Self-Regulatory Organizations: Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Allow Discretionary Limit Orders To Be Reserve Orders, 24976-24979 [2021-09781]
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Federal Register / Vol. 86, No. 88 / Monday, May 10, 2021 / Notices
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 rule-comments@
sec.gov. Please include File Number SR–
CBOE–2021–030 on the subject line.
Paper Comments
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• 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–CBOE–2021–030. This file
number should be included on 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 Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. 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–CBOE–2021–030 and
should be submitted on or before June
1, 2021.
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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.58
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–09767 Filed 5–7–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–91754; File No. SR–IEX–
2021–08]
Self-Regulatory Organizations:
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Allow
Discretionary Limit Orders To Be
Reserve Orders
May 4, 2021.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 23,
2021, the Investors Exchange LLC
(‘‘IEX’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III below, which Items have been
prepared by the Exchange. The
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 Act,3 and Rule 19b–
4 thereunder,4 IEX is filing with the
Commission a proposed rule change to
allow Discretionary Limit orders to be
reserve orders. The Exchange has
designated this rule change as ‘‘noncontroversial’’ under Section 19(b)(3)(A)
of the Act 5 and provided the
Commission with the notice required by
Rule 19b–4(f)(6) thereunder.6
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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this proposed rule
filing is to amend IEX Rule 11.190 to
allow a Discretionary Limit 7 (‘‘DLimit’’) order to be a reserve order.8 As
proposed, a D-Limit reserve order will
essentially function like any other
reserve order, i.e., on entry, it will be
processed as a single order, and if not
fully executed, the D-Limit reserve order
will post to the Order Book 9 and
effectively be treated by the System 10 as
two discrete orders: The displayed
portion of the order will be a displayed
D-Limit order, and the reserve portion
will be a non-displayed D-Limit order.
However, consistent with existing DLimit functionality, there are two
differences between D-Limit reserve
orders and other reserve orders: (1) Both
the displayed and non-displayed
portions of a D-Limit reserve order may
be subject to an automatic price
adjustment during periods of quote
instability; (2) D-Limit reserve orders
can only execute during the Regular
Market Session.11 IEX also proposes to
make some conforming edits to the
subparagraph headers in the D-Limit
order definition to align the rule text
with other order definitions.
Background
Since the approval of its exchange
application, IEX, like other equities
exchanges,12 has offered Members 13 a
‘‘reserve’’ order type, which allows
7 See
IEX Rule 11.190(b)(7).
IEX Rule 11.190(b)(2).
9 See IEX Rule 1.160(p).
10 See IEX Rule 1.160(nn).
11 See IEX Rule 1.160(gg).
12 See, e.g., Cboe BZX Exchange, Inc. Rule
11.9(c)(1); MEMX, LLC Rule 11.8(b)(4); The Nasdaq
Stock Market LLC Rule 4703(h); and New York
Stock Exchange LLC Rule 7.31(d)(1).
13 See IEX Rule 1.160(s).
8 See
58 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(1).
4 17 CFR 240.19b–4.
5 15 U.S.C. 78s(b)(3)(A).
6 17 CFR 240.19b–4.
1 15
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Members to submit a partially displayed
limit order,14 so that a portion of the
order is displayed (‘‘display quantity’’)
and a portion of the order is nondisplayed (‘‘reserve quantity’’).15 As set
forth in IEX Rule 11.190(b)(2), when
Members submit a reserve order, they
must specify the display quantity
(which must be equal to or greater than
one round lot). Upon entry, the System
attempts to execute a reserve order as a
single order of its full, unexecuted size.
If an incoming reserve order is not fully
executed, it posts to the Order Book
where it is effectively treated as two
discrete orders: the display quantity
(‘‘displayed portion’’) and the reserve
quantity (‘‘non-displayed portion’’). For
the purposes of pricing reserve orders
on the Order Book, displayed portions
are treated as displayed orders and nondisplayed portions are treated as nondisplayed orders. As described in IEX
Rule 11.190(h), it is possible for the
non-displayed portion to rest at a
different price than the displayed
portion, because the displayed portion
is subject to display-price sliding 16
while the non-displayed portion is
subject to the Midpoint Price
Constraint.17 If the displayed portion of
the reserve order is decremented such
that less than one round lot would be
displayed, the displayed portion of the
reserve order shall be refreshed for
either (i) the original displayed quantity,
or (ii) the entire reserve quantity, if the
total number of unexecuted shares in
the order is smaller than the original
Member instructed displayed quantity.
Each time the displayed portion of the
order is refreshed from the reserve
quantity, that portion is prioritized
behind other existing displayed orders;
the priority of the non-displayed
portion, however, is unchanged by the
refresh process.
