90098 Federal Register / Vol. 89, No. 220 / Thursday, November 14, 2024 / Notices 

97 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 IEX Rule 1.160(s). 

7See Investors Exchange Fee Schedule, available 

at https://www.iexexchange.io/resources/trading/ 

fee-schedule. 

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

9Nothing in this rule filing affects trades below 

$1.00 per share (‘‘sub-dollar trades’’). Sub-dollar 

trades would not impact the rebate tier calculations 

and remain ineligible for rebates. 

10The Fee Schedule defines ‘‘ADV’’ as the 

number of shares added or removed that execute at 

or above $1.00 per share, combined, per day, 

calculated on a monthly basis. 

11 IEX designed Tier 2, which provides a 10 mil 

rebate to Members that trade at least 5,000,000 nondisplayed ADV, to provide Members additional 

ways to qualify for a tiered rebate incentive. 

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– 

PEARL–2024–51 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–PEARL–2024–51. 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–PEARL–2024–51 and should be 

submitted on or before December 5, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.97

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–26406 Filed 11–13–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101562; File No. SR–IEX– 

2024–24] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Exchange’s Fee Schedule Concerning 

Transaction Pricing 

November 7, 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 October 

28, 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 the Exchange’s fee 

schedule applicable to Members 6 (the 

‘‘Fee Schedule’’ 7) pursuant to IEX Rule 

15.110(a) and (c). Changes to the Fee 

Schedule pursuant to this proposal are 

effective upon filing,8 and will be 

operative on November 1, 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 modify its 

Fee Schedule, pursuant to IEX Rule 

15.110(a) and (c), to introduce four new 

Displayed Liquidity Adding Rebate 

Tiers (and to modify the two current 

tiers) for executions priced at or above 

$1.00. The Exchange proposes to 

implement these changes effective 

November 1, 2024. 

Displayed Liquidity Adding Rebate 

Tiers 

As reflected in the Transaction Fees 

section of the Fee Schedule, IEX 

currently offers two Displayed Liquidity 

Adding Rebate tiers. Specifically, 

Displayed Liquidity Adding Rebate Tier 

1 provides the Exchange’s base rebate of 

$0.0014 per share to all executions of 

displayed liquidity adding orders priced 

at or above $1.00 per share (‘‘Added 

Displayed Liquidity’’).9 And Displayed 

Liquidity Adding Rebate Tier 2 provides 

a rebate of $0.0020 per share to all 

Added Displayed Liquidity for Members 

that add at least 10,000,000 ADV 10 of 

Added Displayed Liquidity. 

To further incentivize the posting of 

displayed liquidity on the Exchange, 

IEX proposes to modify the two current 

Displayed Liquidity Adding Rebate tiers 

and introduce four new tiers. Under this 

proposal, the fees/rebates the Exchange 

charges for adding displayed liquidity to 

the Exchange will be: 

• Members that add less than 

3,000,000 ADV of displayed liquidity 

will be charged a fee of FREE for their 

displayed liquidity adding executions 

(Tier 1). 

• Members that trade at least 

5,000,000 non-displayed ADV and less 

than 10,000,000 non-displayed ADV 

will receive a rebate of 10 mils per share 

for their displayed liquidity adding 

executions (Tier 2).11


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12 IEX designed Tier 3, which provides a 14 mil 

rebate to Members that trade at least 10,000,000 

non-displayed ADV (or add between 3,000,000 and 

10,000,000 displayed ADV), to provide Members 

additional ways to qualify for a tiered rebate 

incentive. 

13Tier 3 is also available to a Member that adds 

at least 3,000,000 displayed ADV and less than 

10,000,000 displayed ADV, irrespective of the 

Member’s non-displayed ADV. 

14See, e.g., MEMX Equities Fee Schedule 

(Effective July 16, 2024), available at https://

info.memxtrading.com/equities-trading-resources/ 

us-equities-fee-schedule/. However, IEX’s proposed 

rebate tiers will continue to be based on each 

Member’s ADV, without a requirement to meet a 

total consolidated volume threshold. 

