Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Juneteenth National Independence Day a Holiday of the Exchange, 64552-64554 [2021-25128]
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64552
Federal Register / Vol. 86, No. 220 / Thursday, November 18, 2021 / Notices
Winklevoss Order and other disapproval
orders. The Exchange states that, while
one may argue that the 1940 Act
provides certain investor protections,
those protections relate primarily to the
composition of board of directors,
limitations on leverage, and transactions
with affiliates, among others, and thus
do not confer additional protections to
investors in relation to the underlying
CME bitcoin futures market to justify
different regulatory outcomes for
Bitcoin Futures ETFs and non-1940 Actregulated ETPs that hold spot bitcoin.
The Exchange also adds that the largest
Bitcoin Futures ETF has contracts
representing about 37 percent of open
interest in CME bitcoin futures, which,
according to the Exchange, ‘‘seems to
directly contradict’’ the ‘‘predominant
influence’’ prong in establishing
whether the CME bitcoin futures market
constitutes a market of significant size.
The Commission disagrees with the
premise of the Exchange’s argument.
The proposed rule change does not
relate to a product regulated under the
1940 Act, nor does it relate to the same
underlying holdings as the Bitcoin
Futures ETFs. The Commission
considers the proposed rule change on
its own merits and under the standards
applicable to it. Namely, with respect to
this proposed rule change, the
Commission must apply the standards
as provided by Section 6(b)(5) of the
Exchange Act, which it has applied in
connection with its orders considering
previous proposals to list bitcoin-based
commodity trusts and bitcoin-based
trust issued receipts.175 Accordingly,
even if the Exchange’s Amendments No.
1, 2, and 3 had been timely filed, there
is no additional information in such
amendments that would enable the
Commission to approve the proposed
rule change as amended.
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IV. Conclusion
For the reasons set forth above, the
Commission does not find, pursuant to
Section 19(b)(2) of the Exchange Act,
that the proposed rule change is
consistent with the requirements of the
Exchange Act and the rules and
regulations thereunder applicable to a
national securities exchange, and in
particular, with Section 6(b)(5) of the
Exchange Act.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Exchange Act,
that proposed rule change SR–
CboeBZX–2021–019 be, and hereby is,
disapproved.
175 See
supra note 11.
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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.176
J. Matthew DeLesDernier,
Assistant Secretary.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2021–25129 Filed 11–17–21; 8:45 am]
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.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93560; File No. SR–IEX–
2021–15]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Make
Juneteenth National Independence Day
a Holiday of the Exchange
November 12, 2021.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
9, 2021, 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 and II
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.
I. Self-Regulatory Organization’s
Statement of the Terms of the 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
amend IEX Rule 11.110 (Hours of
Trading and Trading Days) to make
Juneteenth National Independence Day
a holiday of the Exchange. Juneteenth
National Independence Day was
designated a legal public holiday in
June 2021. 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
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.
176 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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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend IEX
Rule 11.110 (Hours of Trading and
Trading Days) to make Juneteenth
National Independence Day a holiday of
the Exchange. This rule filing is based
on a proposal recently submitted by the
New York Stock Exchange LLC
(‘‘NYSE’’) and its affiliated exchanges.7
On June 17, 2021, Juneteenth National
Independence Day was designated a
legal public holiday.8 Consistent with
industry sentiment,9 the approach
recommended by the Securities Industry
and Financial Markets Association
(‘‘SIFMA’’),10 and IEX’s own
determination that IEX’s rules should
recognize this important date in
American history, the Exchange
proposes to add ‘‘Juneteenth National
Independence Day’’ to the existing list
of holidays in paragraph (b) of IEX Rule
11.110. As a result, the Exchange will
not be open for business on Juneteenth
National Independence Day, which falls
on June 19 of each year. In accordance
with paragraph (b) of IEX Rule 11.110,
when the holiday falls on a Saturday,
the Exchange will not be open for
business on the preceding Friday, and
when it falls on a Sunday, the Exchange
will not be open for business on the
7 See Securities Exchange Act Release No. 93183
(September 30, 2021), 86 FR 55068 (October 5,
2021) (SR–NYSE–2021–56) (amending NYSE Rule
7.2 to include Juneteenth as an exchange holiday).
8 Public Law 117–17.
9 See, e.g., Bank of America Makes Juneteenth a
Holiday, Joining JPMorgan, Wells Fargo.
10 SIFMA recommends a full market close in
observance of Juneteenth National Independence
Day. See SIFMA Revises 2022 Fixed Income Market
Close Recommendations in the U.S. to Include Full
Close for Juneteenth National Independence Day.
