Initial Form ATS-N Filing; Notice of Extension of Commission Review Period, 26461-26462 [2019-11827]

Download as PDF Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices period of the initial Form ATS–N submitted by Dealerweb. 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 Dealerweb ineffective. By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–11833 Filed 6–5–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–86012; File No. 013–00114] Initial Form ATS–N Filing; Notice of Extension of Commission Review Period khammond on DSKBBV9HB2PROD with NOTICES June 3, 2019. On February 8, 2019, IBKR 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. IBKR ATS was operating pursuant to an initial operation report on Form ATS on file with the Commission as of January 7, 2019.1 IBKR 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 IBKR ATS’s initial Form ATS–N. In addition, the staff has been engaged in ongoing discussions with IBKR 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 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 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 IBKR 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 IBKR ATS. In the conversations between IBKR ATS and Commission staff about the initial Form ATS–N disclosures and the ATS operations, Commission staff and IBKR ATS have discussed a potential amendment to update IBKR 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 IBKR 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 IBKR ATS ineffective. By the Commission. Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–11890 Filed 6–5–19; 8:45 am] BILLING CODE 8011–01–P PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 26461 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85977; File No. 013–00119] Initial Form ATS–N Filing; Notice of Extension of Commission Review Period May 31, 2019. On February8, 2019, Ustocktrade 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. Ustocktrade was operating pursuant to an initial operation report on Form ATS on file with the Commission as of January 7, 2019.1 Ustocktrade 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 Ustocktrade’s initial Form ATS–N. In addition, the staff has been engaged in ongoing discussions with Ustocktrade 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). E:\FR\FM\06JNN1.SGM 06JNN1 26462 Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices 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 Ustocktrade. 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 Ustocktrade. In the conversations between Ustocktrade and Commission staff about the initial Form ATS–N disclosures and the ATS operations, Commission staff and Ustocktrade have discussed a potential amendment to update Ustocktrade’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 Ustocktrade. 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 Ustocktrade ineffective. By the Commission. Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–11827 Filed 6–5–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–86005; File No. 013–00117] khammond on DSKBBV9HB2PROD with NOTICES Initial Form ATS–N Filing; Notice of Extension of Commission Review Period June 3, 2019. On February 11, 2019, MS POOL ATS–4 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 VerDate Sep<11>2014 16:11 Jun 05, 2019 Jkt 247001 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 11, 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. MS POOL ATS–4 was operating pursuant to an initial operation report on Form ATS on file with the Commission as of January 7, 2019.1 MS POOL ATS–4 filed an initial Form ATS– N on February 11, 2019. During the initial 120 calendar day review period, the Commission staff has been reviewing the disclosures on MS POOL ATS–4’s initial Form ATS–N. In addition, the staff has been engaged in ongoing discussions with MS POOL ATS–4 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 MS POOL ATS–4. Extending the initial Form ATS–N Commission review period for an additional 120 calendar days will provide Commission staff an 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 00066 Fmt 4703 Sfmt 4703 opportunity to continue its review of the initial Form ATS–N disclosures and discussions with MS POOL ATS–4. In the conversations between MS POOL ATS–4 and Commission staff about the initial Form ATS–N disclosures and the ATS operations, Commission staff and MS POOL ATS– 4 have discussed a potential amendment to update MS POOL ATS–4’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 MS POOL ATS–4. Accordingly, pursuant to Rule 304(a)(1)(iv)(B), October 9, 2019 is the date by which the Commission may declare the initial Form ATS–N submitted by MS POOL ATS–4 ineffective. By the Commission. Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–11871 Filed 6–5–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85990; File No. SR–NYSE– 2019–32] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change To Amend Rule 123D 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 24, 2019, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 123D to permit the Exchange to 1 15 2 17 E:\FR\FM\06JNN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 06JNN1

Agencies

[Federal Register Volume 84, Number 109 (Thursday, June 6, 2019)]
[Notices]
[Pages 26461-26462]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11827]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85977; File No. 013-00119]


Initial Form ATS-N Filing; Notice of Extension of Commission 
Review Period

May 31, 2019.
    On February8, 2019, Ustocktrade 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.
    Ustocktrade was operating pursuant to an initial operation report 
on Form ATS on file with the Commission as of January 7, 2019.\1\ 
Ustocktrade 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 Ustocktrade's initial Form ATS-N. In 
addition, the staff has been engaged in ongoing discussions with 
Ustocktrade 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

[[Page 26462]]

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 Ustocktrade. 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 
Ustocktrade.
    In the conversations between Ustocktrade and Commission staff about 
the initial Form ATS-N disclosures and the ATS operations, Commission 
staff and Ustocktrade have discussed a potential amendment to update 
Ustocktrade'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 Ustocktrade. 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 
Ustocktrade ineffective.

    By the Commission.

Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-11827 Filed 6-5-19; 8:45 am]
 BILLING CODE 8011-01-P
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