Document ID: SEC-2021-1612-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Investors Exchange, LLC
Posted Date: 2021-11-18T05:00Z

[Federal Register Volume 86, Number 220 (Thursday, November 18, 2021)]
[Notices]
[Pages 64552-64554]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-25128]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93560; File No. SR-IEX-2021-15]

Self-Regulatory Organizations; Investors Exchange LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Make 
Juneteenth National Independence Day a Holiday of the Exchange

November 12, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on November 9, 2021, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    Pursuant to the provisions of Section 19(b)(1) under the Act,\3\ 
and Rule 19b-4 thereunder,\4\ IEX is filing with the Commission a 
proposed rule change to amend IEX Rule 11.110 (Hours of Trading and 
Trading Days) to make Juneteenth National Independence Day a holiday of 
the Exchange. Juneteenth National Independence Day was designated a 
legal public holiday in June 2021. The Exchange has designated this 
rule change as ``non-controversial'' under Section 19(b)(3)(A) of the 
Act \5\ and provided the Commission with the notice required by Rule 
19b-4(f)(6) thereunder.\6\
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    \3\ 15 U.S.C. 78s(b)(1).
    \4\ 17 CFR 240.19b-4.
    \5\ 15 U.S.C. 78s(b)(3)(A).
    \6\ 17 CFR 240.19b-4.
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    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 
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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend IEX Rule 11.110 (Hours of Trading 
and Trading Days) to make Juneteenth National Independence Day a 
holiday of the Exchange. This rule filing is based on a proposal 
recently submitted by the New York Stock Exchange LLC (``NYSE'') and 
its affiliated exchanges.\7\ On June 17, 2021, Juneteenth National 
Independence Day was designated a legal public holiday.\8\ Consistent 
with industry sentiment,\9\ the approach recommended by the Securities 
Industry and Financial Markets Association (``SIFMA''),\10\ and IEX's 
own determination that IEX's rules should recognize this important date 
in American history, the Exchange proposes to add ``Juneteenth National 
Independence Day'' to the existing list of holidays in paragraph (b) of 
IEX Rule 11.110. As a result, the Exchange will not be open for 
business on Juneteenth National Independence Day, which falls on June 
19 of each year. In accordance with paragraph (b) of IEX Rule 11.110, 
when the holiday falls on a Saturday, the Exchange will not be open for 
business on the preceding Friday, and when it falls on a Sunday, the 
Exchange will not be open for business on the

[[Page 64553]]

following Monday, unless otherwise indicated by the Exchange.\11\
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    \7\ See Securities Exchange Act Release No. 93183 (September 30, 
2021), 86 FR 55068 (October 5, 2021) (SR-NYSE-2021-56) (amending 
NYSE Rule 7.2 to include Juneteenth as an exchange holiday).
    \8\ Public Law 117-17.
    \9\ See, e.g., Bank of America Makes Juneteenth a Holiday, 
Joining JPMorgan, Wells Fargo.
    \10\ SIFMA recommends a full market close in observance of 
Juneteenth National Independence Day. See SIFMA Revises 2022 Fixed 
Income Market Close Recommendations in the U.S. to Include Full 
Close for Juneteenth National Independence Day.
    \11\ The Exchange might otherwise indicate if unusual business 
conditions exist such as the ending of a monthly or yearly 
accounting period.
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    Accordingly, as proposed paragraph (b) of IEX Rule 11.110 would be 
revised to read as follows (proposed additions underlined):

    The Exchange will be open for the transaction of business on 
business days. The Exchange will not be open for business on the 
following holidays: New Year's Day, Dr. Martin Luther King Jr. Day, 
Presidents Day, Good Friday, Memorial Day, Juneteenth National 
Independence Day, Independence Day, Labor Day, Thanksgiving Day, and 
Christmas. When any holiday observed by the Exchange falls on a 
Saturday, the Exchange will not be open for business on the 
preceding Friday. When any holiday observed by the Exchange falls on 
a Sunday, the Exchange will not be open for business on the 
following Monday, unless otherwise indicated by the Exchange.

    The Exchange also notes that several other national securities 
exchanges have added Juneteenth National Independence Day as an 
exchange holiday as well.\12\
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    \12\ See BOX Exchange LLC Rule 7020(e); Miami International 
Securities Exchange LLC Rule 501; MIAX Emerald, LLC Rule 501; MIAX 
Pearl, LLC Rule 501; NYSE Rule 7.2; NYSE American LLC Rule 7.2E; 
NYSE Arca, Inc. Rules 7.2-E and 7.2-O; NYSE Chicago, Inc. Rule 7.2 
and NYSE National Rule 7.2.
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2. Statutory Basis
    IEX believes that the proposed rule change is consistent with the 
provisions of Section 6(b) \13\ of the Act in general, and furthers the 
objectives of Section 6(b)(5) of the Act \14\ 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.
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    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(5).
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    Specifically, the Exchange believes that the proposed change would 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system and, in general, protect investors 
and the public interest because the proposed amended rule would clearly 
state that the Exchange will not be open for business on Juneteenth 
National Independence Day, which is a federal holiday, and would 
address what day would be taken off if June 19 fell on a Saturday or 
Sunday. The change would thereby promote clarity and transparency in 
the Exchange rules by updating the list of holidays of the Exchange.

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 simply amend the Exchange rule regarding holidays.

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 foregoing 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 \15\ and Rule 19b-
4(f)(6)(iii) thereunder.\16\
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \17\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\18\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has 
requested that the Commission waive the 30-day operative delay so that 
the proposal may become operative prior to 30 days after the date of 
the filing. The Exchange states that waiver of the operative delay 
would be consistent with the protection of investors and the public 
interest because the proposed rule change, as described above, would 
state that the Exchange will not be open for business on Juneteenth 
National Independence Day, which is a federal holiday, and would 
address what day would be taken off if June 19 fell on a Saturday or 
Sunday. The Exchange further states that the proposed change does not 
raise any new or novel issues. For these reasons, the Commission 
believes that waiver of the 30-day operative delay is consistent with 
the protection of investors and the public interest. Accordingly, the 
Commission hereby waives the operative delay and designates the 
proposed rule change operative upon filing.\19\
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    \17\ 17 CFR 240.19b-4(f)(6).
    \18\ 17 CFR 240.19b-4(f)(6)(iii).
    \19\ For purposes only of waiving the 30-day operative delay, 
the Commission also has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of such 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 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 [email protected]. Please include 
File Number SR-IEX-2021-15 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-2021-15. 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 (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

[[Page 64554]]

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 
10:00 a.m. and 3:00 p.m. Copies of such 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-IEX-2021-15, and should be 
submitted on or before December 9, 2021.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-25128 Filed 11-17-21; 8:45 am]
BILLING CODE 8011-01-P