Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Correct Six Typographical Cross-Reference Errors in IEX Rule 11.190(b), 68844-68846 [2023-21932]
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Federal Register / Vol. 88, No. 191 / Wednesday, October 4, 2023 / Notices
necessary or appropriate in furtherance
of the purposes of the Act.
The Exchange does not believe the
rule change will impose a burden on
intramarket competition because all
market participants would have access
to p.m.-settled Nasdaq-100 Index
options expiring every Friday of the
month and would be able to trade them
under the NDXP symbol. The proposal
will not impose a burden on intermarket
competition because the options
affected by this proposal are exclusive
to the Exchange. Other options
exchange may elect to adopt a similar
expiry for a product listed on their
markets.
Additionally, the Exchange does not
believe the proposal will impose any
burden on intermarket competition as
market participants on other exchanges
are welcome to become members and
trade at ISE if they determine that this
proposed rule change has made ISE
more attractive or favorable.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the Exchange consents, the Commission
will:
A. by order approve or disapprove
such proposed rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
lotter on DSK11XQN23PROD with NOTICES1
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:
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–ISE–2023–20. 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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–ISE–2023–20 and should be
submitted on or before October 25,
2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–22006 Filed 10–3–23; 8:45 am]
BILLING CODE 8011–01–P
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–
ISE–2023–20 on the subject line.
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20:21 Oct 03, 2023
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98583; File No. SR–IEX–
2023–09]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Correct Six
Typographical Cross-Reference Errors
in IEX Rule 11.190(b)
September 28, 2023.
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
September 22, 2023, 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 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 correct six typographical
cross-reference errors in IEX Rule
11.190(b). 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.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and the
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.
1 15
U.S.C. 78s(b)(1).
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.
2 17
26 17
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CFR 200.30–3(a)(12).
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Federal Register / Vol. 88, No. 191 / Wednesday, October 4, 2023 / Notices
The self-regulatory organization has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange makes this filing to
correct six inadvertent and identical
typographical cross-reference errors in
IEX Rule 11.190(b). Specifically, the
definitions of the Primary Peg,7
Midpoint Peg,8 Discretionary Peg,9
Offset Peg,10 Corporate Discretionary
Peg,11 and Fixed Midpoint Peg 12 order
types all contain cross-references to IEX
Rule 11.190(a)(3)(D) to describe how the
System 13 handles a pegged order
marked with a Time-in-Force 14 (‘‘TIF’’)
of ‘‘DAY’’ that is submitted before,
during, or after the Regular Market
Session.15 However, the order type
definitions should instead crossreference IEX Rule 11.190(a)(3)(E)(iii),
which contains the relevant text.
Notwithstanding the cross-reference
errors, the rules describing the six
pegged order types in question each
accurately set forth how an order with
a TIF of DAY is handled by the System.
Specifically, each rule states the
following with respect to a pegged order
marked with a TIF of DAY: the order is
eligible to trade only during the Regular
Market Session, if submitted to the
System before the opening of the
Regular Market Session will be queued
by the System until the start of the
Regular Market Session, and if
submitted into the System after the
closing of the Regular Market Session
will be rejected.16 This language is
functionally identical to the description
in IEX Rule 11.190(a)(3)(E)(iii) of how a
pegged order with a TIF of DAY
functions before, during, and after the
Regular Market Session:
Pegged orders marked DAY submitted
before the open of the Regular Market
Session are queued by the System until the
Regular Market Session Opening Process,
pursuant to IEX Rule 11.231. Pegged orders
marked DAY submitted during the Regular
Market Session are accepted and begin
7 See
IEX Rule 11.190(b)(8)(F).
IEX Rule 11.190(b)(9)(F).
9 See IEX Rule 11.190(b)(10)(F).
10 See IEX Rule 11.190(b)(13)(F).
11 See IEX Rule 11.190(b)(16)(F).
12 See IEX Rule 11.190(b)(19)(F).
13 See IEX Rule 1.160(nn).
14 See IEX Rule 11.190(c).
15 See IEX Rule 1.160(gg).
16 See IEX Rules 11.190(b)(8)(F); 11.190(b)(9)(F);
11.190(b)(10)(F); 11.190(b)(13)(F); 11.190(b)(16)(F);
and 11.190(b)(19)(F).
