Federal Register / Vol. 82, No. 212 / Friday, November 3, 2017 / Notices 51319 

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

8 17 CFR 240.19b–4(f). 9 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 CRF 240.19b–4. 

6See Rule 11.190(c)(3). 

7See Rule 11.350(f). 

8See Rule 1.160(gg). 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4. 

and facilitating transactions in 

securities, 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. 

In particular, the proposed change is 

a non-substantive change and does not 

impact the governance, ownership or 

operations of the Exchange. The 

Exchange believes that by ensuring that 

its parent company’s governance 

documents and the Exchanges operative 

documents accurately reflect the new 

legal names, the proposed rule change 

would reduce potential investor or 

market participant confusion. 

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. The 

proposed rule change is not intended to 

address competitive issues but rather is 

concerned solely with updating the 

Company’s and Exchange’s governance 

and operative documents to reflect the 

abovementioned name change. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

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) 

of the Act 7 and paragraph (f) of Rule 

19b–4 8 thereunder. 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. 

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– 

C2–2017–028 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–C2–2017–028. 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 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 Room, 100 F Street NE., 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–C2–2017–028 and should 

be submitted on or before November 24, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–23925 Filed 11–2–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81982; File No. SR–IEX– 

2017–36] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Clarify the 

Eligibility of Market Orders and Limit 

Orders With a Time-In-Force of DAY for 

a Volatility Auction Occurring Outside 

of Regular Market Hours 

October 30, 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 October 

19, 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 

(a)[sic] 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 eligibility of 

market orders and limit orders with a 

time-in-force of DAY 6 for a Volatility 

Auction 7 occurring outside of Regular 

Market Hours.8 The Exchange has 

designated this rule change as ‘‘noncontroversial’’ under Section 19(b)(3)(A) 

of the Act 9 and provided the 

Commission with the notice required by 

Rule 19b–4(f)(6) thereunder.10

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. 


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51320 Federal Register / Vol. 82, No. 212 / Friday, November 3, 2017 / Notices 

11See Securities Exchange Act Release No. 81316 

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

12See Rule 11.350(a)(22). 

13See Rule 11.350(a)(29)(C). 

14See Rule 11.350(a)(24). 

15See Rule 11.350(a)(20). 

16See Rule 11.350(a)(1). 

17See Rule 11.350(a)(2). 

18See Rule 11.350(a)(31). 

19See Rule 11.350(a)(17). 

20See Rule 11.350(f)(3)(B)(ii)(d). See also Rule 

11.350(f)(2)(D) regarding the process for 

incremental extensions of the Order Acceptance 

Period. 

21See Rule 11.350(f)(3)(B)(ii)(e). 

22See Rule 1.160(aa). 

23Notably, based on an analysis conducted by the 

Exchange of trading activity year to date, there have 

been only ten (10) cases where a trading pause was 

in effect during the final ten (10) minutes of the 

trading day, eight (8) of which occurred on fully 

electronic markets causing such primary listing 

market to close the security using an auction 

equivalent to the IEX Volatility Auction, but in 

none of the eight cases was there an extension of 

such auction that pushed the auction match beyond 

Regular Market Hours. Thus, the Exchange believes 

this scenario to be an extremely rare edge case. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of 

and basis for the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of these statement [sic] may be 

examined at the places specified in Item 

IV below. The self-regulatory 

organization has prepared summaries, 

set forth in Sections A, B, and C below, 

of the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this proposed rule 

change is to clarify the eligibility of 

market orders and limit orders with a 

time-in-force of DAY for a Volatility 

Auction occurring outside of Regular 

Market Hours. On August 4, 2017, the 

Commission approved a proposed rule 

change filed by the Exchange to adopt 

rules governing auctions in IEX-listed 

securities, including a Volatility 

Auction process to resume trading after 

a Limit Up-Limit Down trading pause in 

an IEX-listed security.11 The Exchange 

intends on launching a listings program 

for corporate issuers in the fourth 

quarter of 2017. 

