Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Implementation Date of Recently-Approved Changes to IEX Rule 11.190(g) That Are Designed To Provide an Alternative Calculation for Pegged Order Types for Determining Whether a Quote Instability Condition Exists, 10952-10953 [2023-03582]
Download as PDF
<![CDATA[
10952
Federal Register / Vol. 88, No. 35 / Wednesday, February 22, 2023 / Notices
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 such
filings will also be available for
inspection and copying at the principal
office of ICE Clear Europe and on ICE
Clear Europe’s website at https://
www.theice.com/clear-europe/
regulation. 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–ICEEU–
2023–005 and should be submitted on
or before March 15, 2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–03581 Filed 2–21–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96935; File No. SR–IEX–
2023–02]
lotter on DSK11XQN23PROD with NOTICES1
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Extend the
Implementation Date of RecentlyApproved Changes to IEX Rule
11.190(g) That Are Designed To
Provide an Alternative Calculation for
Pegged Order Types for Determining
Whether a Quote Instability Condition
Exists
February 15, 2023.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
notice is hereby given that on February
7, 2023, 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.
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 proposal to extend the
implementation date of recentlyapproved changes to IEX Rule 11.190(g)
that are designed to provide an
alternative calculation for pegged order
types for determining whether a quote
instability condition exists. The
Exchange has designated this proposal
as non-controversial and provided the
Commission with the notice required by
Rule 19b–4(f)(6)(iii) under the Act.5
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
IEX is filing this proposal to extend
the implementation date of recentlyapproved changes to IEX Rule 11.190(g)
that are designed to provide an
alternative calculation for pegged order
types for determining whether a quote
instability condition exists (‘‘original
rule change’’). IEX filed the proposed
15 17
3 15
1 15
4 17
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19:42 Feb 21, 2023
U.S.C. 78s(b)(1).
CFR 240.19b–4.
5 17 CFR 240.19b–4(f)(6)(iii).
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original rule change on September 27,
2022,6 and the Commission approved it
on December 1, 2022.7 The original rule
change is currently scheduled to be
implemented within 90 days of the
Approval Order,8 i.e., on or before
March 1, 2023.
The Exchange had anticipated that the
technical changes necessary to
implement the original rule change
would be completed in time to enable
implementation on or before March 1,
2023. However, due to unforeseen
delays, the technical changes are not yet
complete, and IEX needs additional
time to implement beyond the 90 days
specified in the Original Filing. As a
result, the Exchange is now proposing to
implement the proposed changes by
June 30, 2023, and will announce the
implementation date by Trading Alert at
least ten (10) days in advance of such
implementation date. Besides the
implementation date, the Exchange is
not proposing to make any changes to
the terms of the Original Filing.
2. Statutory Basis
IEX believes that its proposal is
consistent with the provisions of
Section 6(b) of the Act 9 in general, and
with Section 6(b)(5) of the Act,10 in
particular, in that it is designed 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 proposal is consistent
with the Act because it will allow the
Exchange to complete technical changes
necessary to implement the original rule
change in a thorough and risk averse
manner, thereby protecting investors.
Further, the ten (10) days’ notice to
market participants of the
implementation date for the original
rule filing is consistent with the Act
because it will provide appropriate
transparency to the Commission and
market participants regarding the
change. Finally, as noted in the Purpose
section, the Exchange is not proposing
to make any changes to the terms of the
Original Filing other than the
implementation date.
6 See Securities Exchange Act Release No. 96014
(October 11, 2022), 87 FR 62903 (October 17, 2022)
(SR–IEX–2022–06) (‘‘Original Filing’’).
7 See Securities Exchange Act Release No. 96416
(December 1, 2022), 87 FR 75099 (December 7,
2022) (SR–IEX–2022–06) (‘‘Approval Order’’).
8 See supra note 7.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
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Federal Register / Vol. 88, No. 35 / Wednesday, February 22, 2023 / Notices
B. Self-Regulatory Organization’s
Statement on Burden on Competition
IEX does not believe that the proposal
will result in any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act. As explained
above, the purpose of this proposal is to
modify the timing of the planned
implementation of recently-approved
changes to IEX Rule 11.190(g) and to
inform the Commission and market
participants of that change. The
currently functionality of IEX Rule
11.190(g) will continue to be available
until the Original Filing is
implemented, and the implementation
delay will impact all market
participants equally. The Exchange does
not expect the implementation date
change to place any burden on
competition. Rather, postponing
implementation will allow the Exchange
to implement the original rule change in
a thorough and risk averse manner and
is not designed for any competitive
purpose.
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 filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 11 and Rule
19b–4(f)(6) thereunder.12 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, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 13 and Rule 19b–4(f)(6)
thereunder.14
11 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
13 15 U.S.C. 78s(b)(3)(A).
14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s 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) 15 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),16 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative
immediately. The Exchange states that
waiving the operative delay will permit
the Exchange to implement the proposal
prior to expiration of the latest
implementation date to the original rule
change, which the Exchange states will
avoid any potential confusion on the
part of market participants or the
Commission as to when the original rule
change will be implemented. Based on
the foregoing, the Commission believes
that allowing this proposal to become
operative upon filing is consistent with
the protection of investors and the
public interest. For this reason, the
Commission hereby waives the 30-day
operative delay and designates the
proposal operative upon filing.17
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
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–2023–02 on the subject line.
