24X National Exchange LLC; Notice of Filing of Amendment No. 2 to an Application for Registration as a National Securities Exchange Under Section 6 of the Securities Exchange Act of 1934, 71388 [2022-25425]
Download as PDF
<![CDATA[
71388
Federal Register / Vol. 87, No. 224 / Tuesday, November 22, 2022 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022–25354 Filed 11–21–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96337; File No. 10–239]
24X National Exchange LLC; Notice of
Filing of Amendment No. 2 to an
Application for Registration as a
National Securities Exchange Under
Section 6 of the Securities Exchange
Act of 1934
November 17, 2022.
On March 25, 2022, 24X National
Exchange LLC (‘‘24X’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a Form 1 application
under the Securities Exchange Act of
1934 (‘‘Act’’) seeking registration as a
national securities exchange under
Section 6 of the Act.1 Notice of the
application was published for comment
in the Federal Register on June 6, 2022.2
The Commission received three
comment letters on 24X’s Initial Form 1
Application and a letter from 24X
responding to these comment letters.3
On September 1, 2022, the Commission
instituted proceedings pursuant to
Section 19(a)(1)(B) of the Act 4 to
determine whether to grant or deny
24X’s application for registration as a
national securities exchange under
Section 6 of the Act (the ‘‘OIP’’).5 The
Commission received one comment
letter in response to the OIP,6 and a
letter in response to the OIP from 24X.7
On October 21, 2022, 24X filed an
amendment to its Initial Form 1
13 17
CFR 200.30–3(a)(12).
U.S.C. 78f.
2 See Securities Exchange Act Release No. 95007
(May 31, 2022), 87 FR 34333 (June 6, 2022) (‘‘Initial
Form 1 Application’’).
3 The public comment file for 24X’s Form 1
application (File No. 10–239) is available on the
Commission’s website at: https://www.sec.gov/
comments/10-239/10-239.htm.
4 15 U.S.C. 78s(a)(1)(B).
5 See Securities Exchange Act Release No. 95651
(Sept. 1, 2022), 87 FR 54736 (Sept. 7, 2022).
6 See letter from Brian Hyndman, President and
Chief Executive Officer, Blue Ocean ATS, LLC,
dated Sept. 28, 2022, to Vanessa A. Countryman,
Secretary, Commission.
7 See letter from James M. Brady, Katten Muchin
Rosenman LLP, outside counsel for 24X National
Exchange LLC, dated Oct. 18, 2022, to Vanessa A.
Countryman, Secretary, Commission.
khammond on DSKJM1Z7X2PROD with NOTICES
1 15
VerDate Sep<11>2014
17:48 Nov 21, 2022
Jkt 259001
Application (‘‘Amendment No. 1’’).8
Notice of Amendment No. 1 was
published for comment in the Federal
Register on November 9, 2022.9 On
November 10, 2022, 24X filed a second
amendment to its Initial Form 1
Application (‘‘Amendment No. 2’’).10
The Commission is publishing this
notice in order to solicit views of
interested persons on 24X’s Initial Form
1 Application, as amended by
Amendment No. 1 and Amendment No.
2.
Initial Form 1 Application, as amended
by Amendment No. 1 and Amendment
No. 2. Comments may be submitted by
any of the following methods:
I. Description of 24X’s Proposed
Trading System
Paper Comments
24X proposes to operate a fully
automated electronic trading platform
for the trading of listed NMS stocks
pursuant to unlisted trading
privileges.11 24X would not maintain a
physical trading floor.12 24X proposes
to allow trading in NMS stocks 24 hours
a day, 7 days per week, 365 days a
year.13 24X proposes specific rules to
govern trading during regular trading
hours 14 as well as trading outside of
regular trading hours.15
II. Amendment No. 2 to 24X’s Initial
Form 1 Application
In Amendment No. 2, 24X proposes
certain changes to the Amended and
Restated Limited Liability Company
Operating Agreement of 24X Bermuda
Holdings LLC, 16 as well as to the
Member Nominating Committee
Charter.17
III. Request for Written Comment
The Commission requests that
interested persons provide written
views and data with respect to 24X’s
8 Amendment No. 1 is available on the
Commission’s website at: https://www.sec.gov/
rules/other/2022/24x/24x-form-1.htm.
