Initial Form ATS-N Filing; Notice of Extension of Commission Review Period, 26495-26496 [2019-11870]

Download as PDF 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]


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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
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