15See, e.g., MEMX Equities Fee Schedule, supra 

note 14 (maximum rebate of $0.0037); Nasdaq 

Equity VII, Section 114 (maximum rebate of 

$0.0036); New York Stock Exchange Price List 2024 

(as of June 3, 2024), https://www.nyse.com/ 

publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf 

(maximum rebate of $0.0035). 

16See IEX Rule 11.190(b)(15). 

17 15 U.S.C. 78f. 

18 15 U.S.C. 78f(b)(4). 

• Members that: (1) add at least 

3,000,000 ADV of displayed liquidity 

and less than 10,000,000 ADV of 

displayed liquidity; or (2) trade at least 

10,000,000 non-displayed ADV, will 

receive a rebate of 14 mils per share for 

their displayed liquidity adding 

executions (Tier 3).12

• Members that add at least 

10,000,000 ADV of displayed liquidity 

and less than 15,000,000 ADV of 

displayed liquidity will receive a rebate 

of 16 mils per share for their displayed 

liquidity adding executions (Tier 4). 

• Members that add at least 

15,000,000 ADV of displayed liquidity 

and less than 20,000,000 ADV of 

displayed liquidity will receive a rebate 

of 18 mils per share for their displayed 

liquidity adding executions (Tier 5). 

• Members that add at least 

20,000,000 ADV of displayed liquidity 

will receive a rebate of 20 mils per share 

for their displayed liquidity adding 

executions (Tier 6). 

Proposed Displayed Liquidity Adding 

Rebate Tiers 2 and 3 are based on a 

Member’s trading (both adding and 

removing) of non-displayed ADV on the 

Exchange.13 Therefore, IEX proposes to 

update the definition of ‘‘ADV’’ in the 

Definitions and Information portion of 

the Transaction Fees section of the IEX 

Fee Schedule to explain which fee code 

combinations count as ‘‘non-displayed 

ADV.’’ Specifically, IEX proposes to add 

a bullet under the ADV definition that 

states: 

• ‘‘non-displayed ADV’’ refers to 

executions with the following Fee Code 

Combinations: MI, MIB, TI, TIB, TIY, 

TIYB, TIR, TLW, TLWB, and MIA. 

IEX notes that this model of offering 

volume-based rebates is consistent with 

the rebates offered by competitor 

exchanges.14 The Exchange also notes 

that the highest rebate in this proposal, 

the $0.0020 rebate for Tier 5, is well 

within the range of rebates offered by 

competing exchanges.15

Accordingly, IEX proposes to update 

its Fee Schedule to make several 

revisions to reflect the proposed 

amended rebate tiers. First, the 

Exchange proposes to amend the Fee 

Schedule’s Base Rates table to update 

the description and fees associated with 

Base Fee Code ML (‘‘Add displayed 

liquidity’’). As amended, the Base Rates 

table will list six base rates for Fee Code 

ML—the FREE execution applied if 

‘‘Member adds less than 3,000,000 ADV 

of displayed liquidity’’; the $0.0010 

rebate applied if ‘‘Member trades at least 

5,000,000 non-displayed ADV and less 

than 10,000,000 non-displayed ADV’’; 

the $0.0014 rebate applied if ‘‘Member: 

(1) adds at least 3,000,000 ADV and less 

than 10,000,000 ADV of displayed 

liquidity; or (2) trades at least 

10,000,000 non-displayed ADV’’; the 

$0.0016 rebate applied if ‘‘Member adds 

at least 10,000,000 ADV and less than 

15,000,000 ADV of displayed liquidity’’; 

the $0.0018 rebate applied if ‘‘Member 

adds at least 15,000,000 and less than 

20,000,000 ADV of displayed liquidity’’; 

and the $0.0020 rebate applied if 

‘‘Member adds at least 20,000,000 ADV 

of displayed liquidity.’’ 

IEX also proposes to amend Footnote 

4 to the Transaction Fees section, which 

is applicable to fee code ML in the Base 

Rates table, and to Fee Code 

Combinations ML, MLB, MLY, and 

MLYB in the Fee Code Combination and 

Associated Fees table. As proposed, 

Footnote 4 will be amended to reflect 

the six tiers proposed in this filing, 

including the required criteria for each 

rebate tier and the applicable rebate, as 

described above. 

