Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce a New Post Only Order Parameter Instruction, 82926-82929 [2023-26006]
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82926
Federal Register / Vol. 88, No. 226 / Monday, November 27, 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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98988; File No. SR–IEX–
2023–13]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Introduce a
New Post Only Order Parameter
Instruction
November 20, 2023.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’),2 and Rule 19b–4 thereunder,3
notice is hereby given that on November
15, 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, II and III
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
Pursuant to the provisions of Section
19(b)(1) under the Act,4 and Rule 19b–
4 thereunder,5 the Exchange is filing
with the Commission a proposed rule
change to introduce a new Post Only
order parameter instruction. The
Exchange has designated this proposed
rule change as ‘‘non-controversial’’
under Section 19(b)(3)(A) of the Act 6
and provided the Commission with the
notice required by Rule 19b–4(f)(6)
thereunder.7
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.
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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.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(1).
5 17 CFR 240.19b–4.
6 15 U.S.C. 78s(b)(3)(A).
7 17 CFR 240.19b–4.
2 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 purpose of this proposed rule
filing is to amend IEX Rule 11.190 to
introduce a new Post Only order
parameter instruction.8 As proposed, a
Post Only parameter instruction would
be available for a displayable, nonroutable order priced at or above $1.00
per share (a ‘‘Post Only order’’). A Post
Only order would not remove liquidity
from the IEX Order Book 9 except in
specific circumstances as described
below. The Post Only order is designed
to incentivize the posting of displayed
liquidity on the Exchange and to offer
IEX Members 10 greater determinism
and flexibility in posting liquidity on
the Exchange. IEX also proposes to
introduce a new Trade Now 11 order
instruction, which would allow certain
resting non-displayed orders (described
below) to convert into an executable
order that removes liquidity against an
incoming Post Only order that would
otherwise lock the resting order (a
transaction in which the Post Only
order would be the maker of liquidity
and the Trade Now order would be the
taker of liquidity). The Trade Now
instruction, when paired with Post Only
orders, is designed to encourage more
executions of marketable orders at IEX.
In addition, IEX proposes to make
conforming edits to several order type
definitions contained in IEX Rule
11.190 to specify which order types may
be submitted as a Post Only order, and
which order types will include the
Trade Now instruction, either by default
or optionally.
IEX notes that every other national
securities exchange that trades equities
offers nearly identical post only order
types 12 and most also offer trade now
functionality 13 to their members. As
proposed, IEX’s Post Only order type is
structured in a substantially similar
manner, with minor differences
(described below) limited to the orders
8 See
Proposed IEX Rule 11.190(b)(20).
IEX Rule 1.160(p).
10 See IEX Rule 1.160(s).
11 See Proposed IEX Rule 11.190(b)(21).
12 See, e.g., Cboe BZX Exchange, Inc. (‘‘BZX’’)
Rule 11.9(c)(6); MEMX Rule 11.6(l)(2); NASDAQ
Stock Market LLC (‘‘Nasdaq’’) Rule 4702(b)(4);
MIAX Pearl Rule 2614(c); New York Stock
Exchange (‘‘NYSE’’) Rule 7.31(e)(2).
13 See, e.g., BZX Rule 11.9(c)(12); NYSE Rule
7.31(d)(2)(B); Nasdaq Rule 4703(m).
9 See
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for which the functionality is available
rather than the manner in which is
applied.14
Post Only Orders
As described in Proposed IEX Rule
11.190(b)(20), a Post Only order would
be a displayed, non-routable limit 15 or
Discretionary Limit 16 order that would
not remove liquidity from the IEX Order
Book other than in the following
circumstances:
First, a Post Only order will remove
contra-side liquidity from the IEX Order
Book if the value of such execution
when removing liquidity equals or
exceeds the value of such execution if
the order instead posted to the IEX
Order Book and subsequently provided
liquidity, including the applicable fees
charged or rebates provided (the ‘‘Sum
of Fees’’). To determine at the time of a
potential execution whether the Sum of
Fees when removing liquidity equals or
exceeds the value of such execution if
the order instead posted to the IEX
Order Book and subsequently provided
liquidity, the Exchange will compare
the price improvement (i.e., available
execution price to trade on entry versus
the limit price of the order) to the
difference between the sum of the fees
charged for such execution and the
rebate that would be provided if the
order posted to the IEX Order Book and
subsequently provided liquidity.