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Federal Register / Vol. 86, No. 220 / Thursday, November 18, 2021 / Notices
following Monday, unless otherwise
indicated by the Exchange.11
Accordingly, as proposed paragraph
(b) of IEX Rule 11.110 would be revised
to read as follows (proposed additions
underlined):
The Exchange will be open for the
transaction of business on business days. The
Exchange will not be open for business on
the following holidays: New Year’s Day, Dr.
Martin Luther King Jr. Day, Presidents Day,
Good Friday, Memorial Day, Juneteenth
National Independence Day, Independence
Day, Labor Day, Thanksgiving Day, and
Christmas. When any holiday observed by
the Exchange falls on a Saturday, the
Exchange will not be open for business on
the preceding Friday. When any holiday
observed by the Exchange falls on a Sunday,
the Exchange will not be open for business
on the following Monday, unless otherwise
indicated by the Exchange.
The Exchange also notes that several
other national securities exchanges have
added Juneteenth National
Independence Day as an exchange
holiday as well.12
2. Statutory Basis
IEX believes that the proposed rule
change is consistent with the provisions
of Section 6(b) 13 of the Act in general,
and furthers the objectives of Section
6(b)(5) of the Act 14 in particular, in that
it is designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, 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 change would remove
impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, protect investors and the public
interest because the proposed amended
rule would clearly state that the
Exchange will not be open for business
on Juneteenth National Independence
Day, which is a federal holiday, and
would address what day would be taken
off if June 19 fell on a Saturday or
Sunday. The change would thereby
promote clarity and transparency in the
Exchange rules by updating the list of
holidays of the Exchange.
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 believes that the proposed
correction does not impact competition
in any respect since it is designed to
simply amend the Exchange rule
regarding holidays.
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
Because the foregoing 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 15 and Rule 19b–
4(f)(6)(iii) thereunder.16
A proposed rule change filed under
Rule 19b–4(f)(6) 17 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),18 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative delay so that the proposal may
become operative prior to 30 days after
the date of the filing. The Exchange
states that waiver of the operative delay
would be consistent with the protection
of investors and the public interest
because the proposed rule change, as
described above, would state that the
Exchange will not be open for business
on Juneteenth National Independence
Day, which is a federal holiday, and
would address what day would be taken
off if June 19 fell on a Saturday or
15 15
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11 The
Exchange might otherwise indicate if
unusual business conditions exist such as the
ending of a monthly or yearly accounting period.
12 See BOX Exchange LLC Rule 7020(e); Miami
International Securities Exchange LLC Rule 501;
MIAX Emerald, LLC Rule 501; MIAX Pearl, LLC
Rule 501; NYSE Rule 7.2; NYSE American LLC Rule
7.2E; NYSE Arca, Inc. Rules 7.2–E and 7.2–O; NYSE
Chicago, Inc. Rule 7.2 and NYSE National Rule 7.2.
13 15 U.S.C. 78f(b).
14 15 U.S.C. 78f(b)(5).
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U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
17 17 CFR 240.19b–4(f)(6).
18 17 CFR 240.19b–4(f)(6)(iii).
16 17
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64553
Sunday. The Exchange further states
that the proposed change does not raise
any new or novel issues. For these
reasons, the Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest.
Accordingly, the Commission hereby
waives the operative delay and
designates the proposed rule change
operative upon filing.19
At any time within 60 days of the
filing of such 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
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–2021–15 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–2021–15. 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
19 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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Federal Register / Vol. 86, No. 220 / Thursday, November 18, 2021 / Notices
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 such
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–IEX–2021–15, and should
be submitted on or before December 9,
2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–25128 Filed 11–17–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93562; File No. SR–BOX–
2021–26]
Self-Regulatory Organizations; BOX
Exchange LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the Fee
Schedule on the BOX Options Market
LLC Facility
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November 12, 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 October
28, 2021, BOX Exchange LLC
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Exchange filed the proposed rule change
pursuant to Section 19(b)(3)(A)(ii) of the
Act,3 and Rule 19b–4(f)(2) thereunder,4
which renders the proposal effective
upon filing with the Commission. The
20 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)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
1 15
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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 the Substance
of the Proposed Rule Change
The Exchange is filing with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
to amend the Fee Schedule on the BOX
Options Market LLC (‘‘BOX’’) options
facility. While changes to the fee
schedule pursuant to this proposal will
be effective upon filing, the changes will
become operative on November 1, 2021.