The Exchange believes the proposed 

amendments to the Displayed Liquidity 

Adding Rebate Tiers would provide an 

incremental incentive for Members to 

send more orders to the Exchange in an 

effort to qualify for the proposed 

enhanced rebates offered by Tiers 2–5 

for executions of Added Displayed 

Volume. As such, the proposed 

Displayed Liquidity Adding Rebate 

Tiers are designed to encourage 

Members that provide liquidity on the 

Exchange to maintain or increase their 

order flow, thereby contributing to a 

deeper and more liquid market to the 

benefit of all market participants and 

enhancing the attractiveness of the 

Exchange as a trading venue. 

As noted above, the Exchange is not 

proposing to change the fees applicable 

to executions of and with orders with an 

execution price below $1.00 per share, 

which would remain free for such 

orders that provide displayed liquidity 

and subject to a fee of 0.09% of the total 

dollar volume of the execution for 

orders that take displayed liquidity. IEX 

is also not proposing to make any 

changes to the fees applicable to the 

execution of Retail 16 orders that remove 

displayed liquidity, which will continue 

to execute for free. 

2. Statutory Basis 

IEX believes that the proposed rule 

change is consistent with the provisions 

of Section 6(b) 17 of the Act in general 

and furthers the objectives of Sections 

6(b)(4) 18 of the Act, in particular, in that 

it is designed to provide for the 

equitable allocation of reasonable dues, 

fees and other charges among its 

Members and other persons using its 

facilities. The Exchange believes that 

the proposed fee change is reasonable, 

fair and equitable, and nondiscriminatory. 

The Exchange operates in a highly 

competitive market in which market 

participants can readily direct order 

flow to competing venues if they deem 

fee levels at a particular venue to be 

excessive. IEX has concluded that, in 

the context of current regulatory 

requirements governing access fees and 

rebates, it will be able to more 

effectively compete with other 

exchanges for order flow by offering 

more targeted rebate incentives. Based 

upon informal discussions with market 

participants, IEX believes that Members 

and other market participants may be 

more willing to send displayed orders to 

IEX if the proposed fee structure was 

adopted. 

Accordingly, IEX has designed the 

proposed rebate tiers to attract and 

incentivize displayed orders as well as 

order flow seeking to trade with such 

displayed orders. Moreover, increases in 

displayed liquidity would contribute to 

the public price discovery process 

which would benefit all market 

participants and protect investors and 

the public interest. Additionally, as 

discussed in the Purpose section, IEX 

has designed Tiers 2 and 3, which 

provide a 10 mil rebate to Members that 

trade at least 5,000,000 non-displayed 

ADV (but less than 10,000,000 nondisplayed ADV) and a 14 mil rebate to 

Members that trade at least 10,000,000 

non-displayed ADV to allow Members 

additional ways to qualify for an 

incentive rebate tier. 

The Exchange also believes that 

adding language to the ADV definition 

in the Fee Schedule to explain which 


ddrumheller on DSK120RN23PROD with NOTICES1
90100 Federal Register / Vol. 89, No. 220 / Thursday, November 14, 2024 / Notices 

19See Securities Exchange Act Release No. 86619 

(August 9, 2019), 84 FR 41769, 41771 (August 15, 

2019) (SR–IEX–2019–05). 

20 15 U.S.C. 78s(b)(3)(A)(ii). 

21 15 U.S.C. 78s(b)(2)(B). 

fee codes count towards ‘‘non-displayed 

ADV’’ is reasonable, equitable, and nondiscriminatory because this language is 

designed to ensure that the Fee 

Schedule is as clear and easily 

understandable as possible with respect 

to the criteria applied by the Exchange 

for two of the new proposed rebate tiers. 

