Notice2024-21174
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX Rules 11.190 and 11.510 To Remove References to the Latency Applicable to Outbound Communications From IEX's System in Connection With IEX's Planned Migration of its System From a Data Center Located in Weehawken, New Jersey to a Data Center Located in Secaucus, New Jersey
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
September 18, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 181 (Wednesday, September 18, 2024)</title>
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[Federal Register Volume 89, Number 181 (Wednesday, September 18, 2024)]
[Notices]
[Pages 76526-76530]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-21174]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101018; File No. SR-IEX-2024-17]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX
Rules 11.190 and 11.510 To Remove References to the Latency Applicable
to Outbound Communications From IEX's System in Connection With IEX's
Planned Migration of its System From a Data Center Located in
Weehawken, New Jersey to a Data Center Located in Secaucus, New Jersey
September 12, 2024.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on September 4, 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 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\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) under the Act,\3\
and Rule 19b-4 thereunder,\4\ the Exchange is filing with the
Commission a proposed rule change to amend IEX Rules 11.190 and 11.510
to remove references to the latency applicable to outbound
communications \5\ from IEX's System \6\ in connection with IEX's
planned migration of its System from a data center located in
Weehawken, New Jersey to a data center located in Secaucus, New Jersey.
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\3\ 15 U.S.C. 78s(b)(1).
\4\ 17 CFR 240.19b-4.
\5\ Outbound communications include, without limitation,
execution report messages found in the Exchange's FIX Specification,
quote and trade update messages found in the Exchange's TOPS and
DEEP Specifications and DROP messages. See IEX Rule 11.510(b)(2).
\6\ See IEX Rule 1.160(nn).
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The Exchange has designated this rule change as ``non-
controversial'' under Section 19(b)(3)(A) of the Act \7\ and provided
the Commission with the notice required by Rule 19b-4(f)(6)
thereunder.\8\
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6).
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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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
In connection with IEX's planned migration of its System from a
data center located in Weehawken, New Jersey to a data center located
in Secaucus, New Jersey, the Exchange proposes to amend IEX Rules
11.190 and 11.510 to remove references to the latency applicable to
outbound communications from IEX's System (``outbound latency'') to its
Users \9\ (defined as Members \10\ and Sponsored Participants \11\),
Data Recipients,\12\ and Service Bureaus \13\ (collectively,
``Participants'' \14\). In addition, IEX proposes to add Temporary
Supplementary Material .01 to IEX Rule 11.510(a) to describe the minor
temporary change in inbound latency during the data center migration.
The Exchange also proposes to make a clarifying change to IEX Rule
11.190 described below.
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\9\ See IEX Rule 1.160(qq).
\10\ See IEX Rule 1.160(s).
\11\ See IEX Rule 1.160(ll).
\12\ See IEX Rule 11.130(c).
\13\ See IEX Rule 11.130(d).
\14\ See IEX Rule 11.130(a).
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Background
IEX's System is currently located at the NJ2 data center in
Weehawken, New Jersey. Participants access the IEX System through the
Exchange-provided network interface at the IEX Point-of-Presence \15\
or ``POP,'' located at the NY5 data center in Secaucus, New Jersey.
After entering through the POP, a Participant's inbound communications
\16\ sent to the System traverse the IEX ``coil'' which is a box
containing approximately 38 miles of compactly coiled optical fiber
cable. After exiting the coil, the inbound messages travel an
additional geographic distribution to the System at NJ2. The time
required for a message to traverse the coil combined with the
geographic distribution (and related networking) to the System equates
to an equivalent 350 microseconds of latency, referred to as the
``inbound latency.'' \17\ All inbound messages (e.g., orders to buy or
sell and any modification to a previously sent open order) from any
Participant traverse this connectivity infrastructure, including the
coil, in the same manner regardless of the type of message or whether
the Participant is seeking to buy, sell, make or take liquidity.
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\15\ A Point-of-Presence is the location at which customers of
an exchange (or other technological system) can connect to the
exchange.
\16\ Inbound communications include, without limitation, order
messages and cancel messages found in the Exchange's FIX
Specification. See IEX Rule 11.510(b)(1).
\17\ See IEX Rule 11.510(b)(1).
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Additionally, IEX's affiliated broker-dealer, IEX Services LLC
(``IEXS''), is a Member of the Exchange and is subject to the same
inbound and outbound latency as other Members, as described in IEX
Rules 2.220 and 11.510. If a Participant sends a routable order to the
Exchange it utilizes IEXS for order routing to IEX and away venues.
