Federal Register / Vol. 82, No. 185 / Tuesday, September 26, 2017 / Notices 44861 

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 CRF 240.19b–4. 

6See Rule 11.190(f)(1). 

7See Rule 11.190(f)(2). 

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

9 17 CFR 240.19b–4. 

10See Securities Exchange Act Release No. 81195 

(July 24, 2017), 82 FR 35250 (July 28, 2017). 

11See Securities Exchange Act Release No. 81316 

(August 4, 2017), 82 FR 37474 (August 10, 2017). 

Supporting Data; Filing Acceptance 

Date: September 20, 2017; Filing 

Authority: 39 U.S.C. 3642 and 39 CFR 

3020.30 et seq., Public Representative: 

Christopher C. Mohr; Comments Due: 

September 28, 2017. 

3. Docket No(s).: MC2017–206 and 

CP2017–314; Filing Title: Request of the 

United States Postal Service to Add 

Priority Mail Contract 360 to 

Competitive Product List and Notice of 

Filing (Under Seal) of Unredacted 

Governors’ Decision, Contract, and 

Supporting Data; Filing Acceptance 

Date: September 20, 2017; Filing 

Authority: 39 U.S.C. 3642 and 39 CFR 

3020.30 et seq., Public Representative: 

Christopher C. Mohr; Comments Due: 

September 28, 2017. 

This notice will be published in the 

Federal Register. 

Stacy L. Ruble, 

Secretary. 

[FR Doc. 2017–20528 Filed 9–25–17; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81662; File No. SR–IEX– 

2017–31] 

Self-Regulatory Organizations: 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Clarify the 

Manner in Which the Order Collar and 

Router Constraint Apply to Auctions 

and the Opening Process 

September 20, 2017. 

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 6, 2017, 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 Securities Exchange 

Act of 1934 (‘‘Act’’),4 and Rule 19b–4 

thereunder,5 Investors Exchange LLC 

(‘‘IEX’’ or ‘‘Exchange’’) is filing with the 

Commission a proposed rule change to 

clarify the inapplicability of the 

Exchange’s Order Collar 6 and Router 

Constraint 7 to certain orders that are 

eligible for participation in the opening 

process for non-IEX-listed securities 

pursuant to Rule 11.231, or for auctions 

in IEX-listed securities pursuant to Rule 

11.350. The Exchange has designated 

this rule change as ‘‘non-controversial’’ 

under Section 19(b)(3)(A) of the Act 8

and provided the Commission with the 

notice required by Rule 19b–4(f)(6) 

thereunder.9

The text of the proposed rule change 

is available at the Exchange’s Web site 

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 statement 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 

Background 

The purpose of this proposed rule 

change is to clarify the inapplicability of 

the Exchange’s Order Collar and Router 

Constraint to certain orders that are 

eligible for participation in the opening 

process for non-IEX-listed securities 

pursuant to Rule 11.231, or for auctions 

in IEX-listed securities pursuant to Rule 

11.350. On July 24th 2017, the 

Commission approved a proposed rule 

change filed by the Exchange to amend 

IEX Rule 11.231 to modify the manner 

in which the Exchange opens trading for 

non-IEX-listed securities beginning at 

the start of Regular Market Hours (the 

‘‘Opening Process’’).10 On August 4, 

2017, the Commission approved a 

proposed rule change filed by the 

Exchange to adopt rules governing 

auctions in IEX-listed securities, 

provide for the dissemination of auction 

related market data, and establish rules 

relating to trading halts and pauses 

(‘‘IEX Auctions’’).11

Opening Process for Non-IEX-Listed 

Securities 

Pursuant to Rule 11.231, the Exchange 

attempts to perform the Opening 

Process in each non-IEX-listed security, 

in which all eligible interest resting on 

the Order Book in the Pre-Market 

Session available for continuous trading 

(i.e., orders on the ‘‘Continuous Book’’) 

as well as all eligible interest queued for 

execution in the Regular Market Session 

(i.e., orders on the ‘‘Cross Book’’) are 

executed at a single price. Prior to the 

beginning of Regular Market Hours, 

Users who wish to participate in the 

Opening Process may enter limit, 

market, and pegged orders designated 

with a time-in-force of DAY and limit 

orders designated with a time-in-force of 

GTX, which shall queue in the System 

and are eligible for execution in the 

Opening Process (orders on the Cross 

Book); interest resting on the Order 

Book in the Pre-Market Session 

available for continuous trading (i.e., 

orders on the Continuous Book) are also 

eligible for execution in the Opening 

Process (collectively, ‘‘Cross Eligible 

Orders’’). 

