SECURITIES AND EXCHANGE COMMISSION
(Release No. 34-85993; File No. 013-00106)


May 31, 2019


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


              On February 8, 2019, Crossfinder 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.

              Crossfinder was operating pursuant to an initial operation report
on Form ATS on file

with the Commission as of January 7, 2019.1 Crossfinder 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 Crossfinder's initial Form ATS-N. In
addition, the staff has

been engaged in ongoing discussions with Crossfinder 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 Crossfinder. 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

Crossfinder.

       In the conversations between Crossfinder and Commission staff about the
initial Form

ATS-N disclosures and the ATS operations, Commission staff and Crossfinder have
discussed a

potential amendment to update Crossfinder'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 Crossfinder. 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 Crossfinder ineffective.

       By the Commission.


                                          Jill M. Peterson
                                          Assistant Secretary