Federal Register / Vol. 89, No. 235 / Friday, December 6, 2024 / Notices 97125 

18 15 U.S.C. 78s(b)(3)(A)(ii). 

19 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. 

connect to the Exchange through a 

vendor. 

In summary, the proposal represents 

an equitable allocation of reasonable 

dues, fees and other charges because 

customers have choices in how they 

connect to the Exchange, the proposed 

monthly fee for Ultra High Density 

Cabinets is comparable to current fees 

charged by the Exchange for other 

cabinets, the Exchange will provide 

uniform cabinets in NY11–4 with 

special features, the proposed cabinet 

installation fee is consistent with that of 

comparable products offered by other 

providers, the Exchange will incur 

increased costs for new power 

installation in NY11–4, higher voltage 

power options will provide operational 

efficiencies for the data hall, and PDU 

options are provided as a convenience 

to customers and customers may choose 

to provide their own PDUs. 

The Exchange believes that the 

proposed fee changes are not unfairly 

discriminatory because the cabinet, 

power, and PDU fees for NY11–4 are 

available to and assessed uniformly 

across all market participants. In 

addition, all customers have the choice 

of whether and how to connect to the 

Exchange. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Nothing in the proposal burdens 

inter-market competition because 

approval of the proposal does not 

impose any burden on the ability of 

other exchanges to compete. The 

Exchange operates in a highly 

competitive market in which market 

participants can determine whether or 

not to connect to the Exchange based on 

the value received compared to the cost 

of doing so. Indeed, market participants 

have numerous alternative exchanges 

that they may participate on and direct 

their order flow, as well as off-exchange 

venues, where competitive products are 

available for trading. 

Nothing in the proposal burdens 

intra-market competition because the 

Ultra High Density Cabinets, cabinet 

power options, and PDU optionality in 

NY11–4 are available to any customer 

under the same fees as any other 

customer, and any customer that wishes 

to order cabinets, power and PDUs in 

NY11–4 can do so on a nondiscriminatory basis. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or 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) of the Act.18

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: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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 

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– 

Phlx–2024–62 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–Phlx–2024–62. 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–Phlx–2024–62 and should be 

submitted on or before December 27, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–28542 Filed 12–5–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101782; File No. SR–IEX– 

2024–27] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Provide that 

DEEP+ Data Will Be Included in the 

Exchange’s HIST Data Product 

December 2, 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 

November 27, 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. 


lotter on DSK11XQN23PROD with NOTICES1
97126 Federal Register / Vol. 89, No. 235 / Friday, December 6, 2024 / Notices 

4 15 U.S.C. 78s(b)(1). 

5 17 CFR 240.19b–4. 

6See IEX Rule 11.330(a)(5). 

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

8 17 CFR 240.19b–4. 

9See Securities Exchange Act Release No. 80845 

(June 1, 2017), 82 FR 26552 (June 6, 2017) (SR–IEX– 

2017–19). 

10See IEX Rule 11.330(a)(5). 

11See IEX Rule 11.330(a)(1). 

12See IEX Rule 11.330(a)(2). 

13TOPS and DEEP also include execution 

information (i.e., last sale information) for 

executions on the Exchange and IEX Auction 

information for any IEX-listed securities. See IEX 

Rule 11.330(a)(1) and (2). 

14See supra note 9. HIST files are posted to the 

IEX website after the close of trading and can be 

accessed at https://iextrading.com/trading/marketdata/#hist-download. 

15See Securities Exchange Act Release No. 

101231 (October 2, 2024), 89 FR 81608 (October 8, 

2024) (SR–IEX–2024–20); see also IEX Rule 

11.330(a)(3). 

16 Id. 

17See Trading Alert # 2024–037, available at 

https://iextrading.com/alerts/#/275. 

18See, e.g., Cboe BZX Rule 11.22(h) (‘‘Historical 

Data. Historical Data is a data product that offers 

historical equities data’’); MEMX Rule 13.8(d) 

(‘‘MEMOIR Historical Data. MEMOIR Historical 

Data is a data product that offers historical equities 

data’’). 

19 15 U.S.C. 78f(b). 

20 15 U.S.C. 78f(b)(5). 

21See IEX Rule 1.160(s). 

22See supra note 18. 

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 provide that DEEP+ data will 

be included in its HIST6 Data Product. 

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 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 is making this filing to 

provide that DEEP+ data will be 

included in its HIST Data Product. 

