Admiral ATS

amendment_reason

We added language to Part II Item 7a that alerts the reader to the additional language provided in an attached text document. This applies equally to subscribers and the broker dealer operator.

amendment_reason

This filing amends the disclosures regarding Part III, Items 7a, 11c, and 19c. These amendments apply in the same manner to all Subscribers and the broker dealer operator. Item 7(a) is amended to add pegged order functionality. The amended disclosure describes the types of pegged orders accepted by the ATS, including primary, market, and midpoint pegs; the applicable NBBO reference prices; the use of ultimate limit prices and offset instructions; how effective limit prices are calculated and updated as the NBBO changes; and how pegged orders are ranked and executed. Item 11(c) is amended to describe how the ATS communicates information regarding the universe of NMS securities eligible for trading. The amended disclosure states that Admiral will maintain a list of currently traded securities on its website, that Subscribers may request the current list by email or FIX, and that changes to the eligible universe will be communicated to Subscribers by email and FIX. Item 19(c) is amended to revise the criterion for qualifying for a liquidity provider rebate. The amended disclosure states that the rebate is determined on a trade-by-trade basis based on whether, at the time of execution, the Subscriber maintained a qualifying two-sided quote in the relevant security, and clarifies how the rebate is applied to executed shares.

amendment_reason

This filing updates the amendment filed on 9-8-2026. These amendments apply in the same manner to all subscribers and the broker dealer operator. This filing amends the disclosures regarding Part III, Item 11c to clarify that Admiral maintains automated controls that are reasonably designed to prevent executions at prices that trade through protected quotations.

amendment_reason

This filing amends the disclosures regarding Part III, Items 7a, 11c, and 15b. These amendments apply in the same manner to all Subscribers and the broker dealer operator. Item 7a is amended to remove peg order functionality. Item 11c is amended to clarify how both locked and crossed markets are ruled out: If the best bid price is below the NBB, then an incoming sell order with an equal or lower price will be rejected. If the best offer price is above NBO, then an incoming buy order with an equal or higher price will be rejected. Therefore, there will never be a locked or crossed market. Item 15b is amended to state that if the best bid is non-marketable, it will not be displayed, and if the best offer is non-marketable, it will not be displayed.

amendment_reason

This filing updates the material amendment filed on 8-13-2026. This filing amends the disclosures regarding Part III, Items 7a, 11c, and 15b. These amendments apply in the same manner to all Subscribers and the broker dealer operator. Item 7a is amended to remove peg order functionality. Item 11c is amended to clarify how both locked and crossed markets are ruled out: If the best bid price is below the NBB, then an incoming sell order with an equal or lower price will be rejected. If the best offer price is above NBO, then an incoming buy order with an equal or higher price will be rejected. Therefore, there will never be a locked or crossed market. Item 15b is amended to state that the best bid (offer) displayed will be updated if a superior bid (offer) arrives.

amendment_reason

We added language to Part II Item 7a that alerts the reader to the additional language provided in an attached text document. This applies equally to subscribers and the broker dealer operator.

amends_accession

0001957871-26-000016

ats_name

Admiral Securities LLC

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Admiral Securities LLC

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Admiral Securities LLC

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Admiral Securities LLC

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Admiral Securities LLC

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Admiral Securities LLC

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Admiral Securities LLC

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Admiral ATS

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Admiral ATS

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ADMIRAL SECURITIES LLC

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ADMIRAL SECURITIES LLC

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ADMIRAL SECURITIES LLC

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ADMIRAL SECURITIES LLC

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ADMIRAL SECURITIES LLC

operator_name

ADMIRAL SECURITIES LLC

order_types

The Admiral ATS utilizes the price-time priority matching algorithm. In this algorithm, all orders at the same price level are filled according to time priority; the first order at a price level is the first order matched. All orders entered into the Admiral ATS are firm orders. An order is actionable and eligible for matching at any time until such order has expired by its terms, is canceled, or is executed. A reduction in an order's size does not affect the order's original time priority. The Admiral ATS accepts buy, sell, and sell short orders. The Admiral ATS accepts limit and post-only orders. Post-only orders can only post (i.e., add liquidity) and cannot remove liquidity on entry. If the post-only order is marketable on entry, it is rejected. Here is an example of how orders might come in, rest, and then match: ORDER A: tagged with identifier SUBSCRIBER1, a post-only, LIMIT DAY buy order to buy 500 shares of ABC @ $10 is entered in the system at 2:00 p.m.; ORDER B: tagged with identifier SUBSCRIBER2, a post-only , LIMIT DAY order to sell 500 shares of ZZZ @ $10 is entered in the system at 2:01 p.m.; ORDER A and ORDER B are "resting" orders i.e., they are posted on the ATS and they are awaiting a contra aggressive interest; ORDER C: tagged with identifier SUBSCRIBER3, a LIMIT DAY sell order to sell 500 shares of ABC @ $10 is entered in the system at 2:02 p.m.; ORDER C is immediately executed (matched with a contra interest) @ $10 at 2:02 p.m. against resting ORDER A; ORDER B remains resting on the ATS and will be held on the ATS until the end of the session, until the order is canceled, or until it is executed (matched with a contra interest) Day orders are canceled at 4:00 p.m. The minimum price variation ("MPV") or minimum trading increment is $0.01. Orders that do not meet this criterion are rejected. The Admiral ATS only accepts orders that are marked for cash (T+0) settlement. Orders must be marked with FIX tag <63> ("SettlType") equal to value 1 ("Cash") in order to be accepted. Subscribers are responsible for ensuring that orders sent to the Admiral ATS can settle on T+0. A subscriber sending orders that cannot settle on T+0 is financially liable to Admiral and Vision for the costs of remediation (e.g. loss in value of position or borrowing costs) and this could also result in a temporary or permanent expulsion from the Admiral ATS. Orders are rejected if they contain instructions or order attributes that are not supported by the ATS, such as a non-existent stock symbol or invalid time in force. The Admiral ATS does not accept orders that adjust their price as changes to the order book occur (e.g., price sliding orders or pegged orders) or have a discretionary range. Orders are not eligible for routing out to other trading venues. Time in Force (TIF) values are as follows: * Immediate Or Cancel (IOC) - immediately fills for as much volume as possible, the remaining shares are canceled back to the subscriber. * Fill or Kill (FOK) - an IOC order where the entire size must be filled, else the order is canceled. * DAY - available for trading during the regular market session until is canceled or executed (expires at market close). Orders that do not specify a TIF are rejected.

