On Mar. 7, 2025, SEC issued notice of filing of partial amendment no. 1 to FINRA proposed rule change relating to new IntelligentCross ATS alternative display facility.
Amends description of IntelligentCross match priority criteria throughout its matching process to reflect these modifications to the IntelligentCross match priority criteria.
Comments must be submitted 21 days after date of publication in the federal register.
On Dec. 16, FINRA rule filing to add IntelligentCross to display facility.
FINRA filed a proposed rule change with SEC to add IntelligentCross ATS (IntelligentCross) as a new entrant to FINRA's Alternative display facility (ADF).
The proposed rule change does not make any changes to the text of FINRA rules.
Alternative Display Facility
Quotation collection and trade reporting facility that provides ADF market participants ability to post quotations, display orders and report transactions in NMS stocks.
For submission to Securities information processors (SIP) to consolidate, disseminate.
Delivers real-time data for regulatory purposes, including enforcement of Reg NMS.
IntelligentCross
Is an NMS stock Alternative trading system (ATS) operating pursuant to effective Form ATS-N and is required to comply with the conditions of the Regulation ATS exemption.
IntelligentCross ASPEN operates 3 separate limit order books with optional display capability distinguished by different fee structures; act independently of each other.
Only permits registered broker-dealers to be subscribers to IntelligentCross.
IntelligentCross prepared summary of its policies and procedures regarding access to quotations displayed on the ADF and summary of its proposed fees; Exhibit 3 of filing.
Consultation
Comments on proposal are due 21 days from pending publication in federal register.
Dec. 20, 2022 SEC Filing
On Dec. 20, 2022, SEC issued notice of proposal filing, for a 21 day comment period.
Dec. 27, 2022 SEC Fed Reg Proposal
On Dec. 27, 2022, SEC published proposal in federal register, comments Jan. 17, 2023
Feb. 9, 2023 SEC Longer Period
On Feb. 9, 2023, SEC issued notice designating longer period to approve, until Mar. 27.
Feb. 15, 2023 SEC Fed Reg Longer Period
On Feb. 15, 2023, SEC published designation of longer period in the federal register.
Mar. 2023 SEC Proceedings
On Mar. 24, 2023, SEC instituted proceedings on whether to approve or disapprove.
Comments due in 21 days from pending federal register publication; rebuttals 34 days.
Mar. 30, 2023 Fed Reg Proceedings
On Mar. 30, 2023, SEC published FINRA order re ADF new entrant, in federal register.
Submissions should refer to SR–FINRA–2022–032 and should be submitted on or before Apr. 20, 2023, and rebuttal comments should be submitted by May 4, 2023.
Jun. 21, 2023 SEC Longer Period
On Jun. 21, 2023, SEC designated a longer period to take action, by Aug. 24, 2023
SEC has received comments on proposed rule change since SEC initiated proceedings.
Jun. 27, 2023 Fed Reg Longer Period
On Jun. 27, 2023, SEC published notice of longer period for action in federal register.
Aug. 2023 Fed Reg Approval
On Aug. 30, 2023, SEC published approval of FINRA proposal in the federal register.
SEC issued order approving the proposal on alternative display facility on Aug. 24.
Sep. 2023 SEC Review of Approval
On Sep. 29, 2023, SEC issued an order scheduling the filing of statements on review.
The Division of Trading and Markets, pursuant to delegated authority, had approved the FINRA proposal; SEC notified FINRA that the Division's approval shall be reviewed.
Thus, Division’s action pursuant to delegated authority is stayed until SEC review.
Any party/person may file statement in support/opposition to action by Oct. 29, 2023.
Document dated Sep. 29, 2023, was received on Oct. 19, 2023 due to a fixed feed.
Mar. 2025 SEC Notice of Partial Amendment
On Mar. 7, 2025, SEC issued notice of filing of partial amendment no. 1 to FINRA proposed rule change relating to new IntelligentCross ATS alternative display facility.
Amends description of IntelligentCross match priority criteria throughout its matching process to reflect these modifications to the IntelligentCross match priority criteria.
Comments must be submitted 21 days after date of publication in the federal register.
