Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Structure of its Fee Schedule and Make Several Conforming and Clarifying Changes, Pursuant to IEX Rule 15.110(A) and (C), 31828-31833 [2018-14547]
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Federal Register / Vol. 83, No. 131 / Monday, July 9, 2018 / Notices
days after the date of publication of
notice of filing of the proposed rule
change. The Commission may extend
the period for issuing an order
approving or disapproving the proposed
rule change by not more than 60 days
if the Commission determines that a
longer period is appropriate and
publishes the reasons for such
determination. As noted earlier, the
proposed rule change was published for
notice and comment in the Federal
Register on January 9, 2018. July 8,
2018, is 180 days from that date, and
September 6, 2018, is 240 days from that
date.
The Commission finds it appropriate
to designate a longer period within
which to issue an order approving or
disapproving the proposed rule change
so that it has sufficient time to consider
this proposed rule change. Accordingly,
the Commission, pursuant to Section
19(b)(2) of the Act,9 designates
September 6, 2018, as the date by which
the Commission should either approve
or disapprove the proposed rule change
(File Number SR–NASDAQ–2017–128).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–14667 Filed 7–6–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83582; File No. SR–IEX–
2018–11]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify the
Structure of its Fee Schedule and Make
Several Conforming and Clarifying
Changes, Pursuant to IEX Rule
15.110(A) and (C)
sradovich on DSK3GMQ082PROD with NOTICES
July 2, 2018.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on June 29,
2018, the Investors Exchange LLC
(‘‘IEX’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by the self-regulatory organization. The
9 Id.
10 17
CFR 200.30–3(a)(57).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Pursuant to the provisions of Section
19(b)(1) under the Securities Exchange
Act of 1934 (‘‘Act’’),4 and Rule 19b–4
thereunder,5 Investors Exchange LLC
(‘‘IEX’’ or ‘‘Exchange’’) is filing with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
to modify the structure of its Fee
Schedule and make several conforming
and clarifying changes, pursuant to IEX
Rule 15.110(a) and (c), in order to
provide more clarity to market
participants regarding the fees assessed
for executions on the Exchange.
Changes to the Fee Schedule pursuant
to this proposal are effective upon filing
and will be operative on July 1, 2018.
The text of the proposed rule change
is available at the Exchange’s website at
www.iextrading.com, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of
and basis for the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of these statement may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to modify the
structure of its Fee Schedule and make
minor conforming changes, pursuant to
IEX Rule 15.110(a) and (c), in order to
provide more clarity to market
participants regarding the fees assessed
for executions on the Exchange. The
Exchange’s existing Fee Schedule
requires market participants to
determine which of the Exchange’s Fee
Codes are applicable to any given
transaction, and then calculate the
applicable fee that will be assessed
depending on the applicable Fee Code
1 15
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5 17
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CFR 240.19b–4.
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combination. After informal discussions
with various market participants, the
Exchange is proposing to provide more
clarity to market participants regarding
the fees assessed for executions on the
Exchange by amending the structure of
its Fee Schedule to explicitly provide
each possible Fee Code combination,
along with the associated fee applicable
to such transaction. The Exchange is
also proposing to make several minor
substantive changes to the Fee Schedule
and related rules to enhance the
consistency and clarity of the
Exchange’s Fee Schedule.
Existing Fee Schedule
In an effort to incentivize Members 6
to submit displayed orders to the
Exchange, the Exchange currently
charges a fee of $0.0003 per share (or
0.30% of the total dollar value of the
transaction for securities priced below
$1.00) to Members for executions on IEX
that provide or take resting interest with
displayed priority (i.e., an order or
portion of a reserve order that is booked
and ranked with display priority on the
Order Book).7 Furthermore, the
Exchange currently charges $0.0009 per
share (or 0.30% of the total dollar value
of the transaction for securities priced
below $1.00) to Members for executions
on IEX that provide or take resting
interest with non-displayed priority
(i.e., an order or portion of a reserve
order that is booked and ranked with
non-displayed priority on the Order
Book).8
Moreover, in order to reduce the
variability in fees to access liquidity on
the Exchange and thereby incentivize
Members to route more orders to the
Exchange that are executable at the far
side of the NBBO,9 the Exchange
assesses a deterministic Spread-Crossing
Remove Fee of $0.0003 per share to all
executions at or above $1.00 that result
from removing liquidity with a buy
(sell) order that is executable at the NBO
(NBB).10 The Exchange does not charge
6 See
Rule 1.160(s).
pricing is referred to by the Exchange as
‘‘Displayed Match Fee’’ with a Fee Code of ‘L’
provided by the Exchange on execution reports. See
the Investors Exchange Fee Schedule, available on
the Exchange public website.
8 This pricing is referred to by the Exchange as
the ‘‘Non-Displayed Match Fee’’ with a Fee Code of
‘I’ provided by the Exchange on execution reports.
See the Investors Exchange Fee Schedule, available
on the Exchange public website.
9 As defined by Regulation NMS Rule 600(b)(42).
17 CFR 242.600.
10 This pricing is referred to by the Exchange as
the ‘‘Spread-Crossing Remove Fee’’, with a Fee
Code of ‘‘N’’ provided by the Exchange on
execution reports. See the Investors Exchange Fee
Schedule, available on the Exchange public
website. The Exchange notes that if an order—based
on market conditions, User instructions, applicable
7 This
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any fee to Members for executions on
IEX when the adding and removing
order originated from the same
Exchange Member,11 and all executions
below $1.00 are assessed a fee equal to
0.30% of the total dollar value of the
transaction.12
Furthermore, to incentivize additional
resting liquidity on IEX, including
displayed liquidity, the Exchange
charges the maximum fee allowable
pursuant to Regulation NMS for certain
executions that appear to be part of a
deliberate trading strategy that targets
resting liquidity during periods of quote
instability. Specifically, the Exchange
charges a Crumbling Quote Remove Fee
(‘‘CQRF’’) of $0.0030 (or 0.3% of the
total dollar value of the transaction for
securities priced below $1.00) to orders
that remove resting liquidity during
periods of quote instability, as defined
in Rule 11.190(g), if such orders
constitute at least 5% of the Member’s
volume executed on IEX and at least 1
million shares, on a monthly basis,
measured on a per market participant
identifier (‘‘MPID’’) basis.13 Orders that
exceed the 5% and 1 million share
thresholds are assessed the CQRF per
each incremental share executed that
exceeds the threshold.14
In addition to the fees assessed for
trading on the continuous market, the
Exchange also assesses fees for orders
that execute in an IEX Auction for
securities listed on the Exchange
pursuant to Rule 11.350, as well as for
orders that execute in the Opening
Process for non-IEX-listed securities
pursuant to Rule 11.231.15 For orders
IEX Rules and/or the Act and the rules and
regulations thereunder—is not executable at the far
side of the NBBO, such order will not be eligible
for the Spread-Crossing Remove Fee. See Securities
Exchange Act Release No. 83147 (May 1, 2018) 83
FR 20118 (May 7, 2018) (SR–IEX–2018–09).
11 This pricing is referred to by the Exchange as
the ‘‘Internalization Fee’’ with a Fee Code of ‘S’
provided by the Exchange on execution reports.
Orders from different market participant identifiers
of the same broker dealer, with the same Central
Registration Depository registration number, are
treated as originating from the same Exchange
Member. See the Investors Exchange Fee Schedule,
available on the Exchange public website.
12 See the Investors Exchange Fee Schedule,
available on the Exchange public website.
13 This pricing is referred to by the Exchange as
the ‘‘Crumbling Quote Remove Fee Indicator’’ with
a Fee Code of ‘Q’ provided by the Exchange on
execution reports. See the Investors Exchange Fee
Schedule, available on the Exchange public
website. See also 17 CFR 242.610(c).
14 See Securities Exchange Act Release No. 81484
(August 25, 2017), 82 FR 41446 (August 31, 2017)
(SR–IEX–2017–27).
15 See Securities Exchange Act Release No. 82127
(November 20, 2017), 82 FR 56089 (November 27,
2017) (SR–IEX–2017–40), and Securities Exchange
Act Release No. 81502 (August 30, 2017), 82 FR
42141 (September 6, 2017) (SR–IEX–2017–28),
respectively. The Exchange does not yet have any
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that execute in an IEX Auction for
securities listed on the Exchange:
• Executions in the Opening
Auction 16 receive Fee Code ‘‘O’’, and
are assessed a fee of $0.0003 per share,
unless the order was displayed on the
Continuous Book during the Pre-Market
Session,17 in which case the execution
also receives Fee Code ‘‘L’’, and is not
charged a fee.
