Notice2022-25355
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Pursuant to IEX Rule 15.110 To Amend IEX's Fee Schedule
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 22, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 224 (Tuesday, November 22, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 224 (Tuesday, November 22, 2022)]
[Notices]
[Pages 71381-71384]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-25355]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96331; File No. SR-IEX-2022-09]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Pursuant to
IEX Rule 15.110 To Amend IEX's Fee Schedule
November 16, 2022.
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 7, 2022, 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.
---------------------------------------------------------------------------
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 fees applicable to
Members \6\ (the ``Fee Schedule''), pursuant to IEX Rule 15.110(a) and
(c). Changes to the Fee Schedule pursuant to this proposal are
effective upon filing,\7\ and the Exchange plans to implement the
changes on December 1, 2022.
---------------------------------------------------------------------------
\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 <a href="http://www.iextrading.com">www.iextrading.com</a>, 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. 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 proposes to amend its Fee Schedule,\8\ pursuant to IEX
Rule 15.110(a) and (c), to modestly increase: (i) the fees applicable
to executions of and with non-displayed orders; (ii) the fees
applicable to executions that remove displayed liquidity; (iii) and the
fees applicable to the opening process for non-listed securities. The
Exchange also proposes to reduce the fees for executions of securities
priced below $1.00 per share and to make related and conforming
changes.
---------------------------------------------------------------------------
\8\ See IEX Fee Schedule, available at <a href="https://exchange.iex.io/resources/trading/fee-schedule/">https://exchange.iex.io/resources/trading/fee-schedule/</a>.
---------------------------------------------------------------------------
Non-Displayed Trading Fees
The Exchange currently charges Members a standard fee of $0.0009
per share for non-displayed transactions, both adding and removing
liquidity, with an execution price greater than or equal to $1.00.\9\
IEX has not changed this fee for non-displayed adding and removing
orders since it launched as an Exchange in 2016,\10\ although certain
fee code combinations can result in a free execution for non-displayed
adding and removing orders.\11\
---------------------------------------------------------------------------
\9\ See supra note 5 [sic].
\10\ See Securities Exchange Act Release No. 78550 (August 11,
2016), 81 FR 54873 (August 17, 2016) (SR-IEX-2016-09).
\11\ Non-displayed Retail orders, Retail Liquidity Providing
orders, and orders subject to the ``Internalization Fee'' (the
Member executes against resting liquidity added by such Member) all
execute for free. See IEX Fee Schedule.
---------------------------------------------------------------------------
IEX recently conducted an assessment of its non-displayed adding
and removing fees, including an assessment of the fees charged by its
competitors, and determined that charging $0.0009 to remove non-
displayed liquidity places IEX's fee well below the most inexpensive
``maker-taker'' \12\ venues which range from $0.0026 to $0.0029.\13\
[[Page 71382]]
Similarly, IEX's fee for adding non-displayed liquidity places it well
below the most inexpensive ``taker-maker'' \14\ venues, which range
from $0.0024 to $0.0030.\15\ Additionally, IEX notes that several
taker-maker exchanges also charge $0.0010 for orders that add non-
displayed midpoint liquidity.\16\
---------------------------------------------------------------------------
\12\ In a ``maker-taker'' model, an exchange will typically pay
a rebate for an order that adds liquidity and charge a fee for an
order that removes liquidity.
\13\ See, e.g., MIAX Pearl Equities Fee Schedule (charging a
standard fee of $0.0029 for orders that remove liquidity), <a href="https://www.miaxequities.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_09012022.pdf">https://www.miaxequities.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_09012022.pdf</a>; NYSE Fee Schedule
(charging a standard fee of at least $0.0026 for orders that remove
non-displayed liquidity), <a href="https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf</a>
\14\ In a ``taker-maker'' model (also called an ``inverted''
exchange), an exchange will typically pay a rebate for an order that
removes liquidity (or offer a free execution) and charge a fee for
an order that adds liquidity.
\15\ See, e.g., Cboe BYX Fee Schedule (charging a standard fee
of $0.0024 to add non-displayed liquidity, <a href="https://www.cboe.com/us/equities/membership/fee_schedule/byx/">https://www.cboe.com/us/equities/membership/fee_schedule/byx/</a>; Cboe EDGA Fee Schedule
(charging a standard fee of $0.0030 to add non-displayed liquidity),
<a href="https://www.cboe.com/us/equities/membership/fee_schedule/edga/">https://www.cboe.com/us/equities/membership/fee_schedule/edga/</a>.
\16\ This fee is charged by Cboe BYX and EDGA, see supra note 12
[sic], and also Nasdaq BX, <a href="http://nasdaqtrader.com/Trader.aspx?id=bx_pricing">http://nasdaqtrader.com/Trader.aspx?id=bx_pricing</a>.