CFR 240.19b–4(f)(6).
CFR 240.19b–4(f)(6)(iii).
17 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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–2023–02. 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–2023–02, and should
be submitted on or before March 15,
2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–03582 Filed 2–21–23; 8:45 am]
BILLING CODE 8011–01–P
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10953
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CFR 200.30–3(a)(12), (59).
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]]>Agencies
[Federal Register Volume 88, Number 35 (Wednesday, February 22, 2023)]
[Notices]
[Pages 10952-10953]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-03582]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96935; File No. SR-IEX-2023-02]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Extend
the Implementation Date of Recently-Approved Changes to IEX Rule
11.190(g) That Are Designed To Provide an Alternative Calculation for
Pegged Order Types for Determining Whether a Quote Instability
Condition Exists
February 15, 2023.
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 February 7, 2023, 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 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) under the Act,\3\
and Rule 19b-4 thereunder,\4\ IEX is filing with the Commission a
proposal to extend the implementation date of recently-approved changes
to IEX Rule 11.190(g) that are designed to provide an alternative
calculation for pegged order types for determining whether a quote
instability condition exists. The Exchange has designated this proposal
as non-controversial and provided the Commission with the notice
required by Rule 19b-4(f)(6)(iii) under the Act.\5\
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78s(b)(1).
\4\ 17 CFR 240.19b-4.
\5\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
IEX is filing this proposal to extend the implementation date of
recently-approved changes to IEX Rule 11.190(g) that are designed to
provide an alternative calculation for pegged order types for
determining whether a quote instability condition exists (``original
rule change''). IEX filed the proposed original rule change on
September 27, 2022,\6\ and the Commission approved it on December 1,
2022.\7\ The original rule change is currently scheduled to be
implemented within 90 days of the Approval Order,\8\ i.e., on or before
March 1, 2023.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 96014 (October 11,
2022), 87 FR 62903 (October 17, 2022) (SR-IEX-2022-06) (``Original
Filing'').
\7\ See Securities Exchange Act Release No. 96416 (December 1,
2022), 87 FR 75099 (December 7, 2022) (SR-IEX-2022-06) (``Approval
Order'').
\8\ See supra note 7.
---------------------------------------------------------------------------
The Exchange had anticipated that the technical changes necessary
to implement the original rule change would be completed in time to
enable implementation on or before March 1, 2023. However, due to
unforeseen delays, the technical changes are not yet complete, and IEX
needs additional time to implement beyond the 90 days specified in the
Original Filing. As a result, the Exchange is now proposing to
implement the proposed changes by June 30, 2023, and will announce the
implementation date by Trading Alert at least ten (10) days in advance
of such implementation date. Besides the implementation date, the
Exchange is not proposing to make any changes to the terms of the
Original Filing.
2. Statutory Basis
IEX believes that its proposal is consistent with the provisions of
Section 6(b) of the Act \9\ in general, and with Section 6(b)(5) of the
Act,\10\ in particular, in that it is designed 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 proposal is consistent with the Act because it will allow the
Exchange to complete technical changes necessary to implement the
original rule change in a thorough and risk averse manner, thereby
protecting investors. Further, the ten (10) days' notice to market
participants of the implementation date for the original rule filing is
consistent with the Act because it will provide appropriate
transparency to the Commission and market participants regarding the
change. Finally, as noted in the Purpose section, the Exchange is not
proposing to make any changes to the terms of the Original Filing other
than the implementation date.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
[[Page 10953]]
B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposal will result in any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. As explained above, the purpose of this proposal
is to modify the timing of the planned implementation of recently-
approved changes to IEX Rule 11.190(g) and to inform the Commission and
market participants of that change. The currently functionality of IEX
Rule 11.190(g) will continue to be available until the Original Filing
is implemented, and the implementation delay will impact all market
participants equally. The Exchange does not expect the implementation
date change to place any burden on competition. Rather, postponing
implementation will allow the Exchange to implement the original rule
change in a thorough and risk averse manner and is not designed for any
competitive purpose.
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 filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
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, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-
4(f)(6) thereunder.\14\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A)(iii).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's 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.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\16\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately. The Exchange states that
waiving the operative delay will permit the Exchange to implement the
proposal prior to expiration of the latest implementation date to the
original rule change, which the Exchange states will avoid any
potential confusion on the part of market participants or the
Commission as to when the original rule change will be implemented.
Based on the foregoing, the Commission believes that allowing this
proposal to become operative upon filing is consistent with the
protection of investors and the public interest. For this reason, the
Commission hereby waives the 30-day operative delay and designates the
proposal operative upon filing.\17\
---------------------------------------------------------------------------
\15\ 17 CFR 240.19b-4(f)(6).
\16\ 17 CFR 240.19b-4(f)(6)(iii).
\17\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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 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-2023-02 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-2023-02. 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-2023-02, and should be submitted on
or before March 15, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12), (59).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-03582 Filed 2-21-23; 8:45 am]
BILLING CODE 8011-01-P