Post Only orders by default would be
subject to display-price sliding as set
forth in IEX Rule 11.190(h)(1), but the
Member may provide an optional
instruction to cancel any untraded
quantity of a Post Only order that would
otherwise be subject to display-price
sliding. Thus, during Regular Market
Hours, if the limit price of the Post Only
order locked or crossed an order on the
IEX Order Book, depending upon the
Member’s instructions, the Post Only
order would either slide to a price one
Minimum Price Variant (‘‘MPV’’) 17 less
aggressive than the current Protected
Quotation,18 or be canceled back to the
Member. This functionality is identical
to that of several other equities
exchanges.19
IEX is also proposing that Post Only
orders must be at least a round or mixed
lot sized order on entry and must be
displayed. Because this proposal is
designed to incentivize displayed
liquidity in general and price discovery
in particular, IEX believes that it is
14 See
infra notes 20, 22.
IEX Rule 11.190(a)(1).
16 See IEX Rule 11.190(b)(7).
17 See IEX Rule 11.210.
18 See IEX Rule 1.160(bb).
19 See, e.g., BZX Rule 11.9(c)(6); MIAX Pearl Rule
2614(c)(2)(A)(ii).
15 See
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appropriate to limit Post Only orders to
those that could become Protected
Quotations. IEX notes that although
other exchanges allow Post Only orders
to be non-displayed or to be displayed
odd lot sized orders, until 2022, NYSE
also did not allow non-displayed or
displayed odd lot sized orders to use its
post only functionality.20 Additionally,
IEX is proposing to not allow reserve 21
orders be Post Only orders. IEX notes
that although other exchanges allow
Post Only orders to be reserve orders,
until recently, NYSE also did not allow
reserve orders to use its post only
functionality.22 IEX believes its
proposal to not allow reserve orders to
be Post Only orders is consistent with
its proposal to not allow non-displayed
orders to be Post Only orders, because
reserve orders have both a displayed
and non-displayed portion. IEX also
notes that because it charges the same
amount for adding or removing nondisplayed liquidity, the economic
benefits of a Post Only order would not
apply to a non-displayed order
submitted to IEX.
Further, Proposed IEX Rule
11.190(b)(20) specifies that Post Only
orders must have a time-in-force (‘‘TIF’’)
of DAY, GTX, SYS, or GTT because they
will only trade during Regular Market
Hours, and that they may not be an
Intermarket Sweep Order, both because
they are non-routable orders and
because ISOs are meant to take liquidity
resting on the Exchange and away
markets while Post Only orders are
designed to add displayed liquidity to
IEX’s Order Book.
Finally, the Post Only order parameter
instruction would not be operative for
orders to buy or sell a security priced
below $1.00 per share. Thus, such
orders that include the Post Only order
parameter instruction would function in
the same manner as regular displayed
limit orders or D-Limit orders; they
would remove contra-side liquidity
from the IEX Order Book on entry
without consideration of whether the
Sum of Fees equals or exceeds the price
improvement per share, and otherwise
post to the IEX Order Book. IEX believes
that this approach is appropriate in that
IEX does not offer rebates for orders that
add displayed liquidity priced below
$1.00 so the economics for a Post Only
order are less meaningful. IEX notes that
this approach is similar to that of other
20 See Securities Exchange Act Release No. 95209
(July 7, 2022), 87 FR 41832, 41835 (July 13, 2022)
(SR–NYSE–2022–25).
21 See IEX Rule 11.190(b)(2).
22 See Securities Exchange Act Release No. 98891
(November 8, 2023), 88 FR 78407, 78408 (November
15, 2023) (SR–NYSE–2023–40).
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exchanges with respect to securities
priced below $1.00 per share.23
Trade Now Instruction
IEX also proposes to add IEX Rule
11.190(b)(21), to introduce the ‘‘Trade
Now’’ order instruction. As proposed,
Trade Now would be an instruction on
an order resting on the IEX Order Book
that, when locked by an incoming Post
Only order that does not remove
liquidity pursuant to Proposed IEX Rule
11.190(b)(20), causes such order to be
converted to an executable order that
removes liquidity against such incoming
order. As proposed, non-displayed limit
orders (including non-displayed
portions of reserve 24 orders and nondisplayed Discretionary Limit orders)
would always include a Trade Now
order instruction, while for Midpoint
Peg,25 Fixed Midpoint Peg,26 Offset
Peg,27 and Market Peg 28 orders the
Trade Now instruction would be
optional. IEX makes this proposal
because the above four pegged order
types are all able to book at prices
between the NBB and the NBO, which
means they all could match with (or be
locked by) an incoming Post Only order.
As proposed, a resting pegged order
with the optional Trade Now instruction
would be the taker of liquidity and the
Post Only order would be the maker of
liquidity (unless the Sum of Fees
calculation caused the Post Only order
to take liquidity on entry). IEX also has
pegged order types that book one MPV
less aggressive than the Primary
Quotation, and it is not proposing to
allow these orders to have a Trade Now
instruction because they will not be able
to match with (or be locked by) an
incoming Post Only order.29 Similarly,
IEX is not proposing to allow resting
Retail Liquidity Provider orders to have
a Trade Now feature, because they are
not eligible to trade with a Post Only
order.30
The Trade Now instruction would
provide non-displayed orders resting on
the IEX Order Book with a greater
ability to receive an execution when
that resting order is locked by an
incoming Post Only order, rather than
creating the possibility of the incoming
Post Only order locking the resting nondisplayed order. Thus, the proposed
23 See, e.g., BZX Rule 11.9(c)(6); MIAX Pearl Rule
2614(c)(2)(i)(A).