• Executions in the Closing
Auction 18 receive Fee Code ‘‘C’’, and
are assessed a fee of $0.0003 per share,
unless the order was displayed on the
Continuous Book during the Regular
Market Session,19 in which case the
execution also receives Fee Code ‘‘L’’,
and is not charged a fee.
• Executions in a Halt Auction 20 or
Volatility Auction 21 receive Fee Code
‘‘H’’, and are assessed a fee of $0.0003
per share; 22 and
• Executions in an IPO Auction 23
receive Fee Code ‘‘P’’, and are assessed
a fee of $0.0003 per share.24
For orders that execute in the
Opening Process for non-IEX-listed
securities pursuant to Rule 11.231:
• Orders resting on the Cross Book 25
that execute in the Opening Process
receive Fee Code ‘‘X’’, and are assessed
a fee of $0.0009 per share;
• Non-displayed orders resting on the
Continuous Book that execute in the
Opening Process receive Fee Code ‘‘X’’,
and are assessed a fee of $0.0009 per
share; and
• Displayed orders resting on the
Continuous Book that execute in the
Opening Process receive Fee Codes ‘‘X’’
and ‘‘L’’, and are assessed a fee of
$0.0003 per share.
In addition to the fees described
above, the Exchange also offers a Market
Quality Incentive Program that offers
certain fee-based incentives for
Members that provide meaningful and
consistent support to market quality and
price discovery by extensive quoting at
and/or near the NBBO in IEX-listed
securities for a significant portion of the
day.26 Specifically, a Member that
satisfies the quoting criteria for one or
IEX-listed securities, but intends on launching a
listings program for corporate issuers.
16 See Rule 11.350(c).
17 See Rule 1.160(z).
18 See Rule 11.350(d).
19 See Rule 1.160(gg).
20 See Rule 11.350(e).
21 See Rule 11.350(f).
22 The Exchange also notes that there is no
Continuous Book prior to a Halt, Volatility, or IPO
auction, and thus no opportunity for a Member to
have a displayed order on the Continuous Book that
is executed in such auctions.
23 See Rule 11.350(e).
24 See supra note 13.
25 See Rule 11.231(a).
26 See Rule 11.170(a).
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31829
more of the following tiers in each
security listed on IEX over the course of
the month that the security is listed on
IEX may be designated as an ‘‘IEMM’’:
• Inside Tier IEMM: One or more of
its MPIDs has a displayed order entered
in a principal capacity of at least one
round lot resting on the Exchange at the
NBB and/or the NBO for an average of
at least 20% of Regular Market Hours
(the ‘‘NBBO Quoting Percentage’’); and/
or
• Depth Tier IEMM: One or more of
its MPIDs has a displayed order entered
in a principal capacity of at least one
round lot resting on the Exchange at the
greater of 1 minimum price variation
(‘‘MPV’’) or 0.03% (i.e., 3 basis points)
away from the NBBO (or more
aggressive) for an average of at least
75% of Regular Market Hours (the
‘‘Depth Quoting Percentage’’).
Members that are designated as an
IEMM qualify for the Displayed Match
Fee Discount as well as the NonDisplayed Match Fee Discount.
Specifically, for Inside Tier IEMMs, the
Displayed Match Fee Discount and the
Non-Displayed Match Fee Discount
results in a $0.0001 discount for each
execution subject to the Displayed
Match Fee and the Non-Displayed
Match Fee, respectively, with no cap on
aggregate monthly savings. Furthermore,
Depth Tier IEMMs will receive a
$0.0001 discount for each execution
subject to the Displayed Match Fee and
the Non-Displayed Match Fee, up to
$20,000.00 in aggregate savings per
month.27
Proposed Changes
After informal discussions with
various market participants, the
Exchange is proposing to provide more
clarity to market participants regarding
the fees assessed for executions on the
Exchange by amending the structure of
its Fee Schedule to provide an
overarching framework for interpreting
the Exchange’s Fee Codes, as well as
explicitly enumerating each possible
Fee Code combination, along with the
associated fee applicable to such
transaction. The Exchange is also
proposing to make several conforming
changes to the Fee Schedule and related
rules to account for the updated
structure.
The Exchange proposes to continue
utilizing standard FIX tag 9730 (Trade
Liquidity Indicator) to populate the
applicable Fee Codes for executions on
27 See Securities Exchange Act Release No. 82636
(February 6, 2018), 83 FR 6059 (February 12, 2018)
(SR–IEX–2018–02). See also the Investors Exchange
Fee Schedule, available on the Exchange public
website.
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Federal Register / Vol. 83, No. 131 / Monday, July 9, 2018 / Notices
the Exchange.28 Furthermore, the
Exchange is proposing to divide the
Exchange’s Fee Codes into ‘‘Base Fee
Codes’’, one of which shall be supplied
on every execution report, and
‘‘Additional Fee Codes’’, one or more of
which may be provided on an execution
report, as applicable. The first position
in the Last Liquidity Indictor tag would
always contain a Base Fee Code. The
second through fourth positions would
contain one or more Additional Fee
Codes, as applicable, that serve to
modify the Base Fee Code in the first
position.
As in the existing Fee Schedule, all
proposed fees identify cost per share
executed unless otherwise specified,
and footnotes provide further
explanatory text or indicate variable rate
changes, provided the conditions in the
footnote are met. The rates listed in the
proposed Base Rates table apply unless
a Member’s transaction is assigned an
Additional Fee Code. If a Member’s
transaction is assigned an Additional
Fee Code, the rates listed in the Fee
Code Combinations and Associated Fees
table will apply. Executions below $1.00
are assessed a fee of 0.30% of TDV
unless the Fee Code Combination
results in a FREE execution. For
executions on routable orders, the
Exchange passes-through in full any fees
charged by/rebates received from away
venues (‘‘Cost’’) to the Member and adds
the IEX fee (i.e., a $0.0001 charge per
share).
The Exchange also proposes to adopt
the following definitions that are
substantially like the Exchange’s
existing definitions governing
transaction fees:
• ‘‘Fee Code’’ is identified on each
execution report message from the
Exchange in the Trade Liquidity
Indicator (FIX tag 9730) field.
• ‘‘MPID’’ means a market participant
identifier.
• ‘‘TDV’’ means the total dollar value
of the execution calculated as the
execution price multiplied by the
number of shares executed in the
transaction.
• ‘‘Quote instability’’ is defined in
IEX Rule 11.190(g).29
• ‘‘CQRF Threshold’’ means the
Crumbling Quote Remove Fee
Threshold. The threshold is equal to 5%
of the sum of a Member’s total monthly
executions on IEX if at least 1,000,000
shares during the calendar month,
measured on an MPID basis.
• ‘‘Spread-crossing eligible order’’
means a buy order that is executable at
the NBO or a sell order that is
executable at the NBB after accounting
for the order’s limit (if any), peg
instruction (if any), market conditions,
and all applicable rules and
regulations.30
The proposed Base Fee Codes and
Additional Fee Codes, as well as the
corresponding fees, are as follows:
Executions at
or above
$1.00
Base fee codes
Description
I, X ..................................................
L ......................................................
O, C, H, P .......................................
Standard Match Fee ................................................................................
Reduced Match Fee ................................................................................
Auction Match Fee ..................................................................................
Alpha ...............................................
Routing and removing liquidity (all routing options) ................................
$0.0009
0.0003
0.0003
Description
S ...................
Q ..................
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0.30% of TDV.
0.30% of TDV.
0.30% of TDV.
Cost + $0.0001
Additional fee
codes
Internalization Fee: Member executes against resting liquidity provided by such Member ....................................
Crumbling Quote Remove Fee: Removes liquidity during periods of quote instability at or within the NBBO
above the CQRF Threshold, measured on an MPID basis.
Spread-Crossing Eligible Remove Fee: Removes liquidity with a spread-crossing eligible order ..........................
Discounted Single-Price Cross Fee: Displayed interest resting on the Continuous Book executes in a cross or
auction.
N ...................
D ...................
Executions
below $1.00
Fee
FREE
$0.0030
$0.0003
FREE
Fee Codes ‘‘I’’ and ‘‘X’’ are currently
identified as the Non-Displayed Match
Fee and the Opening Match Fee,
respectively, and would both be referred
to as the Standard Match Fee, as
proposed. Furthermore, Fee Code ‘‘L’’ is
currently identified as the Displayed
Match Fee, and would be referred to as
the Reduced Match Fee, as proposed.