IEX recently introduced a new type of
limit order, the D-Limit order,18 which
is designed to protect liquidity
providers from potential adverse
selection by latency arbitrage trading
strategies in a fair and
nondiscriminatory manner.19 A D-Limit
order may be a displayed or nondisplayed limit order that upon entry
and when posting to the Order Book is
priced to be equal to and ranked at the
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14 See
IEX Rule 11.190(a)(1).
IEX Rule 11.190(b)(2).
16 See IEX Rule 11.190(h)(1).
17 See IEX Rule 11.190(h)(2).
18 See Securities Exchange Act Release No. 89686
(August 26, 2020), 85 FR 54438 (September 1, 2020)
(SR–IEX–2019–15) (‘‘D-Limit Approval Order’’).
19 See Securities Exchange Act Release No. 87814
(December 20, 2019), 84 FR 71997, 71998
(December 30, 2019) (SR–IEX–2019–15) (‘‘D-Limit
Proposal’’).
15 See
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order’s limit price, but will be adjusted
to a less-aggressive price during periods
of quote instability, as defined in IEX
Rule 11.190(g).20
Specifically, if the System receives a
D-Limit buy (sell) order during a period
of quote instability (i.e., the Crumbling
Quote Indicator or ‘‘CQI’’ is on), and the
D-Limit order has a limit price equal to
or higher (lower) than the quote
instability determination price level
(‘‘CQI Price’’), the price of the order will
be automatically adjusted by the System
to one (1) MPV 21 lower (higher) than
the CQI Price (the ‘‘effective limit
price’’). Similarly, when unexecuted
shares of a D-Limit buy (sell) order are
posted to the Order Book, if a quote
instability determination is made and
such shares are ranked and displayed
(in the case of a displayed order) by the
System at a price equal to or higher
(lower) than the CQI Price, the price of
the order will be automatically adjusted
by the System to the effective limit
price. A D-Limit order with an effective
limit price will not revert to the price at
which it was previously ranked and
displayed (in the case of a displayed
order). Once the price of a D-Limit order
that has been posted to the Order Book
is automatically adjusted by the System,
the order will continue to be ranked and
displayed (in the case of a displayed
order) at the effective limit price, unless
subject to another automatic adjustment,
or if the order is subject to the price
sliding provisions of IEX Rule 11.190(h).
Otherwise, a D-Limit order operates in
the same manner as either a displayed
or non-displayed limit order, as
applicable.22
D-Limit orders currently cannot be a
reserve order.23 However, IEX has
received informal feedback from
Members indicating that they prefer to
use reserve orders to post displayed
liquidity and would like to be able to
use such functionality for D-Limit
orders. Based on this feedback, IEX
proposes to enable D-Limit orders to be
reserve orders, consistent with how IEX
treats any other limit orders.24
Proposal
IEX proposes to amend IEX Rules
11.190(b)(2), 11.190(b)(7), and
Supplementary Material .01 to allow DLimit orders to be submitted as a reserve
order. D-Limit orders already may be
submitted as either displayed or nondisplayed orders, and this proposal will
allow Members to submit both a
IEX Rules 11.190(b)(7) and 11.190(g).
IEX Rule 11.210.
22 See IEX Rule 11.190(b)(7).
23 See IEX Rule 11.190(b)(7)(e)(H).
24 See IEX Rule 11.190(b)(2)(A).
displayed and non-displayed D-Limit
order as a single reserve order that
allows the Member to control how much
of the D-Limit order is displayed at any
given time.
As proposed, a D-Limit reserve order
will essentially function like any other
reserve order, i.e., on entry, it will be
processed as a single order, and if not
fully executed, the D-Limit reserve order
will post to the Order Book and
effectively be treated by the System as
two discrete orders: The displayed
portion of the order will be a displayed
D-Limit order, and the reserve portion
will be a non-displayed D-Limit order.
However, consistent with existing DLimit functionality, there are two
differences between D-Limit reserve
orders and other reserve orders, as
described below.
First, D-Limit reserve orders, like all
D-Limit orders, will only be eligible to
trade during the Regular Market
Session, and a D-Limit reserve order
with a Time-in-Force of ‘‘DAY’’
submitted before the opening of the
Regular Market Session will be queued
by the System until the start of the
Regular Market Session.25 Any D-Limit
reserve orders submitted after the
closing of the Regular Market Session
will be rejected.26 This functionality
differs from other reserve orders, which
may be submitted during the Pre-Market
Session,27 the Post Market Session,28 or
the Regular Market Session.29
Second, D-Limit reserve orders, as
described above, may also be subject to
an effective limit price if their price is
adjusted by the System during a period
of quote instability. Therefore, a D-Limit
reserve order resting on the Order Book
will function like any other reserve
order except that it can never be priced
above either its limit price or its
effective limit price.