Cross Eligible Orders resting on the 

Continuous Book are ranked by the 

price at which they are resting on the 

Continuous Book and Cross Eligible 

Orders resting on the Cross Book are 

ranked by the limit price defined by the 

User, if any, except in the case of pegged 

orders, which are ranked by their 

current book price (in each case, the 

order’s ‘‘resting price’’). Specifically, 

pursuant to Rule 11.220(a)(2), Cross 

Eligible Orders are ranked and eligible 

for execution in the Opening Process in 

price-display-time priority as follows: 

• Midpoint peg orders, as defined in 

IEX Rule 11.190(b)(9), on the Cross Book 

are ranked and eligible for execution in 

the Opening Process at the less 

aggressive of the Midpoint Price or the 

order’s limit price, if any. 

• Primary peg orders, as defined in 

IEX Rule 11.190(b)(8), on the Cross Book 

are ranked and eligible for execution in 

the Opening Process at the less 

aggressive of one (1) MPV below (above) 

the NBB (NBO) for buy (sell) orders or 

the order’s limit price, if any, but may 

exercise price discretion up (down) to 

44862 Federal Register / Vol. 82, No. 185 / Tuesday, September 26, 2017 / Notices 

12See IEX Rule 11.231(b)(1). 

13See Rule 11.350(a)(3). 

14See Rule 11.280(e)(1)(A) and Supplementary 

Material .01(c) to Rule 14.207. 

15The upper (lower) Order Collar price range and 

the upper (lower) Router Constraint Price range are 

calculated by adding (subtracting) the appropriate 

percentage (consistent with the numerical 

guidelines for clearly erroneous executions) to the 

Order Collar Reference Price and the Router 

Constraint Reference Price, respectively. 

the Opening Match Price, subject to the 

less aggressive of the NBB (NBO) or the 

order’s limit price, if any, except during 

periods of quote instability, as defined 

in IEX Rule 11.190(g). When exercising 

price discretion, primary peg orders are 

ranked behind any non-displayed 

interest at the Opening Match Price 12

for the duration of the Opening Process. 

If multiple primary peg orders are 

exercising price discretion during the 

Opening Process, they maintain their 

relative time priority at the Opening 

Match Price. 

• Discretionary Peg orders, as defined 

in IEX Rule 11.190(b)(10), on the Cross 

Book are ranked and eligible for 

execution in the Opening Process at the 

less aggressive of the NBB (NBO) for buy 

(sell) orders or the order’s limit price, if 

any, but may exercise price discretion 

up (down) to the Opening Match Price, 

subject to the less aggressive of the 

Midpoint Price or the order’s limit 

price, if any, except during periods of 

quote instability, as defined in IEX Rule 

11.190(g). When exercising price 

discretion, Discretionary Peg orders are 

ranked behind any non-displayed 

interest at the Opening Match Price for 

the duration of the Opening Process. If 

multiple Discretionary Peg orders are 

exercising price discretion during the 

Opening Process, they maintain their 

relative time priority at the Opening 

Match Price. 

• Limit orders on the Cross Book are 

ranked and eligible for execution in the 

Opening Process at their limit price. 

• Non-displayed limit orders and 

non-displayed portions of reserve orders 

on the Continuous Book are ranked and 

eligible for execution in the Opening 

Process at the less aggressive of the 

Midpoint Price or the order’s limit 

price. 

• Displayed limit orders on the 

Continuous Book are ranked and 

eligible for execution in the Opening 

Process at their resting price. 