IEX introduced HIST in 2017.9 HIST 

is ‘‘a data product that offers historical 

data.’’ 10 At the time IEX introduced 

HIST, the Exchange offered two realtime data products: TOPS,11 an 

uncompressed data feed that offers 

aggregated top of book quotations for all 

displayed orders resting on the Order 

Book; and DEEP,12 an uncompressed 

data feed that provides aggregated depth 

of book quotations for all displayed 

orders resting on the Order Book at each 

price level.13 Thus, in the 2017 filing to 

adopt HIST, IEX described HIST as 

including ‘‘the same substantive data 

that is provided in real time via TOPS 

and DEEP on a T+1 basis via the 

Exchange’s public website, free of 

charge.’’ 14

IEX recently filed an immediately 

effective rule change proposal to 

introduce a new data product, DEEP+, 

which will disseminate, on a real-time 

basis, order-by-order information for all 

displayed orders resting on the Order 

Book for securities traded on IEX and 

execution information (i.e., last sale 

information) for executions on the 

Exchange.15 While DEEP+ and DEEP 

will both provide information about all 

displayed orders resting on the IEX 

Order Book (and last sale information), 

DEEP+ will provide information about 

each displayed resting order, while 

DEEP will continue to provide 

information about the total volume of 

displayed interest resting at any price.16

IEX plans to introduce DEEP+ on 

December 9, 2024.17

While IEX Rule 11.330(a)(5), which 

describes HIST, is not specific as to 

which historical data is included 

therein, IEX’s 2017 rule filing adopting 

HIST provided that TOPS and DEEP 

data would be included, as noted above. 

Accordingly, the Exchange is making 

this rule filing to provide that HIST will 

also include DEEP+ data. IEX is not 

proposing to modify the language in 

Rule 11.330(a)(5) which will continue to 

state: ‘‘HIST. Historical Data is a data 

product that offers historical data.’’ IEX 

notes that other exchanges that offer an 

historical data product do not provide 

specificity on which of their market data 

products are included in their historical 

data products.18

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,19 in general, and 

furthers the objectives of Section 

6(b)(5),20 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 add the same substantive 

data that IEX will provide in real-time 

via the new DEEP+ data product to 

HIST, thereby providing additional 

transparency regarding historical IEX 

displayed orders to Members 21 and 

other users of IEX data products. 

As discussed in the Purpose section, 

IEX publishes the HIST file, which 

contains the same substantive data that 

is provided in real-time via TOPS and 

DEEP, to its website after the close of 

trading, where it is offered free of 

charge. Adding DEEP+ data to HIST is 

fully consistent with this approach. 

Further, other exchanges offer depth of 

book data in their historical data 

products in a comparable manner.22

Therefore, the Exchange does not 

believe that this proposed rule change 

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 and other market 

participants will be able to access 

DEEP+ data through HIST. 

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 add to its HIST data product the 

substantive data that will be provided in 

real-time via the new DEEP+ market 

data product, which will provide 

enhanced transparency to Members and 

other users of IEX data products 

regarding historical displayed orders on 

IEX. 

With regard to intra-market 

competition, the proposed rule change 

will apply equally to all Members and 

other market participants on a fair, 

impartial and nondiscriminatory basis 

without imposing any new burdens. 

Access to HIST is optional and will be 

available to all Members and market 

participants in the same manner. 

With regard to inter-market 

competition, other exchanges are free to 

adopt similar data products subject to 


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Federal Register / Vol. 89, No. 235 / Friday, December 6, 2024 / Notices 97127 

23See supra note 18. 

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

25 17 CFR 240.19b–4(f)(6). 

26 15 U.S.C. 78s(b)(3)(A). 

27 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. 

28 17 CFR 240.19b–4(f)(6). 

29 17 CFR 240.19b–4(f)(6)(iii). 

30For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 31 15 U.S.C. 78s(b)(2)(B). 

32 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 98959 

(Dec. 5, 2023), 88 FR 84454 (Dec. 5, 2023) (File No. 

S7–21–22) (‘‘SEC Adopting Release’’), https://

www.govinfo.gov/content/pkg/FR-2023-12-05/pdf/ 

2023-25807.pdf. 

4Securities Exchange Act Release No. 101444 

(October 25, 2024), 89 FR 86868 (October 31, 2024) 

(File No. SR–OCC–2024–015) (‘‘Notice’’). 

the SEC rule filing process, and others 

have done so.23

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has designated this rule 

filing as non-controversial under 

Section 19(b)(3)(A) 24 of the Act and 

Rule 19b–4(f)(6) 25 thereunder. Because 

the proposed rule change does not (i) 

significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 26 and Rule 19b– 

4(f)(6) thereunder.27

A proposed rule change filed 

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

Act 28 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 29

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 proposal may 

be operative concurrent with IEX’s 

planned implementation of DEEP+ on 

December 9, 2024. The Commission 

believes that the proposed rule change 

raises no novel issues and that waiver 

of the 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 operative upon filing.30

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) 31 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–2024–27 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–2024–27. 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 will 

also 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–2024–27 and should be 

submitted on or before December 27, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.32

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–28539 Filed 12–5–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101792; File No. SR–OCC– 

2024–015] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Order 

Granting Approval of Proposed Rule 

Change by The Options Clearing 

Corporation Concerning Modifications 

to Its Governance Documents To Align 

With Recently Adopted SEC 

Governance Rules 

December 2, 2024. 

I. Introduction 

On October 21, 2024, The Options 

Clearing Corporation (‘‘OCC’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’), 

pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’),1 and Rule 19b–4 

thereunder,2 a proposed rule change 

(the ‘‘Proposed Rule Change’’) to amend 

its governance documents as part of an 

effort to achieve compliance with 

recently adopted governance 

requirements 3 and to make changes 

identified during OCC’s annual review 

process. The Proposed Rule Change was 

published for comment in the Federal 

Register on October 31, 2024.4 The 

Commission has not received any 

comments on the Proposed Rule 

Change. For the reasons discussed 


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