82926 Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices 

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. 

8See Proposed IEX Rule 11.190(b)(20). 

9See IEX Rule 1.160(p). 

10See IEX Rule 1.160(s). 

11See Proposed IEX Rule 11.190(b)(21). 

12See, e.g., Cboe BZX Exchange, Inc. (‘‘BZX’’) 

Rule 11.9(c)(6); MEMX Rule 11.6(l)(2); NASDAQ 

Stock Market LLC (‘‘Nasdaq’’) Rule 4702(b)(4); 

MIAX Pearl Rule 2614(c); New York Stock 

Exchange (‘‘NYSE’’) Rule 7.31(e)(2). 

13See, e.g., BZX Rule 11.9(c)(12); NYSE Rule 

7.31(d)(2)(B); Nasdaq Rule 4703(m). 

14See infra notes 20, 22. 

15See IEX Rule 11.190(a)(1). 

16See IEX Rule 11.190(b)(7). 

17See IEX Rule 11.210. 

18See IEX Rule 1.160(bb). 

19See, e.g., BZX Rule 11.9(c)(6); MIAX Pearl Rule 

2614(c)(2)(A)(ii). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98988; File No. SR–IEX– 

2023–13] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Introduce a 

New Post Only Order Parameter 

Instruction 

November 20, 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 November 

15, 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, II and III 

below, which Items have been prepared 

by the Exchange. 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 the 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 introduce a new Post Only 

order parameter instruction. The 

Exchange has designated this proposed 

rule change as ‘‘non-controversial’’ 

under Section 19(b)(3)(A) of the Act 6

and provided the Commission with the 

notice required by Rule 19b–4(f)(6) 

thereunder.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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this proposed rule 

filing is to amend IEX Rule 11.190 to 

introduce a new Post Only order 

parameter instruction.8 As proposed, a 

Post Only parameter instruction would 

be available for a displayable, nonroutable order priced at or above $1.00 

per share (a ‘‘Post Only order’’). A Post 

Only order would not remove liquidity 

from the IEX Order Book 9 except in 

specific circumstances as described 

below. The Post Only order is designed 

to incentivize the posting of displayed 

liquidity on the Exchange and to offer 

IEX Members 10 greater determinism 

and flexibility in posting liquidity on 

the Exchange. IEX also proposes to 

introduce a new Trade Now 11 order 

instruction, which would allow certain 

resting non-displayed orders (described 

below) to convert into an executable 

order that removes liquidity against an 

incoming Post Only order that would 

otherwise lock the resting order (a 

transaction in which the Post Only 

order would be the maker of liquidity 

and the Trade Now order would be the 

taker of liquidity). The Trade Now 

instruction, when paired with Post Only 

orders, is designed to encourage more 

executions of marketable orders at IEX. 

In addition, IEX proposes to make 

conforming edits to several order type 

definitions contained in IEX Rule 

11.190 to specify which order types may 

be submitted as a Post Only order, and 

which order types will include the 

Trade Now instruction, either by default 

or optionally. 

IEX notes that every other national 

securities exchange that trades equities 

offers nearly identical post only order 

types 12 and most also offer trade now 

functionality 13 to their members. As 

proposed, IEX’s Post Only order type is 

structured in a substantially similar 

manner, with minor differences 

(described below) limited to the orders 

for which the functionality is available 

rather than the manner in which is 

applied.14

Post Only Orders 

As described in Proposed IEX Rule 

11.190(b)(20), a Post Only order would 

be a displayed, non-routable limit 15 or 

Discretionary Limit 16 order that would 

not remove liquidity from the IEX Order 

Book other than in the following 

circumstances: 

First, a Post Only order will remove 

contra-side liquidity from the IEX Order 

Book if the value of such execution 

when removing liquidity equals or 

exceeds the value of such execution if 

the order instead posted to the IEX 

Order Book and subsequently provided 

liquidity, including the applicable fees 

charged or rebates provided (the ‘‘Sum 

of Fees’’). To determine at the time of a 

potential execution whether the Sum of 

Fees when removing liquidity equals or 

exceeds the value of such execution if 

the order instead posted to the IEX 

Order Book and subsequently provided 

liquidity, the Exchange will compare 

the price improvement (i.e., available 

execution price to trade on entry versus 

the limit price of the order) to the 

difference between the sum of the fees 

charged for such execution and the 

rebate that would be provided if the 

order posted to the IEX Order Book and 

subsequently provided liquidity. 

