Notice2025-22467
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fee Schedule Pursuant to IEX Rules 15.110(a) and (c) To Delete Obsolete Language
Primary source
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Published
December 11, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 236 (Thursday, December 11, 2025)</title>
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[Federal Register Volume 90, Number 236 (Thursday, December 11, 2025)]
[Notices]
[Pages 57508-57509]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-22467]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104342; File No. SR-IEX-2025-33]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
Fee Schedule Pursuant to IEX Rules 15.110(a) and (c) To Delete Obsolete
Language
December 8, 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 December 2, 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
and II 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
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 its Fee Schedule,\6\
pursuant to IEX Rules 15.110(a) and (c), to delete obsolete language
referring to fee changes that became operative on October 1, 2025. 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.
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\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
\6\ See IEX Fee Schedule--Connectivity Fees table, available at
<a href="https://www.iexexchange.io/resources/trading/fee-schedule#connectivity-fees">https://www.iexexchange.io/resources/trading/fee-schedule#connectivity-fees</a>.
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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
IEX is proposing to amend the Connectivity section of its Fee
Schedule, pursuant to IEX Rules 15.110(a) and (c), to delete certain
obsolete language in the Connectivity Fees and Market Data Fees
sections of the Fee Schedule. Currently the Connectivity Fees and
Market Data Fees sections of the Fee Schedule contain the following
sentence under each section sub-heading: ``New underlined and bracketed
deleted text will be operative October 1, 2025.'' In September 2025,
the Exchange filed to amend the Connectivity Fee section of the Fee
Schedule to change the monthly fees for Logical Order Entry Ports, and
to amend the Market Data section of the Fee Schedule to establish a fee
for real-time access to DEEP+ market data product.\7\ In order to
inform readers of the Fee Schedule of the upcoming fee changes, in
September 2025 the Exchange added the sentence ``[n]ew underlined and
bracketed deleted text will be operative October 1, 2025'' to the
beginning of the Connectivity Fees and Market Data Fees sections of the
Fee Schedule.
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\7\ See Securities Exchange Act Release No. 103947 (September
11, 2025), 90 FR 44730 (September 16, 2025) (SR-IEX-2025-22);
Securities Exchange Act Release No. 104060 (September 25, 2025), 90
FR 46955 (September 30, 2025) (SR-IEX-2025-25).
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These fee changes became operative on October 1, 2025 and the
Exchange removed the underlining and brackets from the respective fee
columns in the Connectivity and Market Data sections of the Fee
Schedule at that time. The Exchange, however, left the sentence ``[n]ew
underlined and bracketed deleted text will be operative October 1,
2025'' under the ``Connectivity Fees'' and ``Market Data Fees''
subheadings because it had not yet submitted this proposed rule change
to the Commission pursuant to Section 19(b)(3) of the Act \8\ and
paragraph (f)(6) of Rule 19b-4 thereunder.\9\
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\8\ 15 U.S.C. 78s(b)(3).
\9\ 17 CFR 240.19b-4(f)(6).
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The Exchange now proposes to remove the sentence ``[n]ew underlined
and bracketed deleted text will be operative October 1, 2025'' under
the ``Connectivity Fees'' and ``Market Data Fees'' subheadings because
this language is obsolete in light of the fact that the fee changes
referred to therein became operative on October 1, 2025. The Exchange
believes that removing this obsolete language will make the Fee
Schedule easier to read and understand, and will reduce potential
confusion that could result from outdated references to fee changes
that have already taken effect. The proposed changes are not intended
to address any other changes to the Fee Schedule.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) \10\ of the Act in general and
furthers the objectives of Section 6(b)(5) \11\ of the Act, in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, promote just and equitable principles
of trade, 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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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that the proposed rule change deleting
obsolete language from the Connectivity Fees and Market Data Fees
sections of the Fee
[[Page 57509]]
Schedule is consistent with the requirements above. Specifically, the
Exchange believes the proposed change is designed to alleviate any
potential confusion regarding the connectivity and market data fees
that became effective on October 1, 2025 and have been reflected in the
Fee Schedule since that date. When the fees became operative, the
Exchange removed the underlining and brackets that appeared in the fees
column and that had previously indicated the pending fee changes that
would be operative on October 1, 2025. The Exchange believes the
proposed change protects investors and the public interest by
eliminating obsolete information and thereby providing more clarity and
consistency with respect to those sections of the Fee Schedule.
The Exchange also believes that the proposed change would remove
impediments to, and perfect the mechanism of a national market system
because removing the outdated language would make the Fee Schedule more
streamlined, avoid confusion, and make it easier to read and
understand.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposal to remove obsolete language
from the Connectivity Fees and Market Data Fees sections of the Fee
Schedule will not impose any burden on competition that is not
necessary or appropriate in furtherance of the purposes of Section
6(b)(8) of the Act.\12\ The proposed rule change is not designed to
address any competitive issues but rather is designed to enhance the
clarity of the Fee Schedule and alleviate possible confusion that may
arise from leaving obsolete language in the Fee Schedule.
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\12\ 15 U.S.C. 78f(b)(8).
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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 filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6) \14\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; or (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 \15\ and Rule 19b-4(f)(6) \16\ thereunder.
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\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6).
\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange 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 \17\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \18\ 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 proposed rule change may become operative immediately. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because the proposal does not raise any novel regulatory issues and
waiver will allow the Exchange to provide clarity to market
participants by deleting obsolete language from its Fee Schedule.
Therefore, the Commission hereby waives the 30-day operative delay and
designates the proposal operative upon filing.\19\
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\17\ 17 CFR 240.19b-4(f)(6).
\18\ 17 CFR 240.19b-4(f)(6)(iii).
\19\ 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 will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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#bccec9d0d991dfd3d1d1d9d2c8cffccfd9df92dbd3ca"><span class="__cf_email__" data-cfemail="6113140d044c020e0c0c040f1512211204024f060e17">[email protected]</span></a>. Please include
file number SR-IEX-2025-33 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-2025-33. 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-2025-33 and should be submitted on
or before January 2, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-22467 Filed 12-10-25; 8:45 am]
BILLING CODE 8011-01-P
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