Document ID: SEC-2022-1102-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Investors Exchange, LLC
Posted Date: 2022-08-16T04:00Z

[Federal Register Volume 87, Number 157 (Tuesday, August 16, 2022)]
[Notices]
[Pages 50362-50366]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-17531]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95463; File No. SR-IEX-2022-05]

Self-Regulatory Organizations; Investors Exchange LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Add a New 
Order Type That Pegs to the Contra-Side Primary Quote, With the Option 
of Using a Passive Offset Amount

August 10, 2022.
    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 August 8, 2022, 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, 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 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 add a new order type (a ``Market Peg'' order) 
that pegs to the contra-side primary quote, with the option of using a 
passive offset amount.\5\ The Exchange has designated this rule change 
as ``non-controversial'' under Section 19(b)(3)(A) of the Act \6\ and 
provided the Commission with the notice required by Rule 19b-4(f)(6) 
thereunder.\7\
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    \3\ 15 U.S.C. 78s(b)(1).
    \4\ 17 CFR 240.19b-4.
    \5\ The contra-side primary quote is the national best offer for 
a buy order or the national best bid for a sell order, as set forth 
in Rule 600(b) of Regulation NMS under the Act, determined as set 
forth in IEX Rule 11.410(b). See IEX Rule 1.160(u).
    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 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

[[Page 50363]]

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 11.190 to add a new Market 
Peg order type that pegs to the contra-side primary quote,\8\ minus 
(plus) an optional passive \9\ offset amount for buy (sell) orders, as 
specified by the User.\10\ In addition, the Exchange proposes two 
conforming amendments to IEX Rules Rule 11.190(a)(3) and 11.190(h)(3).
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    \8\ See supra note 6.
    \9\ A passive offset is a negative number for buy orders and a 
positive number for sell orders, thereby making the order's price 
less aggressive than the contra-side primary quote.
    \10\ See IEX Rule 1.160(qq).
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    Currently, the Exchange offers four types of pegged orders--primary 
peg, midpoint peg, Discretionary Peg, and Offset Peg \11\--each of 
which are non-displayed orders that upon entry into the System \12\ and 
while resting on the Order Book \13\, are pegged to a reference price 
based on the national best bid and offer (``NBBO'') \14\ and the price 
of the order is automatically adjusted by the System in response to 
changes in the NBBO.\15\
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    \11\ IEX has two other order types that are based on the 
discretionary peg order type: the Retail Liquidity Provider order 
and the Corporate Discretionary Peg order. See IEX Rule 
11.190(b)(14) and (16).
    \12\ See IEX Rule 1.160(nn).
    \13\ See IEX Rule 1.160(p).
    \14\ See IEX Rule 1.160(u).
    \15\ See IEX Rule 11.190(h)(2).
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    The Exchange now proposes to add a new type of pegged order--a 
Market Peg order--that is a non-displayed pegged order that upon entry 
and when posting to the Order Book, has its price automatically 
adjusted by the System to be equal to and ranked at the less aggressive 
of the contra-side primary quote (i.e., the NBO \16\ for buy orders and 
NBB \17\ for sell orders), minus (plus) an offset amount for buy (sell) 
orders, if the User opts to submit the order with an offset amount, or 
the order's limit price, if the User opts to submit the order with a 
limit price. If a User submits a Market Peg buy order with a positive 
offset amount, or a Market Peg sell order with a negative offset 
amount, the offset amount will be disregarded. While resting on the 
Order Book, (i) a buy order is automatically adjusted by the System in 
response to changes in the NBO minus the offset amount up to the 
order's limit price, if any; and (ii) a sell order is automatically 
adjusted by the System in response to changes in the NBB plus the 
offset amount down to the order's limit price, if any; and (iii) in 
locked and crossed markets, are priced to the less aggressive of the 
locking or crossing price (i.e., the lowest Protected Offer \18\ for 
buy orders and the highest Protected Bid \19\ for sell orders).\20\ 
Further, a Market Peg order would not be eligible to trade when the 
market is locked or crossed, either upon order entry or when resting on 
the Order Book.
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    \16\ See IEX Rule 1.160(u).
    \17\ See IEX Rule 1.160(u).
    \18\ See IEX Rule 1.160(bb).
    \19\ See IEX Rule 1.160(bb).
    \20\ As with all pegged orders, each time the price of a Market 
Peg order is adjusted by the System it receives a new timestamp, as 
described in IEX Rule 11.220(a)(4).
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    Until recently, IEX imposed a ``Midpoint Price Constraint'' on all 
non-displayed orders, which prevented those orders from resting at 
prices between the Midpoint Price \21\ and the contra-side primary 
quote. The Midpoint Price Constraint meant IEX could not offer an order 
type that pegged to the contra-side primary quote.
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    \21\ See IEX Rule 1.160(t).
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    IEX recently modified its non-displayed price sliding rules to 
allow non-displayed orders to book and rest at the contra-side primary 
quote based on its understanding that Members \22\ would like to be 
able to post non-displayed orders at prices more aggressive than the 
Midpoint Price.\23\ With the removal of the Midpoint Price Constraint, 
IEX has received informal feedback from Members that they would like 
the option of pegging an order to the contra-side primary quote--the 
most aggressive price at which the order can execute--to enhance the 
order's execution opportunities. IEX understands that Members would 
also like to have the option of using a passive price offset for their 
Market Peg orders, which would allow the Member to obtain potential 
price improvement over the contra-side primary quote, while continuing 
to rest at an aggressive price with increased execution opportunities.
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    \22\ See IEX Rule 1.160(s).
    \23\ See Securities Exchange Act Release No. 94884 (May 10, 
2022), 87 FR 29768 (May 16, 2022) (SR-IEX-2022-04).
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    Accordingly, IEX proposes to add subparagraph (b)(18) to IEX Rule 
11.190, to add the Market Peg order. IEX notes that this Market Peg 
order is based upon its Offset Peg order type \24\, with two major 
differences: the Offset Peg order pegs to the primary quote (i.e., the 
NBB for buy orders and the NBO for sell orders), while the Market Peg 
order pegs to the contra-side primary quote (i.e., the NBO for buy 
orders and the NBB for sell orders); and the Offset Peg can be 
submitted with an aggressive (positive for buy orders/negative for sell 
orders) or passive (negative for buy orders/positive for sell orders) 
offset amount, while the Market Peg order can only be submitted with a 
passive offset amount. Market Peg orders can only have a passive offset 
because by default they rest at the contra-side primary quote, which is 
the most aggressive price at which IEX will allow an order to be booked 
\25\; therefore, IEX will disregard any aggressive offset amounts 
attached to a Market Peg order.\26\
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    \24\ See IEX Rule 11.190(b)(13).
    \25\ See IEX Rule 11.190(h)(2).
    \26\ For the same reason, if an Offset Peg order's offset amount 
would result in the price of the Offset Peg order being more 
aggressive than the contra-side primary quote, IEX will reduce the 
offset amount so that the Offset Peg order is booked and ranked at 
the contra-side protected quotation. See IEX Rule 11.190(b)(13)(L).
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    As proposed, a Market Peg order:

    (A) Must be a pegged order.
    (B) May have any TIF described in IEX Rule 11.190(a)(3).
    (C) Is not eligible for routing pursuant to IEX Rule 11.230(b) 
and (c)(2).
    (D) May not be an inter-market Sweep Order.\27\
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    \27\ See IEX Rule 11.190(b)(12).
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    (E) May be submitted with a limit price or without a limit price 
(an ``unpriced pegged order'').
    (F) Is eligible to trade only during the Regular Market Session. 
As provided in IEX Rule 11.190(a)(3)(E)(iii), any pegged order 
marked with a TIF of DAY that is submitted to the System before the 
opening of the Regular Market Session will be queued by the System 
until the start of the Regular Market Session; any pegged order that 
is marked with a TIF other than DAY will be rejected when submitted 
to the System during the Pre-Market Session. Any pegged order 
submitted into the System after the closing of the Regular Market 
Session will be rejected.
    (G) May be a minimum quantity order.\28\
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    \28\ See IEX Rule 11.190(b)(11).
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    (H) Is not eligible to display. Pegged orders are always non-
displayed.
    (I) May be an odd lot, round lot, or mixed lot.
    (J) Is eligible to be invited by the System to Recheck the Order 
Book to trade against eligible resting contra-side interest as 
described in IEX Rule 11.230(a)(4)(D).
    (K) Is not eligible to trade when the market is locked or 
crossed.
    (L) May be submitted with an offset amount that is passive 
compared to the contra-side primary quote. If the offset amount 
would result in the price of a Market

[[Page 50364]]

Peg order being more aggressive than the contra-side protected 
quotation, the offset amount will be disregarded, so that the order 
is booked and ranked on the Order Book non-displayed at the contra-
side protected quotation. If no offset amount is specified, the 
System will consider the offset amount to be zero.

