79988 Federal Register / Vol. 89, No. 190 / Tuesday, October 1, 2024 / 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 17 CFR 240.19b–4(f)(6)(iii). 

7See IEX Rule 1.160(nn). 

8See Securities Exchange Act Release No. 101018 

(September 12, 2024), 89 FR 76526 (September 18, 

2024) (SR–IEX–2024–17) (‘‘Data Center Migration 

Filing’’). 

9See IEX Rule 1.160(qq). 

10See IEX Rule 1.160(s). 

11See IEX Rule 1.160(ll). 

12See IEX Rule 11.130(c). 

13See IEX Rule 11.130(d). 

14See IEX Rule 11.130(a). 

15See IEX Rule 11.510(b)(1). 

16See supra note 5. 

permit certain joint transactions 

otherwise prohibited by sections 17(d) 

and 57(a)(4) of the Act and rule 17d–1 

under the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order to amend a previous 

order granted by the Commission that 

permits certain business development 

companies and closed-end management 

investment companies to co-invest in 

portfolio companies with each other and 

with certain affiliated investment 

entities. 

APPLICANTS: Lafayette Square USA, Inc., 

Lafayette Square Private Fund, LLC and 

LS BDC Adviser, LLC. 

FILING DATES: The application was filed 

on July 12, 2023. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on October 21, 2024, and 

should be accompanied by proof of 

service on the Applicants, in the form 

of an affidavit or, for lawyers, a 

certificate of service. Pursuant to rule 0– 

5 under the Act, hearing requests should 

state the nature of the writer’s interest, 

any facts bearing upon the desirability 

of a hearing on the matter, the reason for 

the request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary at 

Secretarys-Office@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Ileana Stone, stone@

lafayettesquare.com; with copies to: 

Thomas Friedmann, 

thomas.friedmann@dechert.com and 

Cynthia Beyea, Cynthia.Beyea@

dechert.com. 

FOR FURTHER INFORMATION CONTACT: 

Terri G. Jordan, Branch Chief, at (202) 

551–6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ application, dated July 12, 

2023, which may be obtained via the 

Commission’s website by searching for 

the file number at the top of this 

document, or for an Applicant using the 

Company name search field, on the 

SEC’s EDGAR system. The SEC’s 

EDGAR system may be searched at 

https://www.sec.gov/edgar/searchedgar/ 

legacy/companysearch.html. You may 

also call the SEC’s Public Reference 

Room at (202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–22548 Filed 9–30–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101192; File No. SR–IEX– 

2024–18] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify a 

Representation in a Recent Rule Filing 

Regarding the Planned Migration of its 

System 

September 25, 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 

September 18, 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 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 proposal to 

modify a representation in a recent rule 

filing regarding the amount of advance 

notice IEX will give before 

implementing that rule filing. The 

Exchange has designated this proposal 

as non-controversial and is requesting a 

waiver of the notice required by Rule 

19b–4(f)(6)(iii) under the Act.6

There is no rule text for this proposed 

rule change. 

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 

On September 4, 2024, in connection 

with IEX’s planned migration of its 

System 7 from a data center located in 

Weehawken, New Jersey to a data center 

located in Secaucus, New Jersey, IEX 

filed with the Commission an 

immediately effective proposed rule 

change.8 The Data Center Migration 

Filing amended IEX Rules 11.190 and 

11.510 to remove references to the 

latency applicable to outbound 

communications from IEX’s System 

(‘‘outbound latency’’) to its Users 9

(defined as Members 10 and Sponsored 

Participants 11), Data Recipients 12, and 

Service Bureaus 13 (collectively, 

‘‘Participants’’ 14); the filing also added 

Temporary Supplementary Material .01 

to IEX Rule 11.510(a) to describe the 

minor temporary change in inbound 

latency 15 during the data center 

migration. The Data Center Migration 

Filing included a representation that 

IEX would issue a Trading Alert at least 

30 days in advance of the migration 

‘‘describing the transition, schedule, 

and impact.’’ 16 For the reasons set forth 

below, IEX is making this filing to 

modify the advance notice period in the 

Data Center Migration Filing from 30 to 

28 days. 

IEX has issued three Trading Alerts 

informing market participants about the 


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Federal Register / Vol. 89, No. 190 / Tuesday, October 1, 2024 / Notices 79989 

17See IEX Trading Alert #2024–024, https://

iextrading.com/alerts/#/263. IEX understands that 

Members that use arrival-time routing strategies 

may choose to update their routing logic during the 

migration period. 