order_types

The Admiral ATS utilizes the price-time priority matching algorithm. In this algorithm, all orders at the same price level are filled according to time priority; the first order at a price level is the first order matched. All orders entered into the Admiral ATS are firm orders. An order is actionable and eligible for matching at any time until such order has expired by its terms, is canceled, or is executed. A reduction in an order's size does not affect the order's original time priority. The Admiral ATS accepts buy, sell, and sell short orders. The Admiral ATS accepts limit and post-only orders. Post-only orders can only post (i.e., add liquidity) and cannot remove liquidity on entry. If the post-only order is marketable on entry, it is rejected. Here is an example of how orders might come in, rest, and then match: ORDER A: tagged with identifier SUBSCRIBER1, a post-only, LIMIT DAY buy order to buy 500 shares of ABC @ $10 is entered in the system at 2:00 p.m.; ORDER B: tagged with identifier SUBSCRIBER2, a post-only , LIMIT DAY order to sell 500 shares of ZZZ @ $10 is entered in the system at 2:01 p.m.; ORDER A and ORDER B are "resting" orders i.e., they are posted on the ATS and they are awaiting a contra aggressive interest; ORDER C: tagged with identifier SUBSCRIBER3, a LIMIT DAY sell order to sell 500 shares of ABC @ $10 is entered in the system at 2:02 p.m.; ORDER C is immediately executed (matched with a contra interest) @ $10 at 2:02 p.m. against resting ORDER A; ORDER B remains resting on the ATS and will be held on the ATS until the end of the session, until the order is canceled, or until it is executed (matched with a contra interest) Day orders are canceled at 4:00 p.m. The minimum price variation ("MPV") or minimum trading increment is $0.01. Orders that do not meet this criterion are rejected. The Admiral ATS only accepts orders that are marked for cash (T+0) settlement. Orders must be marked with FIX tag <63> ("SettlType") equal to value 1 ("Cash") in order to be accepted. Subscribers are responsible for ensuring that orders sent to the Admiral ATS can settle on T+0. A subscriber sending orders that cannot settle on T+0 is financially liable to Admiral and Vision for the costs of remediation (e.g. loss in value of position or borrowing costs) and this could also result in a temporary or permanent expulsion from the Admiral ATS. Orders are rejected if they contain instructions or order attributes that are not supported by the ATS, such as a non-existent stock symbol or invalid time in force. The ATS accepts pegged orders. Pegged orders may include the following reference prices: (i) primary (i.e., NBB for buy orders, NBO for sell orders); (ii) market (i.e., NBO for buy orders, NBB for sell orders); and (iii) midpoint of the NBBO. Pegged orders may include an ultimate limit price. Pegged to the midpoint of the NBBO must include an ultimate limit price. Primary pegged orders may include dollar offset instructions expressed in penny increments (e.g., pegged primary plus $0.01). Market pegged orders may include dollar offset instructions expressed in penny increments (e.g., pegged market minus $0.01). Orders pegged to the midpoint of the NBBO may include dollar offset instructions ("Midpoint Offsets"), further discussed below. When used herein, a "positive" (+) offset refers to a more aggressive price, while a "negative" (-) offset refers to a less aggressive price. For instance, where the NBBO is $20.00 x $20.05, a primary pegged buy order with a positive (+) $0.01 offset will have an effective limit price of $20.01, while a primary pegged sell order with a positive (+) $0.01 offset will have an effective limit price of $20.04). Pegged orders are ranked based on their effective limit price. At no time will a peg instruction, including any offset instruction, violate an order's ultimate limit price. Midpoint Offset instructions must include two values, one value that will be applied when the NBBO spread is an even value (e.g., where the NBBO is $20.00 x $20.10) (the "Even Spread Offset") and a second value that will be applied when the NBBO spread is an odd value (e.g., where the NBBO is $20.00 x $20.05) (the "Odd Spread Offset"). Even Spread Offsets must be expressed in full penny increments. Odd Spread Offsets must be expressed in a half penny increment, not a whole penny increment (that is, $0.005, $0.015, $0.025, etc.). Midpoint Offset instructions may be expressed as positive or negative offsets. An order's Even and Odd Spread Offset instructions must be sequential (that is, an order with an Even Spread Offset of +$0.01 must include Odd Spread Offset instructions of either +$0.005 or +$0.015; no other Odd Spread Offset instructions will be accepted). Midpoint Offset instructions will not cause an order's effective limit price to be marketable relative to the prevailing NBBO. Where a Midpoint Offset instruction would cause an order to be marketable relative to the prevailing NBBO (e.g., for buy orders, equal to or greater than the NBO), the ATS will treat the order's effective limit price as one penny below the NBO (for buy orders) or one penny above the NBB (for sell orders). The ATS will disregard any positive Midpoint Offset instruction when the NBBO is one penny wide. The above adjustments operate on a dynamic basis. For instance, assume a buy order pegged to the midpoint is submitted with an Even Spread Offset instruction of +$0.01 and an Odd Spread Offset instruction of +$0.015. If, upon order receipt, the prevailing NBBO is $20.00 x $20.10, the order's effective limit price would be $20.06 (that is, $20.05, the midpoint of the NBBO, plus a $0.01 Even Spread Offset). If, prior to the order being executed or cancelled, the NBBO updates to $20.00 x $20.03, the order's effective limit price would then be $20.02. If the NBBO further narrows to $20.00 x $20.01, the order's effective limit price would then be $20.005 (that is, the ATS will disregard the order's Midpoint Offset instruction). If the NBBO subsequently widens to $20.00 x $20.05, the order's effective limit price would then be $20.04 (that is, $20.025 plus the $0.015 Odd Spread Offset). Orders are not eligible for routing out to other trading venues. Time in Force (TIF) values are as follows: * Immediate Or Cancel (IOC) - immediately fills for as much volume as possible, the remaining shares are canceled back to the subscriber. * Fill or Kill (FOK) - an IOC order where the entire size must be filled, else the order is canceled. * DAY - available for trading during the regular market session until is canceled or executed (expires at market close). Orders that do not specify a TIF are rejected.

