October 21, 2005
Mr. Thomas Rensvold
RE: Domestic Securities, Inc./ATTAIN ECN
Dear Mr. Rensvold:
You have informed us that Direct Edge ECN LLC ("Direct Edge LLC"), a wholly owned subsidiary of Knight Capital Group, Inc. will be acquiring substantially all of the assets and assume certain liabilities related to the electronic communications network ("ECN") known as ATTAIN ECN ("ATTAIN ECN") from Domestic Securities, Inc. and certain of its affiliates and shareholders (collectively, "Domestic").
We have received the Cessation Report on Form ATS for ATTAIN ECN which is to take effect on the later of 4:35 p.m. (EST) on October 21, 2005 or the closing of the sale of ATTAIN ECN to Direct Edge LLC.
The Division of Market Regulation ("Division") of the Securities and Exchange Commission ("Commission") has previously taken the position that ATTAIN ECN is an ECN as defined in Regulation NMS.1 The Division has stated that it would not recommend that the Commission take enforcement action against Nasdaq market makers who are participants in ATTAIN ECN if those market makers enter orders into ATTAIN ECN without modifying their public quotation, in compliance with the ECN Display Alternative.2 The Division set forth this position in a series of no-action letters, the first issued on February 4, 1998, and extended most recently on October 7, 2005.
This letter withdraws the Division's no-action position with respect to ATTAIN ECN upon consummation of Direct Edge LLC's acquisition of ATTAIN ECN.
Michael J. Gaw
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