The ATS operates a fully automated electronic book (“Order Book”) for orders to buy or sell securities (“orders”) with a continuous, automated and automatic matching function. Liquidity is derived from orders to buy and orders to sell submitted to the ATS electronically by its Subscribers from remote locations via electronic order entry connectivity. All orders submitted to the ATS are firm, and are eligible for automatic execution by the System, consistent with the instructions and conditions indicated on the order as submitted by Subscribers of the ATS.