order_types

The Admiral ATS utilizes the price-time priority matching algorithm. In this algorithm, all orders at the same price level are filled according to time priority; the first order at a price level is the first order matched. All orders entered into the Admiral ATS are firm orders. An order is actionable and eligible for matching at any time until such order has expired by its terms, is canceled, or is executed. A reduction in an order's size does not affect the order's original time priority. The Admiral ATS accepts buy, sell, and sell short orders. The Admiral ATS accepts limit and post-only orders. Post-only orders can only post (i.e., add liquidity) and cannot remove liquidity on entry. If the post-only order is marketable on entry, it is rejected. Here is an example of how orders might come in, rest, and then match: ORDER A: tagged with identifier SUBSCRIBER1, a post-only, LIMIT DAY buy order to buy 500 shares of ABC @ $10 is entered in the system at 2:00 p.m.; ORDER B: tagged with identifier SUBSCRIBER2, a post-only , LIMIT DAY order to sell 500 shares of ZZZ @ $10 is entered in the system at 2:01 p.m.; ORDER A and ORDER B are "resting" orders i.e., they are posted on the ATS and they are awaiting a contra aggressive interest; ORDER C: tagged with identifier SUBSCRIBER3, a LIMIT DAY sell order to sell 500 shares of ABC @ $10 is entered in the system at 2:02 p.m.; ORDER C is immediately executed (matched with a contra interest) @ $10 at 2:02 p.m. against resting ORDER A; ORDER B remains resting on the ATS and will be held on the ATS until the end of the session, until the order is canceled, or until it is executed (matched with a contra interest) Day orders are canceled at 4:00 p.m. The minimum price variation ("MPV") or minimum trading increment is $0.01. Orders that do not meet this criterion are rejected. The Admiral ATS only accepts orders that are marked for cash (T+0) settlement. Orders must be marked with FIX tag <63> ("SettlType") equal to value 1 ("Cash") in order to be accepted. Subscribers are responsible for ensuring that orders sent to the Admiral ATS can settle on T+0. A subscriber sending orders that cannot settle on T+0 is financially liable to Admiral and Vision for the costs of remediation (e.g. loss in value of position or borrowing costs) and this could also result in a temporary or permanent expulsion from the Admiral ATS. Orders are rejected if they contain instructions or order attributes that are not supported by the ATS, such as a non-existent stock symbol or invalid time in force. The Admiral ATS does not accept orders that adjust their price as changes to the order book occur (e.g., price sliding orders or pegged orders) or have a discretionary range. Orders are not eligible for routing out to other trading venues. Time in Force (TIF) values are as follows: * Immediate Or Cancel (IOC) - immediately fills for as much volume as possible, the remaining shares are canceled back to the subscriber. * Fill or Kill (FOK) - an IOC order where the entire size must be filled, else the order is canceled. * DAY - available for trading during the regular market session until is canceled or executed (expires at market close). Orders that do not specify a TIF are rejected.

order_types

The Admiral ATS utilizes the price-time priority matching algorithm. In this algorithm, all orders at the same price level are filled according to time priority; the first order at a price level is the first order matched. All orders entered into the Admiral ATS are firm orders. An order is actionable and eligible for matching at any time until such order has expired by its terms, is canceled, or is executed. A reduction in an order's size does not affect the order's original time priority. The Admiral ATS accepts buy, sell, and sell short orders. The Admiral ATS accepts limit and post-only orders. Post-only orders can only post (i.e., add liquidity) and cannot remove liquidity on entry. If the post-only order is marketable on entry, it is rejected. Here is an example of how orders might come in, rest, and then match: ORDER A: tagged with identifier SUBSCRIBER1, a post-only, LIMIT DAY buy order to buy 500 shares of ABC @ $10 is entered in the system at 2:00 p.m.; ORDER B: tagged with identifier SUBSCRIBER2, a post-only , LIMIT DAY order to sell 500 shares of ZZZ @ $10 is entered in the system at 2:01 p.m.; ORDER A and ORDER B are "resting" orders i.e., they are posted on the ATS and they are awaiting a contra aggressive interest; ORDER C: tagged with identifier SUBSCRIBER3, a LIMIT DAY sell order to sell 500 shares of ABC @ $10 is entered in the system at 2:02 p.m.; ORDER C is immediately executed (matched with a contra interest) @ $10 at 2:02 p.m. against resting ORDER A; ORDER B remains resting on the ATS and will be held on the ATS until the end of the session, until the order is canceled, or until it is executed (matched with a contra interest) Day orders are canceled at 4:00 p.m. The minimum price variation ("MPV") or minimum trading increment is $0.01. Orders that do not meet this criterion are rejected. The Admiral ATS only accepts orders that are marked for cash (T+0) settlement. Orders must be marked with FIX tag <63> ("SettlType") equal to value 1 ("Cash") in order to be accepted. Subscribers are responsible for ensuring that orders sent to the Admiral ATS can settle on T+0. A subscriber sending orders that cannot settle on T+0 is financially liable to Admiral and Vision for the costs of remediation (e.g. loss in value of position or borrowing costs) and this could also result in a temporary or permanent expulsion from the Admiral ATS. Orders are rejected if they contain instructions or order attributes that are not supported by the ATS, such as a non-existent stock symbol or invalid time in force. The Admiral ATS does not accept orders that adjust their price as changes to the order book occur (e.g., price sliding orders or pegged orders) or have a discretionary range. Orders are not eligible for routing out to other trading venues. Time in Force (TIF) values are as follows: * Immediate Or Cancel (IOC) - immediately fills for as much volume as possible, the remaining shares are canceled back to the subscriber. * Fill or Kill (FOK) - an IOC order where the entire size must be filled, else the order is canceled. * DAY - available for trading during the regular market session until is canceled or executed (expires at market close). Orders that do not specify a TIF are rejected.

