Notice2023-26006
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
Primary source
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Published
November 27, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 226 (Monday, November 27, 2023)</title>
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[Federal Register Volume 88, Number 226 (Monday, November 27, 2023)]
[Notices]
[Pages 82926-82929]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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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 <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
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.
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\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).
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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\
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\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:
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\15\ See IEX Rule 11.190(a)(1).
\16\ See IEX Rule 11.190(b)(7).
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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\
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\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).
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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.
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\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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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\
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\23\ See, e.g., BZX Rule 11.9(c)(6); MIAX Pearl Rule
2614(c)(2)(i)(A).
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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\
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\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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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.
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\31\ 15 U.S.C. 78f(b).
\32\ 15 U.S.C. 78f(b)(5).
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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.
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\33\ See supra notes 20, 22.
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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).
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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) \40\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\40\ 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
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#c6b4b3aaa3eba5a9ababa3a8b2b586b5a3a5e8a1a9b0"><span class="__cf_email__" data-cfemail="5220273e377f313d3f3f373c2621122137317c353d24">[email protected]</span></a>. Please include
file number SR-IEX-2023-13 on the subject line.
Paper Comments
<bullet> 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 (<a href="https://www.sec.gov/rules/sro.shtml">https://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 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\
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\41\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-26006 Filed 11-24-23; 8:45 am]
BILLING CODE 8011-01-P
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