9192 Federal Register / Vol. 89, No. 28 / Friday, February 9, 2024 / Notices 

39 17 CFR 200.30–3(a)(12), (59). 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 Fee Schedule at https://

www.iexexchange.io/resources/trading/fee-schedule 

for the complete list of fee code combinations and 

their corresponding fees. 

7Fee Codes are identified on each execution 

report message from the Exchange in the Trade 

Liquidity Indicator (FIX tag 9730) field. See 

‘‘Transaction Fees/Definitions’’ on the Fee 

Schedule. 

8 15 U.S.C. 78s(b)(3)(A)(ii). 

9See Securities Exchange Act Release No. 98988 

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

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

10See IEX Trading Alert 2024–003, available at 

https://iextrading.com/alerts/#/239. 

11See IEX Rule 1.160(s). 

12 If a Member submits a Post Only order that is 

priced below $1.00 per share, the Exchange will 

disregard the Post Only instruction. See IEX Rule 

11.190(b)(20)(A). 

13See IEX Rule 1.160(p). 

14See IEX Rule 11.190(b)(21). 

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–2024–09 and should be 

submitted on or before March 1, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.39

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02647 Filed 2–8–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99471; File No. SR–IEX– 

2024–04] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Pursuant to 

IEX Rule 15.110 To Amend IEX’s Fee 

Schedule 

February 5, 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 

24, 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, 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Pursuant to the provisions of Section 

19(b)(1) under the Act,4 and Rule 19b– 

4 thereunder,5 the Exchange is filing 

with the Commission a proposed rule 

change to amend its Fee Schedule, 6

pursuant to IEX Rule 15.110(a) and (c) 

(the ‘‘Fee Schedule’’), to revise the Fee 

Codes 7 applicable to transactions that 

involve a Post Only order that executes 

on entry. Changes to the Fee Schedule 

pursuant to this proposal are effective 

upon filing,8 and the Exchange plans to 

implement the changes on February 15, 

2024. 

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 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 

The Exchange proposes to amend its 

Fee Schedule, pursuant to IEX Rule 

15.110(a) and (c), to revise the Fee 

Codes applicable to transactions that 

involve a Post Only order that executes 

on entry. IEX recently filed a rule 

change to introduce a Post Only order 

parameter instruction and a Trade Now 

instruction.9 The Post Only Filing was 

effective on filing but will not be 

implemented until February 15, 2024.10

As described in the Post Only Filing, 

Members 11 may attach a Post Only 

parameter instruction to any 

displayable, non-routable order priced 

at or above $1.00 per share (i.e., a Post 

Only order).12 A Post Only order will 

not remove contra-side liquidity from 

the IEX Order Book 13 on entry (and will 

rest on the Order Book as a displayed 

liquidity adding order), except in two 

specific circumstances: (i) 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’’), or (ii) if 

the contra-side resting order with which 

the incoming order could match is a 

non-displayed order with a ‘‘Trade 

Now’’ instruction.14 When an incoming 

Post Only order matches a resting order 

with a Trade Now instruction, the 

resting order converts into an executable 

order that removes liquidity against the 

incoming Post Only order, and the 

incoming Post Only order becomes the 

liquidity adding order. 

Fee Schedule Changes 

IEX proposes to introduce two new 

Fee Codes, to specify (1) when a Post 

Only order executed on entry, and (2) 

when a resting non-displayed order 

with a Trade Now instruction removed 

liquidity from a Post Only order that 

executed on entry. Specifically, as 

proposed, Fee Code Y will be included 

on any execution report for a Post Only 

order that executes on entry, and Fee 

Code W will be included on any 

execution report for a resting order with 

a Trade Now instruction that removes 

liquidity against an incoming liquidityadding Post Only order. IEX proposes to 

add these Fee Codes to the Fee Code 

Modifiers table on the IEX Fee Schedule 

as follows: 

Additional Fee 

Codes Description Fee 

Y ......................... Post Only order executes on entry .......................................... See Relevant Fee Code Combinations Below. 

