk Metrics & Dashboards
  • Toxicity Assessments
  • Trade Surveillance
  • Liquidity Profiling
  • Independent Controls Review
  • Reg NMS/ MiFID Health Check Review
  • Operational Risk Assessment
  • Transaction Reporting
  • Customer Disclosures Assessment
  • Data Storage & Management
  • Information Security & Data Protection
  • Risk Metrics & Dashboards
  • Market Access Rule 15c3-5
  • Trade Order Routing & Matching Functionality
  • Trade Surveillance
  • Record Keeping Requirements
  • Pre- & Post-Trade Transparency
  • CFTC Regulation AT Compliance
  • Clearing and Reporting Functionality
  • Regulation S-P Compliance
  • Entitlements and Data Protection
  • Risk Metrics & Dashboards
  • Consolidated Audit Trail (CAT)
  • Market Access Rule 15c3-5
  • Expert Witness & Litigation Support
  • Continuing Disclosures & Reporting
  • Regulation SCI Compliance
  • Operational Risk Assessments
  • Technology Governance
  • Business & Risk Controls Assessment
  • Trade and Regulatory Reporting
  • Written Supervisory Procedures
  • Risk Metrics & Dashboards

Accordo’s Electronic Trading Services