After traversing the inbound latency to reach the System, it is
directed to the System routing logic rather than the IEX matching
engine.\18\ Upon receipt of a routable order, the System routing logic
may route all or a portion of the order to the IEX Order Book or to
another national securities exchange. Any such orders routed to the IEX
Order Book by the System routing logic are subject to an additional 350
microsecond inbound latency between the IEX routing logic and the IEX
Order Book.\19\
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\18\ See IEX Rule 11.230(b).
\19\ See IEX Rule 11.510, Supplementary Material .03.
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IEX is not proposing to make any changes to its inbound latency
(including the additional latency for routable orders) or the rules
specifying
[[Page 76527]]
such latency, except with respect to the brief period of time during
the migration of the Exchange's primary data center, as discussed
below.
Separately, all outbound messages from IEX back to a Participant
(e.g., confirmations of an execution that occurred on IEX) currently
travel from the IEX System at NJ2 to the POP at NY5 without traversing
the coil, referred to as the ``outbound latency.'' \20\ The outbound
latency that presently applies to all messages sent from IEX back to
Participants is determined by the actual geographic distribution and
related network connectivity \21\ between the Exchange's System and
POP, and equates to an equivalent of 37 microseconds of latency.\22\ In
addition, outbound messages from IEX back to a Participant with respect
to a routable order are subject to 37 microseconds of additional
latency between the Order Book and the System routing logic, and are
then subject to the outbound latency back to the Participant.\23\
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\20\ See IEX Rule 11.510(b)(2).
\21\ Ordinary course network connectivity includes switches and
cabling to connect the network access point at the POP to the
System.
\22\ IEX previously subjected all outbound messages traveling
from the System to the POP to a 350-microsecond latency. However,
since February 2021, IEX's outbound latency has only reflected the
actual geographic distribution and related network connectivity
between the System and the POP. See Securities Exchange Act Release
No. 90645 (December 11, 2020), 85 FR 81982 (December 17, 2020) (SR-
IEX-2020-18) (``Outbound Coil Removal Proposal''); Securities
Exchange Act Release No. 91016 (January 29, 2021), 86 FR 8238
(February 4, 2021) (SR-IEX-2020-18) (``Outbound Coil Removal
Approval Order''); see also IEX Trading Alert #2021-006, available
at <a href="https://iextrading.com/alerts/#/138">https://iextrading.com/alerts/#/138</a>. The Commission received no
comments on that proposed rule change. See Outbound Coil Removal
Approval Order, 86 FR 8238.
\23\ See supra note 20.
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IEX plans to relocate its System to a new data center in Secaucus,
New Jersey (NY6), which is in the same data center complex as the POP
data center (NY5), i.e., in separate buildings within the same data
center complex. This configuration is comparable to the technological
footprints of other national securities exchanges whereby the POP and
trading system are in close physical proximity. Because the System will
be in close proximity to the POP, the duration of the outbound latency
will become negligible after the data center migration.\24\ Thus, IEX
understands that, as proposed, the duration of the outbound latency
would be in the range of what market participants currently experience
when receiving outbound messages from other national securities
exchanges. IEX also notes that as part of its data center migration, it
will increase the length of the inbound coil to account for the reduced
physical distance between the POP and the System, in order to retain
the 350-microsecond inbound latency without any changes. The additional
350 microsecond inbound latency between the IEX routing logic and the
IEX Order Book will be unchanged as well.
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\24\ As described above, IEX's current technological footprint
requires all outbound messages from the System back to Participants
to travel the geographic distribution between two data centers in
two separate cities in New Jersey, thereby subjecting outbound
messages to a non-negligible outbound latency.
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Proposal
Currently, IEX's Rule Book contains nine references to the 37-
microsecond outbound latency. These references were included in the
relevant IEX Rules in 2021 when IEX amended its rules to eliminate the
outbound coil and thereby reduce the outbound latency from 350 to 37
microseconds to reflect that because of the geographic distance between
the System and the POP, outbound messages from IEX's System were still
subject to a non-negligible delay.\25\ These rule references are unique
to IEX; no other national securities exchange references either their
inbound or outbound latencies in their rules. IEX believes that
including any reference to an outbound latency in its rules will be
unnecessary once the data center migration occurs because IEX's
operations in this regard will be consolidated in close proximity to
each other in the same manner as most other national securities
exchanges, and the latency applicable to outbound messages from the
System to Participants will be negligible and in the range of what
market participants experience receiving messages from other national
securities exchanges. As proposed, IEX would also delete references to
the outbound latency between the Order Book and System routing logic so
that IEXS is subject to the same outbound latency as other Members.
