Notice2025-16363
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX Rules 2.220(a)(7), 11.410(a), and 11.410(a)(2) To Reflect the Name Change of “NYSE Chicago, Inc.” to “NYSE Texas, Inc.” and To Add 24X National Exchange LLC
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
August 27, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 164 (Wednesday, August 27, 2025)</title>
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[Federal Register Volume 90, Number 164 (Wednesday, August 27, 2025)]
[Notices]
[Pages 41863-41865]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-16363]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103765; File No. SR-IEX-2025-20]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX
Rules 2.220(a)(7), 11.410(a), and 11.410(a)(2) To Reflect the Name
Change of ``NYSE Chicago, Inc.'' to ``NYSE Texas, Inc.'' and To Add 24X
National Exchange LLC
August 22, 2025.
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 August 13, 2025, 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.
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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 Substance
of the Proposed Rule Change
The Exchange proposes to amend IEX Rules 2.220(a)(7), 11.410(a),
and 11.410(a)(2) to include 24X National Exchange LLC (``24X'') in the
list of away trading centers to which the Exchange routes and the
market data sources the Exchange will use for necessary price reference
points in anticipation of 24X's planned launch, and to amend Rules
2.220(a)(7) and 11.410(a) to make conforming changes reflecting the
name change of NYSE Chicago, Inc. (``NYSE Chicago'') to NYSE Texas,
Inc. (``NYSE Texas''). The Exchange has designated this rule change as
``non-controversial'' under Section 19(b)(3)(A) of the Act \4\ and
provided the Commission with the notice required by Rule 19b-4(f)(6)
thereunder.\5\
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\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.199b-4.
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The text of the proposed rule change is available at 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 at the principal office of the Exchange.
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
Addition of 24X
The Exchange proposes to amend IEX Rules 2.220(a)(7) \6\ and
11.410(a) \7\ to include 24X in the list of away trading centers to
which the Exchange routes and the market data sources the Exchange will
use to determine Top of Book \8\ quotations, the NBBO \9\ and certain
regulatory, reporting and compliance systems within IEX in anticipation
of 24X's planned exchange launch on September 29, 2025.\10\ The
Exchange proposes to amend the IEX Rule 2.220(a)(7) to add 24X to the
list of away trading centers to which IEX Services routes orders. As
set forth in IEX Rule 11.230(b)(2), IEX Services routes eligible orders
to away trading centers with accessible Protected Quotations in
compliance with Regulation NMS Rule 611.\11\ IEX Rule 2.220(a)(7) lists
the away trading centers that IEX Services routes to as outbound router
for the Exchange. The Exchange must include 24X in its list of away
trading centers to which it routes because 24X's best-priced, displayed
quotation will be a Protected Quotation under Regulation NMS Rule
600(b)(62) \12\ for purposes of Regulation NMS Rule 611.\13\
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\6\ IEX Rule 2.220(a)(7) lists the away trading centers that IEX
Services LLC (``IEX Services'') routes to as outbound router for the
Exchange.
\7\ IEX Rule 11.410(a) specifies the market data sources for
each away trading center that the Exchange uses for necessary price
reference points.
\8\ See IEX Rule 11.410w.
\9\ See IEX Rule 1.160(u).
\10\ See 24X press release available at <a href="https://24exchange.com/trading-on-24x-national-exchange-set-to-commence-in-september/">https://24exchange.com/trading-on-24x-national-exchange-set-to-commence-in-september/</a>.
\11\ 17 CFR 242.611.
\12\ 17 CFR 242.600(b)(62).
\13\ See Securities Exchange Act Release No.101777 (November 27,
2024), 89 FR 97092 (December 6, 2024) (Order approving 24X Exchange
application for registration as a national securities exchange).
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The Exchange also proposes to amend and update the table in IEX
Rule 11.410(a) specifying the primary source for 24X market data. IEX
Rule 11.410(a) lists the specific data feeds the Exchange uses to
determine Top of Book quotations for away exchanges, the NBBO and for
certain reporting, regulatory and compliance systems within IEX. The
Exchange proposes to amend the table in IEX Rule 11.410(a) to specify
that the Exchange will use securities information processor (``SIP'')
data, i.e., CQS SIP data for securities reported under the Consolidated
Quotation Services and Consolidated Tape Association plans and UQDF SIP
data for securities reported under the Nasdaq Unlisted Trading
Privileges plan, as the primary source of market data used to determine
24X's Top of Book quotes. The Exchange also proposes to make a
conforming change to Rule 11.410(a)(2) so that the provision is
consistent with the table in Rule 11.410(a).
The Exchange proposes to make these changes operative on the date
that 24X launches operations.
NYSE Chicago to NYSE Texas Name Change
NYSE Chicago, Inc. recently converted from a corporation organized
under the laws of the state of Delaware to one organized under the laws
of the state of Texas and changed its name to ``NYSE Texas, Inc.'' \14\
The Exchange proposes conforming changes to its rules to reflect this
name change by amending Rules 2.220(a)(7) and 11.410(a) to reflect the
name change of ``NYSE Chicago'' to ``NYSE Texas.'' As discussed above,
IEX Rule 2.220(a)(7) lists the away trading centers that IEX Services
routes to as outbound router for the Exchange and Rule 11.410(a)
specifies the market data sources for each away trading center that the
Exchange uses for necessary price reference points.