24 See IEX Rule 11.190(b)(2).
25 See IEX Rule 11.190(b)(9).
26 See IEX Rule 11.190(b)(19).
27 See IEX Rule 11.190(b)(13).
28 See IEX Rule 11.190(b)(18).
29 See IEX Rules 11.190(b)(8) (Primary Peg order),
11.190(b)(10) (Discretionary Peg order), and
11.190(b)(16) (Corporate Discretionary Peg order).
30 See IEX Rule 11.190(b)(14).
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82927
Trade Now instruction assists in the
avoidance of an internally locked IEX
Order Book (notwithstanding that such
lock would not be displayed by the
Exchange) by facilitating the execution
of orders that would otherwise lock
each other.
If an incoming Post Only order
matches with a resting non-displayed
order on entry with the Trade Now
instruction, the Post Only order would
be treated as a displayed order and
would receive a rebate of $0.0004 per
share. The order with the Trade Now
instruction, having become an
executable taking order, would be
charged $0.0010 per share, which is the
same fee IEX charges for both nondisplayed liquidity-adding and taking
orders. Thus, the order with the Trade
Now instruction is able to get an
execution with no change to the fees it
would be charged, while the Post Only
order would also get an execution with
the rebate the Member expects to
receive when submitting a displayed
order.
Conforming Changes
As described above, only certain order
types are eligible to be Post Only orders.
Therefore, IEX proposes to amend IEX
Rules 11.190(b)(1) (‘‘Displayed Order’’)
and 11.190(b)(7) (‘‘Discretionary Limit
Order’’), to specify that a displayed,
non-routable, round or mixed lot limit
or Discretionary Limit order may
include a Post Only instruction, as
defined in Proposed IEX Rule
11.190(b)(20).
Similarly, as described above, only
certain order types are eligible to have
a Take Now instruction. Therefore, IEX
proposes to amend IEX Rules
11.190(a)(1), 11.190(b)(2), and
11.190(b)(7), to specify that nondisplayed limit orders, non-displayed
portions of reserve orders, and nondisplayed Discretionary Limit orders
will include a Trade Now instruction as
defined in Proposed IEX Rule
11.190(b)(21). Because IEX proposes to
allow Members to include a Trade Now
instruction on pegged orders that could
interact with a Post Only order, IEX is
proposing to amend IEX Rules
11.190(b)(9), 11.190(b)(19),
11.190(b)(13), and 11.190(b)(18) to
specify that a Member may include a
Trade Now instruction with Midpoint
Peg, Fixed Midpoint Peg, Offset Peg,
and Market Peg orders, respectively.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
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Section 6(b) of the Act,31 in general, and
furthers the objectives of Section
6(b)(5),32 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Specifically, the Exchange believes that
the proposed rule change is consistent
with the protection of investors and the
public interest because it is designed to
provide more flexibility and
opportunities for Members to add
displayed liquidity to the Exchange. As
noted in the Purpose section, Post Only
orders, particularly when coupled with
Trade Now functionality for some nondisplayed orders, would provide fee
determinism for Members seeking to
add liquidity to the Exchange. This in
turn is designed to encourage the
posting of more displayed liquidity on
the Exchange, and to the extent that
such incentive is successful in
increasing the overall liquidity pool
available at IEX, all market participants,
including takers of liquidity, will
benefit. Thus, IEX believes this proposal
supports the purposes of the Act to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and in
general, to protect investors and the
public interest.
IEX also believes it is consistent with
the Act to adjust the price of Post Only
orders as needed to post to the Order
Book in compliance with Rule 610(d) of
Regulation NMS by avoiding the display
of quotations that lock or cross any
Protected Quotation, or to execute
against locking or crossing quotations in
circumstances where economically
beneficial to the Member entering the
Post Only order. Post Only orders are
thus designed to allow Members to
achieve fee determinism, while also
providing displayed liquidity to the
market and thereby contribute to public
price discovery in a manner that is
consistent with the Act.
IEX also believes that the proposal to
give Members the option of having Post
Only orders be subject to display price
sliding or cancel promotes price
discovery and provision of greater
liquidity by facilitating the display of an
order at its chosen limit price. Because
this flexibility will further encourage
31 15
32 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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Members to submit Post Only orders to
IEX, which will in turn increase the
displayed liquidity on the Exchange,
IEX believes that this proposal supports
the purposes of the Act to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and in
general, to protect investors and the
public interest.
