Document ID: SEC-2021-0668-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Investors Exchange, LLC
Posted Date: 2021-05-10T04:00Z

[Federal Register Volume 86, Number 88 (Monday, May 10, 2021)]
[Notices]
[Pages 24976-24979]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09781]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91754; File No. SR-IEX-2021-08]

Self-Regulatory Organizations: Investors Exchange LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Allow 
Discretionary Limit Orders To Be Reserve Orders

May 4, 2021.
    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 April 23, 2021, the Investors Exchange LLC (``IEX'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been prepared by the 
Exchange. 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 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 allow Discretionary Limit orders to be reserve 
orders. 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 purpose of this proposed rule filing is to amend IEX Rule 
11.190 to allow a Discretionary Limit \7\ (``D-Limit'') order to be a 
reserve order.\8\ As proposed, a D-Limit reserve order will essentially 
function like any other reserve order, i.e., on entry, it will be 
processed as a single order, and if not fully executed, the D-Limit 
reserve order will post to the Order Book \9\ and effectively be 
treated by the System \10\ as two discrete orders: The displayed 
portion of the order will be a displayed D-Limit order, and the reserve 
portion will be a non-displayed D-Limit order. However, consistent with 
existing D-Limit functionality, there are two differences between D-
Limit reserve orders and other reserve orders: (1) Both the displayed 
and non-displayed portions of a D-Limit reserve order may be subject to 
an automatic price adjustment during periods of quote instability; (2) 
D-Limit reserve orders can only execute during the Regular Market 
Session.\11\ IEX also proposes to make some conforming edits to the 
subparagraph headers in the D-Limit order definition to align the rule 
text with other order definitions.
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    \7\ See IEX Rule 11.190(b)(7).
    \8\ See IEX Rule 11.190(b)(2).
    \9\ See IEX Rule 1.160(p).
    \10\ See IEX Rule 1.160(nn).
    \11\ See IEX Rule 1.160(gg).
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Background
    Since the approval of its exchange application, IEX, like other 
equities exchanges,\12\ has offered Members \13\ a ``reserve'' order 
type, which allows

[[Page 24977]]

