Initial Form ATS-N Filing; Notice of Extension of Commission Review Period, 26456-26457 [2019-11826]
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26456
Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86002; File No. 013–00132]
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
khammond on DSKBBV9HB2PROD with NOTICES
June 3, 2019.
On February 12, 2019, LeveL ATS
filed an initial Form ATS–N (‘‘Form
ATS–N’’) with the Securities and
Exchange Commission (‘‘Commission’’).
Pursuant to Rule 304 under the
Securities and Exchange Act of 1934
(‘‘Act’’), the Commission may, after
notice and an opportunity for hearing,
declare an initial Form ATS–N
ineffective no later than 120 days from
the date of filing with the Commission,
or, if applicable, the extended review
period. June 12, 2019 is 120 calendar
days from the date of filing. Pursuant to
Rule 304(a)(1)(iv)(B), the Commission
may extend the initial Form ATS–N
review period for up to an additional
120 calendar days if the initial Form
ATS–N is unusually lengthy or raises
novel or complex issues that require
additional time for review.
LeveL ATS was operating pursuant to
an initial operation report on Form ATS
on file with the Commission as of
January 7, 2019.1 LeveL ATS filed an
initial Form ATS–N on February 12,
2019. During the initial 120 calendar
day review period, the Commission staff
has been reviewing the disclosures on
LeveL ATS’s initial Form ATS–N. In
addition, the staff has been engaged in
ongoing discussions with LeveL ATS
about its disclosures and manner of
operations, as well as the requirements
of Form ATS–N, to facilitate complete
and comprehensible disclosures that
reflect the complexities of those
operations.
Form ATS–N requires NMS Stock
ATSs to file with the Commission, and
disclose to the public for the first time,
certain information, including
descriptions by the NMS Stock ATSs of
their fees, the trading activities by their
broker-dealer operators and their
affiliates in the NMS Stock ATSs, their
use of market data, their written
standards for granting access to trading
on the NMS Stock ATSs, and their
written safeguards and procedures for
protecting their subscribers’ confidential
trading information required by revised
Rule 301(b)(10) of Regulation ATS. The
initial Form ATS–N disclosures and
1 An NMS Stock ATS (as defined in Rule 300(k)
of Regulation ATS) that was operating pursuant to
an initial operation report on Form ATS on file with
the Commission as of January 7, 2019 is a ‘‘Legacy
NMS Stock ATS.’’ 17 CFR 242.301(b)(2)(viii).
VerDate Sep<11>2014
16:11 Jun 05, 2019
Jkt 247001
discussions with Commission staff have
revealed complexities about the
operations of Legacy NMS Stock ATSs
including, among other things, matching
functionalities, means of order entry,
order interaction and execution
procedures, conditional order processes,
segmentation of orders, and
counterparty selection protocols. The
Commission staff needs additional time
to review novel and complex issues
such as these, which Commission staff
has discussed with LeveL ATS.
Extending the initial Form ATS–N
Commission review period for an
additional 120 calendar days will
provide Commission staff an
opportunity to continue its review of the
initial Form ATS–N disclosures and
discussions with LeveL ATS.
In the conversations between LeveL
ATS and Commission staff about the
initial Form ATS–N disclosures and the
ATS operations, Commission staff and
LeveL ATS have discussed a potential
amendment to update LeveL ATS’s
disclosures regarding the complexities
of its operations. Extending the review
period will enable the NMS Stock ATS
to amend its disclosures, if appropriate,
and allow Commission staff to conduct
a thorough review of amendments to the
initial disclosures provided on the
initial Form ATS–N.
For the reasons given above, the
Commission is extending the review
period of the initial Form ATS–N
submitted by LeveL ATS. Accordingly,
pursuant to Rule 304(a)(1)(iv)(B),
October 10, 2019 is the date by which
the Commission may declare the initial
Form ATS–N submitted by LeveL ATS
ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11868 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85975; File No. 013–00052]
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
May 31, 2019.
