Initial Form ATS-N Filing; Notice of Extension of Commission Review Period, 26462 [2019-11871]
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Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices
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 Ustocktrade.
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 Ustocktrade.
In the conversations between
Ustocktrade and Commission staff about
the initial Form ATS–N disclosures and
the ATS operations, Commission staff
and Ustocktrade have discussed a
potential amendment to update
Ustocktrade’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 Ustocktrade. 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 Ustocktrade
ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11827 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86005; File No. 013–00117]
khammond on DSKBBV9HB2PROD with NOTICES
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
June 3, 2019.
On February 11, 2019, MS POOL
ATS–4 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
VerDate Sep<11>2014
16:11 Jun 05, 2019
Jkt 247001
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.
MS POOL ATS–4 was operating
pursuant to an initial operation report
on Form ATS on file with the
Commission as of January 7, 2019.1 MS
POOL ATS–4 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 MS POOL
ATS–4’s initial Form ATS–N. In
addition, the staff has been engaged in
ongoing discussions with MS POOL
ATS–4 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 MS POOL ATS–4.
Extending the initial Form ATS–N
Commission review period for an
additional 120 calendar days will
provide Commission staff 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
the Commission as of January 7, 2019 is a ‘‘Legacy
NMS Stock ATS.’’ 17 CFR 242.301(b)(2)(viii).
PO 00000
Frm 00066
Fmt 4703
Sfmt 4703
opportunity to continue its review of the
initial Form ATS–N disclosures and
discussions with MS POOL ATS–4.
In the conversations between MS
POOL ATS–4 and Commission staff
about the initial Form ATS–N
disclosures and the ATS operations,
Commission staff and MS POOL ATS–
4 have discussed a potential amendment
to update MS POOL ATS–4’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 MS POOL ATS–4.
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 MS POOL ATS–4
ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11871 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85990; File No. SR–NYSE–
2019–32]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change To
Amend Rule 123D
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 24,
2019, New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. 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
The Exchange proposes to amend
Rule 123D to permit the Exchange to
1 15
2 17
E:\FR\FM\06JNN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
06JNN1
Agencies
[Federal Register Volume 84, Number 109 (Thursday, June 6, 2019)]
[Notices]
[Page 26462]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11871]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86005; File No. 013-00117]
Initial Form ATS-N Filing; Notice of Extension of Commission
Review Period
June 3, 2019.
On February 11, 2019, MS POOL ATS-4 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.
MS POOL ATS-4 was operating pursuant to an initial operation report
on Form ATS on file with the Commission as of January 7, 2019.\1\ MS
POOL ATS-4 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 MS POOL ATS-4's initial Form ATS-N. In
addition, the staff has been engaged in ongoing discussions with MS
POOL ATS-4 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 MS POOL ATS-4. 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 MS POOL ATS-4.
In the conversations between MS POOL ATS-4 and Commission staff
about the initial Form ATS-N disclosures and the ATS operations,
Commission staff and MS POOL ATS-4 have discussed a potential amendment
to update MS POOL ATS-4'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 MS POOL ATS-4.
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 MS POOL ATS-4 ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-11871 Filed 6-5-19; 8:45 am]
BILLING CODE 8011-01-P