order_types

The Admiral ATS utilizes the price-time priority matching algorithm. In this algorithm, all orders at the same price level are filled according to time priority; the first order at a price level is the first order matched. All orders entered into the Admiral ATS are firm orders. An order is actionable and eligible for matching at any time until such order has expired by its terms, is canceled, or is executed. A reduction in an order's size does not affect the order's original time priority. The Admiral ATS accepts buy, sell, and sell short orders. The Admiral ATS accepts limit and post-only orders. Post-only orders can only post (i.e., add liquidity) and cannot remove liquidity on entry. If the post-only order is marketable on entry, it is rejected. Here is an example of how orders might come in, rest, and then match: ORDER A: tagged with identifier SUBSCRIBER1, a post-only, LIMIT DAY buy order to buy 500 shares of ABC @ $10 is entered in the system at 2:00 p.m.; ORDER B: tagged with identifier SUBSCRIBER2, a post-only , LIMIT DAY order to sell 500 shares of ZZZ @ $10 is entered in the system at 2:01 p.m.; ORDER A and ORDER B are "resting" orders i.e., they are posted on the ATS and they are awaiting a contra aggressive interest; ORDER C: tagged with identifier SUBSCRIBER3, a LIMIT DAY sell order to sell 500 shares of ABC @ $10 is entered in the system at 2:02 p.m.; ORDER C is immediately executed (matched with a contra interest) @ $10 at 2:02 p.m. against resting ORDER A; ORDER B remains resting on the ATS and will be held on the ATS until the end of the session, until the order is canceled, or until it is executed (matched with a contra interest) Day orders are canceled at 4:00 p.m. The minimum price variation ("MPV") or minimum trading increment is $0.01. Orders that do not meet this criterion are rejected. The Admiral ATS only accepts orders that are marked for cash (T+0) settlement. Orders must be marked with FIX tag &lt;63> ("SettlType") equal to value 1 ("Cash") in order to be accepted. Subscribers are responsible for ensuring that orders sent to the Admiral ATS can settle on T+0. A subscriber sending orders that cannot settle on T+0 is financially liable to Admiral and Vision for the costs of remediation (e.g. loss in value of position or borrowing costs) and this could also result in a temporary or permanent expulsion from the Admiral ATS. Orders are rejected if they contain instructions or order attributes that are not supported by the ATS, such as a non-existent stock symbol or invalid time in force. The Admiral ATS does not accept orders that adjust their price as changes to the order book occur (e.g., price sliding orders or pegged orders) or have a discretionary range. Orders are not eligible for routing out to other trading venues. Time in Force (TIF) values are as follows: * Immediate Or Cancel (IOC) - immediately fills for as much volume as possible, the remaining shares are canceled back to the subscriber. * Fill or Kill (FOK) - an IOC order where the entire size must be filled, else the order is canceled. * DAY - available for trading during the regular market session until is canceled or executed (expires at market close). Orders that do not specify a TIF are rejected.

order_types

The Admiral ATS utilizes the price-time priority matching algorithm. In this algorithm, all orders at the same price level are filled according to time priority; the first order at a price level is the first order matched. All orders entered into the Admiral ATS are firm orders. An order is actionable and eligible for matching at any time until such order has expired by its terms, is canceled, or is executed. A reduction in an order's size does not affect the order's original time priority. The Admiral ATS accepts buy, sell, and sell short orders. The Admiral ATS accepts limit and post-only orders. Post-only orders can only post (i.e., add liquidity) and cannot remove liquidity on entry. If the post-only order is marketable on entry, it is rejected. Here is an example of how orders might come in, rest, and then match: ORDER A: tagged with identifier SUBSCRIBER1, a post-only, LIMIT DAY buy order to buy 500 shares of ABC @ $10 is entered in the system at 2:00 p.m.; ORDER B: tagged with identifier SUBSCRIBER2, a post-only , LIMIT DAY order to sell 500 shares of ZZZ @ $10 is entered in the system at 2:01 p.m.; ORDER A and ORDER B are "resting" orders i.e., they are posted on the ATS and they are awaiting a contra aggressive interest; ORDER C: tagged with identifier SUBSCRIBER3, a LIMIT DAY sell order to sell 500 shares of ABC @ $10 is entered in the system at 2:02 p.m.; ORDER C is immediately executed (matched with a contra interest) @ $10 at 2:02 p.m. against resting ORDER A; ORDER B remains resting on the ATS and will be held on the ATS until the end of the session, until the order is canceled, or until it is executed (matched with a contra interest) Day orders are canceled at 4:00 p.m. The minimum price variation ("MPV") or minimum trading increment is $0.01. Orders that do not meet this criterion are rejected. The Admiral ATS only accepts orders that are marked for cash (T+0) settlement. Orders must be marked with FIX tag &lt;63> ("SettlType") equal to value 1 ("Cash") in order to be accepted. Subscribers are responsible for ensuring that orders sent to the Admiral ATS can settle on T+0. A subscriber sending orders that cannot settle on T+0 is financially liable to Admiral and Vision for the costs of remediation (e.g. loss in value of position or borrowing costs) and this could also result in a temporary or permanent expulsion from the Admiral ATS. Orders are rejected if they contain instructions or order attributes that are not supported by the ATS, such as a non-existent stock symbol or invalid time in force. The Admiral ATS does not accept orders that adjust their price as changes to the order book occur (e.g., price sliding orders or pegged orders) or have a discretionary range. Orders are not eligible for routing out to other trading venues. Time in Force (TIF) values are as follows: * Immediate Or Cancel (IOC) - immediately fills for as much volume as possible, the remaining shares are canceled back to the subscriber. * Fill or Kill (FOK) - an IOC order where the entire size must be filled, else the order is canceled. * DAY - available for trading during the regular market session until is canceled or executed (expires at market close). Orders that do not specify a TIF are rejected.

means_of_entry

All trading communications between subscribers and the Admiral ATS pass through Vision using FIX 4.2 protocol. Before orders reach the Admiral ATS, Vision performs numerous risk checks. Vision performs these exact same checks to all orders sent by its correspondents and customers. These checks include buying power, duplicate orders, sub-penny stocks, price checks, and wash trades. If an Admiral subscriber order fails any of these Vision risk checks, the order will be rejected, and thus not reach the Admiral ATS. If an order passes the Vision risk checks, Vision sends the order to the Admiral ATS via a FIX connection. In addition, TRAFiX is a broker-neutral execution management system that provides a system to effectively manage the order flow for Vision's execution business. TRAFiX technology sits in the middle of the trading stack as the hosted OMS/EMS that receives inbound order flow, normalizes it, and routes it out to execution venues using Vision's routing rules. It enforces Vision's pre-trade risk controls (Rule 15c3-5 style checks and firm/trader/account limits) before orders leave Vision. If an order passes the risk checks, Vision sends the order to the Admiral ATS via a FIX connection. When an order reaches the Admiral ATS, Admiral performs a number of checks before the order enters the order book. These checks include, but are not limited to, the validity of the ticker, the order type (e.g. Admiral does not accept market orders), and the order size. If an order fails any Admiral check, it is rejected and sent back. TRAFiX also produces the compliance/audit outputs Vision needs (e.g., CAT lifecycle reporting and trade-reporting interfaces like ACT/ORF, along with order marking and supervisory controls). After fills, TRAFiX pushes post-trade messages into Vision's downstream workflow via real-time FIX drop copies and/or end-of-day files. In sum, Vision uses TRAFiX as the plumbing that ties together connectivity, routing, risk/compliance, and post-trade processing across the full order lifecycle.