On February 6, 2019, SuperX ATS
filed an initial Form ATS–N (‘‘Form
ATS–N’’) with the Securities and
Exchange Commission (‘‘Commission’’).
Pursuant to Rule 304 under the
Securities and Exchange Act of 1934
(‘‘Act’’), the Commission may, after
notice and an opportunity for hearing,
declare an initial Form ATS–N
PO 00000
Frm 00060
Fmt 4703
Sfmt 4703
ineffective no later than 120 days from
the date of filing with the Commission,
or, if applicable, the extended review
period. June 6, 2019 is 120 calendar
days from the date of filing. Pursuant to
Rule 304(a)(1)(iv)(B), the Commission
may extend the initial Form ATS–N
review period for up to an additional
120 calendar days if the initial Form
ATS–N is unusually lengthy or raises
novel or complex issues that require
additional time for review.
SuperX ATS was operating pursuant
to an initial operation report on Form
ATS on file with the Commission as of
January 7, 2019.1 SuperX ATS filed an
initial Form ATS–N on February 6,
2019. During the initial 120 calendar
day review period, the Commission staff
has been reviewing the disclosures on
SuperX ATS’s initial Form ATS–N. In
addition, the staff has been engaged in
ongoing discussions with SuperX ATS
about its disclosures and manner of
operations, as well as the requirements
of Form ATS–N, to facilitate complete
and comprehensible disclosures that
reflect the complexities of those
operations.
Form ATS–N requires NMS Stock
ATSs to file with the Commission, and
disclose to the public for the first time,
certain information, including
descriptions by the NMS Stock ATSs of
their fees, the trading activities by their
broker-dealer operators and their
affiliates in the NMS Stock ATSs, their
use of market data, their written
standards for granting access to trading
on the NMS Stock ATSs, and their
written safeguards and procedures for
protecting their subscribers’ confidential
trading information required by revised
Rule 301(b)(10) of Regulation ATS. The
initial Form ATS–N disclosures and
discussions with Commission staff have
revealed complexities about the
operations of Legacy NMS Stock ATSs
including, among other things, matching
functionalities, means of order entry,
order interaction and execution
procedures, conditional order processes,
segmentation of orders, and
counterparty selection protocols. The
Commission staff needs additional time
to review novel and complex issues
such as these, which Commission staff
has discussed with SuperX ATS.
Extending the initial Form ATS–N
Commission review period for an
additional 120 calendar days will
provide Commission staff an
opportunity to continue its review of the
1 An NMS Stock ATS (as defined in Rule 300(k)
of Regulation ATS) that was operating pursuant to
an initial operation report on Form ATS on file with
the Commission as of January 7, 2019 is a ‘‘Legacy
NMS Stock ATS.’’ 17 CFR 242.301(b)(2)(viii).
E:\FR\FM\06JNN1.SGM
06JNN1
Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices
initial Form ATS–N disclosures and
discussions with SuperX ATS.
In the conversations between SuperX
ATS and Commission staff about the
initial Form ATS–N disclosures and the
ATS operations, Commission staff and
SuperX ATS have discussed a potential
amendment to update SuperX ATS’s
disclosures regarding the complexities
of its operations. Extending the review
period will enable the NMS Stock ATS
to amend its disclosures, if appropriate,
and allow Commission staff to conduct
a thorough review of amendments to the
initial disclosures provided on the
initial Form ATS–N.
For the reasons given above, the
Commission is extending the review
period of the initial Form ATS–N
submitted by SuperX ATS. Accordingly,
pursuant to Rule 304(a)(1)(iv)(B),
October 4, 2019 is the date by which the
Commission may declare the initial
Form ATS–N submitted by SuperX ATS
ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11826 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85982; File No. 013–00107]
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
khammond on DSKBBV9HB2PROD with NOTICES
May 31, 2019.