The Exchanges notes these amendments
reflect only changes in nomenclature,
and do not represent substantive
changes to the fees assessed for
execution on the Exchange. Moreover,
similar to the existing Fee Schedule, the
Exchange proposes to append footnote 1
to each Fee Code combination that
includes Fee Code ‘‘Q’’. Footnote 1
states that executions with Fee Code Q
that exceed the CQRF Threshold are
subject to the Crumbling Quote Remove
Fee identified in the Fee Code Modifiers
table. Executions with Fee Code Q that
do not exceed the CQRF Threshold are
subject to the fees identified in the Fee
Code Combinations and Associated Fees
table.
The Exchange is proposing to make
one minor conforming change to the
fees assessed for displayed order’s
resting on the Continuous Book that are
executed in the Opening Process for
non-IEX-listed securities pursuant to
Rule 11.231 in order to enhance the
consistency and clarity of the
Exchange’s Fee Schedule. Specifically,
as described above, a displayed order
resting on the Continuous Book that is
executed in the Opening Process for
non-IEX-listed securities is currently
charged the Displayed Match Fee (or the
Reduced Match Fee, as proposed). In
contrast, a displayed order resting on
the Continuous Book that is executed in
an Opening or Closing Auction for IEXlisted securities is not charged a fee.
However, as proposed, the Opening
Process utilizes the Base Fee Code of
‘‘X’’, which would conflict with the
Base Fee Code of ‘‘L’’ for displayed
executions. Thus, the Exchange is
28 See the Investors Exchange FIX Specification,
available on the Exchange’s public website.
29 The Exchange notes the proposed definition of
‘‘Quote instability’’ is a new definition, and is
simply a cross reference to Rule 11.190(g). See Rule
11.190(g).
30 The Exchange notes that the proposed
definition of ‘‘Spread-crossing eligible order’’ is a
new definition, and is intended to provide market
participants further clarity regarding the conditions
associated with the Spread-Crossing Remove Fee.
See Securities Exchange Act Release No. 83147
(May 1, 2018) 83 FR 20118 (May 7, 2018) (SR–IEX–
2018–09).
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Federal Register / Vol. 83, No. 131 / Monday, July 9, 2018 / Notices
proposing to harmonize the fees charged
to displayed orders resting on the
Continuous Book that are executed in
the Opening Process or the Opening or
Closing Auction, by introducing
Additional Fee Code ‘‘D’’ (Discounted
Single-Price Cross Fee), representing
displayed interest resting on the
Continuous Book that executes in a
single price cross (i.e., in Opening
Process, or an IEX Auction), and is not
charged a fee.31
The Exchange believes that offering
such displayed orders resting on the
Continuous Book free execution in the
Opening Process is consistent with the
protection of investors and the public
interest in that it may have the effect of
incentivizing Members that seek
execution in the Opening Process to
enter displayed interest, thereby
contributing to the public price
discovery process to the benefit of all
market participants. Furthermore, the
proposed change creates consistency in
the Exchange’s fee for similarly situated
orders in that displayed orders resting
on the Continuous Book that are
executed as part of a single-priced cross
will receive the same free execution.
In addition to the Base Fee Code and
Additional Fee Code framework
described above, the Exchange is also
proposing to provide a table of all
possible Fee Code combinations and
their associated fees, which explicitly
sets forth each of the fees associated
with each Fee Code combination. This
table is designed to provide market
participants an authoritative source on
how to interpret the Fee Code’s assigned
by the Exchange on each execution
report. Consistent with the foregoing,
the proposed Fee Code combinations
and associated fees are as follows: 32
Fee Codes
Description
I ....................
L ...................
IS ..................
IQ * ...............
IN ..................
LS .................
LQ * ..............
LN .................
ISQ * .............
ISN ...............
IQN * .............
LSQ * ............
LSN ..............
LQN * ............
ISQN * ..........
Adds or removes non-displayed liquidity ..................................................................................................................
Adds or removes displayed liquidity .........................................................................................................................
Member executes against resting non-displayed liquidity provided by such Member .............................................
Removes non-displayed liquidity during periods of quote instability ........................................................................
Removes non-displayed liquidity with a spread-crossing eligible order ...................................................................
Member executes against resting displayed liquidity provided by such Member ....................................................
Removes displayed liquidity during periods of quote instability ...............................................................................
Removes displayed liquidity with a spread-crossing eligible order ..........................................................................
Member removes non-displayed liquidity provided by such Member during periods of quote instability ................
Member removes non-displayed liquidity provided by such Member with a spread-crossing eligible order ...........
Removes non-displayed liquidity during periods of quote instability with a spread-crossing eligible order ............
Member removes displayed liquidity provided by such Member during periods of quote instability .......................
Member removes non-displayed liquidity provided by such Member with a spread-crossing eligible order ...........
Removes displayed liquidity during periods of quote instability with a spread-crossing eligible order ...................
Member removes non-displayed liquidity provided by such Member during periods of quote instability with a
spread-crossing eligible order.
Member removes non-displayed liquidity provided by such Member during periods of quote instability with a
spread-crossing eligible order.
Opening Process for Non-Listed Securities (‘‘Opening Process’’) ...........................................................................
Displayed interest resting on the Continuous Book executes in the Opening Process ...........................................
Opening Auction, IEX-listed security ........................................................................................................................
Displayed interest resting on the Continuous Book executes in the Opening Auction ............................................
Closing Auction, IEX-listed security ..........................................................................................................................
Displayed interest resting on the Continuous Book executes in the Closing Auction .............................................
Halt or Volatility Auction, IEX-listed security .............................................................................................................
IPO Auction, IEX-listed security ................................................................................................................................
LSQN * .........
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X ...................
XD ................
O ..................
OD ................
C ...................
CD ................
H ...................
P ...................
31831
Fee
$0.0009
$0.0003
FREE
$0.0009
$0.0003
FREE
$0.0003
$0.0003
FREE
FREE
$0.0003
FREE
FREE
$0.0003
FREE
FREE
$0.0009
FREE
$0.0003
FREE
$0.0003
FREE
$0.0003
$0.0003
Lastly, in order to enhance the
consistency and clarity of the
Exchange’s Fee Schedule, IEX proposes
to make conforming changes to the
description of the IEMM Program in
both the Fee Schedule and Rule
11.170(a)(3) to account for the changes
described above, as well as to clarify the
application of the Spread-Crossing
Eligible Remove Fee. Specifically, the
Exchange is changing the name of the
Non-Displayed Match Fee Discount and
the Displayed Match Fee Discount to the
Standard Match Fee Discount and
Reduced Match Fee Discount,
respectively, which conforms to the
nomenclature of the proposed Base
Rate’s. Furthermore, the Exchange is
clarifying that Members that qualify as
IEMMs will receive a $0.0001 discount
on executions that receive the SpreadCrossing Eligible Remove Fee, subject to
any applicable Depth Tier aggregate
monthly savings cap. The SpreadCrossing Eligible Remove Fee Code of
‘‘N’’ is an additional Fee Code applied
to execution that remove resting
liquidity (either displayed, or nondisplayed), and thus, such executions
would also receive the applicable Base
Fee Code, but would be subject to the
Spread-Crossing Eligible Remove Fee as
set forth in the proposed table of Fee
Code combinations and associated fees.
The Exchange believes the proposed
changes do not substantively change the
IEMM Program, as executions qualifying
for the Spread-Crossing Eligible Remove
Fee are a logical subset of executions
that satisfy the conditions of the
Standard Match Fee (when removing
non-displayed liquidity) or the Reduced
Match Fee (when removing displayed
liquidity). Thus, to provide clarity
regarding the application of the SpreadCrossing Eligible Remove Fee, the
Exchange proposes to amend the Fee
Schedule to explicitly enumerate the
Spread-Crossing Eligible Remove Fee
Discount for Members that qualify as an
IEMM. Accordingly, as proposed, unless
an IEMM otherwise qualifies for a lower
rate, IEMMs will receive the following
rates for executions during continuous
trading in securities priced at or above
$1.00.
31 See proposed Additional Fee Code ‘‘D’’,
Discounted Single-Price Cross: displayed interest
resting on the Continuous Book executes in a cross
or auction.