Members to submit a partially displayed limit order,\14\ so that a 
portion of the order is displayed (``display quantity'') and a portion 
of the order is non-displayed (``reserve quantity'').\15\ As set forth 
in IEX Rule 11.190(b)(2), when Members submit a reserve order, they 
must specify the display quantity (which must be equal to or greater 
than one round lot). Upon entry, the System attempts to execute a 
reserve order as a single order of its full, unexecuted size. If an 
incoming reserve order is not fully executed, it posts to the Order 
Book where it is effectively treated as two discrete orders: the 
display quantity (``displayed portion'') and the reserve quantity 
(``non-displayed portion''). For the purposes of pricing reserve orders 
on the Order Book, displayed portions are treated as displayed orders 
and non-displayed portions are treated as non-displayed orders. As 
described in IEX Rule 11.190(h), it is possible for the non-displayed 
portion to rest at a different price than the displayed portion, 
because the displayed portion is subject to display-price sliding \16\ 
while the non-displayed portion is subject to the Midpoint Price 
Constraint.\17\ If the displayed portion of the reserve order is 
decremented such that less than one round lot would be displayed, the 
displayed portion of the reserve order shall be refreshed for either 
(i) the original displayed quantity, or (ii) the entire reserve 
quantity, if the total number of unexecuted shares in the order is 
smaller than the original Member instructed displayed quantity. Each 
time the displayed portion of the order is refreshed from the reserve 
quantity, that portion is prioritized behind other existing displayed 
orders; the priority of the non-displayed portion, however, is 
unchanged by the refresh process.
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    \12\ See, e.g., Cboe BZX Exchange, Inc. Rule 11.9(c)(1); MEMX, 
LLC Rule 11.8(b)(4); The Nasdaq Stock Market LLC Rule 4703(h); and 
New York Stock Exchange LLC Rule 7.31(d)(1).
    \13\ See IEX Rule 1.160(s).
    \14\ See IEX Rule 11.190(a)(1).
    \15\ See IEX Rule 11.190(b)(2).
    \16\ See IEX Rule 11.190(h)(1).
    \17\ See IEX Rule 11.190(h)(2).
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    IEX recently introduced a new type of limit order, the D-Limit 
order,\18\ which is designed to protect liquidity providers from 
potential adverse selection by latency arbitrage trading strategies in 
a fair and nondiscriminatory manner.\19\ A D-Limit order may be a 
displayed or non-displayed limit order that upon entry and when posting 
to the Order Book is priced to be equal to and ranked at the order's 
limit price, but will be adjusted to a less-aggressive price during 
periods of quote instability, as defined in IEX Rule 11.190(g).\20\
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    \18\ See Securities Exchange Act Release No. 89686 (August 26, 
2020), 85 FR 54438 (September 1, 2020) (SR-IEX-2019-15) (``D-Limit 
Approval Order'').
    \19\ See Securities Exchange Act Release No. 87814 (December 20, 
2019), 84 FR 71997, 71998 (December 30, 2019) (SR-IEX-2019-15) (``D-
Limit Proposal'').
    \20\ See IEX Rules 11.190(b)(7) and 11.190(g).
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    Specifically, if the System receives a D-Limit buy (sell) order 
during a period of quote instability (i.e., the Crumbling Quote 
Indicator or ``CQI'' is on), and the D-Limit order has a limit price 
equal to or higher (lower) than the quote instability determination 
price level (``CQI Price''), the price of the order will be 
automatically adjusted by the System to one (1) MPV \21\ lower (higher) 
than the CQI Price (the ``effective limit price''). Similarly, when 
unexecuted shares of a D-Limit buy (sell) order are posted to the Order 
Book, if a quote instability determination is made and such shares are 
ranked and displayed (in the case of a displayed order) by the System 
at a price equal to or higher (lower) than the CQI Price, the price of 
the order will be automatically adjusted by the System to the effective 
limit price. A D-Limit order with an effective limit price will not 
revert to the price at which it was previously ranked and displayed (in 
the case of a displayed order). Once the price of a D-Limit order that 
has been posted to the Order Book is automatically adjusted by the 
System, the order will continue to be ranked and displayed (in the case 
of a displayed order) at the effective limit price, unless subject to 
another automatic adjustment, or if the order is subject to the price 
sliding provisions of IEX Rule 11.190(h). Otherwise, a D-Limit order 
operates in the same manner as either a displayed or non-displayed 
limit order, as applicable.\22\
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    \21\ See IEX Rule 11.210.
    \22\ See IEX Rule 11.190(b)(7).
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    D-Limit orders currently cannot be a reserve order.\23\ However, 
IEX has received informal feedback from Members indicating that they 
prefer to use reserve orders to post displayed liquidity and would like 
to be able to use such functionality for D-Limit orders. Based on this 
feedback, IEX proposes to enable D-Limit orders to be reserve orders, 
consistent with how IEX treats any other limit orders.\24\
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    \23\ See IEX Rule 11.190(b)(7)(e)(H).
    \24\ See IEX Rule 11.190(b)(2)(A).
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Proposal
    IEX proposes to amend IEX Rules 11.190(b)(2), 11.190(b)(7), and 
Supplementary Material .01 to allow D-Limit orders to be submitted as a 
reserve order. D-Limit orders already may be submitted as either 
displayed or non-displayed orders, and this proposal will allow Members 
to submit both a displayed and non-displayed D-Limit order as a single 
reserve order that allows the Member to control how much of the D-Limit 
order is displayed at any given time.
    As proposed, a D-Limit reserve order will essentially function like 
any other reserve order, i.e., on entry, it will be processed as a 
single order, and if not fully executed, the D-Limit reserve order will 
post to the Order Book and effectively be treated by the System as two 
discrete orders: The displayed portion of the order will be a displayed 
D-Limit order, and the reserve portion will be a non-displayed D-Limit 
order. However, consistent with existing D-Limit functionality, there 
are two differences between D-Limit reserve orders and other reserve 
orders, as described below.
    First, D-Limit reserve orders, like all D-Limit orders, will only 
be eligible to trade during the Regular Market Session, and a D-Limit 
reserve order with a Time-in-Force of ``DAY'' submitted before the 
opening of the Regular Market Session will be queued by the System 
until the start of the Regular Market Session.\25\ Any D-Limit reserve 
orders submitted after the closing of the Regular Market Session will 
be rejected.\26\ This functionality differs from other reserve orders, 
which may be submitted during the Pre-Market Session,\27\ the Post 
Market Session,\28\ or the Regular Market Session.\29\
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    \25\ See IEX Rule 11.190(b)(7)(E)(e)
    \26\ See Id.
    \27\ See IEX Rule 1.160(z).
    \28\ See IEX Rule 1.160(aa).
    \29\ See IEX Rule 11.190(b)(2)(F).
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    Second, D-Limit reserve orders, as described above, may also be 
subject to an effective limit price if their price is adjusted by the 
System during a period of quote instability. Therefore, a D-Limit 
reserve order resting on the Order Book will function like any other 
reserve order except that it can never be priced above either its limit 
price or its effective limit price.
    Finally, IEX proposes to make conforming changes to IEX Rule 
11.190(b)(7) to conform the subparagraph numbering with other order 
types described in IEX Rule 11.190(a) and (b).
    The following is a list of the specific proposed changes to IEX 
Rule 11.190:

     Modify IEX Rule 11.190(b)(2)(A), which currently says 
reserve orders must be limit orders to add the clarifying words 
``including a Discretionary Limit order.''
     Modify IEX Rule 11.190(b)(2)(F), which describes how 
reserve orders may be submitted during the Pre-Market, Regular 
Market, and Post-Market sessions, to add the words ``with the 
exception of Discretionary

[[Page 24978]]

Limit reserve orders, which may only be submitted as set forth in 
IEX Rule 11.190(b)(7)(E)(v).''
     Modify the main paragraph of IEX Rule 11.190(b)(7) to 
specify that D-Limit orders may also be ``partially displayed'' 
(i.e., reserve orders).
     Remove IEX Rule 11.190(b)(7)(e)(H), which states that 
D-Limit orders may not be reserve orders.
     Re-letter and re-number the subparagraphs of the D-
Limit order definition to conform to the other order types in the 
rule. Specifically:
    [cir] Re-letter IEX Rule 11.190(b)(7) subparagraphs (a)-(e) to 
now be subparagraphs (A)-(E)
    [cir] Re-number the subparagraphs under IEX Rule 11.190(b)(7)(E) 
\30\ from (A)-(J) to (i)-(ix).
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    \30\ Currently IEX Rule 11.190(b)(7)(e).
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     Modify IEX Rule 11.190(b)(7)(C)-(E) \31\ so that the 
three parentheticals that say ``in the case of a displayed order'' 
include the words ``or the displayed portion of a reserve order.''
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    \31\ Currently IEX Rule 11.190(b)(7)(c)-(e).
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     Modify IEX Rule 11.190(b)(7)(E)(viii) \32\ to specify 
that the displayed portions of D-Limit reserve orders, like 
displayed D-Limit orders, are not eligible to be invited by the 
System to Recheck as described in IEX Rule 11.230(a)(4)(D).
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    \32\ Currently IEX Rule 11.190(b)(7)(e)(I).
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     Modify Supplementary Material .01 to IEX Rule 11.190(b) 
(``Reserve Orders'') to add the following language to the end of the 
first paragraph:
    [cir] ``D-Limit reserve orders function like any other reserve 
order, except they can only trade during the Regular Market Session, 
and if a D-Limit reserve order has been subject to an automatic 
price adjustment pursuant to paragraphs (b)(7)(C) and (D) of this 
IEX Rule, both the displayed and non-displayed portions of the D-
Limit reserve order will continue to be ranked and displayed (in the 
case of the displayed portion) at the adjusted price. The adjusted 
price functions as an effective limit price for both the displayed 
and non-displayed portions of the D-Limit reserve order if one or 
both portions of the D-Limit reserve order are subsequently price 
adjusted pursuant to the Price Sliding provisions of paragraph (h) 
of this IEX Rule.''
Implementation
    This proposed rule change will be immediately effective upon 
filing. The Exchange will provide at least ten (10) days' notice to 
Members and market participants of the implementation timeline.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\33\ in general, and furthers the 
objectives of Section 6(b)(5),\34\ in particular, in that it is 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in facilitating transactions in 
securities, and 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. Specifically, the Exchange 
believes that the proposed rule change is consistent with the 
protection of investors and the public interest because it is designed 
to provide more flexibility and opportunities for Members to add both 
displayed and non-displayed liquidity to the Exchange. As noted in the 
Purpose section, the proposed rule change is responsive to informal 
feedback from Members indicating that they prefer to use reserve orders 
to post displayed liquidity and would like to be able to use such 
functionality for D-Limit orders. Thus, IEX believes that the proposed 
rule change will attract additional liquidity to the Exchange and, to 
the extent it is successful in doing so, will benefit all market 
participants, thereby supporting the purposes of the Act 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 also believes that enabling the entry of 
D-Limit orders that can be partially displayed, will enhance 
opportunities for price discovery and increase the overall displayed 
(and non-displayed) liquidity profile on the Exchange, to the benefit 
of all market participants.
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    \33\ 15 U.S.C. 78f(b).
    \34\ 15 U.S.C. 78f(b)(5).
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    Moreover, the proposed rule change will merely combine the 
attributes of two existing order types--D-Limit orders and reserve 
orders--to expand the functionality available to Members. Consequently, 
the Exchange does not believe that the proposed rule change raises any 
novel issues not already considered by the Commission.
    Furthermore, IEX believes it is consistent with the purposes of the 
Act for D-Limit reserve orders to function like other reserve orders 
except for when they can be submitted and how they behave if their 
price was adjusted during a period of quote instability, because these 
two differences are essential aspects of D-Limit orders. Similarly, IEX 
believes that updating the reserve order description in the 
Supplementary Material to IEX Rule 11.190(b) is consistent with the 
protection of investors and the public interest by providing clarity to 
all market participants about how D-Limit reserve orders function, 
including the two ways in which their functionality differs from that 
of other reserve orders. Thus, these proposed changes support the 
purposes of the Act 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 addition, as noted in the Purpose section, a D-Limit reserve 
order is a combination of two order types the Commission has already 
approved--reserve orders \35\--which are a common order type on equity 
exchanges \36\--and D-Limit orders.\37\ Thus, IEX does not believe that 
the proposed changes raise any new or novel material issues that have 
not already been considered by the Commission in connection with 
existing order types offered by IEX and other national securities 
exchanges.
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    \35\ See Securities Exchange Act Release No. 78101 (June 17, 
2016), 81 FR 41142 (June 23, 2016) (File No. 10--222) (approving 
IEX's exchange application, which included the reserve order type).
    \36\ See supra note 12.
    \37\ See supra note 18.
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    Finally, the Exchange believes that the proposed non-substantive 
conforming changes to IEX Rule 11.190(b)(7) are consistent with the 
protection of investors and the public interest because they will have 
no impact on the functionality of D-Limit orders, but rather simply 
provide consistency and clarity in IEX's ``Orders and Modifiers'' rule, 
thereby reducing the potential for confusion of any market 
participants.