IEX Auctions for IEX-Listed Securities 

Pursuant to Rule 11.350, once IEX 

begins a listing program, IEX Auctions 

will enable Members to participate in 

electronic price discovery mechanisms 

that match all eligible orders resting on 

the Order Book that are eligible for 

continuous trading (i.e., orders on the 

‘‘Continuous Book’’), as well as all 

eligible orders queued for execution in 

the applicable auction (i.e., orders on 

the ‘‘Auction Book’’) in each IEX-listed 

security at a single price using a double 

auction process. Members who wish to 

participate in an IEX Auction can send 

Auction Eligible Orders (i.e., orders on 

Continuous Book or Auction Book that 

are not Auction Ineligible Orders 13) 

prior to the auction. The IEX Auction 

process is designed to efficiently 

maximize the number of shares 

executed at a single price during the 

auctions. IEX Auctions will apply to all 

IEX-listed securities at the open 

(‘‘Opening Auction’’) and close 

(‘‘Closing Auction’’) of the Regular 

Market Session, for the start of trading 

for an IPO or launch of a new issue 

(‘‘IPO Auction’’), and upon the 

resumption of trading in a security 

following a trading halt (‘‘Halt 

Auction’’) or a trading pause pursuant to 

the LULD Plan (‘‘Volatility Auction’’).14

Auction Eligible Orders resting on the 

Continuous Book are ranked by the 

price at which they are resting on the 

Continuous Book; Auction Eligible 

Orders resting on the Auction Book are 

ranked by the limit price defined by the 

User, if any, (in each case, the order’s 

‘‘resting price’’). Specifically, pursuant 

to Rule 11.350(b)(1)(A)(i), Auction 

Eligible Orders are ranked and eligible 

for execution in IEX Auctions in pricedisplay-time priority as follows: 

• Midpoint peg orders are ranked and 

eligible for execution in the Closing 

Auction at the less aggressive of the 

Midpoint Price or the order’s limit 

price, if any. 

• Primary peg orders are ranked and 

eligible for execution in the Closing 

Auction at the less aggressive of one (1) 

MPV below (above) the NBB (NBO) for 

buy (sell) orders or the order’s limit 

price, if any, but may exercise price 

discretion up (down) to the auction 

match price, subject to the less 

aggressive of the NBB (NBO) or the 

order’s limit price, if any, except during 

periods of quote instability, as defined 

in IEX Rule 11.190(g). When exercising 

price discretion, primary peg orders are 

ranked behind any non-displayed 

interest at the auction match price for 

the duration of the Closing Auction. If 

multiple primary peg orders are 

exercising price discretion during the 

Closing Auction, they maintain their 

relative time priority at the auction 

match price. 

• Discretionary Peg orders are ranked 

and eligible for execution in the Closing 

Auction at the less aggressive of the 

NBB (NBO) for buy (sell) orders or the 

order’s limit price, if any, but may 

exercise price discretion up (down) to 

the auction match price, subject to the 

less aggressive of the Midpoint Price or 

the order’s limit price, if any, except 

during periods of quote instability, as 

defined in IEX Rule 11.190(g). When 

exercising price discretion, 

Discretionary Peg orders are ranked 

behind any non-displayed interest at the 

auction match price for the duration of 

the Closing Auction. If multiple 

Discretionary Peg orders are exercising 

price discretion during the Closing 

Auction, they maintain their relative 

time priority at the auction match price. 

• Non-displayed limit orders and 

non-displayed portions of reserve orders 

on the Continuous Book are ranked and 

eligible for execution in the Opening or 

Closing Auction at the less aggressive of 

the Midpoint Price or the order’s limit 

price. 

• Displayed limit orders on the 

Continuous Book are ranked and 

eligible for execution in the Opening or 

Closing Auction at the order’s resting 

price. 

• Limit orders, including LOO and 

LOC orders, on the Auction Book are 

ranked and eligible for execution in an 

auction at the order’s limit price. 

IEX Order Collar and Router Constraint 

Rule 11.190(f)(1) sets forth the 

operation of the IEX Order Collar, which 

prevents any incoming order, or order 

resting on the Order Book including 

those marked ISO, from executing at 

prices outside of the Order Collar price 

range. Similarly, Rule 11.190(f)(2) sets 

forth the operation of the IEX Router 

Constraint, which prevents an order 

from routing at prices more aggressive 

than the Router Constraint price range. 