Additionally, IEX believes that its
proposed approach to inclusion of the
Trade Now instruction (as described in
the Purpose section) is consistent with
the purposes of the Act because it is
designed to avoid internally locking the
IEX Order Book by facilitating the
execution of orders that would
otherwise post, or remain posted, to the
IEX Order Book at prices that would
otherwise lock. Additionally, the Trade
Now instruction would result in more
executions of otherwise marketable
orders, which benefits both parties to
the transaction as well as the market as
a whole by providing relevant price
discovery. Thus, IEX believes this
proposal supports the purposes of the
Act to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and in general, to protect
investors and the public interest.
In addition, as noted in the Purpose
section, every aspect of IEX’s proposal
is already available on at least one other
equities exchange, with the exception
that IEX will not allow a non-displayed,
reserve, or displayed odd lot order to be
a Post Only order.33 As discussed in the
Purpose section, that functionality is
identical to functionality that was
offered by the New York Stock
Exchange until 2022. IEX notes that
these minor differences are limited to
the orders for which the functionality is
available rather than the manner in
which is applied. Because these minor
differences from other exchanges’
functionality are not based on
competitive considerations but rather
simply to provide for reasonably
predictable outcomes in a manner
consistent with IEX’s system design, IEX
believes that this proposal supports the
purposes of the Act to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and in
general, to protect investors and the
public interest.
And IEX believes that the proposed
conforming changes further the
purposes of the Act because they
provide greater clarity and consistency
to the IEX Rule Book thereby reducing
33 See
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supra notes 20, 22.
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the potential for confusion by market
participants.
Finally, IEX does not believe that the
proposed changes raise any new or
novel material issues that have not
already been considered by the
Commission in connection with existing
order types offered by other national
securities exchanges, which supports
the purposes of the Act to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and in
general, to protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
The Exchange does not believe that
the proposed rule change will impose
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
To the contrary, the proposal is
designed to enhance IEX’s
competitiveness with other markets by
further incentivizing the posting of
displayed liquidity on the Exchange. As
noted above, the Exchange believes the
proposed rule changes would generally
align order handling on IEX with
trading functionality on other equity
exchanges and thus would promote
competition among exchanges by
offering member organizations similar
functionality and order handling
options available on other exchanges.
The Exchange also believes that, to the
extent the proposed changes would
increase opportunities for order
execution, the proposed change would
promote competition by making the
Exchange a more attractive venue for
order flow and enhance market quality
for all market participants. Moreover,
competing exchanges have and can
continue to adopt the same functionality
contained in this proposal, subject to
the SEC rule change process, as
discussed in the Purpose and section.
The Exchange also does not believe
that the proposed rule change will
impose any burden on intramarket
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act. All Members would
be eligible to submit Post Only orders
and to include Trade Now instructions
on eligible pegged orders in the same
manner. Moreover, the proposal would
provide potential benefits to all
Members, as discussed in the Statutory
Basis section, to the extent that allowing
Post Only orders incentivizes the
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provision of more displayed liquidity on
IEX.
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.
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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) 34 of the Act and
Rule 19b–4(f)(6) 35 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. In addition, the
Exchange provided the Commission
with 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.36
The Exchange believes that the
proposed rule change meets the criteria
of subparagraph (f)(6) of Rule 19b–4 37
because it would not significantly affect
the protection of investors or the public
interest. Rather, the proposed rule
change neither significantly affects the
protection of investors or the public
interest, nor does it impose any burden
on competition because it would merely
combine the attributes of functionality
currently offered by many other equities
exchanges, as discussed in the Purpose
section, and does not raise any new or
novel material issues that have not
already been considered by the
Commission. Accordingly, IEX has
designated this rule filing as noncontroversial under Section 19(b)(3)(A)
of the Act 38 and paragraph (f)(6) of Rule
19b–4 thereunder.39
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
34 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
36 17 CFR 240.19b–4(f)(6)(iii).
37 17 CFR 240.19b–4(f)(6).
38 15 U.S.C. 78s(b)(3)(A).
39 17 CFR 240.19b–4(f)(6).
35 17
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17:43 Nov 24, 2023
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) 40 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
IEX–2023–13 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–2023–13. 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–2023–13 and should be
submitted on or before December 18,
2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.41
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–26006 Filed 11–24–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98997; File No. SR–BOX–
2023–27]
Self-Regulatory Organizations; BOX
Exchange LLC; Notice of Filing of
Proposed Rule Change To Amend the
Short Term Option Series Program in
IM–5050–6
November 21, 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 November
16, 2023, BOX Exchange LLC
(‘‘Exchange’’) 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 Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
BOX IM–5050–6 (Short Term Option
Series Program). 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://
rules.boxexchange.com/rulefilings.
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
41 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
40 15
Jkt 262001
PO 00000
U.S.C. 78s(b)(2)(B).