On February 8, 2019, Liquidnet
Negotiation ATS filed an initial Form
ATS–N (‘‘Form ATS–N’’) with the
Securities and Exchange Commission
(‘‘Commission’’). Pursuant to Rule 304
under the Securities and Exchange Act
of 1934 (‘‘Act’’), the Commission may,
after notice and an opportunity for
hearing, declare an initial Form ATS–N
ineffective no later than 120 days from
the date of filing with the Commission,
or, if applicable, the extended review
period. June 8, 2019 is 120 calendar
days from the date of filing. Pursuant to
Rule 304(a)(1)(iv)(B), the Commission
may extend the initial Form ATS–N
review period for up to an additional
120 calendar days if the initial Form
ATS–N is unusually lengthy or raises
novel or complex issues that require
additional time for review.
Liquidnet Negotiation ATS was
operating pursuant to an initial
operation report on Form ATS on file
with the Commission as of January 7,
VerDate Sep<11>2014
16:11 Jun 05, 2019
Jkt 247001
2019.1 Liquidnet Negotiation ATS filed
an initial Form ATS–N on February 8,
2019. During the initial 120 calendar
day review period, the Commission staff
has been reviewing the disclosures on
Liquidnet Negotiation ATS’s initial
Form ATS–N. In addition, the staff has
been engaged in ongoing discussions
with Liquidnet Negotiation ATS about
its disclosures and manner of
operations, as well as the requirements
of Form ATS–N, to facilitate complete
and comprehensible disclosures that
reflect the complexities of those
operations.
Form ATS–N requires NMS Stock
ATSs to file with the Commission, and
disclose to the public for the first time,
certain information, including
descriptions by the NMS Stock ATSs of
their fees, the trading activities by their
broker-dealer operators and their
affiliates in the NMS Stock ATSs, their
use of market data, their written
standards for granting access to trading
on the NMS Stock ATSs, and their
written safeguards and procedures for
protecting their subscribers’ confidential
trading information required by revised
Rule 301(b)(10) of Regulation ATS. The
initial Form ATS–N disclosures and
discussions with Commission staff have
revealed complexities about the
operations of Legacy NMS Stock ATSs
including, among other things, matching
functionalities, means of order entry,
order interaction and execution
procedures, conditional order processes,
segmentation of orders, and
counterparty selection protocols. The
Commission staff needs additional time
to review novel and complex issues
such as these, which Commission staff
has discussed with Liquidnet
Negotiation ATS. Extending the initial
Form ATS–N Commission review
period for an additional 120 calendar
days will provide Commission staff an
opportunity to continue its review of the
initial Form ATS–N disclosures and
discussions with Liquidnet Negotiation
ATS.
In the conversations between
Liquidnet Negotiation ATS and
Commission staff about the initial Form
ATS–N disclosures and the ATS
operations, Commission staff and
Liquidnet Negotiation ATS have
discussed a potential amendment to
update Liquidnet Negotiation ATS’s
disclosures regarding the complexities
of its operations. Extending the review
period will enable the NMS Stock ATS
to amend its disclosures, if appropriate,
1 An NMS Stock ATS (as defined in Rule 300(k)
of Regulation ATS) that was operating pursuant to
an initial operation report on Form ATS on file with
the Commission as of January 7, 2019 is a ‘‘Legacy
NMS Stock ATS.’’ 17 CFR 242.301(b)(2)(viii).
PO 00000
Frm 00061
Fmt 4703
Sfmt 4703
26457
and allow Commission staff to conduct
a thorough review of amendments to the
initial disclosures provided on the
initial Form ATS–N.
For the reasons given above, the
Commission is extending the review
period of the initial Form ATS–N
submitted by Liquidnet Negotiation
ATS. Accordingly, pursuant to Rule
304(a)(1)(iv)(B), October 6, 2019 is the
date by which the Commission may
declare the initial Form ATS–N
submitted by Liquidnet Negotiation
ATS ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11828 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85984; File No. SR–NSCC–
2019–001]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Make a Clarification
and Technical Changes to Addendum
K
May 31, 2019.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 29,
2019, National Securities Clearing
Corporation (‘‘NSCC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by the clearing agency. NSCC filed the
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(1) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
The proposed rule change consists of
amendments to Addendum K of NSCC’s
Rules & Procedures (‘‘Rules’’) in order to
make a clarification and technical
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(1).