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8 See
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trading immediately. Pegged orders entered
into the System marked DAY, if not fully
executed or canceled by the User, expire at
the end of the Regular Market Session.
Pegged orders marked DAY are rejected
during the Post-Market Session.
IEX therefore proposes to amend
subparagraph (F) of IEX Rules
11.190(b)(8), 11.190(b)(9), 11.190(b)(10),
11.190(b)(13), 11.190(b)(16), and
11.190(b)(19) from starting ‘‘As
provided in IEX Rule 11.190(a)(3)(D)
. . .’’ to instead begin with ‘‘As
provided in IEX Rule
11.190(a)(3)(E)(iii). . . .’’ IEX notes that
correcting this cross-reference in the six
affected order type definitions will not
substantively change the meaning of
each rule, because everything but the
rule cross-references in these
subparagraphs IEX accurately describes
the manner in which the System
handles a pegged order with a TIF of
DAY that is submitted before, during,
and after the Regular Market Session.
And the incorrect cross-reference to IEX
Rule 11.190(a)(3)(D) contains an
unrelated provision that states that a
pegged order may be submitted with or
without a limit price and therefore does
not change the meaning of the IEX Rules
11.190(b)(8), 11.190(b)(9), 11.190(b)(10),
11.190(b)(13), 11.190(b)(16), and
11.190(b)(19).
2. Statutory Basis
IEX believes that the proposed rule
change is consistent with the provisions
of Section 6(b) 17 of the Act in general,
and furthers the objectives of Section
6(b)(1) of the Act 18 in particular, in that
it is designed to enforce compliance by
the Exchange’s Members 19 and persons
associated with its Members, with the
provisions of the rules of the Exchange.
In particular, the Exchange believes that
the proposed rule change will provide
greater clarity to Members and the
public regarding the Exchange’s rules by
correcting six inadvertent and identical
typographical cross-referencing errors
without changing their substance and
providing consistency within the
Exchange’s Rulebook.
As described in the Purpose section,
the rules describing the six pegged order
types accurately describe how the
System handles a pegged order with a
TIF of DAY that is submitted before,
during, and after the Regular Market
Session. This rule filing does not
propose any substantive changes to the
functionality of the pegged order types;
it merely proposes to correct crossreferences within such rules. The
17 15
U.S.C. 78f.
U.S.C. 78f(b)(1).
19 See IEX Rule 1.160(s).
18 15
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68845
proposed changes will also make it
easier for Members to interpret the
Exchange’s Rulebook.
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. As described
in the Purpose and Statutory Basis
sections, this rule filing merely proposes
to correct cross-references in six IEX
rules that describe pegged order type
functionality, and would not make any
substantive changes to the functionality
of the pegged order types. The proposed
rule change is not designed to address
any competitive issues but rather to
correct six inadvertent and identical
typographical errors, thereby
eliminating any potential confusion
regarding such rule provisions without
changing their substance.
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) 20 of the Act and
Rule 19b–4(f)(6) 21 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.
A proposed rule change filed under
Rule 19b–4(f)(6) 22 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),23 the
Commission may designate a shorter
time if such action is consistent with the
20 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) 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.
22 17 CFR 240.19b–4(f)(6).
23 17 CFR 240.19b–4(f)(6)(iii).
21 17
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Federal Register / Vol. 88, No. 191 / Wednesday, October 4, 2023 / Notices
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay because this rule filing
merely corrects typographical errors for
which the rest of the rule is otherwise
clear. Therefore, IEX believes there is no
need to delay implementation of this
rule change, so that the Exchange may
promptly correct these typographical
errors and avoid any potential confusion
on the part of market participants. For
these reasons, and because the proposed
rule change does not raise any novel
legal or regulatory issues, the
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest. Therefore, the
Commission hereby waives the 30-day
operative delay and designates the
proposal operative upon filing.24
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) 25 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:
lotter on DSK11XQN23PROD with NOTICES1
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–2023–09 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–2023–09. This file
number should be included on the
24 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
25 15 U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
20:21 Oct 03, 2023
Jkt 262001
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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions.
