<p><span>The Securities and Exchange Commission today proposed rules to better protect investors and enhance cybersecurity by bringing more Alternative Trading Systems (ATS) that trade Treasuries and other government securities under the regulatory umbrella. The proposal builds upon a 2020 proposal and public comments received in response to that proposal. It would extend Regulation ATS to include systems that offer the use of non-firm trading interest and provide protocols to bring together buyers and sellers for trading any type of security. These Communication Protocol Systems would be required to either register as exchanges or register as broker-dealers and comply with Regulation ATS. </span></p>
<p><span>Thank you Chair Gensler, and thank you to my fellow Commissioners for their thoughtful remarks. I want to join my colleagues in thanking the staff of the Division of Trading and Markets, Division of Economic and Risk Analysis, and the Office of the General Counsel for the hard work that went into this release. I’d also like to thank Sai Rao in the Chair’s Office, and the other counsels, for all their assistance in getting the proposal to this open meeting.</span></p>