Initial Form ATS-N Filing; Notice of Extension of Commission Review Period, 26465-26466 [2019-11836]
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Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85974; File No. 013–00127]
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
khammond on DSKBBV9HB2PROD with NOTICES
May 31, 2019.
On February 11, 2019, The Barclays
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 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.
The Barclays ATS was operating
pursuant to an initial operation report
on Form ATS on file with the
Commission as of January 7, 2019.1 The
Barclays ATS 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 The
Barclays ATS’s initial Form ATS–N. In
addition, the staff has been engaged in
ongoing discussions with The Barclays
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
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
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 The Barclays 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 The Barclays ATS.
In the conversations between The
Barclays ATS and Commission staff
about the initial Form ATS–N
disclosures and the ATS operations,
Commission staff and The Barclays ATS
have discussed a potential amendment
to update The Barclays 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 The Barclays ATS.
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 The Barclays ATS
ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11825 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85995; File No. 013–00096]
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
May 31, 2019.
On February 8, 2019, CODA 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
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
26465
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.
CODA was operating pursuant to an
initial operation report on Form ATS on
file with the Commission as of January
7, 2019.1 CODA 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 CODA’s
initial Form ATS–N. In addition, the
staff has been engaged in ongoing
discussions with CODA 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 CODA. Extending
the initial Form ATS–N Commission
review period for an additional 120
calendar days will provide Commission
staff an opportunity to continue its
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
26466
Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices
review of the initial Form ATS–N
disclosures and discussions with CODA.
In the conversations between CODA
and Commission staff about the initial
Form ATS–N disclosures and the ATS
operations, Commission staff and CODA
have discussed a potential amendment
to update CODA’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 CODA. 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 CODA
ineffective.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–11836 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86014; File No. 013–00108]
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
khammond on DSKBBV9HB2PROD with NOTICES
June 3, 2019.
On February 8, 2019, Instinet
BlockCross 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.
Instinet BlockCross was operating
pursuant to an initial operation report
on Form ATS on file with the
Commission as of January 7, 2019.1
1 An
NMS Stock ATS (as defined in Rule 300(k)
of Regulation ATS) that was operating pursuant to
VerDate Sep<11>2014
16:11 Jun 05, 2019
Jkt 247001
Instinet BlockCross 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 Instinet
BlockCross’s initial Form ATS–N. In
addition, the staff has been engaged in
ongoing discussions with Instinet
BlockCross 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 Instinet BlockCross.
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 Instinet BlockCross.
In the conversations between Instinet
BlockCross and Commission staff about
the initial Form ATS–N disclosures and
the ATS operations, Commission staff
and Instinet BlockCross have discussed
a potential amendment to update
Instinet BlockCross’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.
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 00070
Fmt 4703
Sfmt 4703
For the reasons given above, the
Commission is extending the review
period of the initial Form ATS–N
submitted by Instinet BlockCross.
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 Instinet BlockCross
ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11892 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85986; File No. SR–DTC–
2019–003]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Amend
the Reorganizations Service Guide
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 21,
2019, The Depository Trust Company
(‘‘DTC’’) 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. DTC filed the proposed rule
change pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(4)
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 by DTC
would revise the Reorganizations
Service Guide (‘‘Guide’’) 5 to: (1) Update
its corporate action service by
transitioning corporate action 6
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)(4).
5 Each capitalized term not otherwise defined
herein has its respective meaning as set forth in the
Rules, By-Laws and Organization Certificate of DTC
(‘‘DTC Rules’’) and in the Guide, available at https://
www.dtcc.com/legal/rules-and-procedures.aspx.
6 DTC offers an array of services for processing
corporate action events. The services fall into three
categories: (i) Distributions, such as cash and stock
dividends, principal and interest, and capital gain
distributions (collectively, ‘‘Distributions’’); (ii)
2 17
E:\FR\FM\06JNN1.SGM
06JNN1
Agencies
[Federal Register Volume 84, Number 109 (Thursday, June 6, 2019)]
[Notices]
[Pages 26465-26466]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11836]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85995; File No. 013-00096]
Initial Form ATS-N Filing; Notice of Extension of Commission
Review Period
May 31, 2019.
On February 8, 2019, CODA 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.
CODA was operating pursuant to an initial operation report on Form
ATS on file with the Commission as of January 7, 2019.\1\ CODA 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 CODA's initial Form ATS-N. In addition, the staff has
been engaged in ongoing discussions with CODA 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 CODA. Extending the initial Form ATS-N
Commission review period for an additional 120 calendar days will
provide Commission staff an opportunity to continue its
[[Page 26466]]
review of the initial Form ATS-N disclosures and discussions with CODA.
In the conversations between CODA and Commission staff about the
initial Form ATS-N disclosures and the ATS operations, Commission staff
and CODA have discussed a potential amendment to update CODA'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 CODA. 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 CODA
ineffective.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-11836 Filed 6-5-19; 8:45 am]
BILLING CODE 8011-01-P