means_of_entry

All trading communications between subscribers and the Admiral ATS pass through Vision using FIX 4.2 protocol. Before orders reach the Admiral ATS, Vision performs numerous risk checks. Vision performs these exact same checks to all orders sent by its correspondents and customers. These checks include buying power, duplicate orders, sub-penny stocks, price checks, and wash trades. If an Admiral subscriber order fails any of these Vision risk checks, the order will be rejected, and thus not reach the Admiral ATS. If an order passes the Vision risk checks, Vision sends the order to the Admiral ATS via a FIX connection. In addition, TRAFiX is a broker-neutral execution management system that provides a system to effectively manage the order flow for Vision's execution business. TRAFiX technology sits in the middle of the trading stack as the hosted OMS/EMS that receives inbound order flow, normalizes it, and routes it out to execution venues using Vision's routing rules. It enforces Vision's pre-trade risk controls (Rule 15c3-5 style checks and firm/trader/account limits) before orders leave Vision. If an order passes the risk checks, Vision sends the order to the Admiral ATS via a FIX connection. When an order reaches the Admiral ATS, Admiral performs a number of checks before the order enters the order book. These checks include, but are not limited to, the validity of the ticker, the order type (e.g. Admiral does not accept market orders), and the order size. If an order fails any Admiral check, it is rejected and sent back. TRAFiX also produces the compliance/audit outputs Vision needs (e.g., CAT lifecycle reporting and trade-reporting interfaces like ACT/ORF, along with order marking and supervisory controls). After fills, TRAFiX pushes post-trade messages into Vision's downstream workflow via real-time FIX drop copies and/or end-of-day files. In sum, Vision uses TRAFiX as the plumbing that ties together connectivity, routing, risk/compliance, and post-trade processing across the full order lifecycle.

means_of_entry

All trading communications between subscribers and the Admiral ATS pass through Vision using FIX 4.2 protocol. Before orders reach the Admiral ATS, Vision performs numerous risk checks. Vision performs these exact same checks to all orders sent by its correspondents and customers. These checks include buying power, duplicate orders, sub-penny stocks, price checks, and wash trades. If an Admiral subscriber order fails any of these Vision risk checks, the order will be rejected, and thus not reach the Admiral ATS. If an order passes the Vision risk checks, Vision sends the order to the Admiral ATS via a FIX connection. In addition, TRAFiX is a broker-neutral execution management system that provides a system to effectively manage the order flow for Vision's execution business. TRAFiX technology sits in the middle of the trading stack as the hosted OMS/EMS that receives inbound order flow, normalizes it, and routes it out to execution venues using Vision's routing rules. It enforces Vision's pre-trade risk controls (Rule 15c3-5 style checks and firm/trader/account limits) before orders leave Vision. If an order passes the risk checks, Vision sends the order to the Admiral ATS via a FIX connection. When an order reaches the Admiral ATS, Admiral performs a number of checks before the order enters the order book. These checks include, but are not limited to, the validity of the ticker, the order type (e.g. Admiral does not accept market orders), and the order size. If an order fails any Admiral check, it is rejected and sent back. TRAFiX also produces the compliance/audit outputs Vision needs (e.g., CAT lifecycle reporting and trade-reporting interfaces like ACT/ORF, along with order marking and supervisory controls). After fills, TRAFiX pushes post-trade messages into Vision's downstream workflow via real-time FIX drop copies and/or end-of-day files. In sum, Vision uses TRAFiX as the plumbing that ties together connectivity, routing, risk/compliance, and post-trade processing across the full order lifecycle.

means_of_entry

All trading communications between subscribers and the Admiral ATS pass through Vision using FIX 4.2 protocol. Before orders reach the Admiral ATS, Vision performs numerous risk checks. Vision performs these exact same checks to all orders sent by its correspondents and customers. These checks include buying power, duplicate orders, sub-penny stocks, price checks, and wash trades. If an Admiral subscriber order fails any of these Vision risk checks, the order will be rejected, and thus not reach the Admiral ATS. If an order passes the Vision risk checks, Vision sends the order to the Admiral ATS via a FIX connection. In addition, TRAFiX is a broker-neutral execution management system that provides a system to effectively manage the order flow for Vision's execution business. TRAFiX technology sits in the middle of the trading stack as the hosted OMS/EMS that receives inbound order flow, normalizes it, and routes it out to execution venues using Vision's routing rules. It enforces Vision's pre-trade risk controls (Rule 15c3-5 style checks and firm/trader/account limits) before orders leave Vision. If an order passes the risk checks, Vision sends the order to the Admiral ATS via a FIX connection. When an order reaches the Admiral ATS, Admiral performs a number of checks before the order enters the order book. These checks include, but are not limited to, the validity of the ticker, the order type (e.g. Admiral does not accept market orders), and the order size. If an order fails any Admiral check, it is rejected and sent back. TRAFiX also produces the compliance/audit outputs Vision needs (e.g., CAT lifecycle reporting and trade-reporting interfaces like ACT/ORF, along with order marking and supervisory controls). After fills, TRAFiX pushes post-trade messages into Vision's downstream workflow via real-time FIX drop copies and/or end-of-day files. In sum, Vision uses TRAFiX as the plumbing that ties together connectivity, routing, risk/compliance, and post-trade processing across the full order lifecycle.