18See IEX Trading Alert #2024–027, https://

iextrading.com/alerts/#/256. 

19 Id. 

20 Id. 

21See IEX Trading Alert #2024–028, https://

iextrading.com/alerts/#/266. 

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

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

planned data center migration. The first 

Trading Alert, issued on August 29, 

2024 (‘‘August 29 Alert’’), informed 

Participants of the data center migration 

planned for the fourth quarter of 2024, 

described how the migration would 

reduce the outbound latency from 37 

microseconds to a negligible latency, 

explained that Participants would not 

need to make any configuration changes 

to accommodate the data center 

migration, and provided three Saturday 

testing dates in September 2024.17 The 

second Trading Alert, issued on 

September 9, 2024 (‘‘September 9 

Alert’’), provided additional detail about 

the data center migration planned for 

the fourth quarter of 2024.18 In 

particular, the September 9 Alert 

detailed the temporary change to IEX’s 

inbound latency during the migration: 

from 350 to 387 microseconds for 

inbound messages and from 350 to 424 

microseconds for routable orders.19 The 

September 9 Alert also provided an 

overview of the migration schedule that 

would entail migrating client gateways, 

market data feeds, and matching engines 

on a symbol-by-symbol basis.20

On Monday, September 16, 2024, IEX 

issued a third Trading Alert 

(‘‘September 16 Alert’’), which 

announced the October 14, 2024 

scheduled commencement of the data 

center migration and detailed which 

aspects of the System would be 

migrated until the October 31, 2024 

completion.21

IEX waited until September 16 to 

announce the October 14 migration start 

date to allow for testing of our fallback 

mechanisms for the migration, as well 

as confirmatory testing of connectivity 

to the CTA SIP conducted over the prior 

weekend (September 14 and 15). 

Additionally, IEX wanted to offer 

Participants an opportunity to connect 

to and test the new data center, which 

it did on September 14. While 

September 16 is 28 days before the 

migration start date, as noted above, IEX 

already provided more than 30 days’ 

notice to market participants of the 

planned migration before it issued the 

September 14 Alert. Furthermore, IEX 

believes 28 days’ advance notice 

provides sufficient advance notice of the 

migration schedule to inform 

Participants who may need to prepare 

for the migration. 

IEX selected Monday, October 14, 

2024, as the migration start date for two 

primary reasons. First, the migration 

must start on a Monday to allow IEX’s 

technology team to use the preceding 

weekend to physically relocate 

equipment from the Weehawken data 

center to the Secaucus data center and 

to test that the equipment is properly 

installed in the Secaucus data center. 

Second, IEX determined it would be 

optimal to start the migration on 

October 14, for several logistical 

reasons, including that commencing the 

migration on October 14 will allow IEX 

sufficient time to fully decommission or 

relocate IEX’s equipment currently 

housed in the Weehawken data center, 

without causing any undue hardship to 

the Exchange. 

Thus, for the reasons set forth above, 

IEX is filing this proposal to modify the 

30 days’ advance notice requirement to 

28 days’ advance notice. With this 

filing, the September 16 Alert will be 

deemed to provide timely notice of the 

migration. If, for an unforeseen reason, 

IEX must delay the October 14, 2024 

data center migration start date, IEX will 

issue an additional Trading Alert 

providing at least 10 days’ notice of the 

new start date for the migration. 

2. Statutory Basis 

IEX believes that its proposal is 

consistent with the provisions of 

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

with Section 6(b)(5) of the Act,23 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 the three Trading 

Alerts described in the Purpose section 

provided appropriate transparency and 

clarity to market participants and the 

Commission regarding the data center 

migration and the related rule changes. 

As noted in the Purpose section, 

Participants will not need to make any 

configuration changes to accommodate 

the reduction in IEX’s outbound latency 

set forth in the Data Center Migration 

Filing. Participants also will not need to 

make any configuration changes to 

accommodate the temporary increases 

to IEX’s inbound latency set forth in the 

Data Center Migration Filing. 

Nevertheless, IEX understands that 

Members that use arrival-time routing 

strategies may choose to update their 

routing logic during the migration 

period. Thus, IEX believes it is 

consistent with the Act to provide at 

least 28 days’ notice of the start date of 

the data center migration, and that the 

advance notice IEX provided of its data 

center migration is more than sufficient 

notice to remove impediments to and 

perfect the mechanism of a free and 

open market and to protect investors 

and the public interest. 