32 The Exchange has included an asterisk to
denote a Fee Code combination that will have
proposed footnote 1 appended. As described above,
Footnote 1 states that executions with Fee Code Q
that exceed the CQRF Threshold are subject to the
Crumbling Quote Remove Fee of $0.0030, as
identified in the Fee Code Modifiers table.
Executions with Fee Code Q that do not exceed the
CQRF Threshold are subject to the fees identified
in the Fee Code Combinations and Associated Fees
table.
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18:00 Jul 06, 2018
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Federal Register / Vol. 83, No. 131 / Monday, July 9, 2018 / Notices
Standard
match fee
discount
IEMM Tier
Inside Tier ....................................................................................................................................
Depth Tier ....................................................................................................................................
The Exchange also proposes to clarify
in the Fee Schedule that IEMMs
qualifying for the Depth Tier can receive
up to $20,000.00 in aggregate savings,
per month, before the discounted rates
above no longer apply, and the IEMM is
subject to the Base Rates. Furthermore,
the Exchange proposed to clarify in both
the Fee Schedule and Rule 11.170(a)(3)
that if a Member qualifies under both
the Inside Tier and the Depth Tier, any
earned Standard Match Fee Discount,
Reduced Match Fee Discount, and
Spread-Crossing Eligible Remove Fee
Discount will be aggregated and applied
to such Members’ executions that are
subject to the Standard Match Fee,
Reduced Match Fee, or Spread-Crossing
Eligible Remove Fee in securities priced
at or above $1.00, subject to the
applicable Depth Tier aggregate monthly
savings cap of $20,000.00.
Finally, the Exchange is proposing to
make conforming changes to Rule
11.170(a)(3) in order to explicitly state
that for Members that qualify as an
IEMM, executions that take liquidity in
securities priced at or above $1.00 with
a buy order that is executable at the
NBO or a sell order that is executable at
the NBB after accounting for the order’s
limit (if any), peg instruction (if any),
market conditions, and all applicable
rules and regulations (i.e., orders that
receive the Spread-Crossing Eligible
Remove Fee) will receive a $0.0001 fee
reduction, up to $20,000.00 in aggregate
savings, per month, inclusive of
Reduced Standard Match Fee and
Reduced Discounted Match Fee savings.
The Exchange believes that these
changes do not represent a substantive
change to the IEMM Program, but are
simply meant to conform to the
Exchange’s proposed Fee Schedule as
discussed above.
sradovich on DSK3GMQ082PROD with NOTICES
2. Statutory Basis
IEX believes that the proposed rule
change is consistent with the provisions
of Section 6(b) 33 of the Act in general,
and furthers the objectives of Sections
6(b)(4) 34 of the Act, in particular, in that
it is designed to provide for the
equitable allocation of reasonable dues,
fees and other charges among its
33 15
34 15
U.S.C. 78f.
U.S.C. 78f(b)(4).
VerDate Sep<11>2014
18:00 Jul 06, 2018
Jkt 244001
Members and other persons using its
facilities. The Exchange believes that
the proposed fee change is reasonable,
fair and equitable, and nondiscriminatory.
The proposed changes are designed to
provide more clarity to market
participants regarding the fees assessed
for executions on the Exchange by
amending the structure of its Fee
Schedule to explicitly provide each
possible Fee Code combination, along
with the associated fee applicable to
such transaction, therefore making the
Exchange’s Fee Schedule more clear and
deterministic to the benefit of all market
participants. The Exchange believes the
proposed changes enhance the
consistency and clarity of the
Exchange’s Fee Schedule, and do not
represent a significant departure from
pricing currently offered by the
Exchange. As described in the Purpose
section, the Exchange is proposing to
primarily make formatting changes, and
certain conforming edits designed to
make the Exchange’s rules clearer and
more precise.
As described above, as part of the
proposed restructuring of the Fee
Schedule, the Exchange is proposing to
not charge any fee for displayed order’s
resting on the Continuous Book that are
executed in the Opening Process for
non-IEX-listed securities pursuant to
Rule 11.231. The Exchange believes that
offering displayed orders resting on the
Continuous Book free execution in the
Opening Process is consistent with the
protection of investors and the public
interest in that it may have the effect of
incentivizing Members that seek
execution in the Opening Process to
enter displayed interest, thereby
contributing to the public price
discovery process to the benefit of all
market participants. Furthermore, the
proposed change creates consistency in
the Exchange’s fees for similarly
situated orders in that displayed orders
resting on the Continuous Book that are
executed as part of a single-priced cross
(i.e., the Opening Process or an IEX
Auction) will receive the same free
execution.
In addition, as described above, the
Exchange is also proposing to make
conforming changes to the description
of the IEMM Program in both the Fee
PO 00000
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$0.0001
0.0001
Reduced
match fee
discount
$0.0001
0.0001
Spreadcrossing
eligible
remove fee
discount
$0.0001
0.0001
Schedule and Rule 11.170(a)(3) to
account for the modified Fee Schedule,
as well as to clarify the application of
the Spread-Crossing Eligible Remove
Fee. The Exchange believes these
proposed changes are reasonable, fair
and equitable, and non-discriminatory
because they do not substantively
change the IEMM Program, as
executions qualifying for the SpreadCrossing Eligible Remove Fee are a
logical subset of executions that satisfy
the conditions of the Standard Match
Fee (when removing non-displayed
liquidity) or the Reduced Match Fee
(when removing displayed liquidity).
Thus, the proposed changes are
primarily designed to provide clarity
regarding the application of the SpreadCrossing Eligible Remove Fee in the
context of the IEMM program by
explicitly enumerating the SpreadCrossing Eligible Remove Fee Discount
for Members that qualify as an IEMM.
Furthermore, the Exchange notes that
the proposed structure of the Fee
Schedule is substantially like the Fee
Schedule of other market centers, and
therefore does not present any new or
novel issues not already considered by
the Commission.35
Finally, the Exchange believes that
the proposed fees are nondiscriminatory
because they will continue to apply
uniformly to all Members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
IEX does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange does not believe that the
proposed rule change will impose any
burden on intramarket competition that
is not necessary or appropriate in
furtherance of the purposes of the Act,
because, as discussed above, the
Exchange is not materially altering the
fees assessed for executions on the
Exchange. Moreover, the Exchange
operates in a highly competitive market
in which market participants can
readily favor competing venues if fee
35 See, e.g., the Fee Schedule of Cboe BZX
Exchange, Inc., available at https://
markets.cboe.com/us/equities/membership/fee_
schedule/bzx/.
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09JYN1
Federal Register / Vol. 83, No. 131 / Monday, July 9, 2018 / Notices
schedules at other venues are viewed as
more favorable. Consequently, the
Exchange believes that the degree to
which IEX fees could impose any
burden on competition is extremely
limited and does not believe that such
fees would burden competition between
Members or competing venues in a
manner that is not necessary or
appropriate in furtherance of the
purposes of the Act. Moreover, as noted
in the Statutory Basis section, the
Exchange does not believe that the
proposed changes represent a significant
departure from its current fee schedule.
The Exchange does not believe that
the proposed rule change will impose
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the purposes of the Act
because the Exchange is not materially
altering the fees assessed for executions
on the Exchange. Furthermore, as noted
above, the Exchange notes that the
proposed structure of the Fee Schedule
is substantially similar to the Fee
Schedule of other market centers, and
therefore does not present any new
intermarket competitive burdens that do
not already exist.36
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
sradovich on DSK3GMQ082PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) 37 of the Act.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 38 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
supra note 30.
37 15 U.S.C. 78s(b)(3)(A)(ii).
38 15 U.S.C. 78s(b)(2)(B).
18:00 Jul 06, 2018
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
IEX–2018–11 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–IEX–2018–11. This file
number should be included in the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Section, 100 F Street NE,
Washington, DC 20549–1090, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing will also be available for
inspection and copying at the IEX’s
principal office and on its internet
website at www.iextrading.com. All
comments received will be posted
without change. Persons submitting
comments are cautioned that we do not
redact or edit personal identifying
information from comment submissions.
You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–IEX–
2018–11 and should be submitted on or
before July 30, 2018. For the
Commission, by the Division of Trading
and Markets, pursuant to delegated
authority.39
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–14547 Filed 7–6–18; 8:45 am]
BILLING CODE 8011–01–P
36 See
VerDate Sep<11>2014
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
39 17
Jkt 244001
PO 00000
CFR 200.30–3(a)(12).
