Initial Form ATS-N Filing; Notice of Extension of Commission Review Period, 26495-26496 [2019-11870]
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Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86013; File No. 013–00116]
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
khammond on DSKBBV9HB2PROD with NOTICES
June 3, 2019.
On February 8, 2019, IntelligentCross
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.
IntelligentCross ATS was operating
pursuant to an initial operation report
on Form ATS on file with the
Commission as of January 7, 2019.1
IntelligentCross ATS filed an initial
Form ATS–N on June 8, 2019. During
the initial 120 calendar day review
period, the Commission staff has been
reviewing the disclosures on
IntelligentCross ATS’s initial Form
ATS–N. In addition, the staff has been
engaged in ongoing discussions with
IntelligentCross 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 IntelligentCross
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 IntelligentCross ATS.
In the conversations between
IntelligentCross ATS and Commission
staff about the initial Form ATS–N
disclosures and the ATS operations,
Commission staff and IntelligentCross
ATS have discussed a potential
amendment to update IntelligentCross
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 IntelligentCross 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 IntelligentCross ATS
ineffective.
26495
June 3, 2019.
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.
Magma ATS was operating pursuant
to an initial operation report on Form
ATS on file with the Commission as of
January 7, 2019.1 Magma 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
Magma ATS’s initial Form ATS–N. In
addition, the staff has been engaged in
ongoing discussions with Magma 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 Magma ATS.
Extending the initial Form ATS–N
Commission review period for an
On February 8, 2019, Magma ATS
filed an initial Form ATS–N (‘‘Form
ATS–N’’) with the Securities and
Exchange Commission (‘‘Commission’’).
Pursuant to Rule 304 under 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).
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11891 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86004; File No. 013–00120]
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
PO 00000
Frm 00099
Fmt 4703
Sfmt 4703
E:\FR\FM\06JNN1.SGM
06JNN1
26496
Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices
additional 120 calendar days will
provide Commission staff an
opportunity to continue its review of the
initial Form ATS–N disclosures and
discussions with Magma ATS.
In the conversations between Magma
ATS and Commission staff about the
initial Form ATS–N disclosures and the
ATS operations, Commission staff and
Magma ATS have discussed a potential
amendment to update Magma 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 Magma 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 Magma ATS
ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11870 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85972; File No. 013–00031]
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
khammond on DSKBBV9HB2PROD with NOTICES
May 31, 2019.
On February 1, 2019, BIDS 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 1,
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.
BIDS 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 BIDS ATS filed an
initial Form ATS–N on February 1,
2019. During the initial 120 calendar
day review period, the Commission staff
has been reviewing the disclosures on
BIDS ATS’s initial Form ATS–N. In
addition, the staff has been engaged in
ongoing discussions with BIDS 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 BIDS 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 BIDS ATS.
In the conversations between BIDS
ATS and Commission staff about the
initial Form ATS–N disclosures and the
ATS operations, Commission staff and
BIDS ATS have discussed a potential
amendment to update BIDS 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.
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 00100
Fmt 4703
Sfmt 4703
For the reasons given above, the
Commission is extending the review
period of the initial Form ATS–N
submitted by BIDS ATS. Accordingly,
pursuant to Rule 304(a)(1)(iv)(B),
September 29, 2019 is the date by which
the Commission may declare the initial
Form ATS–N submitted by BIDS ATS
ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11816 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85985; File No. SR–
CboeBZX–2019–046]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change Amending Rule
21.7 Concerning Openings Following
Trading Halts
May 31, 2019.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 22,
2019, Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 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
Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX Options’’)
proposes to amend Rule 21.7. The text
of the proposed rule change is provided
in Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
equities/regulation/rule_filings/bzx/), at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
E:\FR\FM\06JNN1.SGM
06JNN1
Agencies
[Federal Register Volume 84, Number 109 (Thursday, June 6, 2019)]
[Notices]
[Pages 26495-26496]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11870]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86004; File No. 013-00120]
Initial Form ATS-N Filing; Notice of Extension of Commission
Review Period
June 3, 2019.
On February 8, 2019, Magma 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.
Magma ATS was operating pursuant to an initial operation report on
Form ATS on file with the Commission as of January 7, 2019.\1\ Magma
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 Magma ATS's initial Form ATS-N. In addition, the
staff has been engaged in ongoing discussions with Magma 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 Magma ATS. Extending the initial Form ATS-N
Commission review period for an
[[Page 26496]]
additional 120 calendar days will provide Commission staff an
opportunity to continue its review of the initial Form ATS-N
disclosures and discussions with Magma ATS.
In the conversations between Magma ATS and Commission staff about
the initial Form ATS-N disclosures and the ATS operations, Commission
staff and Magma ATS have discussed a potential amendment to update
Magma 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 Magma 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 Magma
ATS ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-11870 Filed 6-5-19; 8:45 am]
BILLING CODE 8011-01-P