Post Only orders by default would be 

subject to display-price sliding as set 

forth in IEX Rule 11.190(h)(1), but the 

Member may provide an optional 

instruction to cancel any untraded 

quantity of a Post Only order that would 

otherwise be subject to display-price 

sliding. Thus, during Regular Market 

Hours, if the limit price of the Post Only 

order locked or crossed an order on the 

IEX Order Book, depending upon the 

Member’s instructions, the Post Only 

order would either slide to a price one 

Minimum Price Variant (‘‘MPV’’) 17 less 

aggressive than the current Protected 

Quotation,18 or be canceled back to the 

Member. This functionality is identical 

to that of several other equities 

exchanges.19

IEX is also proposing that Post Only 

orders must be at least a round or mixed 

lot sized order on entry and must be 

displayed. Because this proposal is 

designed to incentivize displayed 

liquidity in general and price discovery 

in particular, IEX believes that it is 


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20See Securities Exchange Act Release No. 95209 

(July 7, 2022), 87 FR 41832, 41835 (July 13, 2022) 

(SR–NYSE–2022–25). 

21See IEX Rule 11.190(b)(2). 

22See Securities Exchange Act Release No. 98891 

(November 8, 2023), 88 FR 78407, 78408 (November 

15, 2023) (SR–NYSE–2023–40). 

23See, e.g., BZX Rule 11.9(c)(6); MIAX Pearl Rule 

2614(c)(2)(i)(A). 

24See IEX Rule 11.190(b)(2). 

25See IEX Rule 11.190(b)(9). 

26See IEX Rule 11.190(b)(19). 

27See IEX Rule 11.190(b)(13). 

28See IEX Rule 11.190(b)(18). 

29See IEX Rules 11.190(b)(8) (Primary Peg order), 

11.190(b)(10) (Discretionary Peg order), and 

11.190(b)(16) (Corporate Discretionary Peg order). 

30See IEX Rule 11.190(b)(14). 

appropriate to limit Post Only orders to 

those that could become Protected 

Quotations. IEX notes that although 

other exchanges allow Post Only orders 

to be non-displayed or to be displayed 

odd lot sized orders, until 2022, NYSE 

also did not allow non-displayed or 

displayed odd lot sized orders to use its 

post only functionality.20 Additionally, 

IEX is proposing to not allow reserve 21

orders be Post Only orders. IEX notes 

that although other exchanges allow 

Post Only orders to be reserve orders, 

until recently, NYSE also did not allow 

reserve orders to use its post only 

functionality.22 IEX believes its 

proposal to not allow reserve orders to 

be Post Only orders is consistent with 

its proposal to not allow non-displayed 

orders to be Post Only orders, because 

reserve orders have both a displayed 

and non-displayed portion. IEX also 

notes that because it charges the same 

amount for adding or removing nondisplayed liquidity, the economic 

benefits of a Post Only order would not 

apply to a non-displayed order 

submitted to IEX. 

Further, Proposed IEX Rule 

11.190(b)(20) specifies that Post Only 

orders must have a time-in-force (‘‘TIF’’) 

of DAY, GTX, SYS, or GTT because they 

will only trade during Regular Market 

Hours, and that they may not be an 

Intermarket Sweep Order, both because 

they are non-routable orders and 

because ISOs are meant to take liquidity 

resting on the Exchange and away 

markets while Post Only orders are 

designed to add displayed liquidity to 

IEX’s Order Book. 