The Order Collar and Router Constraint 

price ranges are calculated by applying 

the numerical guidelines for clearly 

erroneous executions to the Order Collar 

Reference Price and Router Constraint 

Reference Price, respectively.15 The 

Order Collar Reference Price and Router 

Constraint Reference Price are each 

defined as the most current of the 

following: 

• The last sale price disseminated 

during the Regular Market Session on 

the current trade date; 

• Last trade price disseminated 

outside of the Regular Market Session 

(Form T, as communicated by the 

relevant SIP) on trade date which other 

than for the Form T designation would 

have been considered a valid last sale 

price; or 

• If neither of the prices above are 

available, the prior days Official Closing 

Price from the listing exchange, adjusted 

Federal Register / Vol. 82, No. 185 / Tuesday, September 26, 2017 / Notices 44863 

16See Rules 11.190(f)(1)–(2). 

17The Exchange notes that the Router Constraint 

does not apply to orders on the Closing Auction 

Book, because such orders are comprised of OnClose orders (i.e., Limit-On-Close and Market-OnClose orders), which are only accepted if they are 

appropriately designated as ‘‘IEX-only’’. See the IEX 

Auction Specification at 15, which describes valid 

FIX tag combinations for On-Close orders. See also 

Rules 11.350(a)(20) and (24). Similarly, the Router 

Constraint does not apply to market orders with a 

time-in-force of DAY that are entered during the 

Pre-Market Session and are eligible for the Opening 

Auction Book, because such orders are rejected if 

they are designated to route pursuant to Rule 

11.230(c). See Rule 11.190(a)(2)(E)(iii). Accordingly, 

the proposed rule change is narrowly tailored to 

cover limit orders eligible for the Opening Auction 

Book. 

18The Exchange notes that securities that are the 

subject of an IPO Auction pursuant to Rule 

11.350(e) will be subject to a trading halt pursuant 

to Rule 11.280(g)(7), and would therefore not have 

a valid Router Constraint Reference Price pursuant 

Rule 11.190(f)(2)(A). 

19See IEX Trading Alert #2017–027 (Deployment 

Schedule for New Opening Process for Non-IEXListed Securities), August 3, 2017. 

to account for corporate actions, news 

events, etc. 

In the event there is no valid Order 

Collar Reference Price or Router 

Constraint Reference Price, the 

Exchange generally rejects orders for the 

security.16

Proposed Clarifications 

During development and testing of the 

functionality for the Opening Process 

and IEX Auctions, the Exchange 

identified a minor ambiguity between 

the Order Collar and Router Constraint 

rule provisions, and the rule provisions 

governing the priority of ranking and 

execution for orders eligible for 

execution in the Opening Process or IEX 

Auctions. Specifically, as described 

above, the priority of ranking and 

execution rule provisions for the 

Opening Process and for IEX Auctions 

contemplate that the IEX Order Collar 

would not apply to orders eligible for 

the Cross Book or the Auction Book, and 

that the Router Constraint functionality 

would not apply to orders eligible for 

the Cross Book or the Opening Auction 

Book.17 As set forth above, the rules 

governing priority of ranking and 

execution for the Opening Process and 

IEX Auctions specify in relevant part 

that orders queued on the Cross Book or 

the Auction Book rest at the order’s 

limit price defined by the User (if any), 

and that market orders have precedence 

over limit orders. Accordingly, and as 

discussed more fully below, application 

of the Order Collar or Router Constraint 

to such orders would be inconsistent 

with the provisions governing their 

priority of ranking and execution. 

The Exchange believes that the 

application of the Order Collar to orders 

eligible for the Cross Book or the 

Auction Book, or the Router Constraint 

to orders eligible for the Cross Book or 

the Opening Auction Book, would be 

inconsistent with the existing 

provisions governing their priority of 

ranking and execution, because a 

collared or constrained limit order 

could rest at a less aggressive price than 

its user-defined limit price, and a 

collared or constrained market order 

would, by definition, have a limit 

applied by the System (which is 

inconsistent with the user-instructed 

terms if the order), and could cede 

priority. For example, if the Order 

Collar were to apply, a market order to 

buy (sell) entered for the Opening 

Process or for an IEX Auction would 

effectively be converted into a limit 

order with a limit price equal to the 

upper (lower) Order Collar price range. 