---------------------------------------------------------------------------
Therefore, IEX is proposing to modestly raise its non-displayed
adding and removing fees for securities priced at or above $1.00 from
$0.0009 to $0.0010, with no changes to non-displayed transactions that
currently execute free of charge.\17\ These fee increases are designed
to offset increased costs to operate the Exchange. IEX notes that in
the past five years, the Exchange has not adopted transaction fee
changes designed to increase overall fee revenue. During that time the
costs of operating the Exchange, including the costs to subscribe to
other exchanges' technology products, have increased considerably.
---------------------------------------------------------------------------
\17\ See supra note 8.
---------------------------------------------------------------------------
Displayed Removing Fees
Currently, orders that add displayed liquidity to the Exchange
execute free of charge, while orders that remove displayed liquidity
are charged $0.0006 (for orders priced greater than or equal to $1.00
per share). IEX is not proposing to make any changes to the fees
charged for adding displayed liquidity, but is proposing to increase
the fee for removing displayed liquidity to $0.0009.
IEX notes that its current fee for removing displayed liquidity is
well below those charged by all the maker-taker exchanges (each of
which charges a standard fee of $0.0030 for removing displayed
liquidity \18\) and is even lower than the fees charged by one ``taker-
maker'' exchange, Nasdaq BX, which charges a standard fee of $0.0007
for orders that remove liquidity.\19\
---------------------------------------------------------------------------
\18\ See, e.g., MIAX Pearl Equities Fee Schedule, <a href="https://www.miaxequities.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_09012022.pdf">https://www.miaxequities.com/sites/default/files/fee_schedule-files/MIAX_Pearl_Equities_Fee_Schedule_09012022.pdf</a>; NYSE Fee Schedule,
<a href="https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf</a>; Nasdaq Fee Schedule, <a href="http://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2">http://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2</a>.
\19\ See Nasdaq BX, <a href="http://nasdaqtrader.com/Trader.aspx?id=bx_pricing">http://nasdaqtrader.com/Trader.aspx?id=bx_pricing</a>.
---------------------------------------------------------------------------
As with the proposed changes to the non-displayed trading fees,
this modest proposed fee increase is designed to offset increased costs
to operate the Exchange as described above.
Opening Process Fees
IEX currently charges a fee of $0.0009 per share for executions
equal to or greater than $1.00 per share in IEX's opening process for
securities listed on other exchanges. Because this fee has been set at
the same level as the non-displayed adding and removing fees, IEX is
proposing to similarly increase the opening process fee to $0.0010.
This modest proposed fee increase is also designed to offset increased
costs to operate the Exchange as described above.
Sub-Dollar Execution Fees
Currently, IEX charges .30% of the Total Dollar Value (``TDV'') for
all executions below $1.00 per share, unless another fee code
combination results in a free execution (e.g., a retail order that
removes displayed liquidity). This can create a significant pricing
disparity between taking orders for executions above and below $1.00.
For example, in a 1,000-share execution at $1.01 the taker would pay a
fee of $0.60, while a 1,000-share execution at $0.99 would pay a fee of
$2.97 or approximately five times the fee for the $1.01 execution. IEX
therefore believes it is fairer and more equitable to synchronize its
sub-dollar transaction fees with its fees for executions above $1 per
share.
Thus, IEX proposes to reduce the non-displayed sub-dollar execution
and opening process fees from 0.30% of TDV to 0.10% of TDV (more
comparable to the new $0.0010 fee for non-displayed executions).
Similarly, as proposed, any sub-dollar executed orders that add
displayed liquidity would be charged no fee, while any sub-dollar
executed orders that remove displayed liquidity would be charged a fee
of 0.09% of TDV.
IEX notes that its sub-dollar execution fees are currently higher
than those charged by several other exchanges. For example, taker-maker
exchange Cboe BYX charges 0.10% of TDV for transactions that remove
liquidity,\20\ while taker-maker exchange Cboe EDGA and maker-taker
exchange NYSE both charge no fee for sub-dollar executions that either
add or remove liquidity.\21\
---------------------------------------------------------------------------
\20\ See Cboe BYX Fee Schedule, supra note 12 [sic].
\21\ See Cboe EDGA Fee Schedule, supra note 12 [sic]; see also
NYSE Fee Schedule, supra, note 10 [sic].
---------------------------------------------------------------------------
Conforming Changes to the Fee Schedule
As part of this fee change, IEX proposes to remove the bullet in
the ``Transaction Fees'' section that states that ``Executions below
$1.00 are assessed a fee of 0.30% of TDV unless the Fee Code
Combination results in a FREE execution'' and add a new column to its
``Fee Code Combinations and Associated Fees'' table to list the fees
charged for sub-dollar executions, to reflect the proposed fee changes.