Finally, the Post Only order parameter 

instruction would not be operative for 

orders to buy or sell a security priced 

below $1.00 per share. Thus, such 

orders that include the Post Only order 

parameter instruction would function in 

the same manner as regular displayed 

limit orders or D-Limit orders; they 

would remove contra-side liquidity 

from the IEX Order Book on entry 

without consideration of whether the 

Sum of Fees equals or exceeds the price 

improvement per share, and otherwise 

post to the IEX Order Book. IEX believes 

that this approach is appropriate in that 

IEX does not offer rebates for orders that 

add displayed liquidity priced below 

$1.00 so the economics for a Post Only 

order are less meaningful. IEX notes that 

this approach is similar to that of other 

exchanges with respect to securities 

priced below $1.00 per share.23

Trade Now Instruction 

IEX also proposes to add IEX Rule 

11.190(b)(21), to introduce the ‘‘Trade 

Now’’ order instruction. As proposed, 

Trade Now would be an instruction on 

an order resting on the IEX Order Book 

that, when locked by an incoming Post 

Only order that does not remove 

liquidity pursuant to Proposed IEX Rule 

11.190(b)(20), causes such order to be 

converted to an executable order that 

removes liquidity against such incoming 

order. As proposed, non-displayed limit 

orders (including non-displayed 

portions of reserve 24 orders and nondisplayed Discretionary Limit orders) 

would always include a Trade Now 

order instruction, while for Midpoint 

Peg,25 Fixed Midpoint Peg,26 Offset 

Peg,27 and Market Peg 28 orders the 

Trade Now instruction would be 

optional. IEX makes this proposal 

because the above four pegged order 

types are all able to book at prices 

between the NBB and the NBO, which 

means they all could match with (or be 

locked by) an incoming Post Only order. 

As proposed, a resting pegged order 

with the optional Trade Now instruction 

would be the taker of liquidity and the 

Post Only order would be the maker of 

liquidity (unless the Sum of Fees 

calculation caused the Post Only order 

to take liquidity on entry). IEX also has 

pegged order types that book one MPV 

less aggressive than the Primary 

Quotation, and it is not proposing to 

allow these orders to have a Trade Now 

instruction because they will not be able 

to match with (or be locked by) an 

incoming Post Only order.29 Similarly, 

IEX is not proposing to allow resting 

Retail Liquidity Provider orders to have 

a Trade Now feature, because they are 

not eligible to trade with a Post Only 

order.30

The Trade Now instruction would 

provide non-displayed orders resting on 

the IEX Order Book with a greater 

ability to receive an execution when 

that resting order is locked by an 

incoming Post Only order, rather than 

creating the possibility of the incoming 

Post Only order locking the resting nondisplayed order. Thus, the proposed 

Trade Now instruction assists in the 

avoidance of an internally locked IEX 

Order Book (notwithstanding that such 

lock would not be displayed by the 

Exchange) by facilitating the execution 

of orders that would otherwise lock 

each other. 

If an incoming Post Only order 

matches with a resting non-displayed 

order on entry with the Trade Now 

instruction, the Post Only order would 

be treated as a displayed order and 

would receive a rebate of $0.0004 per 

share. The order with the Trade Now 

instruction, having become an 

executable taking order, would be 

charged $0.0010 per share, which is the 

same fee IEX charges for both nondisplayed liquidity-adding and taking 

orders. Thus, the order with the Trade 

Now instruction is able to get an 

execution with no change to the fees it 

would be charged, while the Post Only 

order would also get an execution with 

the rebate the Member expects to 

receive when submitting a displayed 

order. 

Conforming Changes 

As described above, only certain order 

types are eligible to be Post Only orders. 

Therefore, IEX proposes to amend IEX 

Rules 11.190(b)(1) (‘‘Displayed Order’’) 

and 11.190(b)(7) (‘‘Discretionary Limit 

Order’’), to specify that a displayed, 

non-routable, round or mixed lot limit 

or Discretionary Limit order may 

include a Post Only instruction, as 

defined in Proposed IEX Rule 

11.190(b)(20). 

