Federal Register / Vol. 89, No. 18 / Friday, January 26, 2024 / Notices 5283 

33 17 CFR 200.30–3(a)(12). 

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. 

6See Securities Exchange Act Release No. 98988 

(November 20, 2023), 88 FR 82926 (November 27, 

2023) (SR–IEX–2023–13) (‘‘Post Only Filing’’). 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4. 

9See IEX Rule 11.190(b)(20). 

10See IEX Rule 11.190(b)(21). 

11See supra note 6. 

12See IEX Trading Alert # 2024–002, available at 

https://iextrading.com/alerts/#/238. 

13See supra note 6. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) by order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

NYSEARCA–2024–05 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–NYSEARCA–2024–05. 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 (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–NYSEARCA–2024–05 and should be 

submitted on or before February 16, 

2024. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.33

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01511 Filed 1–25–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99411; File No. SR–IEX– 

2024–03] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change to Clarify Two 

Aspects of its Recent Post Only Filing 

and to Correct One Nonsubstantive 

Typographical Error Introduced in the 

Post Only Filing 

January 22, 2024. 

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 January 

16, 2024, 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 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 Securities Exchange 

Act of 1934 (‘‘Act’’),4 and Rule 19b–4 

thereunder,5 Investors Exchange LLC 

(‘‘IEX’’ or ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

to clarify two aspects of its recent Post 

Only Filing 6 and to correct one 

nonsubstantive typographical error 

introduced in the Post Only Filing. The 

Exchange has designated this rule 

change as ‘‘non-controversial’’ under 

section 19(b)(3)(A) of the Act 7 and 

provided the Commission with the 

notice required by Rule 19b–4(f)(6) 

thereunder.8

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 Exchange recently filed a rule 

change to introduce a Post Only 9 order 

parameter instruction and a related 

Trade Now 10 order instruction.11 The 

Post Only Filing was effective on filing, 

and IEX expects to implement the new 

functionality in February 2024.12 IEX 

will issue a Trading Alert at least ten 

(10) days in advance of the 

implementation date.13

The Exchange is making this filing to 

clarify two aspects of the Post Only 

Filing and to correct one nonsubstantive 

typographical error introduced in the 

Post Only Filing. First, IEX proposes to 

amend IEX Rule 11.190(a)(1)(H), which 

currently states that a non-displayed 

limit order ‘‘May include a Trade Now 

instruction. . .,’’ to replace the word 


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5284 Federal Register / Vol. 89, No. 18 / Friday, January 26, 2024 / Notices 

14See Post Only Filing, 88 FR 82926, 82927. 

15As described below, IEX Rule 

11.190(b)(7)(F)(xi) was erroneously numbered 

11.190(b)(7)(F)(ix); this rule filing corrects the 

numbering of the subparagraph. 

16See IEX Rule 1.160(z). 

17See IEX Rule 1.160(aa). 

18See IEX Rule 11.190(c). 

19See IEX Rule 11.190(b)(20)(E). 

20See Post Only Filing, 88 FR 82926, 82927. 

21This rule change will not impact the preexisting IEX Rule 11.190(b)(7)(F)(ix), which will 

continue to read ‘‘Discretionary Limit orders are 

subject to the Price Sliding provisions of IEX Rule 

11.190(h).’’ 

22 15 U.S.C. 78f(b). 

23 15 U.S.C. 78f(b)(5). 

24See IEX Rule 1.160(s). 

25 15 U.S.C. 78s(b)(3)(A). 

26 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. 

27 17 CFR 240.19b–4(f)(6). 

28 17 CFR 240.19b–4(f)(6)(iii). 

‘‘May’’ with ‘‘Will’’ to reflect that all 

non-displayed limit orders will include 

a Trade Now instruction. This proposed 

change is consistent with the Post Only 

Filing, which states that ‘‘non-displayed 

limit orders (including non-displayed 

portions of reserve orders and nondisplayed Discretionary Limit orders) 

would always include a Trade Now 

order instruction. . . .’’ 14 The 

proposed change is also consistent with 

provisions in IEX Rules 11.190(b)(2)(J) 

and 11.190(b)(7)(F)(xi),15 which provide 

that non-displayed portions of reserve 

orders and Discretionary Limit orders, 

respectively, ‘‘will include a Trade Now 

instruction. . . .’’ IEX thus proposes to 

specify that all non-displayed limit 

orders will always include a Trade Now 

instruction. 

Second, IEX proposes to clarify that 

regular limit orders with the Post Only 

order instruction are eligible to trade in 

the Pre-Market Hours 16 and Post-Market 

Hours 17, depending upon their order’s 

Time-in-Force (‘‘TIF’’).18 IEX’s Post 

Only order instruction may only be 

applied to limit orders with a TIF of 

DAY, GTX, SYS, or GTT.19 However, 

although the Post Only Filing states that 

‘‘Post Only orders must have a [TIF] of 

DAY, GTX, SYS, or GTT because they 

will only trade during Regular Market 

Hours’’,20 regular limit orders with the 

Post Only order instruction and a TIF of 

GTT or SYS can also trade during the 

Pre-Market and Post-Market Hours, 

while regular limit orders with the Post 

Only order instruction and a TIF of GTX 

can also trade during the Post-Market 

Hours. Accordingly, IEX proposes to 

clarify in this rule change proposal that 

the phrase ‘‘because they will only trade 

during Regular Market Hours’’ in the 

Post Only Filing was inaccurately 

underinclusive, and the TIFs apply as 

set forth in IEX Rule 11.190(b)(20). 