W ........................ Resting order removes against Post Only order ..................... See Relevant Fee Code Combinations Below. 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 28 / Friday, February 9, 2024 / Notices 9193 

15See supra note 9. 16An incoming sub-dollar order with a 

disregarded Post Only instruction that executes on 

entry with a resting non-displayed order will result 

in a Fee Code Combination of TI (‘‘Removes nondisplayed liquidity’’) on the execution report and be 

charged the normal sub-dollar dark taking fee of 

0.10% of the Total Dollar Value (‘‘TDV’’). 

17See supra note 9. 

18An incoming sub-dollar order with a 

disregarded Post Only instruction that executes on 

entry with a resting displayed order will result in 

a Fee Code Combination of TL (‘‘Removes displayed 

liquidity’’) on the execution report and be charged 

the normal sub-dollar lit taking fee of 0.09% of the 

TDV. 

19See supra note 9. 

20An incoming sub-dollar order with a 

disregarded Post Only instruction will not trigger a 

resting order with the ‘‘Trade Now’’ instruction to 

become the taking order and will not be treated as 

the making order. Thus, Fee Code Combination 

MLY would never apply. If the incoming order 

matched with a resting non-displayed or displayed 

order, it will result in a Fee Code Combination of 

TL or TI, with fees of 0.09% or 0.10% of TDV, 

respectively. 

21See supra note 9. 

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

23 15 U.S.C. 78f(b)(4). 

24 15 U.S.C. 78f(b)(5). 

Additionally, IEX proposes to add 

four new Fee Code Combinations to the 

Additional Fee Code Combinations and 

Associated Fees table that reflect the 

fees IEX will assess for an execution 

involving a Post Only order that 

executes on entry: 

• Fee Code Combination TIY, would 

apply to a Post Only order priced at 

$1.00 or more that removes nondisplayed liquidity on entry. The fees 

associated with Fee Code Combination 

TIY are the same as the fees associated 

with Fee Code Combination TI, the fee 

code for an order that removes nondisplayed liquidity on entry (currently 

$0.0010 per share). IEX would include 

Fee Code Combination TIY on execution 

reports to specify that a Post Only order 

executed on entry because the Sum of 

Fees was less than the value of the 

execution if the order had added 

displayed liquidity on the Exchange. 

Because the Exchange will disregard the 

Post Only instruction on orders priced 

less than $1.00 per share (‘‘subdollar’’),15 IEX proposes to have the 

‘‘Executions below $1.00’’ column of the 

Additional Fee Code Combinations and 

Associated Fees table read ‘‘N/A’’.16

• Fee Code Combination TLY, would 

apply to a Post Only order priced at 

$1.00 or more per share that removes 

displayed liquidity on entry. The fees 

associated with Fee Code Combination 

TLY are the same as the fees associated 

with Fee Code Combination TL, the fee 

code for an order that removes 

displayed liquidity on entry (currently 

$0.0010 per share). IEX would include 

Fee Code Combination TLY on 

execution reports to specify that a Post 

Only order executed on entry because 

the Sum of Fees was less than the value 

of the execution if the order had added 

displayed liquidity on the Exchange. 

Because the Exchange will disregard the 

Post Only instruction on sub-dollar 

orders,17 IEX proposes to have the 

‘‘Executions below $1.00’’ column of the 

Additional Fee Code Combinations and 

Associated Fees table read ‘‘N/A’’.18

• Fee Code Combination MLY, would 

apply to a Post Only order priced at 

$1.00 or more per share that executes on 

entry with a contra-side order with the 

Trade Now instruction. The fees 

associated with Fee Code Combination 

MLY are the same as the fees associated 

with Fee Code Combination ML, the fee 

code for an order that adds displayed 

liquidity (currently a rebate of $0.0004 

per share). IEX would include Fee Code 

Combination MLY on execution reports 

to specify that although the order 

executed on entry, it executed as the 

adder of displayed liquidity because of 

the contra-side order’s Trade Now 

instruction. Because the Exchange will 

disregard the Post Only instruction on 

sub-dollar orders,19 IEX proposes to 

have the ‘‘Executions below $1.00’’ 

column of the Additional Fee Code 

Combinations and Associated Fees table 

column read ‘‘N/A’’.20

• Fee Code Combination TLW, would 

apply to a resting non-displayed order 

with the Trade Now instruction that 

executes against an incoming Post Only 

order priced at $1.00 or more per share. 