Frm 00119
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31833
SMALL BUSINESS ADMINISTRATION
National Small Business Development
Centers Advisory Board
Small Business Administration.
Notice of open Federal Advisory
Committee meeting.
AGENCY:
ACTION:
The SBA is issuing this notice
to announce the cancellation of the July
17, 2018 meeting of the Federal
Advisory Committee for the Small
Business Development Centers Program.
Future meetings of the Committee will
be publicized as details become
available.
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Anne Reim, Office of Small Business
Development Centers, U.S. Small
Business Administration, 409 Third
Street SW, Washington, DC 20416;
anne.reim@sba.gov; 202–205–9565.
If anyone wishes to learn more about
the Committee, please contact Anne
Reim at the information above.
SUPPLEMENTARY INFORMATION: Pursuant
to section l0(a) of the Federal Advisory
Committee Act (5 U.S.C. Appendix 2),
the SBA announces the meetings of the
National SBDC Advisory Board. This
Board provides advice and counsel to
the SBA Administrator and Associate
Administrator for Small Business
Development Centers.
John Woodard,
White House Liaison.
[FR Doc. 2018–14622 Filed 7–6–18; 8:45 am]
BILLING CODE P
SUSQUEHANNA RIVER BASIN
COMMISSION
Projects Approved for Consumptive
Uses of Water
Susquehanna River Basin
Commission.
ACTION: Notice.
AGENCY:
This notice lists the projects
approved by rule by the Susquehanna
River Basin Commission during the
period set forth in DATES.
DATES: May 1–31, 2018.
ADDRESSES: Susquehanna River Basin
Commission, 4423 North Front Street,
Harrisburg, PA 17110–1788.
FOR FURTHER INFORMATION CONTACT:
Jason E. Oyler, General Counsel, 717–
238–0423, ext. 1312, joyler@srbc.net.
Regular mail inquiries May be sent to
the above address.
SUPPLEMENTARY INFORMATION: This
notice lists the projects, described
below, receiving approval for the
SUMMARY:
E:\FR\FM\09JYN1.SGM
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]]>Agencies
[Federal Register Volume 83, Number 131 (Monday, July 9, 2018)]
[Notices]
[Pages 31828-31833]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-14547]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83582; File No. SR-IEX-2018-11]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Modify
the Structure of its Fee Schedule and Make Several Conforming and
Clarifying Changes, Pursuant to IEX Rule 15.110(A) and (C)
July 2, 2018.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on June 29, 2018, the Investors Exchange LLC (``IEX'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) under the Securities
Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\
Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the
Securities and Exchange Commission (``Commission'') a proposed rule
change to modify the structure of its Fee Schedule and make several
conforming and clarifying changes, pursuant to IEX Rule 15.110(a) and
(c), in order to provide more clarity to market participants regarding
the fees assessed for executions on the Exchange. Changes to the Fee
Schedule pursuant to this proposal are effective upon filing and will
be operative on July 1, 2018.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
The text of the proposed rule change is available at the Exchange's
website at www.iextrading.com, at the principal office of the Exchange,
and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statement may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to modify the structure of its Fee Schedule
and make minor conforming changes, pursuant to IEX Rule 15.110(a) and
(c), in order to provide more clarity to market participants regarding
the fees assessed for executions on the Exchange. The Exchange's
existing Fee Schedule requires market participants to determine which
of the Exchange's Fee Codes are applicable to any given transaction,
and then calculate the applicable fee that will be assessed depending
on the applicable Fee Code combination. After informal discussions with
various market participants, the Exchange is proposing to provide more
clarity to market participants regarding the fees assessed for
executions on the Exchange by amending the structure of its Fee
Schedule to explicitly provide each possible Fee Code combination,
along with the associated fee applicable to such transaction. The
Exchange is also proposing to make several minor substantive changes to
the Fee Schedule and related rules to enhance the consistency and
clarity of the Exchange's Fee Schedule.
Existing Fee Schedule
In an effort to incentivize Members \6\ to submit displayed orders
to the Exchange, the Exchange currently charges a fee of $0.0003 per
share (or 0.30% of the total dollar value of the transaction for
securities priced below $1.00) to Members for executions on IEX that
provide or take resting interest with displayed priority (i.e., an
order or portion of a reserve order that is booked and ranked with
display priority on the Order Book).\7\ Furthermore, the Exchange
currently charges $0.0009 per share (or 0.30% of the total dollar value
of the transaction for securities priced below $1.00) to Members for
executions on IEX that provide or take resting interest with non-
displayed priority (i.e., an order or portion of a reserve order that
is booked and ranked with non-displayed priority on the Order Book).\8\
---------------------------------------------------------------------------
\6\ See Rule 1.160(s).
\7\ This pricing is referred to by the Exchange as ``Displayed
Match Fee'' with a Fee Code of `L' provided by the Exchange on
execution reports. See the Investors Exchange Fee Schedule,
available on the Exchange public website.
\8\ This pricing is referred to by the Exchange as the ``Non-
Displayed Match Fee'' with a Fee Code of `I' provided by the
Exchange on execution reports. See the Investors Exchange Fee
Schedule, available on the Exchange public website.
---------------------------------------------------------------------------
Moreover, in order to reduce the variability in fees to access
liquidity on the Exchange and thereby incentivize Members to route more
orders to the Exchange that are executable at the far side of the
NBBO,\9\ the Exchange assesses a deterministic Spread-Crossing Remove
Fee of $0.0003 per share to all executions at or above $1.00 that
result from removing liquidity with a buy (sell) order that is
executable at the NBO (NBB).\10\ The Exchange does not charge
[[Page 31829]]
any fee to Members for executions on IEX when the adding and removing
order originated from the same Exchange Member,\11\ and all executions
below $1.00 are assessed a fee equal to 0.30% of the total dollar value
of the transaction.\12\
---------------------------------------------------------------------------
\9\ As defined by Regulation NMS Rule 600(b)(42). 17 CFR
242.600.
\10\ This pricing is referred to by the Exchange as the
``Spread-Crossing Remove Fee'', with a Fee Code of ``N'' provided by
the Exchange on execution reports. See the Investors Exchange Fee
Schedule, available on the Exchange public website. The Exchange
notes that if an order--based on market conditions, User
instructions, applicable IEX Rules and/or the Act and the rules and
regulations thereunder--is not executable at the far side of the
NBBO, such order will not be eligible for the Spread-Crossing Remove
Fee. See Securities Exchange Act Release No. 83147 (May 1, 2018) 83
FR 20118 (May 7, 2018) (SR-IEX-2018-09).
\11\ This pricing is referred to by the Exchange as the
``Internalization Fee'' with a Fee Code of `S' provided by the
Exchange on execution reports. Orders from different market
participant identifiers of the same broker dealer, with the same
Central Registration Depository registration number, are treated as
originating from the same Exchange Member. See the Investors
Exchange Fee Schedule, available on the Exchange public website.
\12\ See the Investors Exchange Fee Schedule, available on the
Exchange public website.
---------------------------------------------------------------------------
Furthermore, to incentivize additional resting liquidity on IEX,
including displayed liquidity, the Exchange charges the maximum fee
allowable pursuant to Regulation NMS for certain executions that appear
to be part of a deliberate trading strategy that targets resting
liquidity during periods of quote instability. Specifically, the
Exchange charges a Crumbling Quote Remove Fee (``CQRF'') of $0.0030 (or
0.3% of the total dollar value of the transaction for securities priced
below $1.00) to orders that remove resting liquidity during periods of
quote instability, as defined in Rule 11.190(g), if such orders
constitute at least 5% of the Member's volume executed on IEX and at
least 1 million shares, on a monthly basis, measured on a per market
participant identifier (``MPID'') basis.\13\ Orders that exceed the 5%
and 1 million share thresholds are assessed the CQRF per each
incremental share executed that exceeds the threshold.\14\
---------------------------------------------------------------------------
\13\ This pricing is referred to by the Exchange as the
``Crumbling Quote Remove Fee Indicator'' with a Fee Code of `Q'
provided by the Exchange on execution reports. See the Investors
Exchange Fee Schedule, available on the Exchange public website. See
also 17 CFR 242.610(c).
\14\ See Securities Exchange Act Release No. 81484 (August 25,
2017), 82 FR 41446 (August 31, 2017) (SR-IEX-2017-27).