The text of the proposed rule change is
available from the principal office of the
Exchange, at the Commission’s Public
Reference Room and also on the
Exchange’s internet website at https://
boxexchange.com.
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
Exchange 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
statements may be examined at the
places specified in Item IV below. The
Exchange 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 Exchange proposes to amend
Section II.A. (QOO Order Fees) and
Section II.C. (QOO Order Rebate) of the
BOX Fee Schedule. Specifically, the
Exchange proposes to amend Section
II.A. (QOO Order Fees) to remove the
QOO Order fee cap of $75,000 per
month per Broker Dealer and Section
II.C. (QOO Order Rebate) to remove the
QOO Order rebate cap of $30,000 per
month per Broker Dealer.
Currently, QOO Order fees for Broker
Dealers on BOX are capped at $75,000
per month per Broker Dealer. The
Exchange proposes to eliminate this
monthly QOO Order fee cap for Broker
Dealers. The fee cap was intended to
incentivize Broker Dealers to submit
floor transactions on the Exchange by
capping manual transaction fees. The
Exchange no longer believes such fee
cap is necessary because, as discussed
herein, the fee cap was initially
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established to incentivize Broker
Dealers to bring increased liquidity and
order flow to the new BOX Trading
Floor, however the BOX Trading Floor
is now well established and does not
need this incentive to encourage order
flow to the Trading Floor.
The Exchange also applies a QOO
Order rebate cap of $30,000 per month
per Broker Dealer. Currently, Floor
Brokers are eligible to receive a $0.075
per contract rebate for all Broker Dealer
and Market Maker QOO Orders
presented on the BOX Trading Floor.5
The rebate is not applied to Public
Customer executions, executions subject
to the Strategy QOO Order Fee Cap, or
Broker Dealer executions where the
Broker Dealer is facilitating a Public
Customer. The Exchange proposes to
remove the monthly rebate cap for
Broker Dealer executions.6 The
Exchange notes that it is not making any
other changes to the QOO Order fees or
the QOO Order Rebate. The QOO Order
fees and QOO Order rebate will be
assessed and applied in the same
manner as they are today.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the Act,
in general, and Section 6(b)(4) and
6(b)(5) of the Act,7 in particular, in that
it provides for the equitable allocation
of reasonable dues, fees, and other
charges among BOX Participants and
other persons using its facilities and
does not unfairly discriminate between
customers, issuers, brokers or dealers.
The Exchange believes that the
proposed elimination of the QOO Order
fee cap of $75,000 per month per Broker
Dealer and the QOO Order rebate cap of
$30,000 per month per Broker Dealer is
reasonable, equitable, and not unfairly
discriminatory. As discussed above, the
Exchange established the QOO Order
fee cap and rebate cap in an effort to
incentivize market participants to send
order flow to the BOX Trading Floor.
The Exchange believes such incentive is
no longer necessary because the
Exchange has a well-established trading
floor and no longer needs this incentive
to encourage increased order flow to the
BOX Trading Floor.
5 Floor Brokers are also eligible to receive a $0.05
per contract rebate for all Professional Customer
QOO Orders presented on the BOX Trading Floor.
6 The Exchange notes that BOX has removed the
QOO Order rebate cap in the past. See Securities
Exchange Act Release No. 87704 (December 10,
2019), 84 FR 68499 (December 16, 2019) (SR–BOX–
2019–35).
7 15 U.S.C. 78f(b)(4) and (5).
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]]>Agencies
[Federal Register Volume 86, Number 220 (Thursday, November 18, 2021)]
[Notices]
[Pages 64552-64554]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-25128]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93560; File No. SR-IEX-2021-15]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Make
Juneteenth National Independence Day a Holiday of the Exchange
November 12, 2021.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on November 9, 2021, 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 and II
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\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
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 amend IEX Rule 11.110 (Hours of Trading and
Trading Days) to make Juneteenth National Independence Day a holiday of
the Exchange. Juneteenth National Independence Day was designated a
legal public holiday in June 2021. 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\
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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 Exchange proposes to amend IEX Rule 11.110 (Hours of Trading
and Trading Days) to make Juneteenth National Independence Day a
holiday of the Exchange. This rule filing is based on a proposal
recently submitted by the New York Stock Exchange LLC (``NYSE'') and
its affiliated exchanges.\7\ On June 17, 2021, Juneteenth National
Independence Day was designated a legal public holiday.\8\ Consistent
with industry sentiment,\9\ the approach recommended by the Securities
Industry and Financial Markets Association (``SIFMA''),\10\ and IEX's
own determination that IEX's rules should recognize this important date
in American history, the Exchange proposes to add ``Juneteenth National
Independence Day'' to the existing list of holidays in paragraph (b) of
IEX Rule 11.110. As a result, the Exchange will not be open for
business on Juneteenth National Independence Day, which falls on June
19 of each year. In accordance with paragraph (b) of IEX Rule 11.110,
when the holiday falls on a Saturday, the Exchange will not be open for
business on the preceding Friday, and when it falls on a Sunday, the
Exchange will not be open for business on the
[[Page 64553]]
following Monday, unless otherwise indicated by the Exchange.\11\
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\7\ See Securities Exchange Act Release No. 93183 (September 30,
2021), 86 FR 55068 (October 5, 2021) (SR-NYSE-2021-56) (amending
NYSE Rule 7.2 to include Juneteenth as an exchange holiday).
