Proprietary Trading Systems

요약

The Commission today is withdrawing proposed Rule 15c2-10 under the Securities Exchange Act of 1934 (``Act''), published in the Federal Register on April 18, 1989, which would have applied to the operation of securities trading systems that are not operated as facilities of national securities exchanges or associations. The Commission is also withdrawing a proposed amendment to Rule 3a12-7 under the Act, which would have conformed that rule to the provisions of proposed Rule 15c2-10. The Commission is withdrawing these proposals because: a substantial period of time has lapsed since their publication by the Commission; subsequent developments suggest that consideration of Rule 15c2-10 as proposed may not be appropriate at this time; and the Commission has proposed Rule 17a-23 under the Act, which would apply to certain automated systems that would also have been subject to proposed Rule 15c2-10.