Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Pursuant to IEX Rule 15.110(a) and (c), 53468-53470 [2024-13958]
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53468
Federal Register / Vol. 89, No. 123 / Wednesday, June 26, 2024 / Notices
Futures that mature in December of the
next one to two years.21
ddrumheller on DSK120RN23PROD with NOTICES1
III. Proceedings To Determine Whether
To Approve or Disapprove SR–
NYSEARCA–2024–27 and Grounds for
Disapproval Under Consideration
The Commission is instituting
proceedings pursuant to Section
19(b)(2)(B) of the Act 22 to determine
whether the proposed rule change
should be approved or disapproved.
Institution of such proceedings is
appropriate at this time in view of the
legal and policy issues raised by the
proposal. Institution of proceedings
does not indicate that the Commission
has reached any conclusions with
respect to any of the issues involved.
Rather, as described below, the
Commission seeks and encourages
interested persons to provide comments
on the proposed rule change.
Pursuant to Section 19(b)(2)(B) of the
Act,23 the Commission is providing
notice of the grounds for disapproval
under consideration. The Commission is
instituting proceedings to allow for
additional analysis of the proposal’s
consistency with Section 6(b)(5) of the
Act, which requires, among other
things, that the rules of a national
securities exchange be ‘‘designed to
prevent fraudulent and manipulative
acts and practices’’ and ‘‘to protect
investors and the public interest.’’ 24
The Commission asks that
commenters address the sufficiency of
the Exchange’s statements in support of
the proposal, which are set forth in the
Notice, including the information
provided about the investment objective
of and the underlying assets held by the
Fund, particularly regarding the Carbon
Credit Futures, in addition to any other
comments they may wish to submit
about the proposed rule change. Given
the nature of the underlying assets held
by the Fund, the Commission seeks
commenters’ views on whether the
proposed Fund and Shares would be
susceptible to manipulation, as well as
commenters’ views, generally, on
whether the Exchange’s proposal is
designed to prevent fraudulent and
manipulative acts and practices.
IV. Procedure: Request for Written
Comments
The Commission requests that
interested persons provide written
submissions of their views, data, and
arguments with respect to the issues
identified above, as well as any other
21 See
22 15
id.
U.S.C. 78s(b)(2)(B).
23 Id.
24 15
U.S.C. 78f(b)(5).
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18:15 Jun 25, 2024
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concerns they may have with the
proposal. In particular, the Commission
invites the written views of interested
persons concerning whether the
proposed rule change is consistent with
Section 6(b)(5) or any other provision of
the Act, and the rules and regulations
thereunder. Although there do not
appear to be any issues relevant to
approval or disapproval that would be
facilitated by an oral presentation of
views, data, and arguments, the
Commission will consider, pursuant to
Rule 19b–4, any request for an
opportunity to make an oral
presentation.25
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposed rule change should be
approved or disapproved by July 17,
2024. Any person who wishes to file a
rebuttal to any other person’s
submission must file that rebuttal by
July 31, 2024.
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–
NYSEARCA–2024–27 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–NYSEARCA–2024–27. 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
25 Section 19(b)(2) of the Act, as amended by the
Securities Acts Amendments of 1975, Public Law
94–29 (June 4, 1975), grants the Commission
flexibility to determine what type of proceeding—
either oral or notice and opportunity for written
comments—is appropriate for consideration of a
particular proposal by a self-regulatory
organization. See Securities Acts Amendments of
1975, Senate Comm. on Banking, Housing & Urban
Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30
(1975).
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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–NYSEARCA–2024–27 and should be
submitted on or before July 17, 2024.
Rebuttal comments should be submitted
by July 31, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024–13940 Filed 6–25–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100391; File No. SR–IEX–
2024–12]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend the
Exchange’s Fee Schedule Pursuant to
IEX Rule 15.110(a) and (c)
June 20, 2024.
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 June 12,
2024, 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 self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
26 17
CFR 200.30–3(a)(57).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
E:\FR\FM\26JNN1.SGM
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Federal Register / Vol. 89, No. 123 / Wednesday, June 26, 2024 / Notices
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,4 and Rule 19b–
4 thereunder,5 the Exchange is filing
with the Commission a proposed rule
change to amend the Exchange’s fee
schedule applicable to Members 6 (the
‘‘Fee Schedule’’) pursuant to IEX Rule
15.110(a) and (c) to clarify the fees
associated with two fee code
combinations. Changes to the Fee
Schedule pursuant to this proposal are
effective upon filing.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.