Finally, IEX proposes to amend IEX 

Rule 11.190(b)(7)(F) to correct a 

nonsubstantive typographical error 

introduced in the Post Only Filing. 

Specifically, the Post Only Filing added 

two new subparagraphs to IEX Rule 

11.190(b)(7)(F), which it labeled ‘‘(x)’’ 

and ‘‘(ix).’’ IEX proposes to modify the 

label on the second new subparagraph 

to change it from (‘‘ix’’) to instead be 

(‘‘xi’’), which is the next sequential 

number.21

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

section 6(b) of the Act,22 in general, and 

furthers the objectives of section 

6(b)(5),23 in particular, in that it would 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system because it 

is designed to enforce compliance by 

the Exchange’s Members 24 and the 

public with the provisions of the rules 

of the Exchange. In particular, the 

Exchange believes that the proposed 

rule change will provide greater clarity 

to Members and the public regarding the 

Exchange’s rules by clarifying that: (i) 

all non-displayed limit orders will 

always include a Trade Now 

instruction; (ii) regular displayed limit 

orders with a Post Only order 

instruction may trade in the Pre-Market 

and Post-Market Hours if permitted by 

their TIFs; and (iii) the newly-added 

subparagraph (ix) of IEX Rule 

11.190(b)(7)(F) should be renumbered to 

be subparagraph (xi). 

This rule filing does not propose any 

substantive changes to the functionality 

of the Post Only and Trade Now order 

instructions, but rather simply clarifies 

the functionality introduced in the Post 

Only Filing and removes the 

inconsistencies described in the 

Purpose section. Therefore, the 

Exchange does not believe that these 

proposed changes raise any new or 

novel issues not already considered by 

the Commission. IEX also believes that 

the proposed rule change is 

nondiscriminatory since all Members 

are eligible to enter orders with Post 

Only and/or Trade Now instructions, 

and these changes will provide the same 

additional clarity to all Members. 

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. As described 

in the Purpose and Statutory Basis 

sections, this rule filing merely proposes 

to clarify which orders will always 

include a Trade Now instruction and 

the trading hours during which Post 

Only orders can trade, as well as to 

correct one nonsubstantive 

typographical error introduced in the 

Post Only Filing. This proposal would 

not make any substantive changes to the 

IEX’s new Post Only and Trade Now 

functionality and is not designed to 

address any competitive issues. Because 

the proposal does not substantively 

modify system functionality or 

processes on the Exchange, the 

proposed changes will not impose any 

burden on competition. 

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 

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; 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 25 and Rule 19b– 

4(f)(6) thereunder.26

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 27 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 28

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 be operative 

concurrent with IEX’s planned 

implementation of the Post Only Filing 

in February 2024. The Exchange states 

that the proposal clarifies the applicable 

trading sessions and Trade Now 

functionality as it applies to the Post 

Only order type and corrects one 

nonsubstantive typographical error 

concerning subparagraph numbering in 

the rule text. Additionally, the Exchange 

states that waiver of the operative delay 


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Federal Register / Vol. 89, No. 18 / Friday, January 26, 2024 / Notices 5285 

29For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

30 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

would allow these clarifying changes to 

take effect concurrent with the 

implementation of the Post Only and 

Trade Now functionality, which will 

benefit all market participants who 

submit either Post Only or Trade Noweligible orders to the Exchange. Because 

the proposal raises no novel regulatory 

issues and makes only clarifying 

changes, the Commission believes that 

waiver of the 30-day 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 as operative 

upon filing.29

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 

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–2024–03 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–2024–03. 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–2024–03 and should be 

submitted on or before February 16, 

2024. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.30

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–01512 Filed 1–25–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99406; File No. SR–NYSE– 

2024–04] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Price List 

January 22, 2024. 

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 January 

12, 2024, New York Stock Exchange 

LLC (‘‘NYSE’’ 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 

The Exchange proposes to amend its 

Price List to (1) offer credits to member 

organizations providing non-displayed 

liquidity in Tape A, B, and C securities 

with a per share stock price below 

$1.00; (2) modify the requirements and 

charges for D Orders above the first 

750,000 average daily volume (‘‘ADV’’) 

of aggregate executions at the close last 

modified in the last 3 minutes before the 

scheduled close of trading and make a 

non-substantive conforming change in 

the same section of the Price List; (3) 

offer additional monthly rebates and 

incentives for Designated Market Maker 

(‘‘DMM’’) units with 150 or fewer 

assigned securities; (4) eliminate 

underutilized fees for transactions 

designated with a Retail Modifier as 

defined in Rule 13 (‘‘Retail Modifier’’); 

and (5) modify the rates for routing to 

NYSE American LLC in Tape B and C 

securities below $1.00. The Exchange 

proposes to implement the rule change 

on January 12, 2024. The proposed rule 

change is available on the Exchange’s 

website at www.nyse.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 those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

Price List to (1) offer credits to member 

organizations providing non-displayed 

liquidity in Tape A, B, and C securities 

with a per share stock price below 

$1.00; (2) modify the requirements and 

charges for D orders above the first 


lotter on DSK11XQN23PROD with NOTICES1