Similarly, as described above, only 

certain order types are eligible to have 

a Take Now instruction. Therefore, IEX 

proposes to amend IEX Rules 

11.190(a)(1), 11.190(b)(2), and 

11.190(b)(7), to specify that nondisplayed limit orders, non-displayed 

portions of reserve orders, and nondisplayed Discretionary Limit orders 

will include a Trade Now instruction as 

defined in Proposed IEX Rule 

11.190(b)(21). Because IEX proposes to 

allow Members to include a Trade Now 

instruction on pegged orders that could 

interact with a Post Only order, IEX is 

proposing to amend IEX Rules 

11.190(b)(9), 11.190(b)(19), 

11.190(b)(13), and 11.190(b)(18) to 

specify that a Member may include a 

Trade Now instruction with Midpoint 

Peg, Fixed Midpoint Peg, Offset Peg, 

and Market Peg orders, respectively. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 


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82928 Federal Register / Vol. 88, No. 226 / Monday, November 27, 2023 / Notices 

31 15 U.S.C. 78f(b). 

32 15 U.S.C. 78f(b)(5). 33See supra notes 20, 22. 

Section 6(b) of the Act,31 in general, and 

furthers the objectives of Section 

6(b)(5),32 in particular, in that it is 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, 

and 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 Exchange believes that 

the proposed rule change is consistent 

with the protection of investors and the 

public interest because it is designed to 

provide more flexibility and 

opportunities for Members to add 

displayed liquidity to the Exchange. As 

noted in the Purpose section, Post Only 

orders, particularly when coupled with 

Trade Now functionality for some nondisplayed orders, would provide fee 

determinism for Members seeking to 

add liquidity to the Exchange. This in 

turn is designed to encourage the 

posting of more displayed liquidity on 

the Exchange, and to the extent that 

such incentive is successful in 

increasing the overall liquidity pool 

available at IEX, all market participants, 

including takers of liquidity, will 

benefit. Thus, IEX believes this proposal 

supports the purposes of the Act 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. 

IEX also believes it is consistent with 

the Act to adjust the price of Post Only 

orders as needed to post to the Order 

Book in compliance with Rule 610(d) of 

Regulation NMS by avoiding the display 

of quotations that lock or cross any 

Protected Quotation, or to execute 

against locking or crossing quotations in 

circumstances where economically 

beneficial to the Member entering the 

Post Only order. Post Only orders are 

thus designed to allow Members to 

achieve fee determinism, while also 

providing displayed liquidity to the 

market and thereby contribute to public 

price discovery in a manner that is 

consistent with the Act. 

IEX also believes that the proposal to 

give Members the option of having Post 

Only orders be subject to display price 

sliding or cancel promotes price 

discovery and provision of greater 

liquidity by facilitating the display of an 

order at its chosen limit price. Because 

this flexibility will further encourage 

Members to submit Post Only orders to 

IEX, which will in turn increase the 

displayed liquidity on the Exchange, 

IEX believes that this proposal supports 

the purposes of the Act 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. 

Additionally, IEX believes that its 

proposed approach to inclusion of the 

Trade Now instruction (as described in 

the Purpose section) is consistent with 

the purposes of the Act because it is 

designed to avoid internally locking the 

IEX Order Book by facilitating the 

execution of orders that would 

otherwise post, or remain posted, to the 

IEX Order Book at prices that would 

otherwise lock. Additionally, the Trade 

Now instruction would result in more 

executions of otherwise marketable 

orders, which benefits both parties to 

the transaction as well as the market as 

a whole by providing relevant price 

discovery. Thus, IEX believes this 

proposal supports the purposes of the 

Act 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. 

In addition, as noted in the Purpose 

section, every aspect of IEX’s proposal 

is already available on at least one other 

equities exchange, with the exception 

that IEX will not allow a non-displayed, 

reserve, or displayed odd lot order to be 

a Post Only order.33 As discussed in the 

Purpose section, that functionality is 

identical to functionality that was 

offered by the New York Stock 

Exchange until 2022. IEX notes that 

these minor differences are limited to 

the orders for which the functionality is 

available rather than the manner in 

which is applied. Because these minor 

differences from other exchanges’ 

functionality are not based on 

competitive considerations but rather 

simply to provide for reasonably 

predictable outcomes in a manner 

consistent with IEX’s system design, IEX 

believes that this proposal supports the 

purposes of the Act 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. 