Thus, as discussed in the Purpose 

section, the Exchange believes that the 

proposed addition of new volume-based 

rebate tiers that pay progressively higher 

rebates to Members who add 

progressively more displayed liquidity 

(on a monthly average basis) is 

reasonable and consistent with the Act 

because it is designed to incentivize 

Members to send additional displayed 

orders to IEX. Specifically, the Exchange 

believes that the volume-based rebate 

tiers are reasonably designed to 

incentivize Members to add a 

meaningful volume of displayed 

liquidity by providing increasingly 

higher rebates for Members that qualify 

for increasingly higher average 

minimum volume thresholds. As noted 

in the Purpose section, other exchanges 

offer rebate tiers, and thus the Exchange 

does not believe that this aspect of the 

proposal raises any new or novel issues 

not already considered by the 

Commission. The Exchange also 

believes that setting tier thresholds 

based on each Member’s own volume on 

the Exchange rather than based on 

consolidated market-wide volume will 

facilitate the ability of Members to 

control and predict the net fees that will 

apply to their transactions on the 

Exchange each month. 

As discussed above, the Exchange 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive. Within 

that context, the proposed Displayed 

Liquidity Adding Rebate Tier structure 

is designed to keep IEX’s displayed 

trading prices competitive with those of 

other exchanges. The proposed rebates 

for the six Displayed Liquidity Adding 

Rebate tiers are within the range offered 

by competing exchanges, and thus IEX 

does not believe that the proposal raises 

any new or novel issues not already 

considered by the Commission in the 

context of other exchanges’ fees. 

The Exchange also believes that it is 

reasonable and consistent with the Act 

not to modify its displayed fees for subdollar executions to synchronize those 

fees with the proposed fees for 

executions at or above $1.00 per share. 

The Exchange believes that the existing 

fee structure for such executions 

continues to be reasonably designed to 

incentivize displayed order flow (and 

orders seeking to trade with displayed 

order flow) in such securities. 

Further, IEX believes that it is 

reasonable and consistent with the Act 

not to change the fees applicable to the 

execution of Retail orders that remove 

liquidity, which will continue to 

execute for free. In this regard, the 

Exchange believes that the existing fee 

structure continues to be reasonably 

designed to incentivize the entry of 

Retail orders, and notes that the 

Commission, in approving IEX’s Retail 

Price Improvement Program, 

acknowledged the value of exchanges’ 

offering incentives to attract both retail 

investor orders and orders specifically 

designated to execute only with retail 

orders.19

Finally, to the extent this proposed 

fee change is successful in incentivizing 

the entry and execution of displayed 

orders on IEX, such greater liquidity 

will benefit all market participants by 

increasing price discovery and price 

formation as well as market quality and 

execution opportunities. And, as 

discussed above, IEX does not believe 

that any aspect of this proposal raises 

new or novel issues not already 

considered by the Commission. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

IEX does not believe that the 

proposed rule change will result in 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. 

The Exchange operates in a highly 

competitive market in which market 

participants can readily direct order 

flow to competing venues if fee 

schedules at other venues are viewed as 

more favorable. Consequently, the 

Exchange believes that the degree to 

which IEX fees could impose any 

burden on competition is extremely 

limited and does not believe that such 

fees would burden competition between 

Members or competing venues. 

Moreover, as noted in the Statutory 

Basis section, the Exchange does not 

believe that the proposed changes raise 

any new or novel issues not already 

considered by the Commission. 

The Exchange 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 

because, while different rebates and fees 

are assessed on Members, these rebate 

and fee tiers are not based on the type 

of Member entering the orders that 

match, but rather on the Member’s own 

trading activity. Further, the proposed 

fee changes continue to be intended to 

encourage market participants to bring 

increased order flow to the Exchange, 

which benefits all market participants. 

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) 20 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) 21 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–2024–24 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–2024–24. This file 

number should be included on the 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 220 / Thursday, November 14, 2024 / Notices 90101 

22 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed fee 

changes on July 3, 2023 (SR–CboeBZX–2023–047). 