Moreover, a limit order to buy (sell) 

with a limit price more aggressive than 

the upper (lower) Order Collar price 

range would be entered onto the Cross 

Book or the Auction Book with a limit 

price equal to the upper (lower) Order 

Collar price range, which is a less 

aggressive price than the orders’ userdefined limit price. Similarly, if the 

Router Constraint were to apply to 

routable orders that are eligible for the 

Cross Book or the Opening Auction 

Book, a routable limit order to buy (sell) 

with a limit price more aggressive than 

the upper (lower) Router Constraint 

price range would be entered onto the 

Cross Book or the Opening Auction 

Book, respectively, with a limit price 

equal to the upper (lower) Router 

Constraint price range, which is a less 

aggressive price than the user-defined 

limit price on such orders. Lastly, in 

addition to the inconsistencies that arise 

from applying the Router Constraint as 

described above, its application to a buy 

(sell) order entered onto the Opening 

Auction Book early in the Pre-Market 

Session based on the price of the current 

last trade could unnecessarily constrain 

the order from participating in the 

auction and impact the price discovery 

process if the market for the security has 

moved up (down) by the time of the 

Opening Auction. 

In addition to the foregoing, the 

Exchange believes that applying the 

Order Collar or Router Constraint to 

orders entered for a Halt or Volatility 

Auction could disrupt the price 

discovery process, and would be 

inconsistent with the protection of 

investors and the public interest.18

Applying the Order Collar or Router 

Constraint to orders entered for a Halt 

Auction or Volatility Auction would 

require using the price of the last trade 

immediately before the halt or pause as 

the Order Collar Reference Price and 

Router Constraint Reference Price, 

respectively. In the event of a trading 

halt, the market is in the process of 

reestablishing the value of a security, 

and therefore calculating the Order 

Collar price range and Router Constraint 

price range using a last sale reference 

price that may not reflect adjustments in 

valuation resulting from additional 

information regarding the security 

during the halt could result in auction 

pricing that is not reflective of the 

current value of the security. Similarly, 

in the event of a trading pause, the 

security has just experienced sharp 

price volatility and the market is in the 

process of reestablishing the value of a 

security, and therefore calculating the 

Order Collar price range and the Router 

Constraint price range using a reference 

price that may not reflect adjustments in 

valuation during the pause could 

potentially result in auction pricing that 

is not reflective of the current value of 

the security. Accordingly, the Exchange 

is proposing to also clarify that in the 

event a security is subject to a trading 

halt or trading pause, the Router 

Constraint Reference Price is invalid. 

Pursuant to Rule 11.190(f)(2)(B), in the 

absence of a valid Router Constraint 

Reference Price, the Exchange will reject 

any routable orders for the security. 

In sum, consistent with the foregoing, 

the Exchange is proposing to: 

• Clarify in Rule 11.190(f)(1) that the 

Order Collar does not apply to orders 

that are eligible for the Cross Book 

pursuant to Rule 11.231 during the 

Opening Process for non-IEX-listed 

securities or the Auction Book pursuant 

to Rule 11.350(a)(1) during the auction 

process for IEX-listed securities; 

• Clarify in Rule 11.190(f)(2) that the 

Router Constraint does not apply to 

orders that are eligible for the Cross 

Book pursuant to Rule 11.231 during the 

Opening Process for non-IEX-listed 

securities or the Auction Book pursuant 

to Rule 11.350(a)(1)(A)(ii) during the 

auction process for IEX-listed securities; 

and 

• Clarify in Rule 11.190(f)(2)(A) that 

the Router Constraint Reference Price 

during a trading halt or pause is invalid. 

Lastly, as recently announced by IEX 

Trading Alert #2017–027, on August 23, 

2017 the Exchange began a multi-phase 

deployment of the Opening Process for 

non-IEX-listed securities.19 The 

production deployment is scheduled to 

be completed on August 30, 2017. 

Moreover, as announced by IEX Trading 

Alert #2017–015, the Exchange intends 

to become a primary listing exchange 

and support its first IEX-listed security 

44864 Federal Register / Vol. 82, No. 185 / Tuesday, September 26, 2017 / Notices 

20See IEX Trading Alert #2017–015 (Listings 

Specifications, Testing Opportunities, and 

Timelines), May 31, 2017. 

