Notice2026-04019
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule To Modify Two Aspects of the Exchange's Incremental Fee Tiers
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
March 2, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 40 (Monday, March 2, 2026)</title>
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[Federal Register Volume 91, Number 40 (Monday, March 2, 2026)]
[Notices]
[Pages 10172-10175]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-04019]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104891; File No. SR-IEX-2026-05]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
Exchange's Fee Schedule To Modify Two Aspects of the Exchange's
Incremental Fee Tiers
February 25, 2026.
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 February 12, 2026, 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
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 pursuant to IEX Rule 15.110(a) and
(c) to amend the Exchange's fee schedule applicable to Members \6\ (the
``Fee Schedule'' \7\) to modify two aspects of the Exchange's
Incremental Fee Tiers. Changes to the Fee Schedule pursuant to this
proposal are effective upon filing,\8\ and will be implemented on March
1, 2026.
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\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
\6\ See IEX Rule 1.160(s).
\7\ See Investors Exchange Fee Schedule, available at <a href="https://www.iexexchange.io/resources/trading/fee-schedule">https://www.iexexchange.io/resources/trading/fee-schedule</a>.
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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
In order to increase the accessibility of its Incremental Fee
Tiers, IEX proposes to modify two aspects of the reduced $0.0001 per
share fee that is applicable to certain non-displayed trades and to
make clarifying changes to the Fee Schedule.\9\ Specifically, IEX
proposes to lower the threshold amount by which Members must exceed
their baseline volume in order to qualify for the reduced fee, if the
Members qualified for the Exchange's two highest displayed liquidity
adding rebate tiers in the prior month. And IEX proposes to double the
``cap'' on the volume that can be charged the reduced fees, if Members
qualified for the reduced fee in each of the three immediately
preceding months. This fee change proposal is effective on filing and
will be implemented on March 1, 2026.
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\9\ Nothing in this rule filing affects trades below $1.00 per
share (``sub-dollar trades''). Sub-dollar trades would not impact
the Incremental Fee Tier calculations and would not be eligible for
any of the Incremental Fee Tiers described herein.
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Background
IEX first began offering Incremental Fee Tiers in September
2025.\10\ The Incremental Fee Tiers are a volume-based fee incentive
designed to incentivize Members to increase their non-displayed volume
on the Exchange by providing Members that qualify for Incremental Fee
Tier 2 an opportunity to pay a reduced fee of $0.0001 per share \11\
for applicable executions of non-displayed orders.\12\ Specifically,
qualifying Members are eligible to pay the reduced fee of $0.0001 per
share for any volume in excess of their Baseline non-displayed ADV,\13\
where the discounted rate is applied to Incremental Fee eligible ADV up
to the value of the Baseline non-displayed ADV.
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\10\ See Trading Alert #2025-024, <a href="https://iextrading.com/alerts/#/308">https://iextrading.com/alerts/#/308</a>; see also Securities Exchange Act Release No. 103969
(September 15, 2025), 90 FR 45071 (September 18, 2025) (SR-IEX-2025-
24) (``Incremental Fee Tier Filing'').
\11\ IEX's base rate for transactions that add or remove non-
displayed liquidity is $0.0010 per share.
\12\ The fee codes to which the Incremental Fee Tiers apply are
``MI'' (Adds non-displayed liquidity); ``MIB'' (Adds non-displayed
liquidity in Tape B securities); ``TIY'' (Post Only order removes
non-displayed liquidity); ``TIYB'' (Post Only order removes non-
displayed liquidity in Tape B securities); ``TI'' (Removes non-
displayed liquidity); and ``TIB'' (Removes non-displayed liquidity
in Tape B securities).
\13\ ``Baseline non-displayed ADV'' means executions with any of
the Fee Code Combinations MI, MIB, TI, TIB, TIY, or TIYB in August
2025.
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Starting in March 2026, the following criteria will be used to
calculate the Baseline non-displayed ADV and to determine eligibility
for the reduced fee in the current month; these criteria will expire no
later than February 28, 2027.\14\ To qualify for Incremental Fee Tier 2
in the current month, a Member's Incremental Fee eligible ADV \15\ in
the prior (i.e., immediately preceding) month must have exceeded its
Baseline non-displayed ADV by at least 15,000,000. The Baseline non-
displayed ADV for any Member that has been trading on the Exchange for
at least the past year will be calculated (after the last trading day
in February 2026) by averaging the Incremental Fee eligible ADV for the
three months from March 2025 to February 2026 in which the Member had
its lowest Incremental Fee eligible ADV.
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\14\ See Securities Exchange Act Release No. 104805 (February
10, 2026), 91 FR 6948 (SR-IEX-2026-03) (``Baseline Calculation
Update Filing'').