You should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–IEX–2023–09 and should be
submitted on or before October 25,
2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–21932 Filed 10–3–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98640; File No. SR–
CboeEDGX–2023–061]
Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Extend the
Pilot Programs in Connection With the
Listing and Trading of P.M.-Settled
Series on Certain Broad-Based Index
Options
September 28, 2023.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
26 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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notice is hereby given that on
September 28, 2023, Cboe EDGX
Exchange, Inc. (‘‘Exchange’’ or ‘‘EDGX’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 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
Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX Options’’)
proposes to extend the pilot programs in
connection with the listing and trading
of P.M.-settled series on certain broadbased index options. The text of the
proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
options/regulation/rule_filings/edgx/),
at the Exchange’s Office of the
Secretary, 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
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 proposed rule change extends the
listing and trading of P.M.-settled series
on certain broad-based index options on
a pilot basis.5 Rule 29.11(a)(6) currently
3 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
5 The Exchange is authorized to list for trading
options that overlie the Mini-SPX Index (‘‘XSP’’)
and the Russell 2000 Index (‘‘RUT’’). See Rule
29.11(a). See also Securities Exchange Act Release
4 17
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]]>Agencies
[Federal Register Volume 88, Number 191 (Wednesday, October 4, 2023)]
[Notices]
[Pages 68844-68846]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-21932]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98583; File No. SR-IEX-2023-09]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Correct
Six Typographical Cross-Reference Errors in IEX Rule 11.190(b)
September 28, 2023.
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 September 22, 2023, 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 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 correct six typographical cross-
reference errors in IEX Rule 11.190(b). 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 the
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.
[[Page 68845]]
The self-regulatory organization has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange makes this filing to correct six inadvertent and
identical typographical cross-reference errors in IEX Rule 11.190(b).
Specifically, the definitions of the Primary Peg,\7\ Midpoint Peg,\8\
Discretionary Peg,\9\ Offset Peg,\10\ Corporate Discretionary Peg,\11\
and Fixed Midpoint Peg \12\ order types all contain cross-references to
IEX Rule 11.190(a)(3)(D) to describe how the System \13\ handles a
pegged order marked with a Time-in-Force \14\ (``TIF'') of ``DAY'' that
is submitted before, during, or after the Regular Market Session.\15\
However, the order type definitions should instead cross-reference IEX
Rule 11.190(a)(3)(E)(iii), which contains the relevant text.
Notwithstanding the cross-reference errors, the rules describing the
six pegged order types in question each accurately set forth how an
order with a TIF of DAY is handled by the System.
---------------------------------------------------------------------------
\7\ See IEX Rule 11.190(b)(8)(F).
\8\ See IEX Rule 11.190(b)(9)(F).
\9\ See IEX Rule 11.190(b)(10)(F).
\10\ See IEX Rule 11.190(b)(13)(F).
\11\ See IEX Rule 11.190(b)(16)(F).
\12\ See IEX Rule 11.190(b)(19)(F).
\13\ See IEX Rule 1.160(nn).
\14\ See IEX Rule 11.190(c).
\15\ See IEX Rule 1.160(gg).
---------------------------------------------------------------------------
Specifically, each rule states the following with respect to a
pegged order marked with a TIF of DAY: the order is eligible to trade
only during the Regular Market Session, if submitted to the System
before the opening of the Regular Market Session will be queued by the
System until the start of the Regular Market Session, and if submitted
into the System after the closing of the Regular Market Session will be
rejected.\16\ This language is functionally identical to the
description in IEX Rule 11.190(a)(3)(E)(iii) of how a pegged order with
a TIF of DAY functions before, during, and after the Regular Market
Session:
---------------------------------------------------------------------------
\16\ See IEX Rules 11.190(b)(8)(F); 11.190(b)(9)(F);
11.190(b)(10)(F); 11.190(b)(13)(F); 11.190(b)(16)(F); and
11.190(b)(19)(F).