9 See Securities Exchange Act Release No. 96218
(Nov. 3, 2022), 87 FR 67725 (Nov. 9, 2022).
10 Amendment No. 2 is available on the
Commission’s website at: https://www.sec.gov/
rules/other/2022/24x/24x-form-1.htm.
11 See Exhibit E, as amended by 24X’s
Amendment No. 1, at 1, 4.
12 Id. at 1.
13 See proposed 24X Rule 11.1 (describing the
hours of trading and trading days for 24X).
14 Regulation NMS Rule 600(b)(77) defines
‘‘regular trading hours’’ as ‘‘the time between 9:30
a.m. and 4:00 p.m. Eastern Time . . .’’ 24X
proposes to define four different trading sessions.
See proposed 24X Rules 1.5(b), defining the ‘‘24X
Market Session’’; 1.5(k) defining the ‘‘Core Market
Session’’; 1.5(v) defining the ‘‘Post-market Session’’;
and 1.5(w) defining the ‘‘Pre-Market Session’’.
15 See e.g., proposed 24X Rule 11.16 (describing
what orders are eligible for execution outside of
regular trading hours).
16 See Exhibits C and C–2, as amended by 24X’s
Amendment No. 2.
17 See Exhibit J–3, as amended by 24X’s
Amendment No. 2.
PO 00000
Frm 00099
Fmt 4703
Sfmt 4703
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 10–
239 on the subject line.
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number 10–239. 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/other.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to 24X’s Initial Form 1
Application, as amended by
Amendment No. 1 and Amendment No.
2, filed with the Commission, and all
written communications relating to the
application 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. All
comments received will be posted
without change. Persons submitting
comments are cautioned that we do not
redact or edit personal identifying
information from submissions. You
should submit only information that
you wish to make publicly available.
All submissions should refer to File
Number 10–239 and should be
submitted on or before December 13,
2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022–25425 Filed 11–21–22; 8:45 am]
BILLING CODE 8011–01–P
18 17
E:\FR\FM\22NON1.SGM
CFR 200.30–3(a)(71)(ii).
22NON1
]]>Agencies
[Federal Register Volume 87, Number 224 (Tuesday, November 22, 2022)]
[Notices]
[Page 71388]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25425]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96337; File No. 10-239]
24X National Exchange LLC; Notice of Filing of Amendment No. 2 to
an Application for Registration as a National Securities Exchange Under
Section 6 of the Securities Exchange Act of 1934
November 17, 2022.
On March 25, 2022, 24X National Exchange LLC (``24X'') filed with
the Securities and Exchange Commission (``Commission'') a Form 1
application under the Securities Exchange Act of 1934 (``Act'') seeking
registration as a national securities exchange under Section 6 of the
Act.\1\ Notice of the application was published for comment in the
Federal Register on June 6, 2022.\2\ The Commission received three
comment letters on 24X's Initial Form 1 Application and a letter from
24X responding to these comment letters.\3\ On September 1, 2022, the
Commission instituted proceedings pursuant to Section 19(a)(1)(B) of
the Act \4\ to determine whether to grant or deny 24X's application for
registration as a national securities exchange under Section 6 of the
Act (the ``OIP'').\5\ The Commission received one comment letter in
response to the OIP,\6\ and a letter in response to the OIP from
24X.\7\ On October 21, 2022, 24X filed an amendment to its Initial Form
1 Application (``Amendment No. 1'').\8\ Notice of Amendment No. 1 was
published for comment in the Federal Register on November 9, 2022.\9\
On November 10, 2022, 24X filed a second amendment to its Initial Form
1 Application (``Amendment No. 2'').\10\ The Commission is publishing
this notice in order to solicit views of interested persons on 24X's
Initial Form 1 Application, as amended by Amendment No. 1 and Amendment
No. 2.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78f.