On September 1, 2023, the Exchange withdrew that 

filing and submitted SR–CboeBZX–2023–068. On 

September 29, 2023, the Securities and Exchange 

Commission issued a Suspension of and Order 

Instituting Proceedings to Determine whether to 

Approve or Disapprove a Proposed Rule Change to 

Amend its Fees Schedule Related to Physical Port 

Fees (the ‘‘OIP’’) in anticipation of a possible U.S. 

government shutdown. On September 29, 2023, the 

Exchange filed the proposed fee change (SR– 

CboeBZX–2023–79). On October 13, 2023, the 

Exchange withdrew that filing and submitted SR– 

CboeBZX–2023–083. On December 12, 2023 the 

Exchange withdrew that filing and submitted SR– 

CboeBZX–2023–104. On February 9, 2024, the 

Exchange withdrew that filing and submitted SR– 

CboeBZX–2024–017. On April 9, 2024, the 

Exchange withdrew that filing and submitted this 

SR–CboeBZX–2024–028. On April 18, 2024, the 

Exchange withdrew that filing and submitted SR– 

CboeBZX–2024–030. On June 7, 2024, the Exchange 

withdrew that filing and submitted SR–CboeBZX– 

2024–052. On August 29, 2024, the Exchange 

withdrew that filing and submitted SR–CboeBZX– 

2024–080. On October 25, 2024, the Exchange 

withdrew that filing and submitted SR–CboeBZX– 

2024–107. On October 28, 2024, the Exchange 

withdrew that filing and submitted this filing. 

4See e.g., The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’), General 8, Connectivity to the 

Exchange. Nasdaq and its affiliated exchanges 

charge a monthly fee of $15,000 for each 10Gb Ultra 

fiber connection to the respective exchange, which 

is analogous to the Exchange’s 10Gb physical port. 

See also New York Stock Exchange LLC, NYSE 

American LLC, NYSE Arca, Inc., NYSE Chicago 

Inc., NYSE National, Inc. Connectivity Fee 

Schedule, which provides that 10 Gb LX LCN 

Circuits (which are analogous to the Exchange’s 10 

Gb physical port) are assessed $22,000 per month, 

per port. 

5The Affiliate Exchanges are also submitting 

contemporaneous identical rule filings. 

6The Exchange notes that conversely, other 

exchange groups charge separate port fees for access 

to separate, but affiliated, exchanges. See e.g., 

Securities and Exchange Release No. 99822 (March 

21, 2024), 89 FR 21337 (March 27, 2024) (SR– 

MIAX–2024–016). 

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–2024–24 and should be 

submitted on or before December 5, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–26421 Filed 11–13–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101529; File No. SR– 

CboeBZX–2024–109] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fees Schedule Related to Physical 

Port Fees 

November 6, 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 October 

28, 2024, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) filed with the 

Securities and Exchange Commission 

(‘‘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 Substance of 

the Proposed Rule Change 

Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX Options’’) 

proposes to amend its Fees Schedule. 

The text of the proposed rule change is 

provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (https://markets.cboe.com/us/ 

equities/regulation/rule_filings/BZX/), 

at the Exchange’s Office of the 

Secretary, 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 

Exchange 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 

Exchange 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 proposes to amend its 

fee schedule relating to physical 

connectivity fees.3

By way of background, a physical port 

is utilized by a Member or non-Member 

to connect to the Exchange at the data 

centers where the Exchange’s servers are 

located. The Exchange currently 

assesses the following physical 

connectivity fees for Members and nonMembers on a monthly basis: $2,500 per 

physical port for a 1 gigabit (‘‘Gb’’) 

circuit and $7,500 per physical port for 

a 10 Gb circuit. The Exchange proposes 

to increase the monthly fee for 10 Gb 

physical ports from $7,500 to $8,500 per 

port. The Exchange notes the proposed 

fee change better enables it to continue 

to maintain and improve its market 

technology and services and also notes 

that the proposed fee amount, even as 

amended, continues to be in line with, 

or even lower than, amounts assessed by 

other exchanges for similar 

connections.4 The Exchange also notes 

that a single 10 Gb physical port can be 

used to access the Systems of the 

following affiliate exchanges: the Cboe 

BYX Exchange, Inc., Cboe EDGX 

Exchange, Inc. (options and equities 

platforms), Cboe EDGA Exchange, Inc., 

and Cboe C2 Exchange, Inc., (‘‘Affiliate 

Exchanges’’).5 Notably, only one 

monthly fee currently (and will 

continue) to apply per 10 Gb physical 

port regardless of how many affiliated 

exchanges are accessed through that one 

port.6

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 


ddrumheller on DSK120RN23PROD with NOTICES1