Initial Form ATS-N Filing; Notice of Extension of Commission Review Period, 26460-26461 [2019-11833]
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khammond on DSKBBV9HB2PROD with NOTICES
26460
Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices
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.
JPM–X was operating pursuant to an
initial operation report on Form ATS on
file with the Commission as of January
7, 2019.1 JPM–X 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 JPM–X’s
initial Form ATS–N. In addition, the
staff has been engaged in ongoing
discussions with JPM–X 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 JPM–X. 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 JPM–
X.
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
In the conversations between JPM–X
and Commission staff about the initial
Form ATS–N disclosures and the ATS
operations, Commission staff and JPM–
X have discussed a potential
amendment to update JPM–X’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 JPM–X. 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 JPM–X
ineffective.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–11823 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85996; File No. 013–00113]
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
May 31, 2019.
On February 8, 2019, Dealerweb 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.
Dealerweb was operating pursuant to
an initial operation report on Form ATS
on file with the Commission as of
January 7, 2019.1 Dealerweb filed 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
PO 00000
Frm 00064
Fmt 4703
Sfmt 4703
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
Dealerweb’s initial Form ATS–N. In
addition, the staff has been engaged in
ongoing discussions with Dealerweb
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 Dealerweb.
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 Dealerweb.
In the conversations between
Dealerweb and Commission staff about
the initial Form ATS–N disclosures and
the ATS operations, Commission staff
and Dealerweb have discussed a
potential amendment to update
Dealerweb’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
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
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
]]>Agencies
[Federal Register Volume 84, Number 109 (Thursday, June 6, 2019)]
[Notices]
[Pages 26460-26461]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11833]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85996; File No. 013-00113]
Initial Form ATS-N Filing; Notice of Extension of Commission
Review Period
May 31, 2019.
On February 8, 2019, Dealerweb 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.
Dealerweb was operating pursuant to an initial operation report on
Form ATS on file with the Commission as of January 7, 2019.\1\
Dealerweb 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 Dealerweb's initial Form ATS-N. In
addition, the staff has been engaged in ongoing discussions with
Dealerweb 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 Dealerweb. 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 Dealerweb.
In the conversations between Dealerweb and Commission staff about
the initial Form ATS-N disclosures and the ATS operations, Commission
staff and Dealerweb have discussed a potential amendment to update
Dealerweb'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
[[Page 26461]]
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