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
ddrumheller on DSK120RN23PROD with NOTICES1
The Exchange recently filed a fee
change proposal that increased the
rebate paid for executions of displayed
liquidity adding orders in Tape A and
C securities with an execution price of
$1.00 per share or more from $0.0004 to
$0.0014 per share, increased the fee for
executions of displayed liquidity
removing orders in Tape A or C
securities from $0.0010 to $0.0020 per
share (unless a lower fee applies), and
updated the fee codes in the Fee
Schedule to reflect these changes.8 The
4 15
U.S.C. 78s(b)(1).
5 17 CFR 240.19b–4.
6 See IEX Rule 1.160(s).
7 15 U.S.C. 78s(b)(3)(A)(ii).
8 See Securities Exchange Act Release No. 100257
(May 31, 2024), 89 FR 48458 (June 6, 2024) (SR–
IEX–2024–09) (‘‘Tape A & C Fee Filing’’). All of the
fee changes in the Tape A & C Filing, and in this
fee filing, apply to transactions with an execution
price of $1.00 per share or more.
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18:15 Jun 25, 2024
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Tape A & C Fee Filing took effect on
June 1, 2024.9
The Tape A & C Fee Filing updated
all the relevant fee code combinations in
the Fee Code Combinations and
Associated Fees table of the Transaction
Fees section of the Fee Schedule. In
particular, the filing updated Fee Code
Combination ‘‘ML’’, which applies to an
order that adds displayed liquidity in a
Tape A or C security, to raise the rebate
from $0.0004 to $0.0014 per share. And
the filing updated Fee Code
Combination ‘‘TL’’, which applies to an
order that removes displayed liquidity
in a Tape A or C security, to raise the
fee from $0.0010 per share to $0.0020
per share.
Fee codes ML and TL also appear in
the ‘‘Base Rates’’ table in the
Transaction Fees section of the Fee
Schedule, where they still reflect the
prior fees for adding and removing
displayed liquidity in Tape A and C
securities (a $0.0004 rebate and $0.0010
fee respectively). However, the Fee
Schedule specifies that the rates ‘‘listed
in the Base Rates table apply unless a
Member’s transaction is assigned a Fee
Code other than a Base Fee Code (an
‘‘Additional Fee Code’’). If a Member’s
transaction is assigned an Additional
Fee Code, the rates listed in the Fee
Code Combinations and Associated Fees
table will apply.’’ 10 Because both Fee
Codes ML and TL appear in the Fee
Code Combinations and Associated Fees
table, the fees listed in that table apply
to any order assigned those fee codes,
and therefore, any order with Fee Code
Combination ML will receive a rebate of
$0.0014 per share and any order with
Fee Code Combination TL will be
charged a fee of $0.0020 per share.
Nevertheless, as of June 1, 2024, the
fees listed in the Base Rates table for
Base Fee Codes ML and TL are no
longer correct, and IEX is making this
filing to update and clarify the fees
listed in the Base Rates table to make
them consistent with the fees listed in
the Fee Code Combinations and
Associated Fees table and avoid any
confusion regarding the applicable fees.
Specifically, IEX proposes to change the
Base Rate for Base Fee Code ML for
executions at or above $1.00 from a
$0.0004 rebate to a $0.0014 rebate. And
IEX proposes to change the Base Rate for
Base Fee Code TL for executions at or
above $1.00 from a fee of $0.0010 per
share to a fee of $0.0020 per share.
9 See
supra note 8.
10 See the third instruction bullet in the
Transaction Fees section of the IEX Fee Schedule,
available at https://www.iexexchange.io/resources/
trading/fee-schedule#transaction-fees.
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53469
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,11 in general, and
furthers the objectives of section
6(b)(5),12 in particular, in that it would
remove impediments to and perfect the
mechanism of a free and open market
and a national market system because it
is designed to enforce compliance by
the Exchange’s Members and the public
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 fees
charged by the Exchange by eliminating
any possible confusion caused by the
inadvertent discrepancy between the
fees listed for codes ML and TL in the
Base Rates table and the fees listed for
codes ML and TL in the Fee Code
Combinations and Associated Fees
table.
This rule filing does not propose any
substantive changes to the fees the
Exchange charges, but rather simply
clarifies the base rebates and fees for
adding and removing displayed
liquidity. Therefore, the Exchange does
not believe that these proposed changes
raise any new or novel issues not
already considered by the Commission.
IEX also believes that the proposed rule
change is nondiscriminatory since it
charges the same fees for Fee Code
Combinations ML and TL to all
Members.
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. As described
in the Purpose, this rule filing merely
proposes to clarify the fees associated
with Base Fee Codes ML and TL. This
proposal is not designed to address any
competitive issues. Because the
proposal does not substantively modify
system functionality or processes on the
Exchange, the proposed changes will
not impose any burden on competition.