Finally, IEX proposes to make
conforming changes to IEX Rule
11.190(b)(7) to conform the
subparagraph numbering with other
order types described in IEX Rule
11.190(a) and (b).
The following is a list of the specific
proposed changes to IEX Rule 11.190:
• Modify IEX Rule 11.190(b)(2)(A), which
currently says reserve orders must be limit
orders to add the clarifying words ‘‘including
a Discretionary Limit order.’’
• Modify IEX Rule 11.190(b)(2)(F), which
describes how reserve orders may be
submitted during the Pre-Market, Regular
Market, and Post-Market sessions, to add the
words ‘‘with the exception of Discretionary
20 See
25 See
21 See
26 See
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24977
IEX Rule 11.190(b)(7)(E)(e)
Id.
27 See IEX Rule 1.160(z).
28 See IEX Rule 1.160(aa).
29 See IEX Rule 11.190(b)(2)(F).
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Limit reserve orders, which may only be
submitted as set forth in IEX Rule
11.190(b)(7)(E)(v).’’
• Modify the main paragraph of IEX Rule
11.190(b)(7) to specify that D-Limit orders
may also be ‘‘partially displayed’’ (i.e.,
reserve orders).
• Remove IEX Rule 11.190(b)(7)(e)(H),
which states that D-Limit orders may not be
reserve orders.
• Re-letter and re-number the
subparagraphs of the D-Limit order definition
to conform to the other order types in the
rule. Specifically:
Æ Re-letter IEX Rule 11.190(b)(7)
subparagraphs (a)–(e) to now be
subparagraphs (A)–(E)
Æ Re-number the subparagraphs under IEX
Rule 11.190(b)(7)(E) 30 from (A)–(J) to (i)–(ix).
• Modify IEX Rule 11.190(b)(7)(C)–(E) 31 so
that the three parentheticals that say ‘‘in the
case of a displayed order’’ include the words
‘‘or the displayed portion of a reserve order.’’
• Modify IEX Rule 11.190(b)(7)(E)(viii) 32
to specify that the displayed portions of DLimit reserve orders, like displayed D-Limit
orders, are not eligible to be invited by the
System to Recheck as described in IEX Rule
11.230(a)(4)(D).
• Modify Supplementary Material .01 to
IEX Rule 11.190(b) (‘‘Reserve Orders’’) to add
the following language to the end of the first
paragraph:
Æ ‘‘D-Limit reserve orders function like
any other reserve order, except they can only
trade during the Regular Market Session, and
if a D-Limit reserve order has been subject to
an automatic price adjustment pursuant to
paragraphs (b)(7)(C) and (D) of this IEX Rule,
both the displayed and non-displayed
portions of the D-Limit reserve order will
continue to be ranked and displayed (in the
case of the displayed portion) at the adjusted
price. The adjusted price functions as an
effective limit price for both the displayed
and non-displayed portions of the D-Limit
reserve order if one or both portions of the
D-Limit reserve order are subsequently price
adjusted pursuant to the Price Sliding
provisions of paragraph (h) of this IEX Rule.’’
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Implementation
This proposed rule change will be
immediately effective upon filing. The
Exchange will provide at least ten (10)
days’ notice to Members and market
participants of the implementation
timeline.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,33 in general, and
furthers the objectives of Section
6(b)(5),34 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
30 Currently
IEX Rule 11.190(b)(7)(e).
31 Currently IEX Rule 11.190(b)(7)(c)–(e).
32 Currently IEX Rule 11.190(b)(7)(e)(I).
33 15 U.S.C. 78f(b).
34 15 U.S.C. 78f(b)(5).
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trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Specifically, the Exchange believes that
the proposed rule change is consistent
with the protection of investors and the
public interest because it is designed to
provide more flexibility and
opportunities for Members to add both
displayed and non-displayed liquidity
to the Exchange. As noted in the
Purpose section, the proposed rule
change is responsive to informal
feedback from Members indicating that
they prefer to use reserve orders to post
displayed liquidity and would like to be
able to use such functionality for DLimit orders. Thus, IEX believes that the
proposed rule change will attract
additional liquidity to the Exchange
and, to the extent it is successful in
doing so, will benefit all market
participants, thereby supporting the
purposes of the Act to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and in
general, to protect investors and the
public interest. The Exchange also
believes that enabling the entry of DLimit orders that can be partially
displayed, will enhance opportunities
for price discovery and increase the
overall displayed (and non-displayed)
liquidity profile on the Exchange, to the
benefit of all market participants.