Frm 00109
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E:\FR\FM\27NON1.SGM
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Agencies
[Federal Register Volume 88, Number 226 (Monday, November 27, 2023)]
[Notices]
[Pages 82926-82929]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-26006]
[[Page 82926]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98988; File No. SR-IEX-2023-13]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Introduce
a New Post Only Order Parameter Instruction
November 20, 2023.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on November 15, 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,
II and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 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,\4\
and Rule 19b-4 thereunder,\5\ the Exchange is filing with the
Commission a proposed rule change to introduce a new Post Only order
parameter instruction. The Exchange has designated this proposed rule
change as ``non-controversial'' under Section 19(b)(3)(A) of the Act
\6\ and provided the Commission with the notice required by Rule 19b-
4(f)(6) thereunder.\7\
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\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4.
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The text of the proposed rule change is available at the Exchange's
website at www.iextrading.com, at the principal office of the Exchange,
and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these 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
The purpose of this proposed rule filing is to amend IEX Rule
11.190 to introduce a new Post Only order parameter instruction.\8\ As
proposed, a Post Only parameter instruction would be available for a
displayable, non-routable order priced at or above $1.00 per share (a
``Post Only order''). A Post Only order would not remove liquidity from
the IEX Order Book \9\ except in specific circumstances as described
below. The Post Only order is designed to incentivize the posting of
displayed liquidity on the Exchange and to offer IEX Members \10\
greater determinism and flexibility in posting liquidity on the
Exchange. IEX also proposes to introduce a new Trade Now \11\ order
instruction, which would allow certain resting non-displayed orders
(described below) to convert into an executable order that removes
liquidity against an incoming Post Only order that would otherwise lock
the resting order (a transaction in which the Post Only order would be
the maker of liquidity and the Trade Now order would be the taker of
liquidity). The Trade Now instruction, when paired with Post Only
orders, is designed to encourage more executions of marketable orders
at IEX. In addition, IEX proposes to make conforming edits to several
order type definitions contained in IEX Rule 11.190 to specify which
order types may be submitted as a Post Only order, and which order
types will include the Trade Now instruction, either by default or
optionally.
---------------------------------------------------------------------------
\8\ See Proposed IEX Rule 11.190(b)(20).
\9\ See IEX Rule 1.160(p).
\10\ See IEX Rule 1.160(s).
\11\ See Proposed IEX Rule 11.190(b)(21).
---------------------------------------------------------------------------
IEX notes that every other national securities exchange that trades
equities offers nearly identical post only order types \12\ and most
also offer trade now functionality \13\ to their members. As proposed,
IEX's Post Only order type is structured in a substantially similar
manner, with minor differences (described below) limited to the orders
for which the functionality is available rather than the manner in
which is applied.\14\
---------------------------------------------------------------------------
\12\ See, e.g., Cboe BZX Exchange, Inc. (``BZX'') Rule
11.9(c)(6); MEMX Rule 11.6(l)(2); NASDAQ Stock Market LLC
(``Nasdaq'') Rule 4702(b)(4); MIAX Pearl Rule 2614(c); New York
Stock Exchange (``NYSE'') Rule 7.31(e)(2).
\13\ See, e.g., BZX Rule 11.9(c)(12); NYSE Rule 7.31(d)(2)(B);
Nasdaq Rule 4703(m).
\14\ See infra notes 20, 22.
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Post Only Orders
As described in Proposed IEX Rule 11.190(b)(20), a Post Only order
would be a displayed, non-routable limit \15\ or Discretionary Limit
\16\ order that would not remove liquidity from the IEX Order Book
other than in the following circumstances:
---------------------------------------------------------------------------
\15\ See IEX Rule 11.190(a)(1).
\16\ See IEX Rule 11.190(b)(7).
---------------------------------------------------------------------------
First, a Post Only order will remove contra-side liquidity from the
IEX Order Book if the value of such execution when removing liquidity
equals or exceeds the value of such execution if the order instead
posted to the IEX Order Book and subsequently provided liquidity,
including the applicable fees charged or rebates provided (the ``Sum of
Fees''). To determine at the time of a potential execution whether the
Sum of Fees when removing liquidity equals or exceeds the value of such
execution if the order instead posted to the IEX Order Book and
subsequently provided liquidity, the Exchange will compare the price
improvement (i.e., available execution price to trade on entry versus
the limit price of the order) to the difference between the sum of the
fees charged for such execution and the rebate that would be provided
if the order posted to the IEX Order Book and subsequently provided
liquidity.
