D. Other Protections
Potential additional Party(s) to implement Substance of protection protection protection 19. Registration of All Market Participants All firms operating ATSs Firms Operating ATSs Operating ATSs to trade solely for their own account and not otherwise registered with the Commission must register with the Commission. 20. Market Quality Data Trading Platforms Trading platforms must provide to all market participants a daily summary of market quality for each product traded on its platform. The feeds would include measures of execution quality including: (1) Effective spreads; (2) order to fill ratios; (3) execution speed for different types of orders and different order sizes; (4) aggressiveness imbalance; (5) price impact for given trade sizes; (6) average order duration; (7) order efficiency; (8) rejection order ratio; (9) net position changes versus volume; (10) branching ratios; (11) volume imbalance and trade intensity; (12) Herfindahl-Hirschman Indexes based on market share of open positions under common control; and (13) metrics on the number of price changing trades involving ATSs. 21. Market Quality Trading Platforms Trading platforms must Incentives implement changes that will limit market participants' abilities to improperly advantage their own orders in ways that do not contribute to efficient price discovery, including, for example: (1) Utilize a trade allocation formula that is an intermediate between a cardinal ranking (time-weighted), Pro Rata allocation formula and a Price/Time allocation formula; (2) Create a new limit order type that would prioritize orders that remain resting in the order book for some minimum amount of time; (3) Require orders not fully visible in the order book to go to the end of the queue (within limit price) with respect to trade allocation; (4) Aggregate multiple, small orders from the same legal entity entered contemporaneously at the same price level and assign them the lowest priority time stamp of all the orders so aggregated; (5) Require exchanges to use batch auctions once per half second at random times rather than use continuous trade matching; and (6) Limit visibility into the order book to aggregate size available at a limit price. 22. Policies and Trading Platforms Trading platforms must Procedures for develop and implement identifying "related" policies and procedures contracts for identifying securities or products listed on other exchanges that would constitute "related" contracts to those that are listed on their own exchange. 23. Standardize and Trading Platforms Trading platforms must Simplify Order Types work with the Commission to standardize order types across exchanges, and to reduce the overall number of order types that have complex logic embedded within them.