Product Change-First-Class Package Service Negotiated Service Agreement, 72523 [2022-25678]
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Federal Register / Vol. 87, No. 226 / Friday, November 25, 2022 / Notices
POSTAL SERVICE
Product Change—First-Class Package
Service Negotiated Service Agreement
AGENCY:
ACTION:
Postal ServiceTM.
Notice.
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
SUMMARY:
Date of required notice:
November 25, 2022.
DATES:
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on November 9,
2022, it filed with the Postal Regulatory
Commission a USPS Request to Add
First-Class Package Service Contract 121
to Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2023–42, CP2023–41.
SUPPLEMENTARY INFORMATION:
Sarah Sullivan,
Attorney, Ethics & Legal Compliance.
[FR Doc. 2022–25678 Filed 11–23–22; 8:45 am]
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 the Exchange is filing
with the Commission a proposed rule
change to provide Members 5 the option
of having Discretionary Limit orders
automatically cancel or re-price in
certain circumstances.
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 statements 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 7710–12–P
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
1. Purpose
[Release No. 34–96352; File No. SR–IEX–
2022–10]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing of Proposed Rule Change To
Modify IEX Rule 11.190(b)(7)
khammond on DSKJM1Z7X2PROD with NOTICES
November 18, 2022.
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 November
4, 2022 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 and
II 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.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Sep<11>2014
18:43 Nov 23, 2022
Jkt 259001
The purpose of this proposed rule
filing is to amend IEX Rule 11.190(b)(7)
to allow Users 6 to attach an optional
instruction to any Discretionary Limit 7
(‘‘D-Limit’’) order to either re-price or
cancel an order that was price adjusted
during a period of quote instability,8 if,
ten (10) milliseconds after the most
recent quote instability determination 9
that resulted in the order being price
adjusted, the order is resting at a price
that is less aggressive than the NBB 10
(NBO 11) for buy (sell) orders.
3 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
5 See IEX Rule 1.160(s).
6 See IEX Rule 1.160(qq). Users include both
Members and Sponsored Participants, see IEX Rule
1.160(ll), but the terms ‘‘Member’’ and ‘‘User’’ are
used interchangeably in this filing.
7 See IEX Rule 11.190(b)(7).
8 See IEX Rule 11.190(g).
9 Id.
10 See IEX Rule 1.160(u).
11 See IEX Rule 1.160(u).
4 17
PO 00000
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72523
Background
In October 2020,12 IEX introduced the
D-Limit order type,13 which is designed
to help protect liquidity providers from
potential adverse selection during
periods of quote instability in a fair and
nondiscriminatory manner.14 A D-Limit
order may be a displayed or nondisplayed limit order that upon entry
and when posting to the Order Book 15
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).16
Specifically, if the System 17 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) minimum price
variation (‘‘MPV’’) 18 lower (higher) than
the CQI Price.19 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
a price one MPV lower (higher) than the
quote instability price level.20
Currently, a D-Limit order that has
been subject to an automatic price
adjustment will not revert to the price
at which it was previously ranked and
displayed (in the case of a displayed
order). Rather, once the price of a DLimit 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 adjusted price,
unless subject to another automatic
adjustment, or if the order is subject to
the price sliding provisions of IEX Rule
11.190(h).21 Whenever the price of a D12 See IEX Trading Alert 2020–029, available at
https://iextrading.com/alerts/#/126.
13 See Securities Exchange Act Release No. 89686
(August 26, 2020), 85 FR 54438 (September 1, 2020)
(SR–IEX–2019–15) (‘‘D-Limit Approval Order’’).
14 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 IEX Rule 1.160(p).
16 See IEX Rules 11.190(b)(7) and 11.190(g).
17 See IEX Rule 1.160(nn).
18 See IEX Rule 11.210.
19 See IEX Rule 11.190(b)(7)(A) and (B).
20 See IEX Rule 11.190(b)(7)(C) and (D).
21 See IEX Rule 11.190(b)(7)(E).
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]]>Agencies
[Federal Register Volume 87, Number 226 (Friday, November 25, 2022)]
[Notices]
[Page 72523]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25678]
[[Page 72523]]
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POSTAL SERVICE
Product Change--First-Class Package Service Negotiated Service
Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Date of required notice: November 25, 2022.
FOR FURTHER INFORMATION CONTACT: Sean Robinson, 202-268-8405.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
November 9, 2022, it filed with the Postal Regulatory Commission a USPS
Request to Add First-Class Package Service Contract 121 to Competitive
Product List. Documents are available at www.prc.gov, Docket Nos.
MC2023-42, CP2023-41.
Sarah Sullivan,
Attorney, Ethics & Legal Compliance.
[FR Doc. 2022-25678 Filed 11-23-22; 8:45 am]
BILLING CODE 7710-12-P