2 17
E:\FR\FM\06JNN1.SGM
06JNN1
]]>Agencies
[Federal Register Volume 84, Number 109 (Thursday, June 6, 2019)]
[Notices]
[Pages 26456-26457]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11826]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85975; File No. 013-00052]
Initial Form ATS-N Filing; Notice of Extension of Commission
Review Period
May 31, 2019.
On February 6, 2019, SuperX ATS filed an initial Form ATS-N (``Form
ATS-N'') with the Securities and Exchange Commission (``Commission'').
Pursuant to Rule 304 under the Securities and Exchange Act of 1934
(``Act''), the Commission may, after notice and an opportunity for
hearing, declare an initial Form ATS-N ineffective no later than 120
days from the date of filing with the Commission, or, if applicable,
the extended review period. June 6, 2019 is 120 calendar days from the
date of filing. Pursuant to Rule 304(a)(1)(iv)(B), the Commission may
extend the initial Form ATS-N review period for up to an additional 120
calendar days if the initial Form ATS-N is unusually lengthy or raises
novel or complex issues that require additional time for review.
SuperX ATS was operating pursuant to an initial operation report on
Form ATS on file with the Commission as of January 7, 2019.\1\ SuperX
ATS filed an initial Form ATS-N on February 6, 2019. During the initial
120 calendar day review period, the Commission staff has been reviewing
the disclosures on SuperX ATS's initial Form ATS-N. In addition, the
staff has been engaged in ongoing discussions with SuperX ATS about its
disclosures and manner of operations, as well as the requirements of
Form ATS-N, to facilitate complete and comprehensible disclosures that
reflect the complexities of those operations.
---------------------------------------------------------------------------
\1\ An NMS Stock ATS (as defined in Rule 300(k) of Regulation
ATS) that was operating pursuant to an initial operation report on
Form ATS on file with the Commission as of January 7, 2019 is a
``Legacy NMS Stock ATS.'' 17 CFR 242.301(b)(2)(viii).
---------------------------------------------------------------------------
Form ATS-N requires NMS Stock ATSs to file with the Commission, and
disclose to the public for the first time, certain information,
including descriptions by the NMS Stock ATSs of their fees, the trading
activities by their broker-dealer operators and their affiliates in the
NMS Stock ATSs, their use of market data, their written standards for
granting access to trading on the NMS Stock ATSs, and their written
safeguards and procedures for protecting their subscribers'
confidential trading information required by revised Rule 301(b)(10) of
Regulation ATS. The initial Form ATS-N disclosures and discussions with
Commission staff have revealed complexities about the operations of
Legacy NMS Stock ATSs including, among other things, matching
functionalities, means of order entry, order interaction and execution
procedures, conditional order processes, segmentation of orders, and
counterparty selection protocols. The Commission staff needs additional
time to review novel and complex issues such as these, which Commission
staff has discussed with SuperX ATS. Extending the initial Form ATS-N
Commission review period for an additional 120 calendar days will
provide Commission staff an opportunity to continue its review of the
[[Page 26457]]
initial Form ATS-N disclosures and discussions with SuperX ATS.
In the conversations between SuperX ATS and Commission staff about
the initial Form ATS-N disclosures and the ATS operations, Commission
staff and SuperX ATS have discussed a potential amendment to update
SuperX ATS's disclosures regarding the complexities of its operations.
Extending the review period will enable the NMS Stock ATS to amend its
disclosures, if appropriate, and allow Commission staff to conduct a
thorough review of amendments to the initial disclosures provided on
the initial Form ATS-N.
For the reasons given above, the Commission is extending the review
period of the initial Form ATS-N submitted by SuperX ATS. Accordingly,
pursuant to Rule 304(a)(1)(iv)(B), October 4, 2019 is the date by which
the Commission may declare the initial Form ATS-N submitted by SuperX
ATS ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-11826 Filed 6-5-19; 8:45 am]
BILLING CODE 8011-01-P