Pursuant to Rule 11.350(f), the 

Exchange will conduct a Volatility 

Auction to resume trading following a 

Limit Up-Limit Down trading pause in 

an IEX-listed security pursuant to IEX 

Rule 11.280(e). Furthermore, pursuant 

to Rule 11.350(f)(3), when an IEX-listed 

security is paused pursuant to IEX Rule 

11.280(e) at or after the Closing Auction 

Lock-in Time,12 or the Order 

Acceptance Period 13 of a Volatility 

Auction for a security paused before the 

Closing Auction Lock-in Time pursuant 

to IEX Rule 11.280(e) would otherwise 

be extended by the Exchange to a time 

after the Closing Auction Lock-in Time, 

no Closing Auction for the security will 

occur. Instead, the Exchange will 

conduct a Volatility Auction at the end 

of Regular Market Hours to determine 

the IEX Official Closing Price for the 

security. 

When the Exchange is closing with a 

Volatility Auction pursuant to Rule 

11.350(f)(3), Users may begin entering 

Auction Eligible Orders at the beginning 

of the Order Acceptance Period for 

participation in the Volatility Auction. 

Furthermore, Market-On-Close 

(‘‘MOC’’) 14 and Limit-On-Close 

(‘‘LOC’’) 15 orders queued for the 

Closing Auction will be incorporated 

into the Auction Book 16 for the 

Volatility Auction. Moreover, nondisplayed interest with a time-in-force 

of DAY and pegged orders are 

immediately canceled, in order to allow 

Users to re-enter such interest as 

Auction Eligible Orders.17 In contrast to 

the Closing Auction, there are no ‘‘lockin’’ or ‘‘lock-out’’ restrictions on order 

entry, modification, or cancellation 

leading up to the Volatility Auction. 

At the end of Regular Market Hours, 

the Exchange will attempt to conduct 

the Volatility Closing auction using all 

Auction Eligible Orders. However, if 

there is a market order imbalance (i.e., 

one or more market order shares will 

not be executed in the auction), or the 

auction match price is outside of the 

Volatility Auction Collar 18 (either 

resulting in an ‘‘Impermissible 

Price’’ 19), the Order Acceptance Period 

is automatically extended for five 

minutes, and the Volatility Auction 

Collar is expanded in the direction of 

the Impermissible Price.20 Similarly, if 

the Indicative Clearing Price differs by 

the greater of five percent (5%) or fifty 

cents ($0.50) from any of the previous 

fifteen (15) Indicative Clearing Price 

disseminations, the Order Acceptance 

period will be extended for an 

additional five-minute period.21

Pursuant to Supplemental Material .03 

of Rule 11.350(a), if a Volatility Auction 

originally scheduled to occur during 

Regular Market Hours receives an 

automatic extension which causes the 

auction to occur outside of Regular 

Market Hours, limit orders with a timein-force of DAY, and market orders 

which were submitted during the Order 

Acceptance Period within Regular 

Market Hours are included in the 

Volatility Auction, and are only 

canceled by the System after the auction 

match, or if the auction is extended to 

the end of Post-Market Hours.22

Proposed Clarifications 

During development and testing of the 

functionality for Volatility Auctions, the 

Exchange identified a minor ambiguity 

in Supplemental Material .03 of Rule 

11.350(a) regarding the eligibility of 

market orders and limit orders with a 

time-in-force of DAY when closing with 

a Volatility Auction outside of Regular 

Market Hours. Specifically, 

Supplemental Material .03 does not 

distinguish between routable and nonroutable orders. Thus, the Exchange 

proposes to clarify that only nonroutable limit orders with a time-inforce of DAY, and non-routable market 

orders which were submitted during the 

Order Acceptance Period within Regular 

Market Hours, are included in the 

Volatility Auction. The Exchange’s 

routing logic is one of numerous 

distributed components that together 

make up the Exchange’s System, but is 

separate and distinct from the order 

book logic that is responsible for 

conducting the Volatility Auction 

match; however, the Exchange did not 

explicitly make this important 

distinction between such processes in 

the current Supplemental Material .03. 

Furthermore, the interactions between 

the routing logic and the order book are 

optimized for continuous trading, and 

the archetypal Opening, Closing, IPO, 

Halt, and Volatility Auctions, but 

supporting the extended expiration of 

routable orders with a time-in-force of 

DAY when the Exchange is closing with 

a Volatility Auction that is extended 

beyond Regular Market Hours requires 

complex technology changes that raise 

risks to the System. Accordingly, in the 

interest of investor protection and the 

public interest, the Exchange is 

proposing to instead clarify that such 

routable orders will not be included in 

the Volatility Auction, and will instead 

be canceled at the end of Regular Market 

Hours in accordance with their standard 

expiry instructions.23

The Exchange notes that Users 

intending to trade in a Volatility 

Auction which is extended that receive 

cancelations at the end of Regular 

Market Hours on routable orders with a 

time-in-force of DAY when the 

Exchange is closing with a Volatility 

Auction that is extended beyond 


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Federal Register / Vol. 82, No. 212 / Friday, November 3, 2017 / Notices 51321 

24Rule 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. 