21See IEX Trading Alert #2017–028 (First Listings 

Functionality Industry Test on Saturday, August 

26), August 17, 2017. 

22 15 U.S.C. 78f. 

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

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

25 17 CFR 240.19b–4(f)(6). 

26 17 CFR 240.19b–4(f)(6). 

27 17 CFR 240.19b–4(f)(6)(iii). 

28For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

in October of 2017.20 In addition, as part 

of the listings initiative, the Exchange is 

providing a series of industry wide 

weekend tests for the Exchange and its 

Members to exercise the various 

technology changes required to support 

IEX Auctions and listings 

functionality.21 Accordingly, in order to 

provide clarity to Members and other 

market participants regarding the 

Opening Process and IEX Auctions, and 

specifically to avoid potential confusion 

regarding the inapplicability of the IEX 

Order Collar and Router Constraint to 

their operation, the Exchange is 

proposing to make the clarifying 

changes to Rule 11.190(f)(1) and (2) 

described above. 

2. Statutory Basis 

IEX believes that the proposed rule 

change is consistent with the provisions 

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

and furthers the objectives of Section 

6(b)(5) of the Act 23 in particular, in that 

it is designed to prevent fraudulent and 

manipulative acts and practices, 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. 

The Exchange believes that the 

proposed rule clarifications do not alter 

the substantive functionality of the 

Opening Process or IEX Auctions, but 

instead clarify the applicability of the 

IEX Order Collar and Router Constraint 

so as to be consistent with the existing 

rules approved by the Commission. The 

Exchange further believes that the 

proposed clarifying rule change is 

consistent with the protection of 

investors and the public interest 

because the proposed clarifications are 

designed to avoid any potential 

confusion regarding the Opening 

Process and IEX Auction functionality 

as IEX completes the production 

deployment of the Opening Process for 

non-IEX-listed securities, and begins 

industry wide testing to exercise the 

technology changes being made by the 

Exchange and its Members, and make 

the Exchanges rules more clear and 

complete. Additionally, the Exchange 

believes it is consistent with the Act to 

clarify the rule provisions regarding the 

Opening Process and IEX Auctions so 

that IEX’s rules are accurate and 

descriptive of the System’s functionality 

as approved by the Commission, and to 

avoid any potential confusion among 

Members and market participants 

regarding such functionality. Lastly, the 

Exchange believes that it is consistent 

with the Act to provide that the Router 

Constraint Reference Price is invalid in 

the event a security is subject to a 

trading halt or trading pause, and thus 

routable orders in such security will be 

rejected, to further clarify the 

inapplicability of the Router Constraint 

to such orders. As discussed in the 

Purpose section, when a security is 

subject to a trading halt or trading 

pause, the Router Constraint Reference 

Price may not reflect adjustments in 

valuation and therefore could result in 

auction pricing that is not reflective of 

the current value of the security. 

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 believes that the proposed 

correction does not impact competition 

in any respect since it is designed to 

clarify the inapplicability of the IEX 

Order Collar and Router Constraint to 

orders eligible for execution in the 

Opening Process for non-IEX-listed 

securities and in IEX Auctions for IEXlisted securities, without substantively 

changing the Rules as separately 

approved. In addition, the Exchange 

does not believe that clarifying that the 

Router Constraint Reference Price is 

invalid in the event a security is subject 

to a trading halt or trading pause will 

impose any burden on competition, 

since this proposed change is designed 

to further clarify the inapplicability of 

the Router Constraint to such orders. 

The proposed changes will apply 

equally to all Members and therefore no 

new burdens are being proposed. 

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 and Rule 19b– 

4(f)(6) thereunder. 

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 filed the 

proposed rule change for immediate 

effectiveness and has requested that the 

Commission waive the requirement that 

the proposed rule change not become 

operative for 30 days after the date of 

the filing, so that it may become 

operative on the date the filing was 

received. 

