Notice2025-02085
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Change the Definitions of “Real-Time” and “Delayed” in Relation to Its Proprietary Market Data Feeds so That the Interval That Differentiates Delayed IEX Data From Real-Time IEX Data Is Fifteen Minutes Instead of Fifteen Milliseconds
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
February 3, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 21 (Monday, February 3, 2025)</title>
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[Federal Register Volume 90, Number 21 (Monday, February 3, 2025)]
[Notices]
[Pages 8821-8822]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-02085]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102295; File No. SR-IEX-2025-01]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Change
the Definitions of ``Real-Time'' and ``Delayed'' in Relation to Its
Proprietary Market Data Feeds so That the Interval That Differentiates
Delayed IEX Data From Real-Time IEX Data Is Fifteen Minutes Instead of
Fifteen Milliseconds
January 28, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 22, 2025, the Investors Exchange LLC (``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Item I below, which Item has been
substantially prepared by the Exchange. The Exchange has designated
this proposal for immediate effectiveness pursuant to Section
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f). 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 will institute proceedings to determine whether the
proposed rule change should be approved or disapproved.
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[[Page 8822]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to modify its Fee Schedule, pursuant to IEX
Rules 15.110(a) and (c), to change the existing definitions of ``Real-
Time'' and ``Delayed'' in relation to its proprietary market data
feeds, so that the interval that differentiates Delayed IEX Data from
Real-Time IEX Data is fifteen (15) minutes instead of fifteen (15)
milliseconds. IEX intends to implement the proposed changes beginning
on February 1, 2025 to provide an opportunity for Data Subscribers \5\
to update their IEX market data subscriptions to suit their particular
market data needs.
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\5\ ``Data Subscriber'' means any natural person or entity that
receives Real-Time IEX market data either directly from the Exchange
or from another non-affiliated Data Subscriber. A Data Subscriber
must enter into a Data Subscriber Agreement with IEX in order to
receive Real-Time IEX market data. A natural person or entity that
receives Real-Time IEX market data from an affiliated Data
Subscriber is subject to the Data Subscriber Agreement of such
affiliated Data Subscriber.
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The proposed rule change, including the Exchange's statement of the
purpose of, and statutory basis for, the proposed rule change, is
available on the Exchange's website at <a href="https://www.iexexchange.io/resources/regulation/rule-filings">https://www.iexexchange.io/resources/regulation/rule-filings</a> and on the Commission's website at
<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2025-01">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2025-01</a>.
II. 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.\6\ Comments may be submitted
electronically by using the Commission's internet comment form (<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2025-01">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2025-01</a>) or by sending
an email to <a href="/cdn-cgi/l/email-protection#6c1e190009410f0301010902181f2c1f090f420b031a"><span class="__cf_email__" data-cfemail="b7c5c2dbd29ad4d8dadad2d9c3c4f7c4d2d499d0d8c1">[email protected]</span></a>. Please include file number SR-IEX-
2025-01 on the subject line. Alternatively, paper comments may be sent
to Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090. All submissions should refer to file number
SR-IEX-2025-01. 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-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2025-01">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2025-01</a>). 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-2025-01 and should be submitted on
or before February 24, 2025.
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\6\ 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.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-02085 Filed 1-31-25; 8:45 am]
BILLING CODE 8011-01-P
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