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\25\ See supra note 23.
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Thus, IEX proposes to remove all references to outbound latencies
in its rules, and proposes to amend IEX Rules 11.190(b)(17) and 11.510
as follows:
<bullet> To make the description about how market maker pegged
orders adjust shorter and clearer, without a substantive change, modify
the twelfth sentence of IEX Rule 11.190(b)(17) to remove all references
to outbound latency so that it reads: ``Each time a Market Maker Peg
order is automatically adjusted by the System in accordance with this
rule, it is subject to 350 microseconds of latency prior to posting on
the Order Book at the adjusted price.'' With this proposed change, the
rule will continue to describe the 350-microsecond latency applied
whenever the System automatically adjusts a Market Maker Peg order's
price. This additional 350 microsecond latency is designed so that a
market maker using a Market Maker Peg order to facilitate compliance
with the Exchange's continuous quoting and pricing obligations is in
the same position as a market maker updating its own quote, whose
orders and order modification instructions would be subjected to a 350-
microsecond inbound latency.\26\
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\26\ See Securities Exchange Act Release No. 93800 (December 16,
2021), 86 FR 72650, 72652 (December 22, 2021) (SR-IEX-2021-17).
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<bullet> Make a clarifying change to the thirteenth sentence of IEX
Rule 11.190(b)(17), by changing the reference to ``the proposed rule''
to instead read ``this rule.''
<bullet> Modify the third sentence of IEX Rule 11.510(a) to remove
the description of the outbound latency.
<bullet> Remove the fourth sentence of IEX Rule 11.510(b), which
describes the outbound latency.
<bullet> Remove subparagraph (2) of IEX Rule 11.510(b) to remove
the definition of outbound latency.
<bullet> Modify the third sentence of IEX Rule 11.510(c)(1) to
remove the semicolon and the remainder of the text following the
semicolon. This proposed change will retain the description of the
additional inbound 350-microsecond latency the Exchange applies to
messages from the System routing logic to the Order Book, while
deleting language describing the outbound latency from the Order Book
to the System routing logic because that latency will now be
negligible.
<bullet> Modify the fourth sentence of IEX Rule 11.510(c)(1)
immediately after the reference to ``each time a Market Maker Peg order
is automatically adjusted by the System'' to change it from: ``all
inbound communications related to the modified order instruction are
subject to 350 microseconds of latency and all outbound communications
related to the modified order instruction are subject to 37
microseconds of latency between the Market Maker Peg order repricing
logic and the Order Book.'' to ``it is subject to 350 microseconds of
latency prior to posting on the Order Book at the adjusted price.''
This proposed change reflects that there will no longer be a non-
negligible outbound latency affecting Market Maker Peg orders, but that
they will continue to be subject to an additional 350
[[Page 76528]]
microseconds of latency if they are automatically adjusted by the
System. As described above, this additional 350 microsecond latency is
designed so that a market maker using a Market Maker Peg order to
facilitate compliance with the Exchange's continuous quoting and
pricing obligations is in the same position as a market maker updating
its own quote, whose orders and order modification instructions would
be subjected to a 350-microsecond inbound latency.
<bullet> Remove the third sentence of IEX Rule 11.510(c)(2)(A) to
reflect that there will no longer be a non-negligible outbound latency
affecting IEX's data products.
<bullet> Remove the words ``In addition to the connectivity
described in paragraph (b)(2) of this IEX Rule 11.510,'' from the
beginning of the second sentence of IEX Rule 11.510(c)(3)(A) to delete
the reference to the now-deleted subparagraph (b)(2) of IEX Rule 11.510
(which had defined the outbound latency). And capitalize the ``C'' in
``Communications'', which will become the beginning of the second
sentence.
<bullet> Modify the first sentence of IEX Rule 11.510 Supplementary
Material .02 to remove the words ``and 37 microseconds of outbound
latency'' because outbound messages will no longer be subject to a non-
negligible outbound latency.
<bullet> Delete the fifth sentence of IEX Rule 11.510 Supplementary
Material .03 because outbound messages from the Order Book to the
System routing logic will no longer be subject to a non-negligible
outbound latency.