The purpose of the proposed rule 

change is to state clearly in IEX Rule 

11.190 the inapplicability of the IEX 

Order Collar and Router Constraint to 

orders eligible for execution in the 

Opening Process for non-IEX-listed 

securities and in IEX Auctions for IEXlisted securities. Additionally, the 

proposed rule change clearly states in 

IEX Rule 11.190 that the IEX Router 

Constraint is inapplicable when a 

security is subject to a trading halt or 

trading pause and such orders will be 

rejected. These clarifications resolve 

potential ambiguity and ensure 

consistency between IEX Rule 11.190 

and the opening auction rules 

previously approved by the 

Commission. Further, the proposed rule 

change does not raise any novel issues. 

The waiver of the operative delay is, 

therefore, consistent with the protection 

of investors and the public interest 

because it will help to avoid potential 

confusion among market participants 

regarding the inapplicability of the IEX 

Order Collar and Router Constraint to 

orders eligible for the Cross Book for 

non-IEX-listed securities and the 

Auction Book for IEX-listed securities. 

Therefore, the Commission hereby 

waives the 30-day operative delay and 

designates the proposed rule change to 

be operative upon filing.28

Federal Register / Vol. 82, No. 185 / Tuesday, September 26, 2017 / Notices 44865 

29 15 U.S.C. 78s(b)(2)(B). 30 17 CFR 200.30–3(a)(12). 

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) 29 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 

(http://www.sec.gov/rules/sro.shtml); 

or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

IEX–2017–31 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–2017–31. This file 

number should be included in 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 Web site (http://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 Web site viewing and 

printing in the Commission’s Public 

Reference Section, 100 F Street NE., 

Washington, DC 20549–1090. Copies of 

the filing will also be available for 

inspection and copying at the IEX’s 

principal office and on its Internet Web 

site at www.iextrading.com. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–IEX–2017–31 and should 

be submitted on or before October 17, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–20500 Filed 9–25–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a closed meeting 

on Thursday, September 28, 2017 at 2 

p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (a)(5), (a)(7), 

(a)(9)(ii) and (a)(10), permit 

consideration of the scheduled matters 

at the closed meeting. 

Commissioner Stein, as duty officer, 

voted to consider the items listed for the 

closed meeting in closed session. 

The subject matters of the closed 

meeting will be: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Adjudicatory matters; and 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed; please 

contact Brent J. Fields from the Office of 

the Secretary at (202) 551–5400. 

Dated: September 21, 2017. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2017–20633 Filed 9–22–17; 11:15 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Information Collection Activities: 

Proposed Collection; Comment 

Request; Fast Track Generic Clearance 

for the Collection of Qualitative 

Feedback on Agency Service Delivery 

AGENCY: Small Business Administration. 

ACTION: 60-Day notice and request for 

comments. 

SUMMARY: As part of its continuing effort 

to reduce paperwork burden on the 

public the Small Business 

Administration (SBA), announces its 

intent to submit a new generic 

collection of information: ‘‘Fast Track 

Generic Clearance for the Collection of 

Qualitative Feedback on Agency Service 

Delivery’’ to the Office of Management 

and Budget for approval. The Paperwork 

Reduction Act (PRA) requires federal 

agencies to publish a notice in the 

Federal Register concerning each 

proposed collection of information 

before submission to OMB and to allow 

60 days for public comment in response 

to the notice. This notice complies with 

that requirement. 

DATES: Submit comments on or before 

November 27, 2017. 

ADDRESSES: Send all comments to Small 

Business Administration, 409 3rd Street, 

7th Floor, Washington, DC 20416. (202) 

205–6981. 

FOR FURTHER INFORMATION CONTACT: 

Amber Chaudhry, Presidential 

Management Fellow, Office of the Chief 

Operating Office, amber.chaudhry@

sba.gov, 202–657–9722, or Curtis B. 

Rich, Management Analyst, 202–205– 

7030, curtis.rich@sba.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Fast Track Generic Clearance for 

the Collection of Qualitative Feedback 

on Agency Service Delivery. 

OMB Control Number: TBD (New 

Collection). 

Needs and Uses: The proposed 

information collection will provide a 

means to gather qualitative customer 

and stakeholder feedback in an efficient, 

timely manner, in accordance with 

SBA’s commitment to improving service 

delivery. Qualitative feedback means 

information that provides useful 

insights on perceptions and opinions, 

but is not statistical surveys that yield 

quantitative results that can be 

generalized to the population being