In addition, IEX proposes to incorporate the existing fees for auctions
in IEX listed securities into the new column.\22\
---------------------------------------------------------------------------
\22\ There are no IEX listed securities.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\23\ in general, and furthers the
objectives of section 6(b)(4) \24\ of the Act, in particular, in that
it is designed to provide for the equitable allocation of reasonable
fees among IEX Members and persons using its facilities. Additionally,
IEX believes that the proposed changes to the Fee Schedule are
consistent with the investor protection objectives of section 6(b)(5)
\25\ of the Act, in particular, in that they are 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; 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 are not designed to permit
unfair discrimination between customers, brokers, or dealers.
---------------------------------------------------------------------------
\23\ 15 U.S.C. 78f(b).
\24\ 15 U.S.C. 78f(b)(4).
\25\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed changes to non-displayed
order executions (and opening process executions) are reasonable, fair
and equitable, non-discriminatory, and consistent with the Act. The
Exchange operates in a highly competitive market in which market
participants can readily direct order flow to competing venues if they
deem fee levels at a particular venue to be excessive. Within that
context, charging $0.0010 per share (or 0.10% of TDV for sub-dollar
executions) for orders that add or remove non-displayed liquidity, as
well
[[Page 71383]]
as opening process orders, is designed to set IEX's non-displayed
pricing squarely within the fees charged by maker-taker exchanges to
remove liquidity and taker-maker exchanges to add liquidity. Keeping
IEX's prices competitive with those of other markets is designed to
incentivize more market participants to trade on IEX and avail
themselves of IEX's deep pool of non-displayed liquidity, which is
consistent with the overall goal of enhancing market quality.
The Exchange also believes that the proposed changes to executions
that remove displayed liquidity are reasonable, fair and equitable,
non-discriminatory, and consistent with the Act. As noted above, the
Exchange operates in a highly competitive market in which market
participants can readily direct order flow to competing venues if they
deem fee levels at a particular venue to be excessive. Within that
context, charging $0.0009 per share (or .09% of TDV for sub-dollar
executions) for orders that remove displayed liquidity (coupled with
continuing to offer free executions for orders that add displayed
liquidity) is designed to keep IEX's displayed trading prices
competitive with those of other exchanges. IEX believes that such
competitive prices should incentivize Members and other market
participants to enter displayed orders on IEX by providing a pricing
incentive for such orders without offering rebates, thereby
contributing to price discovery and price formation, which is
consistent with the overall goal of enhancing market quality.
Other exchanges use ``maker-taker'' or ``taker-maker'' fee
structures that apply different fees to orders that add versus remove
liquidity, generally providing a rebate rather than charging a fee to
adding or removing orders. In a ``maker-taker'' model an exchange will
typically pay a rebate for an order that adds liquidity and charge a
fee for an order that removes liquidity. The Exchange is not proposing
to pay a rebate, but as proposed the fee to remove displayed liquidity
will still be lower than the fee to add or remove non-displayed
liquidity and will be within the range (and in many cases much less
than) the fees charged by competing exchanges to remove displayed or
non-displayed liquidity.\26\ Consequently, IEX does not believe that
the proposed fee structure for adding or remove non-displayed
liquidity, or for removing displayed liquidity, raises any new or novel
issues that the Commission has not already considered in the context of
other exchanges' fees. The Exchange believes that this fee structure
will attract and incentivize displayed order flow as well as order flow
seeking to trade with displayed order flow. Additionally, increases in
displayed liquidity would contribute to the public price discovery
process which would benefit all market participants and protect
investors and the public interest.
---------------------------------------------------------------------------
\26\ See Cboe BZX Fee Schedule (charging $0.0030 per share for
any liquidity removing transactions), available at <a href="https://markets.cboe.com/us/equities/membership/fee_schedule/bzx/">https://markets.cboe.com/us/equities/membership/fee_schedule/bzx/</a>; MIAX
Pearl Equities Free Schedule (charging $0.0030 per share for any
liquidity removing executions), available at <a href="https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_PEARL_Equities_Fee_Schedule_01292021.pdf">https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_PEARL_Equities_Fee_Schedule_01292021.pdf</a>; MEMX Fee Schedule
(charging $0.0026 per share for any liquidity removing executions),
available at <a href="https://info.memxtrading.com/fee-schedule/">https://info.memxtrading.com/fee-schedule/</a>; Nasdaq
Equity 7 Section 118(a) (charging $0.0030 per share for any
liquidity removing executions), available at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-equity-7">https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-equity-7</a>; NYSE
Fee Schedule (charging $0.00275 per share for any liquidity removing
executions), available at <a href="https://www.nyse.com/markets/nyse/trading-info/fees">https://www.nyse.com/markets/nyse/trading-info/fees</a>.
