Boston, May 1, 2014 – Increased market competition has defined global equities markets for well over a decade, and innovation in the alternative trading system market continues undeterred. Four new venues—Aquis Exchange, IEX Group, Thomson Reuters Block Connect, and Tripleshot—have staked their reputations as the next generation of electronic equities venues. Though their success is far from certain, they offer a number of market innovations that fundamentally challenge the way ATSs have been created and run.

This Impact Note profiles four new ATS competitors that are shaking up the ATS status quo and highlights their innovations. The piece is based on qualitative interviews with new ATSs as well as feedback from leading broker-dealers and buy-side firms.

This 22-page Impact Note contains eight figures and two tables. Clients of Aite Group's Institutional Securities & Investments service can download this report.