ATS LAUNCH
Sequencing FINRA membership approval and Form ATS-N
How the membership application and ATS filing interact, and where the dependencies sit in a launch timeline.
Brief in preparationRegulatory buildouts for digital markets
Launch compliant digital markets in the US
A prepackaged path to regulatory compliant digital securities programs, from FINRA filing through venue buildout, staffing, and day-one operations.
PRODUCTS IN SCOPE
Public Market SecuritiesPrivate Market SecuritiesCommoditiesDerivativesDigital Assets
Services
One integrated program, from filing to first trade
Primary Issuance Platforms
Reg D, Reg A+, and Reg CF issuance infrastructure with the broker-dealer structure to support it.
Secondary Trading Venues
ATS design, FINRA membership filings, Form ATS-N, rulebooks, and subscriber agreements.
Tokenized Securities Venues
Tokenized Treasuries, repo, and equities, with custodial or non-custodial wallet models and DTC-participant clearing.
Prediction Markets
Regulatory pathway assessment and venue structuring under the applicable regulator.
Automated Market Makers
Liquidity design for securities venues within broker-dealer and ATS rules.
Registered Personnel
Principals, CCO, FINOP, AML officer, and registered representatives matched to the venue activity.
Compliance Program Buildout
WSPs, AML and KYC, surveillance, books and records, and cybersecurity policies.
Approach
A defined path to an approved, operating venue
- 01AssessBusiness model, product scope, and regulatory pathway.
- 02FileFINRA NMA or CMA, Form ATS-N, and supporting exhibits.
- 03BuildVenue technology, clearing, custody, and procedures.
- 04StaffRegistered principals and supervisory personnel.
- 05OperateLaunch support through the first FINRA examination.
Registered personnel
Staffing matched to each venue's activity
DSS provides or places the registered roles a broker-dealer and venue require at approval and in operation.
Principals
General securities and supervisory principals for venue and broker-dealer oversight.
Chief Compliance Officer
Compliance program ownership, testing, and annual certification.
FINOP
Net capital, financial reporting, and FOCUS filings.
AML Compliance Officer
AML program, monitoring, and suspicious activity reporting.
Registered Representatives
Subscriber onboarding and venue operations support.
Supervisory Structure
Designation of supervisors and reporting lines documented in the WSPs.
Scope a program for your venue or product
Schedule a ConsultationInsights
Regulatory briefs on digital market structure
Short analyses for operators, issuers, and broker-dealers building regulated digital securities programs.
TOKENIZATION
Tokenized Treasuries and repo: custody and settlement models
A comparison of custodial and non-custodial structures for tokenized fixed income on a regulated venue.
Brief in preparationSTAFFING
Registered roles regulators expect at a new broker-dealer
The principal, compliance, financial, and AML functions reviewed in a membership application.
Brief in preparationDiscuss a topic with a principal
Schedule a ConsultationContact
Schedule a consultation
Share the venue or product under consideration. A principal will respond within one business day.
Legal
Disclosures, privacy, and terms
Disclosures
Digital Securities Services LLC is a consulting firm. It is not a broker-dealer, alternative trading system, investment adviser, or law firm, and does not offer, sell, or solicit transactions in securities.
Digital Securities Services LLC is not registered with the Commodity Futures Trading Commission or the National Futures Association in any capacity, including as a futures commission merchant, introducing broker, commodity trading advisor, or commodity pool operator, and does not execute or solicit transactions in commodities or derivatives.
Nothing on this website constitutes legal, tax, or investment advice, or a guarantee of any regulatory outcome or timeline.
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Terms of Use
Content on this website is provided for general information only and does not create an advisory or client relationship. [Full terms of use to be published following counsel review.]