---------------------------------------------------------------------------
In addition to the fees assessed for trading on the continuous
market, the Exchange also assesses fees for orders that execute in an
IEX Auction for securities listed on the Exchange pursuant to Rule
11.350, as well as for orders that execute in the Opening Process for
non-IEX-listed securities pursuant to Rule 11.231.\15\ For orders that
execute in an IEX Auction for securities listed on the Exchange:
---------------------------------------------------------------------------
\15\ See Securities Exchange Act Release No. 82127 (November 20,
2017), 82 FR 56089 (November 27, 2017) (SR-IEX-2017-40), and
Securities Exchange Act Release No. 81502 (August 30, 2017), 82 FR
42141 (September 6, 2017) (SR-IEX-2017-28), respectively. The
Exchange does not yet have any IEX-listed securities, but intends on
launching a listings program for corporate issuers.
---------------------------------------------------------------------------
Executions in the Opening Auction \16\ receive Fee Code
``O'', and are assessed a fee of $0.0003 per share, unless the order
was displayed on the Continuous Book during the Pre-Market Session,\17\
in which case the execution also receives Fee Code ``L'', and is not
charged a fee.
---------------------------------------------------------------------------
\16\ See Rule 11.350(c).
\17\ See Rule 1.160(z).
---------------------------------------------------------------------------
Executions in the Closing Auction \18\ receive Fee Code
``C'', and are assessed a fee of $0.0003 per share, unless the order
was displayed on the Continuous Book during the Regular Market
Session,\19\ in which case the execution also receives Fee Code ``L'',
and is not charged a fee.
---------------------------------------------------------------------------
\18\ See Rule 11.350(d).
\19\ See Rule 1.160(gg).
---------------------------------------------------------------------------
Executions in a Halt Auction \20\ or Volatility Auction
\21\ receive Fee Code ``H'', and are assessed a fee of $0.0003 per
share; \22\ and
---------------------------------------------------------------------------
\20\ See Rule 11.350(e).
\21\ See Rule 11.350(f).
\22\ The Exchange also notes that there is no Continuous Book
prior to a Halt, Volatility, or IPO auction, and thus no opportunity
for a Member to have a displayed order on the Continuous Book that
is executed in such auctions.
---------------------------------------------------------------------------
Executions in an IPO Auction \23\ receive Fee Code ``P'',
and are assessed a fee of $0.0003 per share.\24\
---------------------------------------------------------------------------
\23\ See Rule 11.350(e).
\24\ See supra note 13.
---------------------------------------------------------------------------
For orders that execute in the Opening Process for non-IEX-listed
securities pursuant to Rule 11.231:
Orders resting on the Cross Book \25\ that execute in the
Opening Process receive Fee Code ``X'', and are assessed a fee of
$0.0009 per share;
---------------------------------------------------------------------------
\25\ See Rule 11.231(a).
---------------------------------------------------------------------------
Non-displayed orders resting on the Continuous Book that
execute in the Opening Process receive Fee Code ``X'', and are assessed
a fee of $0.0009 per share; and
Displayed orders resting on the Continuous Book that
execute in the Opening Process receive Fee Codes ``X'' and ``L'', and
are assessed a fee of $0.0003 per share.
In addition to the fees described above, the Exchange also offers a
Market Quality Incentive Program that offers certain fee-based
incentives for Members that provide meaningful and consistent support
to market quality and price discovery by extensive quoting at and/or
near the NBBO in IEX-listed securities for a significant portion of the
day.\26\ Specifically, a Member that satisfies the quoting criteria for
one or more of the following tiers in each security listed on IEX over
the course of the month that the security is listed on IEX may be
designated as an ``IEMM'':
---------------------------------------------------------------------------
\26\ See Rule 11.170(a).
---------------------------------------------------------------------------
Inside Tier IEMM: One or more of its MPIDs has a displayed
order entered in a principal capacity of at least one round lot resting
on the Exchange at the NBB and/or the NBO for an average of at least
20% of Regular Market Hours (the ``NBBO Quoting Percentage''); and/or
Depth Tier IEMM: One or more of its MPIDs has a displayed
order entered in a principal capacity of at least one round lot resting
on the Exchange at the greater of 1 minimum price variation (``MPV'')
or 0.03% (i.e., 3 basis points) away from the NBBO (or more aggressive)
for an average of at least 75% of Regular Market Hours (the ``Depth
Quoting Percentage'').
Members that are designated as an IEMM qualify for the Displayed
Match Fee Discount as well as the Non-Displayed Match Fee Discount.
Specifically, for Inside Tier IEMMs, the Displayed Match Fee Discount
and the Non-Displayed Match Fee Discount results in a $0.0001 discount
for each execution subject to the Displayed Match Fee and the Non-
Displayed Match Fee, respectively, with no cap on aggregate monthly
savings. Furthermore, Depth Tier IEMMs will receive a $0.0001 discount
for each execution subject to the Displayed Match Fee and the Non-
Displayed Match Fee, up to $20,000.00 in aggregate savings per
month.\27\
---------------------------------------------------------------------------
\27\ See Securities Exchange Act Release No. 82636 (February 6,
2018), 83 FR 6059 (February 12, 2018) (SR-IEX-2018-02). See also the
Investors Exchange Fee Schedule, available on the Exchange public
website.
---------------------------------------------------------------------------
Proposed Changes
After informal discussions with various market participants, the
Exchange is proposing to provide more clarity to market participants
regarding the fees assessed for executions on the Exchange by amending
the structure of its Fee Schedule to provide an overarching framework
for interpreting the Exchange's Fee Codes, as well as explicitly
enumerating each possible Fee Code combination, along with the
associated fee applicable to such transaction. The Exchange is also
proposing to make several conforming changes to the Fee Schedule and
related rules to account for the updated structure.
The Exchange proposes to continue utilizing standard FIX tag 9730
(Trade Liquidity Indicator) to populate the applicable Fee Codes for
executions on
[[Page 31830]]
the Exchange.\28\ Furthermore, the Exchange is proposing to divide the
Exchange's Fee Codes into ``Base Fee Codes'', one of which shall be
supplied on every execution report, and ``Additional Fee Codes'', one
or more of which may be provided on an execution report, as applicable.
The first position in the Last Liquidity Indictor tag would always
contain a Base Fee Code. The second through fourth positions would
contain one or more Additional Fee Codes, as applicable, that serve to
modify the Base Fee Code in the first position.
---------------------------------------------------------------------------
\28\ See the Investors Exchange FIX Specification, available on
the Exchange's public website.
---------------------------------------------------------------------------
As in the existing Fee Schedule, all proposed fees identify cost
per share executed unless otherwise specified, and footnotes provide
further explanatory text or indicate variable rate changes, provided
the conditions in the footnote are met. The rates listed in the
proposed Base Rates table apply unless a Member's transaction is
assigned an Additional Fee Code. If a Member's transaction is assigned
an Additional Fee Code, the rates listed in the Fee Code Combinations
and Associated Fees table will apply. Executions below $1.00 are
assessed a fee of 0.30% of TDV unless the Fee Code Combination results
in a FREE execution. For executions on routable orders, the Exchange
passes-through in full any fees charged by/rebates received from away
venues (``Cost'') to the Member and adds the IEX fee (i.e., a $0.0001
charge per share).
The Exchange also proposes to adopt the following definitions that
are substantially like the Exchange's existing definitions governing
transaction fees:
``Fee Code'' is identified on each execution report
message from the Exchange in the Trade Liquidity Indicator (FIX tag
9730) field.
``MPID'' means a market participant identifier.
``TDV'' means the total dollar value of the execution
calculated as the execution price multiplied by the number of shares
executed in the transaction.
``Quote instability'' is defined in IEX Rule
11.190(g).\29\
---------------------------------------------------------------------------
\29\ The Exchange notes the proposed definition of ``Quote
instability'' is a new definition, and is simply a cross reference
to Rule 11.190(g). See Rule 11.190(g).
---------------------------------------------------------------------------
``CQRF Threshold'' means the Crumbling Quote Remove Fee
Threshold. The threshold is equal to 5% of the sum of a Member's total
monthly executions on IEX if at least 1,000,000 shares during the
calendar month, measured on an MPID basis.
``Spread-crossing eligible order'' means a buy order that
is executable at the NBO or a sell order that is executable at the NBB
after accounting for the order's limit (if any), peg instruction (if
any), market conditions, and all applicable rules and regulations.\30\
---------------------------------------------------------------------------
\30\ The Exchange notes that the proposed definition of
``Spread-crossing eligible order'' is a new definition, and is
intended to provide market participants further clarity regarding
the conditions associated with the Spread-Crossing Remove Fee. See
Securities Exchange Act Release No. 83147 (May 1, 2018) 83 FR 20118
(May 7, 2018) (SR-IEX-2018-09).