Pegged orders marked DAY submitted before the open of the
Regular Market Session are queued by the System until the Regular
Market Session Opening Process, pursuant to IEX Rule 11.231. Pegged
orders marked DAY submitted during the Regular Market Session are
accepted and begin trading immediately. Pegged orders entered into
the System marked DAY, if not fully executed or canceled by the
User, expire at the end of the Regular Market Session. Pegged orders
---------------------------------------------------------------------------
marked DAY are rejected during the Post-Market Session.
IEX therefore proposes to amend subparagraph (F) of IEX Rules
11.190(b)(8), 11.190(b)(9), 11.190(b)(10), 11.190(b)(13),
11.190(b)(16), and 11.190(b)(19) from starting ``As provided in IEX
Rule 11.190(a)(3)(D) . . .'' to instead begin with ``As provided in IEX
Rule 11.190(a)(3)(E)(iii). . . .'' IEX notes that correcting this
cross-reference in the six affected order type definitions will not
substantively change the meaning of each rule, because everything but
the rule cross-references in these subparagraphs IEX accurately
describes the manner in which the System handles a pegged order with a
TIF of DAY that is submitted before, during, and after the Regular
Market Session. And the incorrect cross-reference to IEX Rule
11.190(a)(3)(D) contains an unrelated provision that states that a
pegged order may be submitted with or without a limit price and
therefore does not change the meaning of the IEX Rules 11.190(b)(8),
11.190(b)(9), 11.190(b)(10), 11.190(b)(13), 11.190(b)(16), and
11.190(b)(19).
2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) \17\ of the Act in general, and furthers the
objectives of Section 6(b)(1) of the Act \18\ in particular, in that it
is designed to enforce compliance by the Exchange's Members \19\ and
persons associated with its Members, with the provisions of the rules
of the Exchange. In particular, the Exchange believes that the proposed
rule change will provide greater clarity to Members and the public
regarding the Exchange's rules by correcting six inadvertent and
identical typographical cross-referencing errors without changing their
substance and providing consistency within the Exchange's Rulebook.
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\17\ 15 U.S.C. 78f.
\18\ 15 U.S.C. 78f(b)(1).
\19\ See IEX Rule 1.160(s).
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As described in the Purpose section, the rules describing the six
pegged order types accurately describe how the System handles a pegged
order with a TIF of DAY that is submitted before, during, and after the
Regular Market Session. This rule filing does not propose any
substantive changes to the functionality of the pegged order types; it
merely proposes to correct cross-references within such rules. The
proposed changes will also make it easier for Members to interpret the
Exchange's Rulebook.
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. As described in the Purpose and
Statutory Basis sections, this rule filing merely proposes to correct
cross-references in six IEX rules that describe pegged order type
functionality, and would not make any substantive changes to the
functionality of the pegged order types. The proposed rule change is
not designed to address any competitive issues but rather to correct
six inadvertent and identical typographical errors, thereby eliminating
any potential confusion regarding such rule provisions without changing
their substance.
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) \20\ of the Act and Rule 19b-4(f)(6) \21\
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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\20\ 15 U.S.C. 78s(b)(3)(A).
\21\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
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) \22\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\23\ the Commission
may designate a shorter time if such action is consistent with the
[[Page 68846]]
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay because this rule
filing merely corrects typographical errors for which the rest of the
rule is otherwise clear. Therefore, IEX believes there is no need to
delay implementation of this rule change, so that the Exchange may
promptly correct these typographical errors and avoid any potential
confusion on the part of market participants. For these reasons, and
because the proposed rule change does not raise any novel legal or
regulatory issues, the Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest. Therefore, the Commission hereby waives the 30-day
operative delay and designates the proposal operative upon filing.\24\
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\22\ 17 CFR 240.19b-4(f)(6).
\23\ 17 CFR 240.19b-4(f)(6)(iii).
\24\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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 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) \25\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\25\ 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-2023-09 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-2023-09. 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions. You should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-IEX-2023-09 and should be
submitted on or before October 25, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21932 Filed 10-3-23; 8:45 am]
BILLING CODE 8011-01-P