Moreover, the proposed rule change
will merely combine the attributes of
two existing order types—D-Limit
orders and reserve orders—to expand
the functionality available to Members.
Consequently, the Exchange does not
believe that the proposed rule change
raises any novel issues not already
considered by the Commission.
Furthermore, IEX believes it is
consistent with the purposes of the Act
for D-Limit reserve orders to function
like other reserve orders except for
when they can be submitted and how
they behave if their price was adjusted
during a period of quote instability,
because these two differences are
essential aspects of D-Limit orders.
Similarly, IEX believes that updating the
reserve order description in the
Supplementary Material to IEX Rule
11.190(b) is consistent with the
protection of investors and the public
interest by providing clarity to all
market participants about how D-Limit
reserve orders function, including the
two ways in which their functionality
differs from that of other reserve orders.
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Thus, these proposed changes support
the purposes of the Act to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and in
general, to protect investors and the
public interest.
In addition, as noted in the Purpose
section, a D-Limit reserve order is a
combination of two order types the
Commission has already approved—
reserve orders 35—which are a common
order type on equity exchanges 36—and
D-Limit orders.37 Thus, IEX does not
believe that the proposed changes raise
any new or novel material issues that
have not already been considered by the
Commission in connection with existing
order types offered by IEX and other
national securities exchanges.
Finally, the Exchange believes that
the proposed non-substantive
conforming changes to IEX Rule
11.190(b)(7) are consistent with the
protection of investors and the public
interest because they will have no
impact on the functionality of D-Limit
orders, but rather simply provide
consistency and clarity in IEX’s ‘‘Orders
and Modifiers’’ rule, thereby reducing
the potential for confusion of any
market participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
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 intermarket competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
To the contrary, the proposal is
designed to enhance IEX’s
competitiveness with other markets by
further enhancing IEX’s reserve order
and D-Limit order types. As discussed
in the Purpose section, the proposal is
designed to incentivize the entry of
additional liquidity providing orders on
IEX by offering Members the flexibility
of using a reserve order to control what
portion of their D-Limit orders are
displayed at any time. Further, by
enabling the entry of D-Limit orders that
can be partially displayed, IEX believes
this proposal will enhance
opportunities for price discovery and
increase the overall displayed (and nondisplayed) liquidity profile on the
35 See Securities Exchange Act Release No. 78101
(June 17, 2016), 81 FR 41142 (June 23, 2016) (File
No. 10—222) (approving IEX’s exchange
application, which included the reserve order type).
36 See supra note 12.
37 See supra note 18.
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Exchange, to the benefit of all market
participants.
The Exchange also 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. All Members would
be eligible to use a D-Limit reserve
order, and all Members would be
eligible to execute against any portion of
a D-Limit reserve order. Moreover, the
proposal would provide potential
benefits to all Members to the extent
that there is more liquidity available on
IEX as a result of increased use of DLimit orders attributable to the ability to
enter such orders as reserve orders.
Further, the proposed conforming
edits to IEX Rule 11.190(b)(7) are not
designed to address any competitive
issue, but rather to provide additional
clarity in IEX’s rulebook.
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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 Exchange has designated this rule
filing as non-controversial under
Section 19(b)(3)(A) 38 of the Act and
Rule 19b–4(f)(6) 39 thereunder. Because
the proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
for 30 days from the date on which it
was filed, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act and Rule 19b–
4(f)(6) thereunder.
The Exchange believes that the
proposed rule change meets the criteria
of subparagraph (f)(6) of Rule 19b–4 40
because it would not significantly affect
the protection of investors or the public
interest. Rather, the proposed rule
change neither significantly affects the
protection of investors or the public
interest, nor does it impose any burden
on competition because it would merely
combine the attributes of two existing
order types—D-Limit orders and reserve
orders—to expand the functionality
available to Members, as discussed in
the Purpose section, and does not raise
any new or novel material issues that
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
40 17 CFR 240.19b–4(f)(6).
have not already been considered by the
Commission in connection with existing
order types offered by IEX. Accordingly,
IEX has designated this rule filing as
non-controversial under Section
19(b)(3)(A) of the Act 41 and paragraph
(f)(6) of Rule 19b–4 thereunder.42
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) 43 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
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 rule-comments@
sec.gov. Please include File Number SR–
IEX–2021–08 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–2021–08. This file
number should be included on 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 Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
offices of the Exchange. 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–2021–08, and should
be submitted on or before June 1, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.44
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–09781 Filed 5–7–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–91756; File No. SR–GEMX–
2021–03]
Self-Regulatory Organizations; Nasdaq
GEMX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Adopt a Fee Schedule
To Establish Fees for Industry
Members Related to the National
Market System Plan Governing the
Consolidated Audit Trail
May 4, 2021.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 21,
2021, Nasdaq GEMX, LLC (‘‘GEMX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III, below, which Items have been
prepared by the Exchange. The
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
The Exchange proposes to adopt a fee
schedule to establish fees for Industry
Members related to the National Market
38 15
41 15
44 17
39 17
42 17
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VerDate Sep<11>2014
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U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
43 15 U.S.C. 78s(b)(2)(B).