means_of_entry

All trading communications between subscribers and the Admiral ATS pass through Vision using FIX 4.2 protocol. Before orders reach the Admiral ATS, Vision performs numerous risk checks. Vision performs these exact same checks to all orders sent by its correspondents and customers. These checks include buying power, duplicate orders, sub-penny stocks, price checks, and wash trades. If an Admiral subscriber order fails any of these Vision risk checks, the order will be rejected, and thus not reach the Admiral ATS. If an order passes the Vision risk checks, Vision sends the order to the Admiral ATS via a FIX connection. In addition, TRAFiX is a broker-neutral execution management system that provides a system to effectively manage the order flow for Vision's execution business. TRAFiX technology sits in the middle of the trading stack as the hosted OMS/EMS that receives inbound order flow, normalizes it, and routes it out to execution venues using Vision's routing rules. It enforces Vision's pre-trade risk controls (Rule 15c3-5 style checks and firm/trader/account limits) before orders leave Vision. If an order passes the risk checks, Vision sends the order to the Admiral ATS via a FIX connection. When an order reaches the Admiral ATS, Admiral performs a number of checks before the order enters the order book. These checks include, but are not limited to, the validity of the ticker, the order type (e.g. Admiral does not accept market orders), and the order size. If an order fails any Admiral check, it is rejected and sent back. TRAFiX also produces the compliance/audit outputs Vision needs (e.g., CAT lifecycle reporting and trade-reporting interfaces like ACT/ORF, along with order marking and supervisory controls). After fills, TRAFiX pushes post-trade messages into Vision's downstream workflow via real-time FIX drop copies and/or end-of-day files. In sum, Vision uses TRAFiX as the plumbing that ties together connectivity, routing, risk/compliance, and post-trade processing across the full order lifecycle.

means_of_entry

All trading communications between subscribers and the Admiral ATS pass through Vision using FIX 4.2 protocol. Before orders reach the Admiral ATS, Vision performs numerous risk checks. Vision performs these exact same checks to all orders sent by its correspondents and customers. These checks include buying power, duplicate orders, sub-penny stocks, price checks, and wash trades. If an Admiral subscriber order fails any of these Vision risk checks, the order will be rejected, and thus not reach the Admiral ATS. If an order passes the Vision risk checks, Vision sends the order to the Admiral ATS via a FIX connection. In addition, TRAFiX is a broker-neutral execution management system that provides a system to effectively manage the order flow for Vision's execution business. TRAFiX technology sits in the middle of the trading stack as the hosted OMS/EMS that receives inbound order flow, normalizes it, and routes it out to execution venues using Vision's routing rules. It enforces Vision's pre-trade risk controls (Rule 15c3-5 style checks and firm/trader/account limits) before orders leave Vision. If an order passes the risk checks, Vision sends the order to the Admiral ATS via a FIX connection. When an order reaches the Admiral ATS, Admiral performs a number of checks before the order enters the order book. These checks include, but are not limited to, the validity of the ticker, the order type (e.g. Admiral does not accept market orders), and the order size. If an order fails any Admiral check, it is rejected and sent back. TRAFiX also produces the compliance/audit outputs Vision needs (e.g., CAT lifecycle reporting and trade-reporting interfaces like ACT/ORF, along with order marking and supervisory controls). After fills, TRAFiX pushes post-trade messages into Vision's downstream workflow via real-time FIX drop copies and/or end-of-day files. In sum, Vision uses TRAFiX as the plumbing that ties together connectivity, routing, risk/compliance, and post-trade processing across the full order lifecycle.

pricing_methodology

The ATS receives NBBO data from the Nasdaq SIP feed. Admiral's market data provider is Options Technology. The data is used to ensure that executions do not happen at prices outside the NBBO bounds, as discussed in Part III, Item 11c.

pricing_methodology

The ATS receives NBBO data from the Nasdaq SIP feed. Admiral's market data provider is Options Technology. The data is used to ensure that executions do not happen at prices outside the NBBO bounds, as discussed in Part III, Item 11c.

pricing_methodology

The ATS receives NBBO data from the Nasdaq SIP feed. Admiral's market data provider is Options Technology. The data is used to ensure that executions do not happen at prices outside the NBBO bounds, as discussed in Part III, Item 11c.

pricing_methodology

The ATS receives NBBO data from the Nasdaq SIP feed. Admiral's market data provider is Options Technology. The data is used to ensure that executions do not happen at prices outside the NBBO bounds, as discussed in Part III, Item 11c.

pricing_methodology

The ATS receives NBBO data from the Nasdaq SIP feed. Admiral's market data provider is Options Technology. The data is used to ensure that executions do not happen at prices outside the NBBO bounds, as discussed in Part III, Item 11c.

pricing_methodology

The ATS receives NBBO data from the Nasdaq SIP feed. Admiral's market data provider is Options Technology. The data is used to ensure that executions do not happen at prices outside the NBBO bounds, as discussed in Part III, Item 11c.

order_segmentation

false

order_segmentation

false

order_segmentation

false

order_segmentation

false

order_segmentation

false

financial_condition_summary

Admiral does not charge a subscription, onboarding, or connectivity or message traffic fee (or any other fee that is not transaction-based) for use of the ATS services. Admiral does not provide market data to subscribers ("market data" refers to publicly disseminated equity market data and not data from the Admiral ATS.). Admiral does not charge subscribers any display fees (see Item 15). Fees are on a per-share basis, with $0.005 per share for taking liquidity and $0 for making liquidity. Admiral may, on a limited-time basis, reduce the standard $0.005-per-share taker fee by up to 50 percent (i.e., as low as $0.0025 per share). These discounts are offered only for promotional, volume-based, or liquidity-enhancement purposes, and run for a predefined period.

financial_condition_summary

Admiral does not charge a subscription, onboarding, or connectivity or message traffic fee (or any other fee that is not transaction-based) for use of the ATS services. Admiral does not provide market data to subscribers ("market data" refers to publicly disseminated equity market data and not data from the Admiral ATS.). Admiral does not charge subscribers any display fees (see Item 15). Fees are on a per-share basis, with $0.005 per share for taking liquidity and $0 for making liquidity. Admiral may, on a limited-time basis, reduce the standard $0.005-per-share taker fee by up to 50 percent (i.e., as low as $0.0025 per share). These discounts are offered only for promotional, volume-based, or liquidity-enhancement purposes, and run for a predefined period.

financial_condition_summary

Admiral does not charge a subscription, onboarding, or connectivity or message traffic fee (or any other fee that is not transaction-based) for use of the ATS services. Admiral does not provide market data to subscribers ("market data" refers to publicly disseminated equity market data and not data from the Admiral ATS.). Admiral does not charge subscribers any display fees (see Item 15). Fees are on a per-share basis, with $0.005 per share for taking liquidity and $0 for making liquidity. Admiral may, on a limited-time basis, reduce the standard $0.005-per-share taker fee by up to 50 percent (i.e., as low as $0.0025 per share). These discounts are offered only for promotional, volume-based, or liquidity-enhancement purposes, and run for a predefined period.