The proposed Base Fee Codes and Additional Fee Codes, as well as the
corresponding fees, are as follows:
----------------------------------------------------------------------------------------------------------------
Executions at
Base fee codes Description or above $1.00 Executions below $1.00
----------------------------------------------------------------------------------------------------------------
I, X................................ Standard Match Fee.......... $0.0009 0.30% of TDV.
L................................... Reduced Match Fee........... 0.0003 0.30% of TDV.
O, C, H, P.......................... Auction Match Fee........... 0.0003 0.30% of TDV.
---------------------------------------------
Alpha............................... Routing and removing Cost + $0.0001
liquidity (all routing
options).
----------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------
Additional fee codes Description Fee
------------------------------------------------------------------------
S........................ Internalization Fee: Member FREE
executes against resting
liquidity provided by such
Member.
Q........................ Crumbling Quote Remove Fee: $0.0030
Removes liquidity during
periods of quote instability
at or within the NBBO above
the CQRF Threshold, measured
on an MPID basis.
N........................ Spread-Crossing Eligible $0.0003
Remove Fee: Removes
liquidity with a spread-
crossing eligible order.
D........................ Discounted Single-Price Cross FREE
Fee: Displayed interest
resting on the Continuous
Book executes in a cross or
auction.
------------------------------------------------------------------------
Fee Codes ``I'' and ``X'' are currently identified as the Non-
Displayed Match Fee and the Opening Match Fee, respectively, and would
both be referred to as the Standard Match Fee, as proposed.
Furthermore, Fee Code ``L'' is currently identified as the Displayed
Match Fee, and would be referred to as the Reduced Match Fee, as
proposed. The Exchanges notes these amendments reflect only changes in
nomenclature, and do not represent substantive changes to the fees
assessed for execution on the Exchange. Moreover, similar to the
existing Fee Schedule, the Exchange proposes to append footnote 1 to
each Fee Code combination that includes Fee Code ``Q''. Footnote 1
states that executions with Fee Code Q that exceed the CQRF Threshold
are subject to the Crumbling Quote Remove Fee identified in the Fee
Code Modifiers table. Executions with Fee Code Q that do not exceed the
CQRF Threshold are subject to the fees identified in the Fee Code
Combinations and Associated Fees table.
The Exchange is proposing to make one minor conforming change to
the fees assessed for displayed order's resting on the Continuous Book
that are executed in the Opening Process for non-IEX-listed securities
pursuant to Rule 11.231 in order to enhance the consistency and clarity
of the Exchange's Fee Schedule. Specifically, as described above, a
displayed order resting on the Continuous Book that is executed in the
Opening Process for non-IEX-listed securities is currently charged the
Displayed Match Fee (or the Reduced Match Fee, as proposed). In
contrast, a displayed order resting on the Continuous Book that is
executed in an Opening or Closing Auction for IEX-listed securities is
not charged a fee. However, as proposed, the Opening Process utilizes
the Base Fee Code of ``X'', which would conflict with the Base Fee Code
of ``L'' for displayed executions. Thus, the Exchange is
[[Page 31831]]
proposing to harmonize the fees charged to displayed orders resting on
the Continuous Book that are executed in the Opening Process or the
Opening or Closing Auction, by introducing Additional Fee Code ``D''
(Discounted Single-Price Cross Fee), representing displayed interest
resting on the Continuous Book that executes in a single price cross
(i.e., in Opening Process, or an IEX Auction), and is not charged a
fee.\31\
---------------------------------------------------------------------------
\31\ See proposed Additional Fee Code ``D'', Discounted Single-
Price Cross: displayed interest resting on the Continuous Book
executes in a cross or auction.
---------------------------------------------------------------------------
The Exchange believes that offering such displayed orders resting
on the Continuous Book free execution in the Opening Process is
consistent with the protection of investors and the public interest in
that it may have the effect of incentivizing Members that seek
execution in the Opening Process to enter displayed interest, thereby
contributing to the public price discovery process to the benefit of
all market participants. Furthermore, the proposed change creates
consistency in the Exchange's fee for similarly situated orders in that
displayed orders resting on the Continuous Book that are executed as
part of a single-priced cross will receive the same free execution.
In addition to the Base Fee Code and Additional Fee Code framework
described above, the Exchange is also proposing to provide a table of
all possible Fee Code combinations and their associated fees, which
explicitly sets forth each of the fees associated with each Fee Code
combination. This table is designed to provide market participants an
authoritative source on how to interpret the Fee Code's assigned by the
Exchange on each execution report. Consistent with the foregoing, the
proposed Fee Code combinations and associated fees are as follows: \32\
---------------------------------------------------------------------------
\32\ The Exchange has included an asterisk to denote a Fee Code
combination that will have proposed footnote 1 appended. As
described above, Footnote 1 states that executions with Fee Code Q
that exceed the CQRF Threshold are subject to the Crumbling Quote
Remove Fee of $0.0030, as identified in the Fee Code Modifiers
table. Executions with Fee Code Q that do not exceed the CQRF
Threshold are subject to the fees identified in the Fee Code
Combinations and Associated Fees table.
------------------------------------------------------------------------
Fee Codes Description Fee
------------------------------------------------------------------------
I........................ Adds or removes non-displayed $0.0009
liquidity.
L........................ Adds or removes displayed $0.0003
liquidity.
IS....................... Member executes against FREE
resting non-displayed
liquidity provided by such
Member.
IQ *..................... Removes non-displayed $0.0009
liquidity during periods of
quote instability.
IN....................... Removes non-displayed $0.0003
liquidity with a spread-
crossing eligible order.
LS....................... Member executes against FREE
resting displayed liquidity
provided by such Member.
LQ *..................... Removes displayed liquidity $0.0003
during periods of quote
instability.
LN....................... Removes displayed liquidity $0.0003
with a spread-crossing
eligible order.
ISQ *.................... Member removes non-displayed FREE
liquidity provided by such
Member during periods of
quote instability.
ISN...................... Member removes non-displayed FREE
liquidity provided by such
Member with a spread-
crossing eligible order.
IQN *.................... Removes non-displayed $0.0003
liquidity during periods of
quote instability with a
spread-crossing eligible
order.
LSQ *.................... Member removes displayed FREE
liquidity provided by such
Member during periods of
quote instability.
LSN...................... Member removes non-displayed FREE
liquidity provided by such
Member with a spread-
crossing eligible order.
LQN *.................... Removes displayed liquidity $0.0003
during periods of quote
instability with a spread-
crossing eligible order.
ISQN *................... Member removes non-displayed FREE
liquidity provided by such
Member during periods of
quote instability with a
spread-crossing eligible
order.
LSQN *................... Member removes non-displayed FREE
liquidity provided by such
Member during periods of
quote instability with a
spread-crossing eligible
order.
X........................ Opening Process for Non- $0.0009
Listed Securities (``Opening
Process'').
XD....................... Displayed interest resting on FREE
the Continuous Book executes
in the Opening Process.
O........................ Opening Auction, IEX-listed $0.0003
security.
OD....................... Displayed interest resting on FREE
the Continuous Book executes
in the Opening Auction.
C........................ Closing Auction, IEX-listed $0.0003
security.
CD....................... Displayed interest resting on FREE
the Continuous Book executes
in the Closing Auction.
H........................ Halt or Volatility Auction, $0.0003
IEX-listed security.
P........................ IPO Auction, IEX-listed $0.0003
security.
------------------------------------------------------------------------
Lastly, in order to enhance the consistency and clarity of the
Exchange's Fee Schedule, IEX proposes to make conforming changes to the
description of the IEMM Program in both the Fee Schedule and Rule
11.170(a)(3) to account for the changes described above, as well as to
clarify the application of the Spread-Crossing Eligible Remove Fee.
Specifically, the Exchange is changing the name of the Non-Displayed
Match Fee Discount and the Displayed Match Fee Discount to the Standard
Match Fee Discount and Reduced Match Fee Discount, respectively, which
conforms to the nomenclature of the proposed Base Rate's. Furthermore,
the Exchange is clarifying that Members that qualify as IEMMs will
receive a $0.0001 discount on executions that receive the Spread-
Crossing Eligible Remove Fee, subject to any applicable Depth Tier
aggregate monthly savings cap. The Spread-Crossing Eligible Remove Fee
Code of ``N'' is an additional Fee Code applied to execution that
remove resting liquidity (either displayed, or non-displayed), and
thus, such executions would also receive the applicable Base Fee Code,
but would be subject to the Spread-Crossing Eligible Remove Fee as set
forth in the proposed table of Fee Code combinations and associated
fees.