Jkt 253001
PO 00000
Frm 00141
Fmt 4703
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
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]]>Agencies
[Federal Register Volume 86, Number 88 (Monday, May 10, 2021)]
[Notices]
[Pages 24976-24979]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09781]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-91754; File No. SR-IEX-2021-08]
Self-Regulatory Organizations: Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Allow
Discretionary Limit Orders To Be Reserve Orders
May 4, 2021.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 23, 2021, the Investors Exchange LLC (``IEX'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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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 Act,\3\
and Rule 19b-4 thereunder,\4\ IEX is filing with the Commission a
proposed rule change to allow Discretionary Limit orders to be reserve
orders. The Exchange has designated this rule change as ``non-
controversial'' under Section 19(b)(3)(A) of the Act \5\ and provided
the Commission with the notice required by Rule 19b-4(f)(6)
thereunder.\6\
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\3\ 15 U.S.C. 78s(b)(1).
\4\ 17 CFR 240.19b-4.
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4.
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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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this proposed rule filing is to amend IEX Rule
11.190 to allow a Discretionary Limit \7\ (``D-Limit'') order to be a
reserve order.\8\ As proposed, a D-Limit reserve order will essentially
function like any other reserve order, i.e., on entry, it will be
processed as a single order, and if not fully executed, the D-Limit
reserve order will post to the Order Book \9\ and effectively be
treated by the System \10\ as two discrete orders: The displayed
portion of the order will be a displayed D-Limit order, and the reserve
portion will be a non-displayed D-Limit order. However, consistent with
existing D-Limit functionality, there are two differences between D-
Limit reserve orders and other reserve orders: (1) Both the displayed
and non-displayed portions of a D-Limit reserve order may be subject to
an automatic price adjustment during periods of quote instability; (2)
D-Limit reserve orders can only execute during the Regular Market
Session.\11\ IEX also proposes to make some conforming edits to the
subparagraph headers in the D-Limit order definition to align the rule
text with other order definitions.
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\7\ See IEX Rule 11.190(b)(7).
\8\ See IEX Rule 11.190(b)(2).
\9\ See IEX Rule 1.160(p).
\10\ See IEX Rule 1.160(nn).
\11\ See IEX Rule 1.160(gg).
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Background
Since the approval of its exchange application, IEX, like other
equities exchanges,\12\ has offered Members \13\ a ``reserve'' order
type, which allows
[[Page 24977]]
Members to submit a partially displayed limit order,\14\ so that a
portion of the order is displayed (``display quantity'') and a portion
of the order is non-displayed (``reserve quantity'').\15\ As set forth
in IEX Rule 11.190(b)(2), when Members submit a reserve order, they
must specify the display quantity (which must be equal to or greater
than one round lot). Upon entry, the System attempts to execute a
reserve order as a single order of its full, unexecuted size. If an
incoming reserve order is not fully executed, it posts to the Order
Book where it is effectively treated as two discrete orders: the
display quantity (``displayed portion'') and the reserve quantity
(``non-displayed portion''). For the purposes of pricing reserve orders
on the Order Book, displayed portions are treated as displayed orders
and non-displayed portions are treated as non-displayed orders. As
described in IEX Rule 11.190(h), it is possible for the non-displayed
portion to rest at a different price than the displayed portion,
because the displayed portion is subject to display-price sliding \16\
while the non-displayed portion is subject to the Midpoint Price
Constraint.\17\ If the displayed portion of the reserve order is
decremented such that less than one round lot would be displayed, the
displayed portion of the reserve order shall be refreshed for either
(i) the original displayed quantity, or (ii) the entire reserve
quantity, if the total number of unexecuted shares in the order is
smaller than the original Member instructed displayed quantity. Each
time the displayed portion of the order is refreshed from the reserve
quantity, that portion is prioritized behind other existing displayed
orders; the priority of the non-displayed portion, however, is
unchanged by the refresh process.
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\12\ See, e.g., Cboe BZX Exchange, Inc. Rule 11.9(c)(1); MEMX,
LLC Rule 11.8(b)(4); The Nasdaq Stock Market LLC Rule 4703(h); and
New York Stock Exchange LLC Rule 7.31(d)(1).
\13\ See IEX Rule 1.160(s).