Post Only orders by default would be subject to display-price
sliding as set forth in IEX Rule 11.190(h)(1), but the Member may
provide an optional instruction to cancel any untraded quantity of a
Post Only order that would otherwise be subject to display-price
sliding. Thus, during Regular Market Hours, if the limit price of the
Post Only order locked or crossed an order on the IEX Order Book,
depending upon the Member's instructions, the Post Only order would
either slide to a price one Minimum Price Variant (``MPV'') \17\ less
aggressive than the current Protected Quotation,\18\ or be canceled
back to the Member. This functionality is identical to that of several
other equities exchanges.\19\
---------------------------------------------------------------------------
\17\ See IEX Rule 11.210.
\18\ See IEX Rule 1.160(bb).
\19\ See, e.g., BZX Rule 11.9(c)(6); MIAX Pearl Rule
2614(c)(2)(A)(ii).
---------------------------------------------------------------------------
IEX is also proposing that Post Only orders must be at least a
round or mixed lot sized order on entry and must be displayed. Because
this proposal is designed to incentivize displayed liquidity in general
and price discovery in particular, IEX believes that it is
[[Page 82927]]
appropriate to limit Post Only orders to those that could become
Protected Quotations. IEX notes that although other exchanges allow
Post Only orders to be non-displayed or to be displayed odd lot sized
orders, until 2022, NYSE also did not allow non-displayed or displayed
odd lot sized orders to use its post only functionality.\20\
Additionally, IEX is proposing to not allow reserve \21\ orders be Post
Only orders. IEX notes that although other exchanges allow Post Only
orders to be reserve orders, until recently, NYSE also did not allow
reserve orders to use its post only functionality.\22\ IEX believes its
proposal to not allow reserve orders to be Post Only orders is
consistent with its proposal to not allow non-displayed orders to be
Post Only orders, because reserve orders have both a displayed and non-
displayed portion. IEX also notes that because it charges the same
amount for adding or removing non-displayed liquidity, the economic
benefits of a Post Only order would not apply to a non-displayed order
submitted to IEX.
---------------------------------------------------------------------------
\20\ See Securities Exchange Act Release No. 95209 (July 7,
2022), 87 FR 41832, 41835 (July 13, 2022) (SR-NYSE-2022-25).
\21\ See IEX Rule 11.190(b)(2).
\22\ See Securities Exchange Act Release No. 98891 (November 8,
2023), 88 FR 78407, 78408 (November 15, 2023) (SR-NYSE-2023-40).
---------------------------------------------------------------------------
Further, Proposed IEX Rule 11.190(b)(20) specifies that Post Only
orders must have a time-in-force (``TIF'') of DAY, GTX, SYS, or GTT
because they will only trade during Regular Market Hours, and that they
may not be an Intermarket Sweep Order, both because they are non-
routable orders and because ISOs are meant to take liquidity resting on
the Exchange and away markets while Post Only orders are designed to
add displayed liquidity to IEX's Order Book.
Finally, the Post Only order parameter instruction would not be
operative for orders to buy or sell a security priced below $1.00 per
share. Thus, such orders that include the Post Only order parameter
instruction would function in the same manner as regular displayed
limit orders or D-Limit orders; they would remove contra-side liquidity
from the IEX Order Book on entry without consideration of whether the
Sum of Fees equals or exceeds the price improvement per share, and
otherwise post to the IEX Order Book. IEX believes that this approach
is appropriate in that IEX does not offer rebates for orders that add
displayed liquidity priced below $1.00 so the economics for a Post Only
order are less meaningful. IEX notes that this approach is similar to
that of other exchanges with respect to securities priced below $1.00
per share.\23\
---------------------------------------------------------------------------
\23\ See, e.g., BZX Rule 11.9(c)(6); MIAX Pearl Rule
2614(c)(2)(i)(A).
---------------------------------------------------------------------------
Trade Now Instruction
IEX also proposes to add IEX Rule 11.190(b)(21), to introduce the
``Trade Now'' order instruction. As proposed, Trade Now would be an
instruction on an order resting on the IEX Order Book that, when locked
by an incoming Post Only order that does not remove liquidity pursuant
to Proposed IEX Rule 11.190(b)(20), causes such order to be converted
to an executable order that removes liquidity against such incoming
order. As proposed, non-displayed limit orders (including non-displayed
portions of reserve \24\ orders and non-displayed Discretionary Limit
orders) would always include a Trade Now order instruction, while for
Midpoint Peg,\25\ Fixed Midpoint Peg,\26\ Offset Peg,\27\ and Market
Peg \28\ orders the Trade Now instruction would be optional. IEX makes
this proposal because the above four pegged order types are all able to
book at prices between the NBB and the NBO, which means they all could
match with (or be locked by) an incoming Post Only order. As proposed,
a resting pegged order with the optional Trade Now instruction would be
the taker of liquidity and the Post Only order would be the maker of
liquidity (unless the Sum of Fees calculation caused the Post Only
order to take liquidity on entry). IEX also has pegged order types that
book one MPV less aggressive than the Primary Quotation, and it is not
proposing to allow these orders to have a Trade Now instruction because
they will not be able to match with (or be locked by) an incoming Post
Only order.\29\ Similarly, IEX is not proposing to allow resting Retail
Liquidity Provider orders to have a Trade Now feature, because they are
not eligible to trade with a Post Only order.\30\
---------------------------------------------------------------------------
\24\ See IEX Rule 11.190(b)(2).