\15\ ``Incremental Fee eligible ADV'' means executions with any
of the Fee Code Combinations MI, MIB, TI, TIB, TIY, or TIYB. Unless
otherwise specified, Incremental Fee eligible ADV refers to
executions in the current month.
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For Members that began trading on the Exchange after March 1, 2025,
the
[[Page 10173]]
Baseline non-displayed ADV for each Member will be calculated by taking
the average of the Incremental Fee eligible ADV of the Member's first
three full months of trading on the Exchange. For all Members, on a
going forward basis, until the eligibility criteria expire in February
2027, a Member's qualification for Incremental Fee Tier 2 in the
current month will be based on its Incremental Fee eligible ADV in the
prior month as compared to its Baseline non-displayed ADV. More details
on the updated process for calculating the Baseline non-displayed ADV
can be found in the Baseline Calculation Update Filing.\16\
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\16\ See supra note 14.
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The reduced fee of $0.0001 per share for Incremental non-displayed
ADV \17\ is capped at a Member's Baseline non-displayed ADV, and any
additional volume is charged the regular fee of $0.0010 per share for
either adding or removing non-displayed liquidity.
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\17\ ``Incremental non-displayed ADV'' means executions in the
immediately preceding month of Incremental Fee eligible ADV that
exceeded the Baseline non-displayed ADV. See Fee Schedule.
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Proposal
IEX proposes to change two aspects of the above functionality to
expand access to, and the benefits of, the Incremental Fee Tier 2
reduced fee.
First, IEX proposes to make it easier for Members who qualify for
Displayed Liquidity Adding Rebate Tier 7 (``Tier 7'') or Displayed
Liquidity Adding Rebate Tier 8 (``Tier 8'') to also qualify for
Incremental Fee Tier 2. To qualify for Tier 7 in the current month, in
the prior month a Member must have either: (i) added at least
30,000,000 ADV of displayed liquidity or (ii) added at least 25,000,000
ADV of displayed liquidity and traded at least 30,000,000 non-displayed
ADV.\18\ To qualify for Tier 8 in the current month, in the prior month
a Member must have added at least 40,000,000 ADV of displayed
liquidity.\19\
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\18\ ``non-displayed ADV'' refers to executions with the
following Fee Code Combinations: MI, MIB, TI, TIB, TIY, TIYB, TIR,
TLW, TLWB, and MIA. See Fee Schedule.
\19\ Id.
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To expand access to the Incremental Fee Tier 2 reduced fee to
Members who qualified for Tier 7 or Tier 8 in the prior month, IEX
proposes to reduce the threshold amount, from 15,000,000 to 10,000,000
ADV, by which these Members' Incremental Fee eligible ADV in the prior
month must have exceeded their Baseline non-displayed ADV, in order to
qualify for the Incremental Fee Tier 2 reduced fee in the current
month. This proposed change, working in tandem with the Displayed
Liquidity Adding Rebate Tiers, is designed to incentivize Members to
add both displayed and non-displayed liquidity to the Exchange by
making it easier for Members that add substantial amounts of displayed
liquidity to benefit from the Incremental Fee Tier 2 reduced fee.
IEX proposes to make the following changes to the Fee Schedule to
effectuate this lower Incremental Fee Tier 2 qualification threshold
for Members who qualified for Tier 7 or Tier 8:
<bullet> Revise the second bullet under footnote 6 to read:
[cir] ``A Member qualifies for the Incremental Fee (i.e.,
Incremental Fee Tier 2) in the current month if its Incremental Fee
eligible ADV in the prior month exceeded its Baseline non-displayed
ADV by at least 15,000,000 (or by at least 10,000,000 if the Member
qualified for Displayed Liquidity Adding Rebate Tier 7 or Tier 8).''
<bullet> In the Incremental Fee Tier Calculation Table, change
the two current references to footnote ``a'' in the table, and the
text describing footnote ``a'' under the table to now refer to
footnote ``b''
<bullet> In the same table, add a new footnote ``a'' to the
``Required Criteria'' for both tiers, and insert the following
explanatory text under the table:
[cir] `` \a\ A Member that qualifies for either Displayed
Liquidity Adding Rebate Tier 7 or Tier 8 (based on its prior month
activity) qualifies for Incremental Fee Tier 2 in the current month
if its prior month's Incremental non-displayed ADV exceeded its
Baseline non-displayed ADV by at least 10,000,000. The below
examples for Incremental Fee Tier Option 1 and Option 2 assume the
Member did not qualify for Displayed Liquidity Added Rebate Tier 7
or Tier 8, and therefore the Member's Incremental non-displayed ADV
must exceed its Baseline non-displayed ADV by at least 15,000,000 in
the prior month to qualify for Incremental Fee Tier 2 in the current
month.''