\14\ See IEX Rule 11.190(a)(1).
\15\ See IEX Rule 11.190(b)(2).
\16\ See IEX Rule 11.190(h)(1).
\17\ See IEX Rule 11.190(h)(2).
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IEX recently introduced a new type of limit order, the D-Limit
order,\18\ which is designed to protect liquidity providers from
potential adverse selection by latency arbitrage trading strategies in
a fair and nondiscriminatory manner.\19\ A D-Limit order may be a
displayed or non-displayed limit order that upon entry and when posting
to the Order Book is priced to be equal to and ranked at the order's
limit price, but will be adjusted to a less-aggressive price during
periods of quote instability, as defined in IEX Rule 11.190(g).\20\
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\18\ See Securities Exchange Act Release No. 89686 (August 26,
2020), 85 FR 54438 (September 1, 2020) (SR-IEX-2019-15) (``D-Limit
Approval Order'').
\19\ See Securities Exchange Act Release No. 87814 (December 20,
2019), 84 FR 71997, 71998 (December 30, 2019) (SR-IEX-2019-15) (``D-
Limit Proposal'').
\20\ See IEX Rules 11.190(b)(7) and 11.190(g).
---------------------------------------------------------------------------
Specifically, if the System receives a D-Limit buy (sell) order
during a period of quote instability (i.e., the Crumbling Quote
Indicator or ``CQI'' is on), and the D-Limit order has a limit price
equal to or higher (lower) than the quote instability determination
price level (``CQI Price''), the price of the order will be
automatically adjusted by the System to one (1) MPV \21\ lower (higher)
than the CQI Price (the ``effective limit price''). Similarly, when
unexecuted shares of a D-Limit buy (sell) order are posted to the Order
Book, if a quote instability determination is made and such shares are
ranked and displayed (in the case of a displayed order) by the System
at a price equal to or higher (lower) than the CQI Price, the price of
the order will be automatically adjusted by the System to the effective
limit price. A D-Limit order with an effective limit price will not
revert to the price at which it was previously ranked and displayed (in
the case of a displayed order). Once the price of a D-Limit order that
has been posted to the Order Book is automatically adjusted by the
System, the order will continue to be ranked and displayed (in the case
of a displayed order) at the effective limit price, unless subject to
another automatic adjustment, or if the order is subject to the price
sliding provisions of IEX Rule 11.190(h). Otherwise, a D-Limit order
operates in the same manner as either a displayed or non-displayed
limit order, as applicable.\22\
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\21\ See IEX Rule 11.210.
\22\ See IEX Rule 11.190(b)(7).
---------------------------------------------------------------------------
D-Limit orders currently cannot be a reserve order.\23\ However,
IEX has received informal feedback from Members indicating that they
prefer to use reserve orders to post displayed liquidity and would like
to be able to use such functionality for D-Limit orders. Based on this
feedback, IEX proposes to enable D-Limit orders to be reserve orders,
consistent with how IEX treats any other limit orders.\24\
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\23\ See IEX Rule 11.190(b)(7)(e)(H).
\24\ See IEX Rule 11.190(b)(2)(A).
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Proposal
IEX proposes to amend IEX Rules 11.190(b)(2), 11.190(b)(7), and
Supplementary Material .01 to allow D-Limit orders to be submitted as a
reserve order. D-Limit orders already may be submitted as either
displayed or non-displayed orders, and this proposal will allow Members
to submit both a displayed and non-displayed D-Limit order as a single
reserve order that allows the Member to control how much of the D-Limit
order is displayed at any given time.
As proposed, a D-Limit reserve order will essentially function like
any other reserve order, i.e., on entry, it will be processed as a
single order, and if not fully executed, the D-Limit reserve order will
post to the Order Book and effectively be treated by the System as two
discrete orders: The displayed portion of the order will be a displayed
D-Limit order, and the reserve portion will be a non-displayed D-Limit
order. However, consistent with existing D-Limit functionality, there
are two differences between D-Limit reserve orders and other reserve
orders, as described below.
First, D-Limit reserve orders, like all D-Limit orders, will only
be eligible to trade during the Regular Market Session, and a D-Limit
reserve order with a Time-in-Force of ``DAY'' submitted before the
opening of the Regular Market Session will be queued by the System
until the start of the Regular Market Session.\25\ Any D-Limit reserve
orders submitted after the closing of the Regular Market Session will
be rejected.\26\ This functionality differs from other reserve orders,
which may be submitted during the Pre-Market Session,\27\ the Post
Market Session,\28\ or the Regular Market Session.\29\
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\25\ See IEX Rule 11.190(b)(7)(E)(e)
\26\ See Id.
\27\ See IEX Rule 1.160(z).