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\14\ See Securities Exchange Act Release No. 102507 (February
28, 2025), 90 FR 11445 (March 6, 2025) (SR-NYSECHX-2025-01).
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Specifically, the Exchange proposes to amend Rule 2.220(a)(7) by
replacing the reference to ``NYSE Chicago'' with ``NYSE Texas'' in the
list of away trading centers to which IEX Services routes orders. In
addition, the Exchange proposes to amend Rule 11.410(a) by replacing
the reference to ``NYSE
[[Page 41864]]
Chicago'' with ``NYSE Texas'' in the table the market data sources the
Exchange uses to determine its Top of Book quotation, NBBO and for
certain reporting, regulatory and compliance systems within IEX. The
Exchange will continue to utilize the SIP data feeds for NYSE Texas, as
it did for NYSE Chicago, as set forth in Rule 11.410(a)(2).
The Exchange is not proposing any other changes to IEX Rules
2.220(a)(7) and 11.410. The proposed changes do not alter the manner in
which orders are handled or routed by the Exchange.
2. Statutory Basis
IEX believes that the proposed rule changes are consistent with the
provisions of Section 6(b) \15\ of the Act in general, and furthers the
objectives of Section 6(b)(5) of the Act \16\ in particular, in that
they are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, 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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\15\ 15 U.S.C. 78f.
\16\ 15 U.S.C. 78f(b)(5).
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For the reasons discussed in the Purpose section, the Exchange
believes that the proposed rule changes remove impediments to and
perfect the mechanism of a free and open market and protect investors
and the public interest because amending the list of away trading
centers to which IEX routes by adding 24X and changing references to
``NYSE Chicago'' to ``NYSE Texas,'' and adding 24X and changing
references to ``NYSE Chicago'' to ``NYSE Texas'' in the table in Rule
11.410(a) and rule text of Rule 11.410(a)(2) designating the SIP data
as the primary source of market data the Exchange will use to determine
away trading center Top of Book quotes, the NBBO, and for certain
regulatory, reporting and compliance systems within IEX will facilitate
the Exchange's compliance with the applicable requirements of
Regulation NMS.
Additionally, amending the list of away trading centers to which
IEX routes by adding 24X and changing references to ``NYSE Chicago'' to
``NYSE Texas'', and adding 24X and changing references to ``NYSE
Chicago'' to ``NYSE Texas'' in the table designating the SIP data as
the primary source of market data the Exchange will use to determine
away trading center Top of Book quotes, the NBBO, and for certain
regulatory, reporting and compliance systems within IEX provides
transparency with respect to the away trading centers to which IEX
Services may route orders and the source of market data the Exchange
will use to determine NYSE Texas's and 24X's Top of Book quotes.
The Exchange also believes it is consistent with the Act to make a
conforming change to Rule 11.410(a)(2) so that provision is consistent
with the table in Rule 11.410(a).
Further, the Exchange believes it is consistent with the Act to
update the referenced rules to reflect the name change of NYSE Chicago
to NYSE Texas, and to add 24X to the source of market data the Exchange
will use to determine Top of Book quotes so that IEX's rules accurately
specify away markets referenced, as well as to avoid any potential
confusion on the part of market participants. As noted in the Purpose
section, the proposed changes are nonsubstantive and do not alter the
manner in which orders are handled or routed by the Exchange.
B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule changes will result in
any burden on competition that are not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes that the
proposed updates do not impact competition in any respect since the
purpose is to enhance transparency with respect to the operation of the
Exchange and its use of market data feeds, and to update an away market
name referenced in IEX Rules.
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) \17\ of the Act and Rule 19b-4(f)(6) \18\
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 \19\ and Rule 19b-
4(f)(6) thereunder.\20\
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\17\ 15 U.S.C. 78s(b)(3)(A).
\18\ 17 CFR 240.19b-4(f)(6).
\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
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 of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \21\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \22\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may be operative immediately. The proposed rule change
merely amends IEX rules to add 24X to, and reflect the name change of
NYSE Chicago to NYSE Texas in, the list of away trading centers to
which IEX routes orders, and to reflect that the SIP data will be the
primary source of data that the Exchange will utilize for determining
24X's Top of Book quotes, the NBBO, and certain regulatory, reporting,
and compliance systems within IEX. The Commission believes that the
proposed rule change raises no novel issues and that waiver of the
operative delay is consistent with the protection of investors and the
public interest. Therefore, the Commission hereby waives the operative
delay and designates the proposal operative upon filing.\23\
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\21\ 17 CFR 240.19b-4(f)(6).
\22\ 17 CFR 240.19b-4(f)(6)(iii).
\23\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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) \24\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\24\ 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,
[[Page 41865]]
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#146661787139777b7979717a6067546771773a737b62"><span class="__cf_email__" data-cfemail="ec9e998089c18f8381818982989fac9f898fc28b839a">[email protected]</span></a>. Please include
file number SR-IEX-2025-20 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-2025-20. 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 filing 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-2025-20 and should be submitted on
or before September 17, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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\25\ 17 CFR 200.30-3(a)(12) and (59).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-16363 Filed 8-26-25; 8:45 am]
BILLING CODE 8011-01-P
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