Implementation
The data center migration will be implemented over several weeks
and will involve relocating the client gateways and trading system
matching engines from the Weehawken, New Jersey data center to the
Secaucus, New Jersey data center. During this transition period,
Participants will temporarily experience 387 microseconds of inbound
latency rather than 350 microseconds. Accordingly, IEX proposes to add
Temporary Supplementary Material .01 to Rule 11.510(a) to provide as
follows:
Data Center Migration. During the 2024 migration of the
Exchange's primary data center from a data center located in
Weehawken, New Jersey to a data center located in Secaucus, New
Jersey, Participants will experience 387 microseconds of inbound
latency between the network access point of the POP and the System
at the primary data center. Consequently, during the migration, each
reference to 350 microseconds of inbound latency in this rulebook,
including this Rule 11.510 and Rule 11.190, shall be read as 387
microseconds of inbound latency. Notwithstanding the foregoing, a
routable child order handled by IEXS that is routed to the Order
Book as described in Supplementary Material .03 to this Rule 11.510
will be subject to 424 microseconds of latency between the System
routing logic to the Order Book, in addition to the 387 microseconds
of inbound latency for the parent order between the network access
point of the POP and the System routing logic at the primary data
center, described above. IEX will issue a Trader Alert in advance of
the migration describing the transition, schedule, and impact on
Participants.
IEX will issue a Trading Alert at least 30 days in advance of the
migration (and within 120 days of effectiveness of this proposed rule
change) describing the transition, schedule, and impact.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\27\ in general, and furthers the
objectives of Section 6(b)(5),\28\ 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 reflect a material change to the location of the IEX System
following the planned data center migration that will result in the
outbound latency becoming negligible and in the range of what market
participants experience receiving messages from other national
securities exchanges, as discussed in the Purpose section. Accordingly,
IEX believes that removing references to the outbound latency and its
duration will reduce any potential confusion in its rules regarding its
operations and the manner in which Participants will receive outbound
communications from the Exchange. As discussed in the Purpose section,
following the data center migration and consolidation of IEX's System
and POP in close proximity, its operations in this regard will be
comparable to most other national securities exchanges. Since such
other exchanges do not include references to their outbound latency, or
its duration, in their rules, continued inclusion in IEX's rules would
be disparate and could lead to confusion as to IEX's outbound latency.
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\27\ 15 U.S.C. 78f(b).
\28\ 15 U.S.C. 78f(b)(5).
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As discussed in the Purpose section, outbound latency information
was previously relevant to market participants when IEX subjected
outbound messages to a 350-microsecond delay which could impact how
Members made order routing decisions and processed data from IEX. And
when IEX eliminated the coil from its outbound latency in 2021, IEX
determined that it remained appropriate to include the new lower
latency metric in its rules to provide clarity to market participants
regarding the change. However, IEX believes that market participants
are now fully aware that IEX's outbound latency is attributable only to
the actual distance and related network connectivity between the System
and the POP. Because the data center migration will consolidate IEX's
System and POP in close proximity in the same data center complex, as
discussed in the Purpose section and above, virtually all of the
existing latencies attributable to the physical distance between the
System in NJ2 and the POP in NY5 will be eliminated. As a result,
notwithstanding that the POP and System will be in separate buildings
(NY5 and NY6, respectively) in the same data center complex, IEX's
outbound messages to Participants will be subject to only negligible
latency in a substantially comparable manner to other national
securities exchanges, attributable to the negligible distance between
the System and POP. The Exchange notes in this regard that system
processing, geography/transit times, and technology all create latency
in sending messages from an exchange to a participant. IEX believes
that, as proposed, its outbound latency is within the range of the
outbound latencies of other national securities exchanges. Accordingly,
IEX believes that including any references to outbound latencies in its
rules is no longer necessary.
Further, the Exchange believes that the proposed rule change is
consistent with the protection of investors and the public interest
because it will apply to all Members in the same manner. All outbound
communications will continue to be subject to the same negligible
outbound latency on a fair and nondiscriminatory basis.
With respect to IEXS, its routing broker, the Exchange notes that
it will continue to be on a level playing field compared to all other
Members, as it will be subject to the same inbound and outbound latency
as other Members
[[Page 76529]]
except for the brief several week period of time during implementation
when IEXS will be subject to increased inbound latency of 424
microseconds while other Members will be subject to inbound latency of
387 microseconds, as described above.\29\ With respect to this time
period, the Exchange notes that the Act generally does not prohibit an
exchange from treating its affiliated routing broker in a manner that
is less preferential than other Members. Moreover, use of IEXS by other
Members is optional and any Member that does not want to use IEXS may
use other routers to route orders to away trading centers or IEX
itself.\30\
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\29\ The 424 microseconds of latency is attributable to the
additional geographic distance that a routable order will traverse
between the old and new primary data centers as well as the standard
inbound latency during the migration period.