\25\ See IEX Rule 11.190(b)(9).
\26\ See IEX Rule 11.190(b)(19).
\27\ See IEX Rule 11.190(b)(13).
\28\ See IEX Rule 11.190(b)(18).
\29\ See IEX Rules 11.190(b)(8) (Primary Peg order),
11.190(b)(10) (Discretionary Peg order), and 11.190(b)(16)
(Corporate Discretionary Peg order).
\30\ See IEX Rule 11.190(b)(14).
---------------------------------------------------------------------------
The Trade Now instruction would provide non-displayed orders
resting on the IEX Order Book with a greater ability to receive an
execution when that resting order is locked by an incoming Post Only
order, rather than creating the possibility of the incoming Post Only
order locking the resting non-displayed order. Thus, the proposed Trade
Now instruction assists in the avoidance of an internally locked IEX
Order Book (notwithstanding that such lock would not be displayed by
the Exchange) by facilitating the execution of orders that would
otherwise lock each other.
If an incoming Post Only order matches with a resting non-displayed
order on entry with the Trade Now instruction, the Post Only order
would be treated as a displayed order and would receive a rebate of
$0.0004 per share. The order with the Trade Now instruction, having
become an executable taking order, would be charged $0.0010 per share,
which is the same fee IEX charges for both non-displayed liquidity-
adding and taking orders. Thus, the order with the Trade Now
instruction is able to get an execution with no change to the fees it
would be charged, while the Post Only order would also get an execution
with the rebate the Member expects to receive when submitting a
displayed order.
Conforming Changes
As described above, only certain order types are eligible to be
Post Only orders. Therefore, IEX proposes to amend IEX Rules
11.190(b)(1) (``Displayed Order'') and 11.190(b)(7) (``Discretionary
Limit Order''), to specify that a displayed, non-routable, round or
mixed lot limit or Discretionary Limit order may include a Post Only
instruction, as defined in Proposed IEX Rule 11.190(b)(20).
Similarly, as described above, only certain order types are
eligible to have a Take Now instruction. Therefore, IEX proposes to
amend IEX Rules 11.190(a)(1), 11.190(b)(2), and 11.190(b)(7), to
specify that non-displayed limit orders, non-displayed portions of
reserve orders, and non-displayed Discretionary Limit orders will
include a Trade Now instruction as defined in Proposed IEX Rule
11.190(b)(21). Because IEX proposes to allow Members to include a Trade
Now instruction on pegged orders that could interact with a Post Only
order, IEX is proposing to amend IEX Rules 11.190(b)(9), 11.190(b)(19),
11.190(b)(13), and 11.190(b)(18) to specify that a Member may include a
Trade Now instruction with Midpoint Peg, Fixed Midpoint Peg, Offset
Peg, and Market Peg orders, respectively.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with
[[Page 82928]]
Section 6(b) of the Act,\31\ in general, and furthers the objectives of
Section 6(b)(5),\32\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general, to protect
investors and the public interest. Specifically, the Exchange believes
that the proposed rule change is consistent with the protection of
investors and the public interest because it is designed to provide
more flexibility and opportunities for Members to add displayed
liquidity to the Exchange. As noted in the Purpose section, Post Only
orders, particularly when coupled with Trade Now functionality for some
non-displayed orders, would provide fee determinism for Members seeking
to add liquidity to the Exchange. This in turn is designed to encourage
the posting of more displayed liquidity on the Exchange, and to the
extent that such incentive is successful in increasing the overall
liquidity pool available at IEX, all market participants, including
takers of liquidity, will benefit. Thus, IEX believes this proposal
supports the purposes of the Act to remove impediments to and perfect
the mechanism of a free and open market and a national market system,
and in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\31\ 15 U.S.C. 78f(b).
\32\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
IEX also believes it is consistent with the Act to adjust the price
of Post Only orders as needed to post to the Order Book in compliance
with Rule 610(d) of Regulation NMS by avoiding the display of
quotations that lock or cross any Protected Quotation, or to execute
against locking or crossing quotations in circumstances where
economically beneficial to the Member entering the Post Only order.
Post Only orders are thus designed to allow Members to achieve fee
determinism, while also providing displayed liquidity to the market and
thereby contribute to public price discovery in a manner that is
consistent with the Act.
