68790 Federal Register / Vol. 88, No. 191 / Wednesday, October 4, 2023 / Notices 

52 15 U.S.C. 78s(b)(3)(C). 

53 17 CFR 200.30–3(a)(57). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4 15 U.S.C. 78s(b)(1). 

5 17 CFR 240.19b–4. 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(6)(iii). 

8See IEX Rule 11.190(b)(19). 

9See IEX Rule 1.160(t). 

10See IEX Rule 1.160(u). 

11See Securities Exchange Act Release No. 98035 

(August 1, 2023), 88 FR 52233 (August 7, 2023) 

(SR–IEX–2023–06). 

12See Jeff Stein, et al., ‘‘A federal government 

shutdown looks more and more likely: what to 

know,’’ The Washington Post, September 26, 2023. 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(5). 

submissions should refer to file number 

SR–CboeBZX–2023–068 and should be 

submitted on or before October 25, 

2023. Rebuttal comments should be 

submitted by November 8, 2023. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(3)(C) of the Act,52 that File 

No. SR–CboeBZX–2023–068, be and 

hereby is, temporarily suspended. In 

addition, the Commission is instituting 

proceedings to determine whether the 

proposed rule change should be 

approved or disapproved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.53

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–22013 Filed 10–3–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98645; File No. SR–IEX– 

2023–11] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Extend the 

Implementation Date of Its New Fixed 

Midpoint Peg Order Type 

September 29, 2023. 

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 

September 28, 2023, 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. 

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 IEX is filing with the 

Commission a proposal to extend the 

implementation date of its new fixed 

midpoint peg order type in advance of 

a potential partial shutdown of the 

federal government. The Exchange has 

designated this proposal as noncontroversial under Section 19(b)(3)(A) 

of the Act 6 and provided the 

Commission with the notice required by 

Rule 19b–4(f)(6)(iii) under the Act.7

The text of the proposed rule change 

is available at the Exchange’s website at 

www.iextrading.com, 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 

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 filing this proposal to extend 

the implementation date of its new fixed 

midpoint peg order type,8 which is 

designed to peg to the less aggressive of 

the order’s limit price or the Midpoint 

Price,9 but does not re-reprice based on 

changes to the NBBO.10 IEX filed the 

immediately effective rule change on 

July 19, 2023, and it was published in 

the Federal Register on August 7, 2023 

(‘‘Original Rule Filing’’).11 Pursuant to 

the Original Rule Filing, the fixed 

midpoint peg order type is currently 

scheduled to be implemented within 90 

days of the July 19, 2023 filing date, i.e., 

on or before October 17, 2023. 

The Exchange anticipates that the 

technical changes necessary to 

implement the fixed midpoint peg order 

type should be completed in time to 

enable implementation on or before 

October 17, 2023. However, unforeseen 

delays may require that IEX extend the 

implementation date a few weeks 

beyond October 17, 2023. IEX 

understands that as of September 26, 

2023, there is a meaningful possibility 

of a partial federal government 

shutdown starting on October 1, 2023. 

IEX also understands that during a 

partial federal government shutdown, 

the Commission will not be able to 

accept and publish rule change proposal 

filings.12 Thus, in advance of the 

potential partial federal government 

shutdown, and in an abundance of 

caution in case IEX requires a few 

additional weeks to implement the fixed 

midpoint peg order type, IEX now 

proposes to extend the October 17, 2023 

implementation deadline to November 

30, 2023. 

IEX will still announce the 

implementation date by Trading Alert at 

least ten (10) days in advance of such 

implementation date. Besides the 

implementation date, the Exchange is 

not proposing to make any changes to 

the terms of the Original Rule Filing. 

2. Statutory Basis 

IEX believes that its proposal is 

consistent with the provisions of 

Section 6(b) of the Act 13 in general, and 

with Section 6(b)(5) of the Act,14 in 

particular, in that it is designed 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. 

Specifically, the proposal is consistent 

with the Act because it will allow the 

Exchange to complete technical changes 

necessary to implement the fixed 

midpoint peg order type in a thorough 

and risk averse manner, thereby 

protecting investors. By making this 

filing in advance of a potential partial 

federal government shutdown, IEX is 

ensuring it will have the necessary time 

to implement the order type even if the 

federal government is partially 

shutdown. 

Further, the ten (10) days’ notice to 

market participants of the 

implementation date for the fixed 

midpoint peg order type is consistent 

with the Act because it will provide 

appropriate transparency to market 

participants and the Commission 

regarding the change. Finally, as noted 

in the Purpose section, the Exchange is 

not proposing to make any changes to 

the terms of the Original Rule Filing 

other than the implementation date. 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 191 / Wednesday, October 4, 2023 / Notices 68791 

15 15 U.S.C. 78s(b)(3)(A). 

16 17 CFR 240.19b–4(f)(6). 

17 15 U.S.C. 78s(b)(3)(A). 

18 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) 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. 

19 17 CFR 240.19b–4(f)(6). 

20 17 CFR 240.19b–4(f)(6). 

21 17 CFR 240.19b–4(f)(6). 

22 17 CFR 240.19b–4(f)(6)(iii). 

23For 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). 

24 15 U.S.C. 78s(b)(2)(B). 25 17 CFR 200.30–3(a)(12). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

IEX does not believe that the proposal 

will result in any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. As explained 

above, the purpose of this proposal is to 

modify the timing of the planned 

implementation of a new fixed midpoint 

peg order type with appropriate notice 

to inform market participants and the 

Commission of the change. The 

implementation delay will impact all 

market participants equally. The 

Exchange does not expect the 

implementation date change to place 

any burden on competition. Rather, 

postponing implementation will allow 

the Exchange to implement the original 

rule change in a thorough and risk 

averse manner and is not designed for 

any competitive purpose. 

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 15 and Rule 19b– 

4(f)(6) 16 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, if 

consistent with the protection of 

investors and the public interest, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 17 and Rule 19b– 

4(f)(6) thereunder.18

The Exchange believes that the 

proposed rule change meets the criteria 

of subparagraph (f)(6) of Rule 19b–4 19

because it would not significantly affect 

the protection of investors or the public 

interest in that it is designed to allow 

the Exchange to complete technical 

changes necessary to implement the 

original rule change in a thorough and 

risk adverse manner, thereby protecting 

investors. Accordingly, the Exchange 

believes that this proposal is 

noncontroversial and satisfies the 

requirements of Rule 19b–4(f)(6).20

A proposed rule change filed under 

Rule 19b–4(f)(6) 21 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),22 the 

Commission may 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. Waiving the 30-day 

delay in this manner would permit the 

Exchange to implement the proposal 

prior to expiration of the latest 

implementation date to the original rule 

change, thereby avoiding any potential 

confusion on the part of market 

participants or the Commission as to 

when the original rule change will be 

implemented. For these reasons, and 

because the proposed rule change does 

not raise any novel legal or regulatory 

issues, the Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal operative upon 

filing.23

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) of the Act 24 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 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

IEX–2023–11 on the subject line. 

Paper Comments 

• 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–2023–11. 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 (https://www.sec.gov/ 

rules/sro.shtml). 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–2023–11 and should be 

submitted on or before October 25, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–22008 Filed 10–3–23; 8:45 am] 

BILLING CODE 8011–01–P 


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