\28\ See IEX Rule 1.160(aa).
\29\ See IEX Rule 11.190(b)(2)(F).
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Second, D-Limit reserve orders, as described above, may also be
subject to an effective limit price if their price is adjusted by the
System during a period of quote instability. Therefore, a D-Limit
reserve order resting on the Order Book will function like any other
reserve order except that it can never be priced above either its limit
price or its effective limit price.
Finally, IEX proposes to make conforming changes to IEX Rule
11.190(b)(7) to conform the subparagraph numbering with other order
types described in IEX Rule 11.190(a) and (b).
The following is a list of the specific proposed changes to IEX
Rule 11.190:
Modify IEX Rule 11.190(b)(2)(A), which currently says
reserve orders must be limit orders to add the clarifying words
``including a Discretionary Limit order.''
Modify IEX Rule 11.190(b)(2)(F), which describes how
reserve orders may be submitted during the Pre-Market, Regular
Market, and Post-Market sessions, to add the words ``with the
exception of Discretionary
[[Page 24978]]
Limit reserve orders, which may only be submitted as set forth in
IEX Rule 11.190(b)(7)(E)(v).''
Modify the main paragraph of IEX Rule 11.190(b)(7) to
specify that D-Limit orders may also be ``partially displayed''
(i.e., reserve orders).
Remove IEX Rule 11.190(b)(7)(e)(H), which states that
D-Limit orders may not be reserve orders.
Re-letter and re-number the subparagraphs of the D-
Limit order definition to conform to the other order types in the
rule. Specifically:
[cir] Re-letter IEX Rule 11.190(b)(7) subparagraphs (a)-(e) to
now be subparagraphs (A)-(E)
[cir] Re-number the subparagraphs under IEX Rule 11.190(b)(7)(E)
\30\ from (A)-(J) to (i)-(ix).
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\30\ Currently IEX Rule 11.190(b)(7)(e).
---------------------------------------------------------------------------
Modify IEX Rule 11.190(b)(7)(C)-(E) \31\ so that the
three parentheticals that say ``in the case of a displayed order''
include the words ``or the displayed portion of a reserve order.''
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\31\ Currently IEX Rule 11.190(b)(7)(c)-(e).
---------------------------------------------------------------------------
Modify IEX Rule 11.190(b)(7)(E)(viii) \32\ to specify
that the displayed portions of D-Limit reserve orders, like
displayed D-Limit orders, are not eligible to be invited by the
System to Recheck as described in IEX Rule 11.230(a)(4)(D).
---------------------------------------------------------------------------
\32\ Currently IEX Rule 11.190(b)(7)(e)(I).
---------------------------------------------------------------------------
Modify Supplementary Material .01 to IEX Rule 11.190(b)
(``Reserve Orders'') to add the following language to the end of the
first paragraph:
[cir] ``D-Limit reserve orders function like any other reserve
order, except they can only trade during the Regular Market Session,
and if a D-Limit reserve order has been subject to an automatic
price adjustment pursuant to paragraphs (b)(7)(C) and (D) of this
IEX Rule, both the displayed and non-displayed portions of the D-
Limit reserve order will continue to be ranked and displayed (in the
case of the displayed portion) at the adjusted price. The adjusted
price functions as an effective limit price for both the displayed
and non-displayed portions of the D-Limit reserve order if one or
both portions of the D-Limit reserve order are subsequently price
adjusted pursuant to the Price Sliding provisions of paragraph (h)
of this IEX Rule.''
Implementation
This proposed rule change will be immediately effective upon
filing. The Exchange will provide at least ten (10) days' notice to
Members and market participants of the implementation timeline.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\33\ in general, and furthers the
objectives of Section 6(b)(5),\34\ in particular, in that it is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, and to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. Specifically, the Exchange
believes that the proposed rule change is consistent with the
protection of investors and the public interest because it is designed
to provide more flexibility and opportunities for Members to add both
displayed and non-displayed liquidity to the Exchange. As noted in the
Purpose section, the proposed rule change is responsive to informal
feedback from Members indicating that they prefer to use reserve orders
to post displayed liquidity and would like to be able to use such
functionality for D-Limit orders. Thus, IEX believes that the proposed
rule change will attract additional liquidity to the Exchange and, to
the extent it is successful in doing so, will benefit all market
participants, thereby supporting the purposes of the Act to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and in general, to protect investors and the
public interest. The Exchange also believes that enabling the entry of
D-Limit orders that can be partially displayed, will enhance
opportunities for price discovery and increase the overall displayed
(and non-displayed) liquidity profile on the Exchange, to the benefit
of all market participants.
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\33\ 15 U.S.C. 78f(b).
