Initial Form ATS-N Filing; Notice of Extension of Commission Review Period, 26452 [2019-11875]
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26452
Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices
7, 2019.1 Aqua filed an initial Form
ATS–N on February 7, 2019. During the
initial 120 calendar day review period,
the Commission staff has been
reviewing the disclosures on Aqua’s
initial Form ATS–N. In addition, the
staff has been engaged in ongoing
discussions with Aqua 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 Aqua. 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 Aqua.
In the conversations between Aqua
and Commission staff about the initial
Form ATS–N disclosures and the ATS
operations, Commission staff and Aqua
have discussed a potential amendment
to update Aqua’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
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
period of the initial Form ATS–N
submitted by Aqua. Accordingly,
pursuant to Rule 304(a)(1)(iv)(B),
October 5, 2019 is the date by which the
Commission may declare the initial
Form ATS–N submitted by Aqua
ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11894 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–86009; File No. 013–00126]
Initial Form ATS–N Filing; Notice of
Extension of Commission Review
Period
June 3, 2019.
On February 11, 2019, PRO Securities
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.
PRO Securities was operating
pursuant to an initial operation report
on Form ATS on file with the
Commission as of January 7, 2019.1 PRO
Securities 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 PRO Securities’
initial Form ATS–N. In addition, the
staff has been engaged in ongoing
discussions with PRO Securities 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).
PO 00000
Frm 00056
Fmt 4703
Sfmt 4703
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 PRO Securities.
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 PRO Securities.
In the conversations between PRO
Securities and Commission staff about
the initial Form ATS–N disclosures and
the ATS operations, Commission staff
and PRO Securities have discussed a
potential amendment to update PRO
Securities’ 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 PRO Securities.
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 PRO Securities ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–11875 Filed 6–5–19; 8:45 am]
BILLING CODE 8011–01–P
E:\FR\FM\06JNN1.SGM
06JNN1
Agencies
[Federal Register Volume 84, Number 109 (Thursday, June 6, 2019)]
[Notices]
[Page 26452]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11875]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-86009; File No. 013-00126]
Initial Form ATS-N Filing; Notice of Extension of Commission
Review Period
June 3, 2019.
On February 11, 2019, PRO Securities 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.
PRO Securities was operating pursuant to an initial operation
report on Form ATS on file with the Commission as of January 7,
2019.\1\ PRO Securities 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 PRO Securities' initial
Form ATS-N. In addition, the staff has been engaged in ongoing
discussions with PRO Securities 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 PRO Securities. 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 PRO Securities.
In the conversations between PRO Securities and Commission staff
about the initial Form ATS-N disclosures and the ATS operations,
Commission staff and PRO Securities have discussed a potential
amendment to update PRO Securities' 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 PRO Securities.
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 PRO Securities ineffective.
By the Commission.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-11875 Filed 6-5-19; 8:45 am]
BILLING CODE 8011-01-P