25See Securities and Exchange Act Release No. 

81662 (September 20, 2017), 82 FR 44861 

(September 26, 2017) (SR–IEX–2017–31). 

26See IEX Trading Alert #2017–015 (Listings 

Specifications, Testing Opportunities, and 

Timelines), May 31, 2017. See also IEX Trading 

Alert #2017–040 (Rescheduled 4th Listing 

Functionality Industry Test), September 29, 2017. 

27See, e.g., IEX Trading Alert #2017–028 (First 

Listings Functionality Industry Test on Saturday, 

August 26), August 17, 2017; IEX Trading Alert 

#2017–037 (Second Listings Functionality Industry 

Test on Saturday, September 9), September 7, 2017; 

IEX Trading Alert #2017–039 (Third Listings 

Functionality Industry Test on Saturday, September 

23), September 18, 2017; IEX Trading Alert #2017– 

040 (Rescheduled 4th Listing Functionality 

Industry Test), September 29, 2017. 

28 15 U.S.C. 78f. 

29 15 U.S.C. 78f(b)(5). 

Regular Market Hours will have a fiveminute opportunity to re-enter such 

orders as Auction Eligible Orders during 

the extended Order Acceptance Period. 

Thus, the Exchange believes that there 

will be no material adverse impact to 

Users that choose to interact with IEX 

Auctions using routable orders when 

the Exchange is closing with a Volatility 

Auction that is extended beyond 

Regular Market Hours. 

In addition to the proposed 

clarification discussed above, the 

Exchange proposes to further clarify that 

only non-routable market orders entered 

during the Order Acceptance Period 

within Regular Market Hours are 

included in the Volatility Auction when 

the Exchange is closing with a Volatility 

Auction that is extended beyond 

Regular Market Hours. On September 

26, 2017, the Commission noticed an 

immediately effective Exchange rule 

filing to, in part, clarify that in the event 

an IEX-listed security is subject to a 

trading pause, the Router Constraint 

Reference Price 24 is invalid.25

Furthermore, the Exchange clarified that 

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. 

Accordingly, consistent with Rule 

11.190(f)(2)(B), the Exchange proposes 

to clarify that when the Exchange is 

closing with a Volatility Auction, only 

non-routable market orders entered 

during the Order Acceptance Period 

within Regular Market Hours will be 

included in the Volatility Auction, 

because routable market orders will be 

rejected. 

Lastly, as announced in IEX Trading 

Alert #2017–015, the Exchange intends 

to become a primary listing exchange 

and support its first IEX-listed security 

in November of 2017.26 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.27 Accordingly, in order to 

provide clarity to Members and other 

market participants regarding the 

handling of orders eligible for 

participation in the Volatility Auction 

when the Exchange is closing with a 

Volatility Auction, and such auction is 

extended past the end of Regular Market 

Hours, the Exchange is proposing to 

make the clarifying changes to 

Supplemental Material .03 of Rule 

11.350(a), as described above. 

2. Statutory Basis 

IEX believes that the proposed rule 

change is consistent with the provisions 

of Section 6(b) 28 of the Act in general, 

and furthers the objectives of Section 

6(b)(5) of the Act 29 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 clarification does not 

alter the substantive functionality 

governing the process for closing with a 

Volatility Auction that is extended 

beyond Regular Market Hours, but 

instead clarifies the Exchanges [sic] 

handling of orders during such process, 

and makes the Exchanges [sic] rules 

more clear and complete. 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 

Exchange’s handling of orders when 

closing with a Volatility Auction that is 

extended beyond Regular Market Hours 

as IEX continues industry-wide testing 

to exercise the technology changes being 

made by the Exchange and its Members 

to support IEX as a listings market. 

