Initial Form ATS-N Filing; Notice of Extension of Commission Review Period, 26459 [2019-11874]

Download as PDF Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices Electronic Comments • Use the Commission’s internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– NSCC–2019–001 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549. khammond on DSKBBV9HB2PROD with NOTICES All submissions should refer to File Number SR–NSCC–2019–001. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s internet website (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of NSCC and on DTCC’s website (https://dtcc.com/legal/sec-rulefilings.aspx). All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NSCC– 2019–001 and should be submitted on or before June 27, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–11803 Filed 6–5–19; 8:45 am] BILLING CODE 8011–01–P 14 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 16:11 Jun 05, 2019 Jkt 247001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–86008; File No. 013–00111] Initial Form ATS–N Filing; Notice of Extension of Commission Review Period June 3, 2019. On February 8, 2019, POSIT 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. POSIT was operating pursuant to an initial operation report on Form ATS on file with the Commission as of January 7, 2019.1 POSIT 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 POSIT’s initial Form ATS–N. In addition, the staff has been engaged in ongoing discussions with POSIT 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 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 00063 Fmt 4703 Sfmt 4703 26459 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 POSIT. 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 POSIT. In the conversations between POSIT and Commission staff about the initial Form ATS–N disclosures and the ATS operations, Commission staff and POSIT have discussed a potential amendment to update POSIT’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 POSIT. 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 POSIT ineffective. By the Commission. Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–11874 Filed 6–5–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85992; File No. 013–00110] Initial Form ATS–N Filing; Notice of Extension of Commission Review Period May 31, 2019. On February 8, 2019, JPM–X 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 E:\FR\FM\06JNN1.SGM 06JNN1

Agencies

[Federal Register Volume 84, Number 109 (Thursday, June 6, 2019)]
[Notices]
[Page 26459]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11874]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86008; File No. 013-00111]


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

June 3, 2019.
    On February 8, 2019, POSIT 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.
    POSIT was operating pursuant to an initial operation report on Form 
ATS on file with the Commission as of January 7, 2019.\1\ POSIT 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 POSIT's initial Form ATS-N. In addition, the staff has 
been engaged in ongoing discussions with POSIT 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 POSIT. 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 POSIT.
    In the conversations between POSIT and Commission staff about the 
initial Form ATS-N disclosures and the ATS operations, Commission staff 
and POSIT have discussed a potential amendment to update POSIT'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 POSIT. 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 POSIT 
ineffective.

    By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-11874 Filed 6-5-19; 8:45 am]
 BILLING CODE 8011-01-P
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