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.
11 15
12 15
E:\FR\FM\26JNN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
26JNN1
53470
Federal Register / Vol. 89, No. 123 / Wednesday, June 26, 2024 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to section
19(b)(3)(A)(ii) 13 of the Act.
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) 14 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:
ddrumheller on DSK120RN23PROD 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–2024–12 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–2024–12. 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
13 15
14 15
U.S.C. 78s(b)(3)(A)(ii).
U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
18:15 Jun 25, 2024
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–2024–12 and should be
submitted on or before July 17, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–13958 Filed 6–25–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–095, OMB Control No.
3235–0084]
Submission for OMB Review;
Comment Request; Extension: Rule
17Ac2–1
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 17Ac2–1 (17 CFR 240.17Ac2–1),
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
Rule 17Ac2–1, pursuant to Section
17A(c) of the Exchange Act, generally
requires transfer agents for whom the
Commission is the transfer agent’s
Appropriate Regulatory Agency
(‘‘ARA’’), to file an application for
registration with the Commission on
Form TA–1 and to amend their
registrations under certain
circumstances.
Specifically, Rule 17Ac2–1 requires
transfer agents to file a Form TA–1
application for registration with the
15 17
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PO 00000
CFR 200.30–3(a)(12).
Frm 00089
Fmt 4703
Sfmt 4703
Commission where the Commission is
their ARA. Such transfer agents must
also amend their Form TA–1 if the
existing information on their Form TA–
1 becomes inaccurate, misleading, or
incomplete within 60 days following the
date the information became inaccurate,
misleading, or incomplete. Registration
filings on Form TA–1 and amendments
thereto must be filed with the
Commission electronically, absent an
exemption, on EDGAR pursuant to
Regulation S–T (17 CFR 232).
The Commission annually receives
approximately 209 filings on Form TA–
1 from transfer agents required to
register as such with the Commission.
Included in this figure are
approximately 196 amendments made
annually by transfer agents to their
Form TA–1 as required by Rule 17Ac2–
1(c) to address information that has
become inaccurate, misleading, or
incomplete and approximately 13 new
applications by transfer agents for
registration on Form TA–1 as required
by Rule 17Ac2–1(a). Based on past
submissions, the staff estimates that on
average approximately twelve hours are
required for initial completion of Form
TA–1 and that on average one and onehalf hours are required for an
amendment to Form TA–1 by each such
firm. Thus, the subtotal burden for new
applications for registration filed on
Form TA–1 each year is approximately
156 hours (12 hours times 13 filers =
156), and the subtotal burden for
amendments to Form TA–1 filed each
year is approximately 294 hours (1.5
hours times 196 filers = 294). The
cumulative total is approximately 450
burden hours per year (156 hours plus
294 hours).
Of the approximately 450 hours per
year associated with Rule 17Ac2–1, the
Commission staff estimates that (i) sixty
percent (270 hours) are spent by
compliance staff at an estimated hourly
wage of $344, for a total of $92,880 per
year (270 hours × $344 per hour =
$92,880); (ii) forty percent (180 hours)
are spent by attorneys at an estimated
hourly wage of $462, for a total of
$83,160 per year (180 hours × $462 per
hour = $83,160 per year); and (iii) the
total internal cost of compliance
associated with the Rule is thus
approximately $176,040 per year
($92,880 in compliance staff costs +
$83,160 in attorney costs = $176,040 per
year).
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
The public may view background
documentation for this information
E:\FR\FM\26JNN1.SGM
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]]>Agencies
[Federal Register Volume 89, Number 123 (Wednesday, June 26, 2024)]
[Notices]
[Pages 53468-53470]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-13958]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100391; File No. SR-IEX-2024-12]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
Exchange's Fee Schedule Pursuant to IEX Rule 15.110(a) and (c)
June 20, 2024.
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 June 12, 2024, 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 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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
[[Page 53469]]
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,\4\
and Rule 19b-4 thereunder,\5\ the Exchange is filing with the
Commission a proposed rule change to amend the Exchange's fee schedule
applicable to Members \6\ (the ``Fee Schedule'') pursuant to IEX Rule
15.110(a) and (c) to clarify the fees associated with two fee code
combinations. Changes to the Fee Schedule pursuant to this proposal are
effective upon filing.\7\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
\6\ See IEX Rule 1.160(s).