financial_condition_summary

Admiral does not charge a subscription, onboarding, or connectivity or message traffic fee (or any other fee that is not transaction-based) for use of the ATS services. Admiral does not provide market data to subscribers ("market data" refers to publicly disseminated equity market data and not data from the Admiral ATS.). Admiral does not charge subscribers any display fees (see Item 15). Fees are on a per-share basis, with $0.005 per share for taking liquidity and $0 for making liquidity. Admiral may, on a limited-time basis, reduce the standard $0.005-per-share taker fee by up to 50 percent (i.e., as low as $0.0025 per share). These discounts are offered only for promotional, volume-based, or liquidity-enhancement purposes, and run for a predefined period.

financial_condition_summary

Admiral does not charge a subscription, onboarding, or connectivity or message traffic fee (or any other fee that is not transaction-based) for use of the ATS services. Admiral does not provide market data to subscribers ("market data" refers to publicly disseminated equity market data and not data from the Admiral ATS.). Admiral does not charge subscribers any display fees (see Item 15). Fees are on a per-share basis, with $0.005 per share for taking liquidity and $0 for making liquidity. Admiral may, on a limited-time basis, reduce the standard $0.005-per-share taker fee by up to 50 percent (i.e., as low as $0.0025 per share). These discounts are offered only for promotional, volume-based, or liquidity-enhancement purposes, and run for a predefined period.

financial_condition_summary

Admiral does not charge a subscription, onboarding, or connectivity or message traffic fee (or any other fee that is not transaction-based) for use of the ATS services. Admiral does not provide market data to subscribers ("market data" refers to publicly disseminated equity market data and not data from the Admiral ATS.). Admiral does not charge subscribers any display fees (see Item 15). Fees are on a per-share basis, with $0.005 per share for taking liquidity and $0 for making liquidity. Admiral may, on a limited-time basis, reduce the standard $0.005-per-share taker fee by up to 50 percent (i.e., as low as $0.0025 per share). These discounts are offered only for promotional, volume-based, or liquidity-enhancement purposes, and run for a predefined period.

compliance_officer

DEFINITION OF CONFIDENTIAL TRADING INFORMATION Confidential trading information (CTI) of subscribers to the Admiral ATS consists of: *The identity of the subscriber *All orders and related messages transmitted to the Admiral ATS by a subscriber *All transactions executed in the Admiral ATS *FIX logs of incoming subscribers' order management operations and outgoing order states reports. *Database Information: Transaction and configuration data stored in the Admiral ATS databases *ATS System Logs: ATS order management/execution management system logs, ATS matching engine logs, ATS Market Data Feeder logs, EOD/BOD process logs, logs of the ATS Administrative front-end *E-mail, issue tracking system communications, and notes related to the ATS system support operations between the subscriber and Admiral

compliance_officer

DEFINITION OF CONFIDENTIAL TRADING INFORMATION Confidential trading information (CTI) of subscribers to the Admiral ATS consists of: *The identity of the subscriber *All orders and related messages transmitted to the Admiral ATS by a subscriber *All transactions executed in the Admiral ATS *FIX logs of incoming subscribers' order management operations and outgoing order states reports. *Database Information: Transaction and configuration data stored in the Admiral ATS databases *ATS System Logs: ATS order management/execution management system logs, ATS matching engine logs, ATS Market Data Feeder logs, EOD/BOD process logs, logs of the ATS Administrative front-end *E-mail, issue tracking system communications, and notes related to the ATS system support operations between the subscriber and Admiral Please find additional information regarding safeguards and procedures for protecting CTI in the attached document.

compliance_officer

DEFINITION OF CONFIDENTIAL TRADING INFORMATION Confidential trading information (CTI) of subscribers to the Admiral ATS consists of: *The identity of the subscriber *All orders and related messages transmitted to the Admiral ATS by a subscriber *All transactions executed in the Admiral ATS *FIX logs of incoming subscribers' order management operations and outgoing order states reports. *Database Information: Transaction and configuration data stored in the Admiral ATS databases *ATS System Logs: ATS order management/execution management system logs, ATS matching engine logs, ATS Market Data Feeder logs, EOD/BOD process logs, logs of the ATS Administrative front-end *E-mail, issue tracking system communications, and notes related to the ATS system support operations between the subscriber and Admiral Please find additional information regarding safeguards and procedures for protecting CTI in the attached document.

compliance_officer

DEFINITION OF CONFIDENTIAL TRADING INFORMATION Confidential trading information (CTI) of subscribers to the Admiral ATS consists of: *The identity of the subscriber *All orders and related messages transmitted to the Admiral ATS by a subscriber *All transactions executed in the Admiral ATS *FIX logs of incoming subscribers' order management operations and outgoing order states reports. *Database Information: Transaction and configuration data stored in the Admiral ATS databases *ATS System Logs: ATS order management/execution management system logs, ATS matching engine logs, ATS Market Data Feeder logs, EOD/BOD process logs, logs of the ATS Administrative front-end *E-mail, issue tracking system communications, and notes related to the ATS system support operations between the subscriber and Admiral

compliance_officer

DEFINITION OF CONFIDENTIAL TRADING INFORMATION Confidential trading information (CTI) of subscribers to the Admiral ATS consists of: *The identity of the subscriber *All orders and related messages transmitted to the Admiral ATS by a subscriber *All transactions executed in the Admiral ATS *FIX logs of incoming subscribers' order management operations and outgoing order states reports. *Database Information: Transaction and configuration data stored in the Admiral ATS databases *ATS System Logs: ATS order management/execution management system logs, ATS matching engine logs, ATS Market Data Feeder logs, EOD/BOD process logs, logs of the ATS Administrative front-end *E-mail, issue tracking system communications, and notes related to the ATS system support operations between the subscriber and Admiral Please find additional information regarding safeguards and procedures for protecting CTI in the attached document.

compliance_officer

DEFINITION OF CONFIDENTIAL TRADING INFORMATION Confidential trading information (CTI) of subscribers to the Admiral ATS consists of: *The identity of the subscriber *All orders and related messages transmitted to the Admiral ATS by a subscriber *All transactions executed in the Admiral ATS *FIX logs of incoming subscribers' order management operations and outgoing order states reports. *Database Information: Transaction and configuration data stored in the Admiral ATS databases *ATS System Logs: ATS order management/execution management system logs, ATS matching engine logs, ATS Market Data Feeder logs, EOD/BOD process logs, logs of the ATS Administrative front-end *E-mail, issue tracking system communications, and notes related to the ATS system support operations between the subscriber and Admiral Please find additional information regarding safeguards and procedures for protecting CTI in the attached document.