The Exchange believes the proposed changes do not substantively
change the IEMM Program, as executions qualifying for the Spread-
Crossing Eligible Remove Fee are a logical subset of executions that
satisfy the conditions of the Standard Match Fee (when removing non-
displayed liquidity) or the Reduced Match Fee (when removing displayed
liquidity). Thus, to provide clarity regarding the application of the
Spread-Crossing Eligible Remove Fee, the Exchange proposes to amend the
Fee Schedule to explicitly enumerate the Spread-Crossing Eligible
Remove Fee Discount for Members that qualify as an IEMM. Accordingly,
as proposed, unless an IEMM otherwise qualifies for a lower rate, IEMMs
will receive the following rates for executions during continuous
trading in securities priced at or above $1.00.
[[Page 31832]]
----------------------------------------------------------------------------------------------------------------
Spread-
crossing
IEMM Tier Standard match Reduced match eligible
fee discount fee discount remove fee
discount
----------------------------------------------------------------------------------------------------------------
Inside Tier..................................................... $0.0001 $0.0001 $0.0001
Depth Tier...................................................... 0.0001 0.0001 0.0001
----------------------------------------------------------------------------------------------------------------
The Exchange also proposes to clarify in the Fee Schedule that
IEMMs qualifying for the Depth Tier can receive up to $20,000.00 in
aggregate savings, per month, before the discounted rates above no
longer apply, and the IEMM is subject to the Base Rates. Furthermore,
the Exchange proposed to clarify in both the Fee Schedule and Rule
11.170(a)(3) that if a Member qualifies under both the Inside Tier and
the Depth Tier, any earned Standard Match Fee Discount, Reduced Match
Fee Discount, and Spread-Crossing Eligible Remove Fee Discount will be
aggregated and applied to such Members' executions that are subject to
the Standard Match Fee, Reduced Match Fee, or Spread-Crossing Eligible
Remove Fee in securities priced at or above $1.00, subject to the
applicable Depth Tier aggregate monthly savings cap of $20,000.00.
Finally, the Exchange is proposing to make conforming changes to
Rule 11.170(a)(3) in order to explicitly state that for Members that
qualify as an IEMM, executions that take liquidity in securities priced
at or above $1.00 with a buy order that is executable at the NBO or a
sell order that is executable at the NBB after accounting for the
order's limit (if any), peg instruction (if any), market conditions,
and all applicable rules and regulations (i.e., orders that receive the
Spread-Crossing Eligible Remove Fee) will receive a $0.0001 fee
reduction, up to $20,000.00 in aggregate savings, per month, inclusive
of Reduced Standard Match Fee and Reduced Discounted Match Fee savings.
The Exchange believes that these changes do not represent a substantive
change to the IEMM Program, but are simply meant to conform to the
Exchange's proposed Fee Schedule as discussed above.
2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) \33\ of the Act in general, and furthers the
objectives of Sections 6(b)(4) \34\ of the Act, in particular, in that
it is designed to provide for the equitable allocation of reasonable
dues, fees and other charges among its Members and other persons using
its facilities. The Exchange believes that the proposed fee change is
reasonable, fair and equitable, and non-discriminatory.
---------------------------------------------------------------------------
\33\ 15 U.S.C. 78f.
\34\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The proposed changes are designed to provide more clarity to market
participants regarding the fees assessed for executions on the Exchange
by amending the structure of its Fee Schedule to explicitly provide
each possible Fee Code combination, along with the associated fee
applicable to such transaction, therefore making the Exchange's Fee
Schedule more clear and deterministic to the benefit of all market
participants. The Exchange believes the proposed changes enhance the
consistency and clarity of the Exchange's Fee Schedule, and do not
represent a significant departure from pricing currently offered by the
Exchange. As described in the Purpose section, the Exchange is
proposing to primarily make formatting changes, and certain conforming
edits designed to make the Exchange's rules clearer and more precise.
As described above, as part of the proposed restructuring of the
Fee Schedule, the Exchange is proposing to not charge any fee for
displayed order's resting on the Continuous Book that are executed in
the Opening Process for non-IEX-listed securities pursuant to Rule
11.231. The Exchange believes that offering displayed orders resting on
the Continuous Book free execution in the Opening Process is consistent
with the protection of investors and the public interest in that it may
have the effect of incentivizing Members that seek execution in the
Opening Process to enter displayed interest, thereby contributing to
the public price discovery process to the benefit of all market
participants. Furthermore, the proposed change creates consistency in
the Exchange's fees for similarly situated orders in that displayed
orders resting on the Continuous Book that are executed as part of a
single-priced cross (i.e., the Opening Process or an IEX Auction) will
receive the same free execution.
In addition, as described above, the Exchange is also proposing to
make conforming changes to the description of the IEMM Program in both
the Fee Schedule and Rule 11.170(a)(3) to account for the modified Fee
Schedule, as well as to clarify the application of the Spread-Crossing
Eligible Remove Fee. The Exchange believes these proposed changes are
reasonable, fair and equitable, and non-discriminatory because they do
not substantively change the IEMM Program, as executions qualifying for
the Spread-Crossing Eligible Remove Fee are a logical subset of
executions that satisfy the conditions of the Standard Match Fee (when
removing non-displayed liquidity) or the Reduced Match Fee (when
removing displayed liquidity). Thus, the proposed changes are primarily
designed to provide clarity regarding the application of the Spread-
Crossing Eligible Remove Fee in the context of the IEMM program by
explicitly enumerating the Spread-Crossing Eligible Remove Fee Discount
for Members that qualify as an IEMM.
Furthermore, the Exchange notes that the proposed structure of the
Fee Schedule is substantially like the Fee Schedule of other market
centers, and therefore does not present any new or novel issues not
already considered by the Commission.\35\
---------------------------------------------------------------------------
\35\ See, e.g., the Fee Schedule of Cboe BZX Exchange, Inc.,
available at https://markets.cboe.com/us/equities/membership/fee_schedule/bzx/.
---------------------------------------------------------------------------
Finally, the Exchange believes that the proposed fees are
nondiscriminatory because they will continue to apply uniformly to all
Members.
B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
that the proposed rule change will impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act, because, as discussed above, the Exchange is not
materially altering the fees assessed for executions on the Exchange.
Moreover, the Exchange operates in a highly competitive market in which
market participants can readily favor competing venues if fee
[[Page 31833]]
schedules at other venues are viewed as more favorable. Consequently,
the Exchange believes that the degree to which IEX fees could impose
any burden on competition is extremely limited and does not believe
that such fees would burden competition between Members or competing
venues in a manner that is not necessary or appropriate in furtherance
of the purposes of the Act. Moreover, as noted in the Statutory Basis
section, the Exchange does not believe that the proposed changes
represent a significant departure from its current fee schedule.
The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
Exchange is not materially altering the fees assessed for executions on
the Exchange. Furthermore, as noted above, the Exchange notes that the
proposed structure of the Fee Schedule is substantially similar to the
Fee Schedule of other market centers, and therefore does not present
any new intermarket competitive burdens that do not already exist.\36\
---------------------------------------------------------------------------
\36\ See supra note 30.
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) \37\ of the Act.
---------------------------------------------------------------------------
\37\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \38\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\38\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-IEX-2018-11 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-IEX-2018-11. This file
number should be included in the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Section, 100 F Street NE, Washington,
DC 20549-1090, on official business days between the hours of 10:00
a.m. and 3:00 p.m. Copies of the filing will also be available for
inspection and copying at the IEX's principal office and on its
internet website at www.iextrading.com. All comments received will be
posted without change. Persons submitting comments are cautioned that
we do not redact or edit personal identifying information from comment
submissions. You should submit only
information that you wish to make available publicly. All
submissions should refer to File Number SR-IEX-2018-11 and should be
submitted on or before July 30, 2018. For the Commission, by the
Division of Trading and Markets, pursuant to delegated authority.\39\
---------------------------------------------------------------------------
\39\ 17 CFR 200.30-3(a)(12).
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-14547 Filed 7-6-18; 8:45 am]
BILLING CODE 8011-01-P