---------------------------------------------------------------------------
The Exchange also believes that it is reasonable to decrease the
fees it charges for sub-dollar executions to synchronize those fees
with the fees charged for executions at or above $1.00. These fees will
result in lower transaction costs for sub-dollar executions at IEX,
including for the first time allowing sub-dollar executions that add
liquidity to execute free of charge.
The Exchange further believes that the proposed fee change is
consistent with the Act's requirement that the Exchange provide for an
equitable allocation of fees that is also not unfairly discriminatory.
As proposed, the fees for adding and removing displayed and non-
displayed liquidity will apply in an equal and nondiscriminatory manner
to all Members. All Members are eligible to enter displayed or non-
displayed orders and orders to remove displayed or non-displayed
orders. Moreover, to the extent the proposed change is successful in
incentivizing the entry and execution of displayed orders on IEX, such
greater liquidity will benefit all market participants by increasing
price discovery and price formation as well as market quality and
execution opportunities.
In addition, the Exchange believes that it is reasonable to add a
new column to the Fee Code Combinations and Associated Fees table to
reflect the proposed fee changes and to provide information to Members
on the relevant charges, including indicating how sub-dollar pricing
will apply to all possible fee code combinations. This addition to the
Fee Schedule will provide additional clarity for Members on transaction
fees, consistent with the objectives of section 6(b)(1) \27\ of the
Act. The revisions are designed to reflect the fee changes, and also to
provide enhanced clarity to the applicable Fee Code Combinations and
Associated Fees, so the Exchange does not believe that adding such
information raises any new or novel issues not already considered by
the Commission. Accordingly, the Exchange believes that it is
reasonable to revise the Fee Code Combinations as proposed in order to
reflect the applicable fees.
---------------------------------------------------------------------------
\27\ 15 U.S.C. 78f(b)(1).
---------------------------------------------------------------------------
Further, the Exchange believes that it is reasonable to make a
conforming change to delete the provision in the Fee Schedule
specifying that all sub-dollar executions are assessed a fee of 0.30%
of TDV unless the Fee Code Combination results in a free execution. As
discussed in the Purpose section, this language is no longer accurate
because sub-dollar execution fees will now be synchronized with the
fees charged for executions at or above $1.00, and deletion will avoid
any unnecessary confusion as to the applicable fees.
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 fees will impose any burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange operates in a highly competitive
market in which market participants can easily direct their orders to
competing venues, including off-exchange venues, if its fees are viewed
as non-competitive. Moreover, IEX notes that the proposed fees are
designed to enhance competition by incentivizing the entry of liquidity
on IEX and thereby increasing the Exchange's pool of both displayed and
non-displayed liquidity to the benefit of all market participants.
Further, subject to the SEC rule filing process, other exchanges could
adopt similar fees.
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. While Members
that remove displayed liquidity or add or remove non-displayed
liquidity will be subject to different fees based on this usage, those
differences are not based on the type of Member entering orders but
[[Page 71384]]
on whether the Member chose to submit displayed or non-displayed
liquidity providing orders. Every Member would benefit from the
availability of more liquidity on the Exchange that the proposed fees
are designed to incentivize. The related and conforming changes are
designed, as discussed in the Purpose and Statutory Basis sections, to
provide additional clarity and remove superfluous provisions.
Accordingly, the Exchange does not believe that these changes will have
any impact on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
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 foregoing rule change has become effective pursuant to section
19(b)(3)(A)(ii) \28\ of the Act.
---------------------------------------------------------------------------
\28\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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) \29\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\29\ 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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#a7d5d2cbc28ac4c8cacac2c9d3d4e7d4c2c489c0c8d1"><span class="__cf_email__" data-cfemail="d3a1a6bfb6feb0bcbebeb6bda7a093a0b6b0fdb4bca5">[email protected]</span></a>. Please include
File Number SR-IEX-2022-09 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Vanessa Countryman,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-IEX-2022-09. This file
number should be included in 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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 Section, 100 F Street NE, Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing will also be available for inspection
and copying at the IEX's principal office. All comments received will
be posted without change. Persons submitting comments are cautioned
that we do not redact or edit personal identifying information from
comment submissions. You should submit only information that you wish
to make available publicly. All submissions should refer to File Number
SR-IEX-2022-09 and should be submitted on or before December 13, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
---------------------------------------------------------------------------
\30\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-25355 Filed 11-21-22; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on November 22, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.