Additionally, the Exchange believes it is 

consistent with the Act to clarify the 

rule provisions governing the process 

for closing with a Volatility Auction that 

is extended beyond Regular Market 

Hours 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, as discussed above, the 

Exchange believes that providing Users 

the proposed clarification regarding the 

Exchange’s order handling is consistent 

with the protection of investors and the 

public interest, because supporting the 

extended expiration of routable orders 

with a time-in-force of DAY when the 

Exchange is closing with a Volatility 

Auction that is extended beyond 

Regular Market Hours requires complex 

technology changes that raise potential 

risks to the System. Accordingly, the 

Exchange is proposing to clarify the 

handling of such orders, rather than 

increase the technical complexities 

within the System that raise risks to 

Exchange operations, Members, and 

their investor clients. 

The Exchange also believes that the 

proposed rule change would not result 

in unfair discrimination, since all 

Members can enter routable or nonroutable orders. Moreover, as discussed 

in the Burden on Competition section, 

Users intending to trade in the Closing 

Auction or the Volatility Auction that 

receive cancelations will have a fiveminute opportunity to re-enter such 

orders as Auction Eligible Orders during 

the extended Order Acceptance Period. 

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 inter-market 

competition in any respect since it is 

designed to clarify the Exchange’s 

handling of orders when closing with a 

Volatility Auction that is extended 

beyond Regular Market Hours, without 

substantively changing the approved 

Rules governing such process. 

In addition, the Exchange does not 

believe that the proposed changes will 

have any impact on intra-market 

competition. Specifically, the Exchange 

believes that although routable limit 

orders with a time-in-force of DAY will 

be canceled at the end of Regular Market 

Hours when the Exchange is closing 

with a Volatility Auction that is 

extended beyond Regular Market Hours, 

whereas non-routable limit orders with 

a time-in-force of DAY will be eligible 

to participate in the Auction, Users 

intending to trade in the Closing 

Auction or the Volatility Auction that 

receive cancelations will have a fiveminute opportunity to re-enter such 


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51322 Federal Register / Vol. 82, No. 212 / Friday, November 3, 2017 / Notices 

30 15 U.S.C. 78s(b)(3)(A). 

31 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s 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. 

32 17 CFR 240.19b–4(f)(6). 

33 17 CFR 240.19b–4(f)(6)(iii). 

34For 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). 35 17 CFR 200.30–3(a)(12). 

orders as Auction Eligible Orders during 

the extended Order Acceptance Period. 

Similarly, the Exchange believes that 

although routable market orders entered 

during the Order Acceptance Period 

within Regular Market Hours will be 

rejected and therefore will not be 

eligible to participate in the auction 

when the Exchange is closing with a 

Volatility Auction, whereas nonroutable market orders entered during 

the Order Acceptance Period within 

Regular Market Hours will be eligible to 

participate in the auction, Users 

intending to trade in the Volatility 

Auction that are rejected upon entry 

will have an opportunity to re-enter 

such orders as Auction Eligible Orders 

during the entire Order Acceptance 

Period. Thus, the Exchange believes that 

there will be no material adverse impact 

on competition between Members, or to 

any individual Member that chooses to 

interact with IEX Auctions using 

routable orders when the Exchange is 

closing with a Volatility Auction that is 

extended beyond Regular Market Hours. 

Furthermore, the Exchange notes that 

Users are free to enter both routable and 

non-routable orders on the Exchange, 

and therefore can optimize their 

interaction with the Exchange to avoid 

any unwanted cancelation. 

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 

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 if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 30 and Rule 19b–4(f)(6) 

thereunder.31

A proposed rule change filed under 

Rule 19b–4(f)(6) 32 normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),33 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. The 

Commission believes that waiver of the 

operative delay is consistent with the 

protection of investors and the public 

interest because the Exchange’s 

proposal does not raise any new or 

novel issues. In addition, the 

Commission notes that, as described 

above, Users whose routable orders are 

cancelled pursuant to the proposed rule 

will have an opportunity to participate 

in the auction when IEX closes with a 

Volatility Auction that occurs outside 

Regular Market Hours by re-entering 

their orders as Auction Eligible Orders 

during the extended Order Acceptance 

Period. Accordingly, the Commission 

hereby waives the 30-day operative 

delay requirement and designates the 

proposed rule change as operative upon 

filing.34

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) 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–2017–36 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–IEX–2017–36. 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. Persons submitting 

comments are cautioned that we do not 

redact or edit personal identifying 

information from comment submissions. 

You should submit only information 

that you wish to make available 

publicly. All submissions should refer 

to File Number SR–IEX–2017–36 and 

should be submitted on or before 

November 24, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.35

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–23928 Filed 11–2–17; 8:45 am] 

BILLING CODE 8011–01–P 


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