Second, IEX proposes to double the cap on the amount of Incremental
Fee eligible ADV for which a Member may pay the reduced fee of $0.0001
in the current month, if that Member qualified for Incremental Fee Tier
2 in at least each of the three immediately preceding months. For
example, if a Member qualifies for Incremental Fee Tier 2 in December
2025; January 2026; and February 2026, the Member will be eligible to
pay the reduced fee for up to twice its Baseline non-displayed ADV in
March 2026. Thus, if the Member's Baseline non-displayed ADV in March
2026 is 15,000,000 and its Incremental Fee eligible ADV is 50,000,000
(i.e., its Incremental non-displayed ADV is 35,000,000), the $0.0001
fee is applicable to 30,000,000 of its Incremental Fee eligible ADV in
March (two times the Member's Baseline non-displayed ADV of
15,000,000), and the $0.0010 fee is applicable to 20,000,000 of its
Incremental Fee eligible ADV.
To effect these proposed changes, IEX proposes to make the
following revisions to the Fee Schedule:
<bullet> Amend the new footnote ``b'' to the Incremental Fee
Tier Calculation Table by adding text to the end of the first
sentence. As proposed, the first sentence of footnote ``b'' will
read in full:
[cir] `` \b\ This fee is only applicable to Incremental non-
displayed ADV that does not exceed the Baseline non-displayed ADV
for Members that have not qualified for Incremental Fee Tier 2 in
each of the three immediately preceding months. For Members that
have qualified for Incremental Fee Tier 2 for at least the three
immediately preceding months, the reduced fee is only applicable to
Incremental non-displayed ADV that is less than or equal to two
times the Baseline non-displayed ADV. For example, if such a
Member's Baseline non-displayed ADV is 15,000,000 and its
Incremental Fee eligible ADV is 50,000,000 (i.e., its Incremental
non-displayed ADV is 35,000,000), the $0.0001 fee is applicable to
30,000,000 of its Incremental Fee eligible ADV (two times the
Member's Baseline non-displayed ADV), and the $0.0010 fee is
applicable to 20,000,000 of its Incremental Fee eligible ADV.''
<bullet> Add language before the example tables under
Incremental Fee Tier Option 1 and Option 2 explaining that ``these
examples all assume that the Members' reduced fees are capped at
their Baseline non-displayed ADV (i.e., the Members did not qualify
for Incremental Fee Tier 2 in each of the three immediately
preceding months).''
<bullet> Add text to the end of the definition of ``Incremental
non-displayed TAV'' in the Incremental Fee Tier Option 2 section to
clarify how Incremental non-displayed TAV is calculated for a Member
that has qualified for Incremental Fee Tier 2 in at least the three
immediately preceding months. The last two sentences of the
definition will now read in full:
[cir] ``If this value exceeds the Baseline non-displayed TAV,
the number of shares eligible for the reduced Incremental Fee is
capped at the Baseline non-displayed TAV for Members that have not
qualified for Incremental Fee Tier 2 in each of the three
immediately preceding months. For Members that have qualified for
Incremental Fee Tier 2 for at least the three immediately preceding
months, the number of shares eligible for the reduced Incremental
Fee is capped at two times the Baseline non-displayed ADV.''
Finally, IEX proposes making a clarifying edit to the Fee Schedule.
The last sentence of the renamed footnote ``b'' to the Incremental Fee
Tier Calculation Table states that ``Additionally, IEX notes that the
above criteria to qualify for Incremental Fee Tier 2 will expire no
later than February 28, 2027.'' As described above, footnote ``b'' now
contains text describing the doubling of the cap on the reduced fee for
Members that qualify for Incremental
[[Page 10174]]
Fee Tier 2 in at least the three immediately preceding months. That
aspect of the Incremental Fee Tiers is not a qualifying criteria that
will expire on February 28, 2027; the text in the footnote is meant to
refer to the manner in which the Baseline non-displayed ADV is
calculated for all Exchange Members. Thus, IEX proposes to delete this
sentence from footnote ``b'', and to add a new fifth bullet (sub-bullet
four to the first bullet) at the top of the Incremental Fee Tiers
section of the Fee Schedule, which reads: ``The criteria to qualify for
Incremental Fee Tier 2 will expire no later than February 28, 2027.''
As noted above, changes to the Fee Schedule pursuant to this
proposal are effective upon filing,\20\ and will be implemented on
March 1, 2026. The ``Fee Transparency'' requirements in Rule 610(d) of
Regulation NMS require that transaction fees and rebates must be
determinable at the time of the execution. This fee filing is fully
consistent with the Fee Transparency requirements because a Member will
know at the start of the month if it is eligible for the lower
threshold to qualify for Incremental Fee Tier 2 because the Member will
know whether it qualified for Tier 7 or Tier 8 in the prior month.