IEX also believes that the proposal to give Members the option of
having Post Only orders be subject to display price sliding or cancel
promotes price discovery and provision of greater liquidity by
facilitating the display of an order at its chosen limit price. Because
this flexibility will further encourage Members to submit Post Only
orders to IEX, which will in turn increase the displayed liquidity on
the Exchange, IEX believes that this proposal supports the purposes of
the Act to remove impediments to and perfect the mechanism of a free
and open market and a national market system, and in general, to
protect investors and the public interest.
Additionally, IEX believes that its proposed approach to inclusion
of the Trade Now instruction (as described in the Purpose section) is
consistent with the purposes of the Act because it is designed to avoid
internally locking the IEX Order Book by facilitating the execution of
orders that would otherwise post, or remain posted, to the IEX Order
Book at prices that would otherwise lock. Additionally, the Trade Now
instruction would result in more executions of otherwise marketable
orders, which benefits both parties to the transaction as well as the
market as a whole by providing relevant price discovery. Thus, IEX
believes this proposal supports the purposes of the Act to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and in general, to protect investors and the
public interest.
In addition, as noted in the Purpose section, every aspect of IEX's
proposal is already available on at least one other equities exchange,
with the exception that IEX will not allow a non-displayed, reserve, or
displayed odd lot order to be a Post Only order.\33\ As discussed in
the Purpose section, that functionality is identical to functionality
that was offered by the New York Stock Exchange until 2022. IEX notes
that these minor differences are limited to the orders for which the
functionality is available rather than the manner in which is applied.
Because these minor differences from other exchanges' functionality are
not based on competitive considerations but rather simply to provide
for reasonably predictable outcomes in a manner consistent with IEX's
system design, IEX believes that this proposal supports the purposes of
the Act to remove impediments to and perfect the mechanism of a free
and open market and a national market system, and in general, to
protect investors and the public interest.
---------------------------------------------------------------------------
\33\ See supra notes 20, 22.
---------------------------------------------------------------------------
And IEX believes that the proposed conforming changes further the
purposes of the Act because they provide greater clarity and
consistency to the IEX Rule Book thereby reducing the potential for
confusion by market participants.
Finally, IEX does not believe that the proposed changes raise any
new or novel material issues that have not already been considered by
the Commission in connection with existing order types offered by other
national securities exchanges, which supports the purposes of the Act
to remove impediments to and perfect the mechanism of a free and open
market and a national market system, and in general, to protect
investors and the public interest.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. To the contrary,
the proposal is designed to enhance IEX's competitiveness with other
markets by further incentivizing the posting of displayed liquidity on
the Exchange. As noted above, the Exchange believes the proposed rule
changes would generally align order handling on IEX with trading
functionality on other equity exchanges and thus would promote
competition among exchanges by offering member organizations similar
functionality and order handling options available on other exchanges.
The Exchange also believes that, to the extent the proposed changes
would increase opportunities for order execution, the proposed change
would promote competition by making the Exchange a more attractive
venue for order flow and enhance market quality for all market
participants. Moreover, competing exchanges have and can continue to
adopt the same functionality contained in this proposal, subject to the
SEC rule change process, as discussed in the Purpose and section.
The Exchange also does not believe that the proposed rule change
will impose any burden on intramarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act. All Members
would be eligible to submit Post Only orders and to include Trade Now
instructions on eligible pegged orders in the same manner. Moreover,
the proposal would provide potential benefits to all Members, as
discussed in the Statutory Basis section, to the extent that allowing
Post Only orders incentivizes the
[[Page 82929]]
provision of more displayed liquidity on IEX.
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) \34\ of the Act and Rule 19b-4(f)(6) \35\
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. In addition, the Exchange provided the Commission
with 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.\36\
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\34\ 15 U.S.C. 78s(b)(3)(A).
\35\ 17 CFR 240.19b-4(f)(6).
\36\ 17 CFR 240.19b-4(f)(6)(iii).
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The Exchange believes that the proposed rule change meets the
criteria of subparagraph (f)(6) of Rule 19b-4 \37\ because it would not
significantly affect the protection of investors or the public
interest. Rather, the proposed rule change neither significantly
affects the protection of investors or the public interest, nor does it
impose any burden on competition because it would merely combine the
attributes of functionality currently offered by many other equities
exchanges, as discussed in the Purpose section, and does not raise any
new or novel material issues that have not already been considered by
the Commission. Accordingly, IEX has designated this rule filing as
non-controversial under Section 19(b)(3)(A) of the Act \38\ and
paragraph (f)(6) of Rule 19b-4 thereunder.\39\
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\37\ 17 CFR 240.19b-4(f)(6).
\38\ 15 U.S.C. 78s(b)(3)(A).
\39\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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) \40\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\40\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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-2023-13 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-2023-13. 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-2023-13 and should be
submitted on or before December 18, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\41\
---------------------------------------------------------------------------
\41\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-26006 Filed 11-24-23; 8:45 am]
BILLING CODE 8011-01-P