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 Exchange does not believe that the proposed rule change will 
impose any burden on intermarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. To the contrary, 
the proposal is designed to enhance IEX's competitiveness with other 
markets by further enhancing IEX's reserve order and D-Limit order 
types. As discussed in the Purpose section, the proposal is designed to 
incentivize the entry of additional liquidity providing orders on IEX 
by offering Members the flexibility of using a reserve order to control 
what portion of their D-Limit orders are displayed at any time. 
Further, by enabling the entry of D-Limit orders that can be partially 
displayed, IEX believes this proposal will enhance opportunities for 
price discovery and increase the overall displayed (and non-displayed) 
liquidity profile on the

[[Page 24979]]

Exchange, to the benefit of all market participants.
    The Exchange also does not believe that the proposed rule change 
will impose any burden on intramarket competition that is not necessary 
or appropriate in furtherance of the purposes of the Act. All Members 
would be eligible to use a D-Limit reserve order, and all Members would 
be eligible to execute against any portion of a D-Limit reserve order. 
Moreover, the proposal would provide potential benefits to all Members 
to the extent that there is more liquidity available on IEX as a result 
of increased use of D-Limit orders attributable to the ability to enter 
such orders as reserve orders.
    Further, the proposed conforming edits to IEX Rule 11.190(b)(7) are 
not designed to address any competitive issue, but rather to provide 
additional clarity in IEX's rulebook.

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) \38\ of the Act and Rule 19b-4(f)(6) \39\ 
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.
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    \38\ 15 U.S.C. 78s(b)(3)(A).
    \39\ 17 CFR 240.19b-4(f)(6).
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    The Exchange believes that the proposed rule change meets the 
criteria of subparagraph (f)(6) of Rule 19b-4 \40\ because it would not 
significantly affect the protection of investors or the public 
interest. Rather, the proposed rule change neither significantly 
affects the protection of investors or the public interest, nor does it 
impose any burden on competition because it would merely combine the 
attributes of two existing order types--D-Limit orders and reserve 
orders--to expand the functionality available to Members, as discussed 
in the Purpose section, and does not raise any new or novel material 
issues that have not already been considered by the Commission in 
connection with existing order types offered by IEX. Accordingly, IEX 
has designated this rule filing as non-controversial under Section 
19(b)(3)(A) of the Act \41\ and paragraph (f)(6) of Rule 19b-4 
thereunder.\42\
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    \40\ 17 CFR 240.19b-4(f)(6).
    \41\ 15 U.S.C. 78s(b)(3)(A).
    \42\ 17 CFR 240.19b-4(f)(6).
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    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) \43\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \43\ 15 U.S.C. 78s(b)(2)(B).
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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-2021-08 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-2021-08. 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 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 the filing also will be available for inspection 
and copying at the principal offices 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-2021-08, and should be submitted on 
or before June 1, 2021.
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    \44\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\44\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-09781 Filed 5-7-21; 8:45 am]
BILLING CODE 8011-01-P