Additionally, as described in the 

Purpose section, reducing from 30 to 28 

days the amount of advance notice IEX 

must give to Participants of the data 

center migration schedule allowed IEX 

sufficient time to fully test the data 

center migration before announcing the 

start date (including allowing 

Participants a testing date on September 

14), and allows enough time for IEX to 

conduct an orderly migration and to 

properly decommission its Weehawken 

data center. Thus, this slightly reduced 

notice period is designed to allow IEX 

to maintain a functioning market 

without interruption during the 

migration, which is consistent with the 

requirements of the Act that a rule 

change should remove impediments to 

and perfect the mechanism of a free and 

open market and protect investors. 

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 from 30 to 28 days the amount 

of advance notice IEX must give to 

Participants of the data migration 

schedule. This modest reduction in the 

amount of advance notice IEX must give 

of the migration start date will impact 

all market participants equally. The 

Exchange does not expect the slightly 

shorter notice period to place any 

burden on competition. Rather, the 

change to the notice period will allow 

the Exchange to implement the data 

center migration 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. 


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79990 Federal Register / Vol. 89, No. 190 / Tuesday, October 1, 2024 / Notices 

24 15 U.S.C. 78s(b)(3)(A)(iii). 

25 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 the 

filing of the proposed rule change, or such shorter 

time as designated by the Commission. The 

Exchange requested waiver of the five-day prefiling 

requirement for this proposal for the reasons stated 

in its filing, which the Commission hereby grants. 

26 17 CFR 240.19b–4(f)(6). 

27 17 CFR 240.19b–4(f)(6)(iii). 

28 17 CFR 240.19b–4(f)(6)(iii). 

29For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 

30 15 U.S.C. 78s(b)(2)(B). 

31 17 CFR 200.30–3(a)(12) and (59). 

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

2 17 CFR 240.19b–4. 

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)(iii) 24 of the Act and Rule 

19b–4(f)(6) thereunder 25 in that it 

effects a change that: (i) does not 

significantly affect the protection of 

investors or the public interest; (ii) does 

not impose any significant burden on 

competition; and (iii) by its terms, does 

not become operative for 30 days after 

the date of the filing, or such shorter 

time as the Commission may designate 

if consistent with the protection of 

investors and the public interest. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 26 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),27 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 contained in Rule 19b– 

4(f)(6)(iii).28 The Exchange stated that 

waiver of the 30-day delay would 

permit the Exchange to promptly notify 

market participants of the data center 

migration schedule without any 

confusion as to whether IEX has 

provided sufficient advance notice of 

the migration, thereby allowing market 

participants sufficient time to test the 

new data center configuration and 

update any routing logic to account for 

the temporary changes to IEX’s inbound 

latency during the migration. In the 

filing, IEX confirmed that it issued a 

Trading Alert on September 16 with 

details on the migration from the 

Weehawken data center to the Secaucus 

data center at least 28 days prior to 

starting the migration, which is 

currently planned for October 14. IEX 

further represented that it provided 

Participants one round of testing before 

issuing the September 16 Trading Alert. 

The proposed modification of the 

duration of the notice by IEX to its 

members of the data center migration 

from 30 days to 28 days to account for 

an intervening weekend during which 

IEX allowed participants to connect to 

and test the new data center does not 

raise any novel issues and provides 

sufficient clarification of IEX’s 

previously-announced intentions 

regarding the timing of the migration, 

especially in light of the two prior 

Trading Alerts that IEX issued on 

August 29 and September 9, and 

therefore waiver of the 30-day operative 

delay is consistent with the protection 

of investors and the public interest. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal 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 

under Section 19(b)(2)(B) 30 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–2024–18 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–2024–18. 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–2024–18 and should be 

submitted on or before October 22, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–22415 Filed 9–30–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101190; File No. SR– 

CboeBZX–2024–089] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend 

Exchange Rule 14.11(e)(10) (Managed 

Trust Securities) and To List and Trade 

Shares of the Dynamic Short ShortTerm Volatility Futures ETF Under 

Amended Rule 14.11(e)(10) 

September 25, 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 

September 16, 2024, Cboe BZX 

Exchange, Inc. (‘‘Exchange’’) filed with 

the Securities and Exchange 


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