The fees associated with Fee Code 

Combination TLW are the same as the 

fees associated with Fee Code 

Combination MI, the fee code for an 

execution that adds non-displayed 

liquidity (currently $0.0010 per share 

for executions at or above $1.00). IEX 

would include Fee Code Combination 

TLW on execution reports that the order 

executed as the taker of displayed 

liquidity. Because the Exchange will 

disregard the Post Only instruction on 

an incoming sub-dollar Post Only 

order,21 that order will not trigger a 

resting order with the ‘‘Trade Now’’ 

instruction to become the taking order. 

Therefore, Fee Code Combination TLW 

would never apply to a resting nondisplayed order that matches with an 

incoming sub-dollar order with a Post 

Only instruction, and IEX proposes to 

have the ‘‘Executions below $1.00’’ 

column of the Additional Fee Code 

Combinations and Associated Fees table 

column read ‘‘N/A’’. 

IEX proposes to add these Fee Codes 

to the Additional Fee Code 

Combinations and Associated Fees table 

on the IEX Fee Schedule as follows: 

Fee Codes Description 

Executions at 

or above 

$1.00 

Executions 

below $1.00 

MLY .................. Post Only order adds liquidity against resting non-displayed order ........................................ ($0.0004) N/A 

TIY .................... Post Only order removes non-displayed liquidity ..................................................................... 0.0010 N/A 

TLY ................... Post Only order removes displayed liquidity ............................................................................ 0.0010 N/A 

TLW .................. Resting non-displayed order removes liquidity against incoming Post Only order ................. 0.0010 N/A 

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)(4) 23 of the Act, in particular, in that 

it is designed to provide for the 

equitable allocation of reasonable fees 

among IEX Members and persons using 

its facilities. As described in the 

Purpose section, these proposed Fee 

Code changes will not change the fees 

the Exchange charges for impacted 

orders but will simply provide 

additional information with respect to 

such fees. Therefore, the Exchange does 

not believe that adding this additional 

information raises 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. 

Additionally, IEX believes that the 

proposed changes to the Fee Schedule 

are consistent with the investor 

protection objectives of Section 

6(b)(5) 24 of the Act, in particular, in that 

they are designed to prevent fraudulent 

and manipulative acts and practices; to 

promote just and equitable principles of 

trade; to foster cooperation and 


ddrumheller on DSK120RN23PROD with NOTICES1
9194 Federal Register / Vol. 89, No. 28 / Friday, February 9, 2024 / Notices 

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

26 15 U.S.C. 78s(b)(2)(B). 

27 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

coordination with persons engaged in 

facilitating transactions in securities; 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 are not designed to 

permit unfair discrimination between 

customers, brokers, or dealers. IEX 

believes that providing additional 

specificity to Members on execution 

reports about the circumstances under 

which a Post Only order executed on 

entry, as well as when an order with a 

Trade Now instruction executed as a 

liquidity remover, will assist Members 

with their order routing strategies, 

thereby facilitating transactions in 

securities. Further, IEX believes that 

specifying that these new Fee Code 

Combinations do not apply to sub-dollar 

executions because IEX disregards the 

Post Only instruction on orders priced 

below $1.00 per share will also assist 

Members with their order routing 

strategies, thereby facilitating 

transactions in securities. 

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 Fee Code changes will impose 

any burden on intermarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

As described in the Purpose and 

Statutory Basis sections, the Exchange is 

not proposing to change any fees but 

merely to provide additional 

information to Members regarding 

certain executions. 

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. The proposed fees 

will apply to all Members in the same 

manner, as discussed in the Statutory 

Basis section. Accordingly, the 

Exchange does not believe that these 

changes will have any impact on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

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 foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) 25 of the Act. 

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) 26 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–2024–04 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–2024–04. 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–2024–04 and should be 

submitted on or before March 1, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02643 Filed 2–8–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99476; File No. SR–MIAX– 

2024–06] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change to Amend Its Fee Schedule to 

Modify Certain Connectivity and Port 

Fees 

February 5, 2024. 

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 January 

25, 2024, Miami International Securities 

Exchange, LLC (‘‘MIAX’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

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 Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

MIAX Options Exchange Fee Schedule 

(the ‘‘Fee Schedule’’) to amend certain 

connectivity and port fees. 


ddrumheller on DSK120RN23PROD with NOTICES1