\34\ 15 U.S.C. 78f(b)(5).
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Moreover, the proposed rule change will merely combine the
attributes of two existing order types--D-Limit orders and reserve
orders--to expand the functionality available to Members. Consequently,
the Exchange does not believe that the proposed rule change raises any
novel issues not already considered by the Commission.
Furthermore, IEX believes it is consistent with the purposes of the
Act for D-Limit reserve orders to function like other reserve orders
except for when they can be submitted and how they behave if their
price was adjusted during a period of quote instability, because these
two differences are essential aspects of D-Limit orders. Similarly, IEX
believes that updating the reserve order description in the
Supplementary Material to IEX Rule 11.190(b) is consistent with the
protection of investors and the public interest by providing clarity to
all market participants about how D-Limit reserve orders function,
including the two ways in which their functionality differs from that
of other reserve orders. Thus, these proposed changes support the
purposes of the Act to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and in general,
to protect investors and the public interest.
In addition, as noted in the Purpose section, a D-Limit reserve
order is a combination of two order types the Commission has already
approved--reserve orders \35\--which are a common order type on equity
exchanges \36\--and D-Limit orders.\37\ Thus, IEX does not believe that
the proposed changes raise any new or novel material issues that have
not already been considered by the Commission in connection with
existing order types offered by IEX and other national securities
exchanges.
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\35\ See Securities Exchange Act Release No. 78101 (June 17,
2016), 81 FR 41142 (June 23, 2016) (File No. 10--222) (approving
IEX's exchange application, which included the reserve order type).
\36\ See supra note 12.
\37\ See supra note 18.
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Finally, the Exchange believes that the proposed non-substantive
conforming changes to IEX Rule 11.190(b)(7) are consistent with the
protection of investors and the public interest because they will have
no impact on the functionality of D-Limit orders, but rather simply
provide consistency and clarity in IEX's ``Orders and Modifiers'' rule,
thereby reducing the potential for confusion of any market
participants.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose 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 intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. To the contrary,
the proposal is designed to enhance IEX's competitiveness with other
markets by further enhancing IEX's reserve order and D-Limit order
types. As discussed in the Purpose section, the proposal is designed to
incentivize the entry of additional liquidity providing orders on IEX
by offering Members the flexibility of using a reserve order to control
what portion of their D-Limit orders are displayed at any time.
Further, by enabling the entry of D-Limit orders that can be partially
displayed, IEX believes this proposal will enhance opportunities for
price discovery and increase the overall displayed (and non-displayed)
liquidity profile on the
[[Page 24979]]
Exchange, to the benefit of all market participants.
The Exchange also 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. All Members
would be eligible to use a D-Limit reserve order, and all Members would
be eligible to execute against any portion of a D-Limit reserve order.
Moreover, the proposal would provide potential benefits to all Members
to the extent that there is more liquidity available on IEX as a result
of increased use of D-Limit orders attributable to the ability to enter
such orders as reserve orders.
Further, the proposed conforming edits to IEX Rule 11.190(b)(7) are
not designed to address any competitive issue, but rather to provide
additional clarity in IEX's rulebook.
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 Exchange has designated this rule filing as non-controversial
under Section 19(b)(3)(A) \38\ of the Act and Rule 19b-4(f)(6) \39\
thereunder. Because the proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.
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\38\ 15 U.S.C. 78s(b)(3)(A).
\39\ 17 CFR 240.19b-4(f)(6).
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The Exchange believes that the proposed rule change meets the
criteria of subparagraph (f)(6) of Rule 19b-4 \40\ because it would not
significantly affect the protection of investors or the public
interest. Rather, the proposed rule change neither significantly
affects the protection of investors or the public interest, nor does it
impose any burden on competition because it would merely combine the
attributes of two existing order types--D-Limit orders and reserve
orders--to expand the functionality available to Members, as discussed
in the Purpose section, and does not raise any new or novel material
issues that have not already been considered by the Commission in
connection with existing order types offered by IEX. Accordingly, IEX
has designated this rule filing as non-controversial under Section
19(b)(3)(A) of the Act \41\ and paragraph (f)(6) of Rule 19b-4
thereunder.\42\
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\40\ 17 CFR 240.19b-4(f)(6).
\41\ 15 U.S.C. 78s(b)(3)(A).
\42\ 17 CFR 240.19b-4(f)(6).
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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) \43\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\43\ 15 U.S.C. 78s(b)(2)(B).
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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-2021-08 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-2021-08. This file
number should be included on 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 Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal offices of the Exchange. 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-2021-08, and should be submitted on
or before June 1, 2021.
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\44\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\44\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-09781 Filed 5-7-21; 8:45 am]
BILLING CODE 8011-01-P