\30\ See IEX Rule 2.220(a)(3).
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And the Exchange believes that the proposed non-substantive
clarifying change to IEX Rule 11.190(b)(17) is consistent with the
protection of investors and the public interest because it will have no
impact on the Exchange's functionality, but rather simply provide
consistency and clarity in IEX's description of the Market Maker Peg
order type, thereby reducing the potential for confusion of any market
participants.
As discussed in the Purpose section and above, the Exchange also
notes that no other national securities exchanges currently describe
their outbound message latencies in their rules. IEX does not believe
that the proposed changes raise any new or novel issues that have not
already been considered by the Commission in connection with the
operations of other national securities exchanges.
Finally, IEX believes that it is consistent with the protection of
investors and the public interest to add the Temporary Supplementary
Material to IEX Rule 11.510(a) describing the temporary minor change to
inbound latency during the data center migration to provide
transparency to market participants. This change will apply to all
Members in the same manner in a fair and nondiscriminatory basis.
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. To the contrary, the
proposal is designed to reflect that with the data center migration,
the latency applicable to outbound communications from the System to
Participants will be negligible, as described in the Purpose and
Statutory Basis sections.
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 because after the
data center migration, IEX's outbound communications will be subject to
only a negligible latency. As discussed in the Purpose section, upon
completion of the data center migration, IEX's outbound latency will be
in the range of what market participants currently experience when
receiving outbound messages from other national securities exchanges.
Moreover, the proposed rule change would benefit other such exchanges
because it would enable them to receive outbound communications from
IEX (including IEX's Data Products) sooner than is currently the case.
Similarly, as with other Exchange Members, other exchanges' outbound
routing brokers would receive order messages from IEX sooner than is
currently the case and could more quickly incorporate such information
into any further routing decisions.
The Exchange also does not believe that the proposed rule change
will impose any burden on intramarket competition because it will apply
to all Members in the same manner. All Members will continue to connect
to IEX at the POP and receive outbound communications from IEX subject
to the same negligible latency. With respect to the brief several week
period of time during implementation when IEXS will be subject to
increased inbound latency of 424 microseconds while other Members will
be subject to inbound latency of 387 microseconds, as noted in the
Statutory Basis section, the Exchange notes that the Act generally does
not prohibit an exchange from treating its affiliated routing broker in
a manner that is less preferential than other Members. Moreover, use of
IEXS by other Members is optional and any Member that does not want to
use IEXS may use other routers to route orders to away trading centers
or to IEX itself. And as with intermarket competition, IEX believes
that the data center migration and related proposed rule change will
benefit IEX Members because they will receive outbound communications
from IEX (including IEX's Data Products) sooner than is currently the
case, thereby enabling them to more quickly incorporate such
information into further trading and routing decisions. Moreover, the
temporary minor change to inbound latency will also apply to all
Members in the same manner.
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) \31\ of the Act and Rule 19b-4(f)(6) \32\
thereunder. Because the proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.
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\31\ 15 U.S.C. 78s(b)(3)(A).
\32\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the self-regulatory organization to give the Commission
written notice of the self-regulatory organization's intent to file
the proposed rule change, along with a brief description and text of
the proposed rule change, at least five business days prior to the
date of filing of the proposed rule change, or such shorter time as
designated by the Commission. IEX has satisfied this requirement
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The Exchange does not believe that the proposed rule change raises
any new or novel issues. Indeed, no other national securities exchange
includes outbound latency information in its rules. As discussed in the
Purpose and Burden on Competition sections, IEX does not believe that
this proposed change will impose any burdens on inter or intra market
competition because IEX's technological footprint and related rules
will be comparable to other national securities exchanges.
Additionally, as noted in the Purpose section, the SEC received no
comments about IEX's 2020 proposal to stop subjecting outbound messages
to a 350-microsecond latency, indicating that reducing IEX's outbound
latency imposes no burden on intermarket competition.\33\
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\33\ See supra note 23.
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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
[[Page 76530]]
Commission shall institute proceedings under Section 19(b)(2)(B) \34\
of the Act to determine whether the proposed rule change should be
approved or disapproved.
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\34\ 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#542621383179373b3939313a2027142731377a333b22"><span class="__cf_email__" data-cfemail="3e4c4b525b135d5153535b504a4d7e4d5b5d10595148">[email protected]</span></a>. Please include
file number
SR-IEX-2024-17 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-2024-17. 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-2024-17 and should be
submitted on or before October 9, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
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\35\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21174 Filed 9-17-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 18, 2024.
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.