Initial Form ATS-N Filing; Notice of Extension of Commission Review Period, 26453-26454 [2019-11834]

Download as PDF Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85994; File No. 013–00129] Initial Form ATS–N Filing; Notice of Extension of Commission Review Period khammond on DSKBBV9HB2PROD with NOTICES May 31, 2019. On February 8, 2019, CitiBLOC 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. CitiBLOC was operating pursuant to an initial operation report on Form ATS on file with the Commission as of January 7, 2019.1 CitiBLOC 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 CitiBLOC’s initial Form ATS–N. In addition, the staff has been engaged in ongoing discussions with CitiBLOC 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 CitiBLOC. 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 CitiBLOC. In the conversations between CitiBLOC and Commission staff about the initial Form ATS–N disclosures and the ATS operations, Commission staff and CitiBLOC have discussed a potential amendment to update CitiBLOC’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 CitiBLOC. 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 CitiBLOC ineffective. By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–11835 Filed 6–5–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85993; File No. 013–00106] Initial Form ATS–N Filing; Notice of Extension of Commission Review Period May 31, 2019. On February 8, 2019, Crossfinder 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 PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 26453 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. Crossfinder was operating pursuant to an initial operation report on Form ATS on file with the Commission as of January 7, 2019.1 Crossfinder 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 Crossfinder’s initial Form ATS–N. In addition, the staff has been engaged in ongoing discussions with Crossfinder 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 Crossfinder. 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 26454 Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices initial Form ATS–N disclosures and discussions with Crossfinder. In the conversations between Crossfinder and Commission staff about the initial Form ATS–N disclosures and the ATS operations, Commission staff and Crossfinder have discussed a potential amendment to update Crossfinder’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 Crossfinder. 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 Crossfinder ineffective. By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–11834 Filed 6–5–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85976; File No. 013–00069] Initial Form ATS–N Filing; Notice of Extension of Commission Review Period khammond on DSKBBV9HB2PROD with NOTICES May 31, 2019. On February 8, 2019, UBS 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. UBS ATS was operating pursuant to an initial operation report on Form ATS on file with the Commission as of VerDate Sep<11>2014 16:11 Jun 05, 2019 Jkt 247001 January 7, 2019.1 UBS 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 UBS ATS’s initial Form ATS–N. In addition, the staff has been engaged in ongoing discussions with UBS 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 UBS 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 UBS ATS. In the conversations between UBS ATS and Commission staff about the initial Form ATS–N disclosures and the ATS operations, Commission staff and UBS ATS have discussed a potential amendment to update UBS 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. On February 8, 2019, MS Trajectory Cross ATS–1 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. MS Trajectory Cross ATS–1 was operating pursuant to an initial operation report on Form ATS on file with the Commission as of January 7, 2019.1 MS Trajectory Cross ATS–1 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 MS Trajectory Cross ATS–1’s initial Form ATS–N. In addition, the staff has been engaged in ongoing discussions with MS Trajectory Cross ATS–1 about its disclosures and manner of operations, as well as the requirements of Form ATS–N, to facilitate complete and comprehensible disclosures that 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). 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 00058 Fmt 4703 Sfmt 4703 For the reasons given above, the Commission is extending the review period of the initial Form ATS–N submitted by UBS 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 UBS ATS ineffective. By the Commission. Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–11840 Filed 6–5–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–86007; File No. 013–00115] Initial Form ATS–N Filing; Notice of Extension of Commission Review Period June 3, 2019. E:\FR\FM\06JNN1.SGM 06JNN1

Agencies

[Federal Register Volume 84, Number 109 (Thursday, June 6, 2019)]
[Notices]
[Pages 26453-26454]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11834]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85993; File No. 013-00106]


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

May 31, 2019.
    On February 8, 2019, Crossfinder 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.
    Crossfinder was operating pursuant to an initial operation report 
on Form ATS on file with the Commission as of January 7, 2019.\1\ 
Crossfinder 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 Crossfinder's initial Form ATS-N. In 
addition, the staff has been engaged in ongoing discussions with 
Crossfinder 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 Crossfinder. 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 26454]]

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

    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-11834 Filed 6-5-19; 8:45 am]
 BILLING CODE 8011-01-P
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