Similarly, a Member that qualified for Incremental Fee Tier 2 in the
months of December 2025, January 2026, and February 2026 will know at
the end of February that, for March, the cap on its Incremental Fee
eligible ADV eligible for the reduced fee of $0.0001 will be double the
Member's Baseline non-displayed ADV.
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\20\ 15 U.S.C. 78s(b)(3)(A)(ii).
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Finally, as noted above, the Exchange is not proposing to change
the fees applicable to executions of and with orders with an execution
price below $1.00 per share.
2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) \21\ of the Act in general and furthers the
objectives of Sections 6(b)(4) \22\ of the Act, in particular, in that
it is designed to not be unfairly discriminatory and to provide for the
equitable allocation of reasonable dues, fees and other charges among
its Members and other persons using its facilities.
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\21\ 15 U.S.C. 78f.
\22\ 15 U.S.C. 78f(b)(4).
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First, as described in the Purpose section, this proposed fee
change will continue to make IEX's fees determinable at the time of
execution as required by Rule 610(d) of Regulation NMS.
Additionally, IEX believes that the proposed lower threshold to
qualify for Incremental Fee Tier 2 for Members that add a substantial
amount of displayed liquidity and order flow seeking to trade with
displayed orders to the Exchange is consistent with the purposes of the
Act. This part of the proposal, which IEX makes for business and
competitive reasons, is designed to further incentivize Members to add
more displayed liquidity to the Exchange, thereby contributing to a
deeper and more liquid market, to the benefit of all market
participants.
IEX also believes that doubling the cap on the volume to which the
Incremental Fee Tier 2 reduced fee will apply for Members that
qualified for Incremental Fee Tier 2 in at least the three preceding
months furthers the objectives of the Act. This aspect of the proposal,
which IEX also makes for business and competitive reasons, is designed
to incentivize Members to increase their volume of non-displayed
trading on the Exchange and to maintain that volume in subsequent
months. IEX believes that this increased non-displayed volume on the
Exchange will contribute to a deeper and more liquid market, which
benefits all market participants and provides greater execution
opportunities on the Exchange.
IEX also believes that this proposal provides for the equitable
allocation of reasonable fees among its Members and is not designed to
be unfairly discriminatory because any Member that qualifies for Tier 7
or Tier 8 will be able to qualify for Incremental Fee Tier 2 using the
lower threshold of Incremental Fee eligible ADV in the prior month
exceeding the Baseline non-displayed ADV by at least 10,000,000. And
all Members, irrespective of their displayed liquidity adding activity,
will be eligible to double their non-displayed volume that will be
eligible for the Incremental Fee Tier 2 reduced fee of $0.0001 per
share, by qualifying for Incremental Fee Tier 2 in three consecutive
months. All similarly situated Members will be treated the same by this
proposal. Thus, IEX does not believe that any aspect of this proposal
raises new or novel issues not already considered by the Commission.
Further, IEX believes that the proposed clarifying change to the
IEX Fee Schedule set forth in the Purpose section furthers the purposes
of the Act because it provides greater clarity about what criteria will
expire no later than February 28, 2027, thereby reducing the potential
for confusion of any market participants, which is consistent with the
protection of investors and the public interest.
The Exchange operates in a highly competitive market in which
market participants can readily direct order flow to competing venues
if they deem fee levels at a particular venue to be excessive. Within
that context, these proposed changes to the Incremental Fee Tier
structure are designed to keep IEX's non-displayed trading prices
competitive with those of other exchanges.
B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule change will result in
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. The Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if fee schedules at other venues are viewed as more
favorable. Consequently, the Exchange believes that the degree to which
IEX fees could impose any burden on competition is extremely limited
and does not believe that such fees would burden competition between
Members or competing venues. Moreover, as noted in the Statutory Basis
section, the Exchange does not believe that the proposed changes raise
any new or novel issues not already considered by the Commission.
The Exchange 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 because, while
different fees are assessed on Members, these fees are not based on the
type of Member entering the orders that match, but rather on the
Member's own trading activity. Further, the proposed fee change is
intended to encourage market participants to bring increased order flow
to the Exchange, which benefits all market participants.
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.
[[Page 10175]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) \23\ of the Act.
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\23\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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, 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#1f6d6a737a327c7072727a716b6c5f6c7a7c31787069"><span class="__cf_email__" data-cfemail="9ceee9f0f9b1fff3f1f1f9f2e8efdceff9ffb2fbf3ea">[email protected]</span></a>. Please include
File Number SR-IEX-2026-05 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-2026-05. 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-2026-05 and should be submitted on
or before March 23, 2026.
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).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-04019 Filed 2-27-26; 8:45 am]
BILLING CODE 8011-01-P
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