compliance_officer

DEFINITION OF CONFIDENTIAL TRADING INFORMATION Confidential trading information (CTI) of subscribers to the Admiral ATS consists of: *The identity of the subscriber *All orders and related messages transmitted to the Admiral ATS by a subscriber *All transactions executed in the Admiral ATS *FIX logs of incoming subscribers' order management operations and outgoing order states reports. *Database Information: Transaction and configuration data stored in the Admiral ATS databases *ATS System Logs: ATS order management/execution management system logs, ATS matching engine logs, ATS Market Data Feeder logs, EOD/BOD process logs, logs of the ATS Administrative front-end *E-mail, issue tracking system communications, and notes related to the ATS system support operations between the subscriber and Admiral Please find additional information regarding safeguards and procedures for protecting CTI in the attached document.

nms_equity

true

nms_equity

true

nms_equity

true

nms_equity

true

nms_equity

true

nms_equity

true

nms_equity

true

nms_equity

true

subscriber_types

Brokers

subscriber_types

Brokers

subscriber_types

Brokers

subscriber_types

Brokers

subscriber_types

Brokers

hours_of_operation

The ATS accepts orders between 9:30am ET and 4:00pm ET on weekdays, and follows the New York Stock Exchange hours of operation on partial trading days and holidays.

hours_of_operation

The ATS accepts orders between 9:30am ET and 4:00pm ET on weekdays, and follows the New York Stock Exchange hours of operation on partial trading days and holidays.

hours_of_operation

The ATS accepts orders between 9:30am ET and 4:00pm ET on weekdays, and follows the New York Stock Exchange hours of operation on partial trading days and holidays.

hours_of_operation

The ATS accepts orders between 9:30am ET and 4:00pm ET on weekdays, and follows the New York Stock Exchange hours of operation on partial trading days and holidays.

hours_of_operation

The ATS accepts orders between 9:30am ET and 4:00pm ET on weekdays, and follows the New York Stock Exchange hours of operation on partial trading days and holidays.

hours_of_operation

The ATS accepts orders between 9:30am ET and 4:00pm ET on weekdays, and follows the New York Stock Exchange hours of operation on partial trading days and holidays.

display_best_quotes

The Admiral ATS immediately displays, via FIX messaging, to all subscribers (and only subscribers) the best bid and offer prices currently posted on the Admiral ATS, for each NMS security. These communications happen through a direct FIX connection between Admiral and the subscriber (i.e., not through Vision). These are displayed until the corresponding orders are either canceled or executed. In addition, the sizes of the best bids and offers are also displayed to subscribers. Subscribers cannot opt out of having their bid or offer prices displayed, if they are top of the book. Subscribers are permitted to disseminate the Admiral ATS top of book data to other parties. If there are no bid and/or offer prices for a particular security, no bid and/or offer price will be displayed. During a trade stoppage, no prices will be displayed. Under no circumstance are the identities of subscribers posting the best prices be disseminated.

display_trading_interest

false

display_trading_interest

false

display_trading_interest

false

display_trading_interest

false

display_trading_interest

false

execution_services

The Admiral ATS does not accept orders for each security until the primary market for that security has opened. The status of the primary market is provided by Admiral's market data provider. Orders will be accepted regardless of whether the book contains both bids and offers, and are matched based on price time priority. During a stoppage (block) on the primary market, the Admiral ATS does not accept new orders. After a stoppage (as discussed in more detail in Item 20 below) on the primary market for a given security, the Admiral ATS does not accept or match orders in that security until the primary market for the stock has recommenced trading. Existing orders are not cancelled during a pause, but are cancelled during a stoppage.

execution_services

The Admiral ATS does not accept orders for each security until the primary market for that security has opened. The status of the primary market is provided by Admiral's market data provider. Orders will be accepted regardless of whether the book contains both bids and offers, and are matched based on price time priority. During a stoppage (block) on the primary market, the Admiral ATS does not accept new orders. After a stoppage (as discussed in more detail in Item 20 below) on the primary market for a given security, the Admiral ATS does not accept or match orders in that security until the primary market for the stock has recommenced trading. Existing orders are not cancelled during a pause, but are cancelled during a stoppage.

execution_services

The Admiral ATS does not accept orders for each security until the primary market for that security has opened. The status of the primary market is provided by Admiral's market data provider. Orders will be accepted regardless of whether the book contains both bids and offers, and are matched based on price time priority. During a stoppage (block) on the primary market, the Admiral ATS does not accept new orders. After a stoppage (as discussed in more detail in Item 20 below) on the primary market for a given security, the Admiral ATS does not accept or match orders in that security until the primary market for the stock has recommenced trading. Existing orders are not cancelled during a pause, but are cancelled during a stoppage.

execution_services

The Admiral ATS does not accept orders for each security until the primary market for that security has opened. The status of the primary market is provided by Admiral's market data provider. Orders will be accepted regardless of whether the book contains both bids and offers, and are matched based on price time priority. During a stoppage (block) on the primary market, the Admiral ATS does not accept new orders. After a stoppage (as discussed in more detail in Item 20 below) on the primary market for a given security, the Admiral ATS does not accept or match orders in that security until the primary market for the stock has recommenced trading. Existing orders are not cancelled during a pause, but are cancelled during a stoppage.

execution_services

The Admiral ATS does not accept orders for each security until the primary market for that security has opened. The status of the primary market is provided by Admiral's market data provider. Orders will be accepted regardless of whether the book contains both bids and offers, and are matched based on price time priority. During a stoppage (block) on the primary market, the Admiral ATS does not accept new orders. After a stoppage (as discussed in more detail in Item 20 below) on the primary market for a given security, the Admiral ATS does not accept or match orders in that security until the primary market for the stock has recommenced trading. Existing orders are not cancelled during a pause, but are cancelled during a stoppage.

execution_services

The Admiral ATS does not accept orders for each security until the primary market for that security has opened. The status of the primary market is provided by Admiral's market data provider. Orders will be accepted regardless of whether the book contains both bids and offers, and are matched based on price time priority. During a stoppage (block) on the primary market, the Admiral ATS does not accept new orders. After a stoppage (as discussed in more detail in Item 20 below) on the primary market for a given security, the Admiral ATS does not accept or match orders in that security until the primary market for the stock has recommenced trading. Existing orders are not cancelled during a pause, but are cancelled during a stoppage.