Document ID: SEC-2017-1133-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Investors Exchange, LLC
Posted Date: 2017-07-06T04:00Z

[Federal Register Volume 82, Number 128 (Thursday, July 6, 2017)]
[Notices]
[Page 31377]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-14143]

[[Page 31377]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81052; File No. SR-IEX-2017-11]

Self-Regulatory Organizations; Investors Exchange LLC; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change To Modify the Manner in Which the Exchange Opens Trading for 
Non-IEX-Listed Securities

June 29, 2017.
    On April 13, 2017, the Investors Exchange LLC (``IEX'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to modify the manner in which the Exchange opens 
trading for non-IEX-listed securities beginning at the start of Regular 
Market Hours and make related changes. The proposed rule change was 
published for comment in the Federal Register on April 28, 2017.\3\ On 
May 19, 2017, IEX filed Amendment No. 1 to the proposal. On June 9, 
2017, IEX consented to an extension of time for the Commission to act 
on the proposal until July 5, 2017.\4\ On June 22, 2017, IEX filed 
Amendment No. 2 to the proposal, which superseded and replaced 
Amendment No. 1 in its entirety. On June 29, 2017, IEX filed Amendment 
No. 3 to the proposal, which superseded and replaced Amendment No. 2 in 
its entirety.\5\ The Commission received no comments on the proposed 
rule change.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 80514 (April 24, 
2017), 82 FR 19763.
    \4\ See letter from Claudia Crowley, Chief Regulatory Officer, 
IEX, to Richard Holley, Assistant Director, Division of Trading and 
Markets, Commission, dated June 9, 2017.
    \5\ Amendment No. 3 revised the proposal to (i) provide 
additional clarity regarding the process for determining the Opening 
Match Price; (ii) modify the definition of ``Cross Tie Breaker'' to 
account for a scenario involving securities in Test Groups Two and 
Three of the Plan to Implement a Tick Size Pilot Program; and (iii) 
correct certain typographical errors. Amendment No. 3 also revised 
the proposal to fix an error in the proposed rule text in Amendment 
No. 2 and correct additional typographical errors.
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    Section 19(b)(2) of the Act \6\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
was June 12, 2017. IEX consented to an extension of time for the 
Commission to act on the proposal until July 5, 2017.\7\ The Commission 
is further extending the time period for Commission action on the 
proposed rule change.
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    \6\ 15 U.S.C. 78s(b)(2).
    \7\ See supra note 4.
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    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposed rule change, as 
modified by Amendment No. 3. Accordingly, the Commission, pursuant to 
Section 19(b)(2) of the Act,\8\ designates July 27, 2017, as the date 
by which the Commission shall either approve or disapprove, or 
institute proceedings to determine whether to disapprove, the proposed 
rule change (File No. SR-IEX-2017-11), as modified by Amendment No. 3.
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017-14143 Filed 7-5-17; 8:45 am]
BILLING CODE 8011-01-P