\2\ See Securities Exchange Act Release No. 95007 (May 31,
2022), 87 FR 34333 (June 6, 2022) (``Initial Form 1 Application'').
\3\ The public comment file for 24X's Form 1 application (File
No. 10-239) is available on the Commission's website at: https://www.sec.gov/comments/10-239/10-239.htm.
\4\ 15 U.S.C. 78s(a)(1)(B).
\5\ See Securities Exchange Act Release No. 95651 (Sept. 1,
2022), 87 FR 54736 (Sept. 7, 2022).
\6\ See letter from Brian Hyndman, President and Chief Executive
Officer, Blue Ocean ATS, LLC, dated Sept. 28, 2022, to Vanessa A.
Countryman, Secretary, Commission.
\7\ See letter from James M. Brady, Katten Muchin Rosenman LLP,
outside counsel for 24X National Exchange LLC, dated Oct. 18, 2022,
to Vanessa A. Countryman, Secretary, Commission.
\8\ Amendment No. 1 is available on the Commission's website at:
https://www.sec.gov/rules/other/2022/24x/24x-form-1.htm.
\9\ See Securities Exchange Act Release No. 96218 (Nov. 3,
2022), 87 FR 67725 (Nov. 9, 2022).
\10\ Amendment No. 2 is available on the Commission's website
at: https://www.sec.gov/rules/other/2022/24x/24x-form-1.htm.
---------------------------------------------------------------------------
I. Description of 24X's Proposed Trading System
24X proposes to operate a fully automated electronic trading
platform for the trading of listed NMS stocks pursuant to unlisted
trading privileges.\11\ 24X would not maintain a physical trading
floor.\12\ 24X proposes to allow trading in NMS stocks 24 hours a day,
7 days per week, 365 days a year.\13\ 24X proposes specific rules to
govern trading during regular trading hours \14\ as well as trading
outside of regular trading hours.\15\
---------------------------------------------------------------------------
\11\ See Exhibit E, as amended by 24X's Amendment No. 1, at 1,
4.
\12\ Id. at 1.
\13\ See proposed 24X Rule 11.1 (describing the hours of trading
and trading days for 24X).
\14\ Regulation NMS Rule 600(b)(77) defines ``regular trading
hours'' as ``the time between 9:30 a.m. and 4:00 p.m. Eastern Time .
. .'' 24X proposes to define four different trading sessions. See
proposed 24X Rules 1.5(b), defining the ``24X Market Session'';
1.5(k) defining the ``Core Market Session''; 1.5(v) defining the
``Post-market Session''; and 1.5(w) defining the ``Pre-Market
Session''.
\15\ See e.g., proposed 24X Rule 11.16 (describing what orders
are eligible for execution outside of regular trading hours).
---------------------------------------------------------------------------
II. Amendment No. 2 to 24X's Initial Form 1 Application
In Amendment No. 2, 24X proposes certain changes to the Amended and
Restated Limited Liability Company Operating Agreement of 24X Bermuda
Holdings LLC, \16\ as well as to the Member Nominating Committee
Charter.\17\
---------------------------------------------------------------------------
\16\ See Exhibits C and C-2, as amended by 24X's Amendment No.
2.
\17\ See Exhibit J-3, as amended by 24X's Amendment No. 2.
---------------------------------------------------------------------------
III. Request for Written Comment
The Commission requests that interested persons provide written
views and data with respect to 24X's Initial Form 1 Application, as
amended by Amendment No. 1 and Amendment No. 2. Comments may be
submitted by any of the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number 10-239 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number 10-239. 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/other.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to 24X's Initial Form 1 Application, as amended
by Amendment No. 1 and Amendment No. 2, filed with the Commission, and
all written communications relating to the application 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. All
comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from submissions. You should submit only
information that you wish to make publicly available.
All submissions should refer to File Number 10-239 and should be
submitted on or before December 13, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(71)(ii).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-25425 Filed 11-21-22; 8:45 am]
BILLING CODE 8011-01-P