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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 Exchange recently filed a fee change proposal that increased
the rebate paid for executions of displayed liquidity adding orders in
Tape A and C securities with an execution price of $1.00 per share or
more from $0.0004 to $0.0014 per share, increased the fee for
executions of displayed liquidity removing orders in Tape A or C
securities from $0.0010 to $0.0020 per share (unless a lower fee
applies), and updated the fee codes in the Fee Schedule to reflect
these changes.\8\ The Tape A & C Fee Filing took effect on June 1,
2024.\9\
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 100257 (May 31,
2024), 89 FR 48458 (June 6, 2024) (SR-IEX-2024-09) (``Tape A & C Fee
Filing''). All of the fee changes in the Tape A & C Filing, and in
this fee filing, apply to transactions with an execution price of
$1.00 per share or more.
\9\ See supra note 8.
---------------------------------------------------------------------------
The Tape A & C Fee Filing updated all the relevant fee code
combinations in the Fee Code Combinations and Associated Fees table of
the Transaction Fees section of the Fee Schedule. In particular, the
filing updated Fee Code Combination ``ML'', which applies to an order
that adds displayed liquidity in a Tape A or C security, to raise the
rebate from $0.0004 to $0.0014 per share. And the filing updated Fee
Code Combination ``TL'', which applies to an order that removes
displayed liquidity in a Tape A or C security, to raise the fee from
$0.0010 per share to $0.0020 per share.
Fee codes ML and TL also appear in the ``Base Rates'' table in the
Transaction Fees section of the Fee Schedule, where they still reflect
the prior fees for adding and removing displayed liquidity in Tape A
and C securities (a $0.0004 rebate and $0.0010 fee respectively).
However, the Fee Schedule specifies that the rates ``listed in the Base
Rates table apply unless a Member's transaction is assigned a Fee Code
other than a Base Fee Code (an ``Additional Fee Code''). If a Member's
transaction is assigned an Additional Fee Code, the rates listed in the
Fee Code Combinations and Associated Fees table will apply.'' \10\
Because both Fee Codes ML and TL appear in the Fee Code Combinations
and Associated Fees table, the fees listed in that table apply to any
order assigned those fee codes, and therefore, any order with Fee Code
Combination ML will receive a rebate of $0.0014 per share and any order
with Fee Code Combination TL will be charged a fee of $0.0020 per
share.
---------------------------------------------------------------------------
\10\ See the third instruction bullet in the Transaction Fees
section of the IEX Fee Schedule, available at https://www.iexexchange.io/resources/trading/fee-schedule#transaction-fees.
---------------------------------------------------------------------------
Nevertheless, as of June 1, 2024, the fees listed in the Base Rates
table for Base Fee Codes ML and TL are no longer correct, and IEX is
making this filing to update and clarify the fees listed in the Base
Rates table to make them consistent with the fees listed in the Fee
Code Combinations and Associated Fees table and avoid any confusion
regarding the applicable fees. Specifically, IEX proposes to change the
Base Rate for Base Fee Code ML for executions at or above $1.00 from a
$0.0004 rebate to a $0.0014 rebate. And IEX proposes to change the Base
Rate for Base Fee Code TL for executions at or above $1.00 from a fee
of $0.0010 per share to a fee of $0.0020 per share.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\11\ in general, and furthers the
objectives of section 6(b)(5),\12\ in particular, in that it would
remove impediments to and perfect the mechanism of a free and open
market and a national market system because it is designed to enforce
compliance by the Exchange's Members and the public 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 fees charged by the Exchange by eliminating
any possible confusion caused by the inadvertent discrepancy between
the fees listed for codes ML and TL in the Base Rates table and the
fees listed for codes ML and TL in the Fee Code Combinations and
Associated Fees table.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
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This rule filing does not propose any substantive changes to the
fees the Exchange charges, but rather simply clarifies the base rebates
and fees for adding and removing displayed liquidity. Therefore, the
Exchange does not believe that these proposed changes raise any new or
novel issues not already considered by the Commission. IEX also
believes that the proposed rule change is nondiscriminatory since it
charges the same fees for Fee Code Combinations ML and TL to all
Members.
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. As described in the Purpose,
this rule filing merely proposes to clarify the fees associated with
Base Fee Codes ML and TL. This proposal is not designed to address any
competitive issues. Because the proposal does not substantively modify
system functionality or processes on the Exchange, the proposed changes
will not impose any burden on competition.
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.
[[Page 53470]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to section
19(b)(3)(A)(ii) \13\ of the Act.
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\13\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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) \14\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\14\ 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-2024-12 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-2024-12. 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-2024-12 and should be
submitted on or before July 17, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-13958 Filed 6-25-24; 8:45 am]
BILLING CODE 8011-01-P
