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[Federal Register Volume 90, Number 21 (Monday, February 3, 2025)]
[Notices]
[Pages 8821-8822]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-02085]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102295; File No. SR-IEX-2025-01]

Self-Regulatory Organizations; Investors Exchange LLC; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Change 
the Definitions of ``Real-Time'' and ``Delayed'' in Relation to Its 
Proprietary Market Data Feeds so That the Interval That Differentiates 
Delayed IEX Data From Real-Time IEX Data Is Fifteen Minutes Instead of 
Fifteen Milliseconds

January 28, 2025.
    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 22, 2025, the Investors Exchange LLC (``Exchange'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Item I below, which Item has been 
substantially prepared by the Exchange. The Exchange has designated 
this proposal for immediate effectiveness pursuant to Section 
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f) thereunder.\4\ The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f). 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 will institute proceedings to determine whether the 
proposed rule change should be approved or disapproved.

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[[Page 8822]]

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to modify its Fee Schedule, pursuant to IEX 
Rules 15.110(a) and (c), to change the existing definitions of ``Real-
Time'' and ``Delayed'' in relation to its proprietary market data 
feeds, so that the interval that differentiates Delayed IEX Data from 
Real-Time IEX Data is fifteen (15) minutes instead of fifteen (15) 
milliseconds. IEX intends to implement the proposed changes beginning 
on February 1, 2025 to provide an opportunity for Data Subscribers \5\ 
to update their IEX market data subscriptions to suit their particular 
market data needs.
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    \5\ ``Data Subscriber'' means any natural person or entity that 
receives Real-Time IEX market data either directly from the Exchange 
or from another non-affiliated Data Subscriber. A Data Subscriber 
must enter into a Data Subscriber Agreement with IEX in order to 
receive Real-Time IEX market data. A natural person or entity that 
receives Real-Time IEX market data from an affiliated Data 
Subscriber is subject to the Data Subscriber Agreement of such 
affiliated Data Subscriber.
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    The proposed rule change, including the Exchange's statement of the 
purpose of, and statutory basis for, the proposed rule change, is 
available on the Exchange's website at https://www.iexexchange.io/resources/regulation/rule-filings and on the Commission's website at 
https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2025-01.

II. 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.\6\ Comments may be submitted 
electronically by using the Commission's internet comment form (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2025-01) or by sending 
an email to [email protected]. Please include file number SR-IEX-
2025-01 on the subject line. Alternatively, paper comments may be sent 
to Secretary, Securities and Exchange Commission, 100 F Street NE, 
Washington, DC 20549-1090. All submissions should refer to file number 
SR-IEX-2025-01. 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-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2025-01). 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-2025-01 and should be submitted on 
or before February 24, 2025.
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    \6\ 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.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-02085 Filed 1-31-25; 8:45 am]
BILLING CODE 8011-01-P
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