\8\ Public Law 117-17.
\9\ See, e.g., Bank of America Makes Juneteenth a Holiday,
Joining JPMorgan, Wells Fargo.
\10\ SIFMA recommends a full market close in observance of
Juneteenth National Independence Day. See SIFMA Revises 2022 Fixed
Income Market Close Recommendations in the U.S. to Include Full
Close for Juneteenth National Independence Day.
\11\ The Exchange might otherwise indicate if unusual business
conditions exist such as the ending of a monthly or yearly
accounting period.
---------------------------------------------------------------------------
Accordingly, as proposed paragraph (b) of IEX Rule 11.110 would be
revised to read as follows (proposed additions underlined):
The Exchange will be open for the transaction of business on
business days. The Exchange will not be open for business on the
following holidays: New Year's Day, Dr. Martin Luther King Jr. Day,
Presidents Day, Good Friday, Memorial Day, Juneteenth National
Independence Day, Independence Day, Labor Day, Thanksgiving Day, and
Christmas. When any holiday observed by the Exchange falls on a
Saturday, the Exchange will not be open for business on the
preceding Friday. When any holiday observed by the Exchange falls on
a Sunday, the Exchange will not be open for business on the
following Monday, unless otherwise indicated by the Exchange.
The Exchange also notes that several other national securities
exchanges have added Juneteenth National Independence Day as an
exchange holiday as well.\12\
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\12\ See BOX Exchange LLC Rule 7020(e); Miami International
Securities Exchange LLC Rule 501; MIAX Emerald, LLC Rule 501; MIAX
Pearl, LLC Rule 501; NYSE Rule 7.2; NYSE American LLC Rule 7.2E;
NYSE Arca, Inc. Rules 7.2-E and 7.2-O; NYSE Chicago, Inc. Rule 7.2
and NYSE National Rule 7.2.
---------------------------------------------------------------------------
2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) \13\ of the Act in general, and furthers the
objectives of Section 6(b)(5) of the Act \14\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, 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.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
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Specifically, the Exchange believes that the proposed change would
remove impediments to and perfect the mechanism of a free and open
market and a national market system and, in general, protect investors
and the public interest because the proposed amended rule would clearly
state that the Exchange will not be open for business on Juneteenth
National Independence Day, which is a federal holiday, and would
address what day would be taken off if June 19 fell on a Saturday or
Sunday. The change would thereby promote clarity and transparency in
the Exchange rules by updating the list of holidays of the Exchange.
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 believes that the
proposed correction does not impact competition in any respect since it
is designed to simply amend the Exchange rule regarding holidays.
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
Because the foregoing 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 \15\ and Rule 19b-
4(f)(6)(iii) thereunder.\16\
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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \17\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\18\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative prior to 30 days after the date of
the filing. The Exchange states that waiver of the operative delay
would be consistent with the protection of investors and the public
interest because the proposed rule change, as described above, would
state that the Exchange will not be open for business on Juneteenth
National Independence Day, which is a federal holiday, and would
address what day would be taken off if June 19 fell on a Saturday or
Sunday. The Exchange further states that the proposed change does not
raise any new or novel issues. For these reasons, the Commission
believes that waiver of the 30-day operative delay is consistent with
the protection of investors and the public interest. Accordingly, the
Commission hereby waives the operative delay and designates the
proposed rule change operative upon filing.\19\
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\17\ 17 CFR 240.19b-4(f)(6).
\18\ 17 CFR 240.19b-4(f)(6)(iii).
\19\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such 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 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 [email protected]. Please include
File Number SR-IEX-2021-15 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-2021-15. 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
[[Page 64554]]
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 such 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-IEX-2021-15, and should be
submitted on or before December 9, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-25128 Filed 11-17-21; 8:45 am]
BILLING CODE 8011-01-P