And IEX believes that the proposed 

conforming changes further the 

purposes of the Act because they 

provide greater clarity and consistency 

to the IEX Rule Book thereby reducing 

the potential for confusion by market 

participants. 

Finally, IEX does not believe that the 

proposed changes raise any new or 

novel material issues that have not 

already been considered by the 

Commission in connection with existing 

order types offered by other national 

securities exchanges, which supports 

the purposes of the Act 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. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

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. 

To the contrary, the proposal is 

designed to enhance IEX’s 

competitiveness with other markets by 

further incentivizing the posting of 

displayed liquidity on the Exchange. As 

noted above, the Exchange believes the 

proposed rule changes would generally 

align order handling on IEX with 

trading functionality on other equity 

exchanges and thus would promote 

competition among exchanges by 

offering member organizations similar 

functionality and order handling 

options available on other exchanges. 

The Exchange also believes that, to the 

extent the proposed changes would 

increase opportunities for order 

execution, the proposed change would 

promote competition by making the 

Exchange a more attractive venue for 

order flow and enhance market quality 

for all market participants. Moreover, 

competing exchanges have and can 

continue to adopt the same functionality 

contained in this proposal, subject to 

the SEC rule change process, as 

discussed in the Purpose and section. 

The Exchange also 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. All Members would 

be eligible to submit Post Only orders 

and to include Trade Now instructions 

on eligible pegged orders in the same 

manner. Moreover, the proposal would 

provide potential benefits to all 

Members, as discussed in the Statutory 

Basis section, to the extent that allowing 

Post Only orders incentivizes the 


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34 15 U.S.C. 78s(b)(3)(A). 

35 17 CFR 240.19b–4(f)(6). 

36 17 CFR 240.19b–4(f)(6)(iii). 

37 17 CFR 240.19b–4(f)(6). 

38 15 U.S.C. 78s(b)(3)(A). 

39 17 CFR 240.19b–4(f)(6). 40 15 U.S.C. 78s(b)(2)(B). 

41 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

provision of more displayed liquidity on 

IEX. 

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) 34 of the Act and 

Rule 19b–4(f)(6) 35 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 and Rule 19b– 

4(f)(6) thereunder. In addition, the 

Exchange provided the Commission 

with 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.36

The Exchange believes that the 

proposed rule change meets the criteria 

of subparagraph (f)(6) of Rule 19b–4 37

because it would not significantly affect 

the protection of investors or the public 

interest. Rather, the proposed rule 

change neither significantly affects the 

protection of investors or the public 

interest, nor does it impose any burden 

on competition because it would merely 

combine the attributes of functionality 

currently offered by many other equities 

exchanges, as discussed in the Purpose 

section, and does not raise any new or 

novel material issues that have not 

already been considered by the 

Commission. Accordingly, IEX has 

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

of the Act 38 and paragraph (f)(6) of Rule 

19b–4 thereunder.39

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) 40 of the Act 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–2023–13 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–2023–13. 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–2023–13 and should be 

submitted on or before December 18, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.41

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–26006 Filed 11–24–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98997; File No. SR–BOX– 

2023–27] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing of 

Proposed Rule Change To Amend the 

Short Term Option Series Program in 

IM–5050–6 

November 21, 2023. 

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 November 

16, 2023, BOX Exchange LLC 

(‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. 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 

The Exchange proposes to amend 

BOX IM–5050–6 (Short Term Option 

Series Program). The text of the 

proposed rule change is available from 

the principal office of the Exchange, at 

the Commission’s Public Reference 

Room and also on the Exchange’s 

internet website at https://

rules.boxexchange.com/rulefilings. 

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 


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