    In addition, the Exchange proposes two conforming amendments to 
other IEX rules. First, IEX Rule 11.190(a)(3) would be amended to add 
Market Peg orders to the list of pegged order types offered by IEX, 
describing Market Peg orders as an order that pegs to ``the NBO (NBB) 
for buy (sell) orders minus (plus) an offset amount.'' Second, IEX Rule 
11.190(h) would be amended to describe the manner in which Market Peg 
orders will operate in locked and crossed markets. Specifically, when 
the market becomes locked, Market Peg orders, whether resting on or 
posting to the Order Book, will be priced at the least aggressive of 
the locking price plus (for sell orders) or minus (for buy orders) an 
offset amount, or the order's limit price, if any.\29\ Further, as 
proposed, Market Peg orders resting on or posting to the Order Book 
while the market is crossed are priced at the least aggressive of (1) 
the crossing price (the lowest Protected Offer for buy orders and the 
highest Protected Bid for sell orders); (2) the crossing price plus 
(for sell orders) or minus (for buy orders) an offset amount, or (3) 
the order's limit price, if any.\30\
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    \29\ See proposed changes to IEX Rule 11.190(h)(3)(C)(iii).
    \30\ See proposed changes to IEX Rule 11.190(h)(3)(D)(iii).
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    The methodology for pricing Market Peg orders during locked and 
crossed markets is designed to price such orders at the least 
aggressive price that is consistent with the terms of the order so as 
to avoid exacerbating the lock or cross.
    In addition, Market Peg orders will not be eligible to trade when 
the market is locked or crossed, and a Market Peg order that would 
otherwise be eligible to trade against an active order will surrender 
its precedence on the Order Book for the duration of the System 
processing the current active order, pursuant to IEX Rule 11.220(a)(5).
    The manner in which Market Peg orders will operate in locked and 
crossed markets (as proposed) is identical to the manner in which IEX's 
Offset Peg orders operate when the market is locked or crossed.\31\ 
IEX's other pegged order types are eligible to trade in locked or 
crossed markets, but they are repriced away from the locking and 
crossing price (except for Midpoint Peg orders in a locked market which 
continue to be priced at the locking Midpoint Price), which is designed 
to prevent trading at the locking or crossing price. As with Offset Peg 
orders, Market Peg orders are designed to enable market participants to 
trade at or with reference to the contra-side NBB or NBO. When the NBBO 
is locked or crossed the market is generally considered to be in a 
transition state with the NBB and/or NBO likely subject to very near-
term change. Consequently, the Exchange believes that Market Peg orders 
should not trade in such circumstances. Further, if a Market Peg order 
does not have an offset, it cannot be priced away from the locking or 
crossing price because the contra-side primary quote will be the 
locking or crossing price. Therefore, IEX proposes to not allow Market 
Peg orders to trade during locked or crossed markets. Additionally, IEX 
believes that the methodology for pricing Market Peg orders during 
locked and crossed markets is consistent with the Act because it is 
designed to price such orders at the least aggressive price that is 
consistent with the terms of the order so as to avoid exacerbating the 
lock or cross.
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    \31\ See IEX Rules 11.190(b)(13), 11.190(h)(3)(C)(iii), and 
11.190(h)(3)(D)(iii).
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    The Exchange notes that for many years other national securities 
exchanges have offered order types that peg to the NBO (for buys) and/
or NBB (for sells) plus or minus an offset amount.\32\ In this regard, 
the Exchange notes that this proposed rule change is either identical 
or substantially similar to order types offered by NYSE Arca, Inc. 
(``Arca''), the Nasdaq Stock Market LLC (``Nasdaq''), and CBOE BZX 
Exchange, Inc. (``BZX''), each of which offer a non-displayed market 
pegged order type or attribute that pegs to the primary quotation on 
the opposite side of the market (i.e., the NBO for a buy order and the 
NBB for a sell order) with an optional passive offset amount.\33\ In 
particular, this proposed rule change is identical to Arca's market peg 
order type, which will also will not trade when the market is locked or 
crossed.\34\ The proposed rule change is substantially similar to 
Nasdaq's market peg order attribute and BZX's market peg order type, 
with the exception that Nasdaq and BZX allow a market peg order to 
trade when the market is locked or crossed.\35\
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    \32\ See, e.g., Securities Exchange Act Release No. 52449 
(September 15, 2005), 70 FR 55647 (September 22, 2005) (SR-NASD-
2005-107).
    \33\ See Nasdaq Rule 4703(d), NYSE Arca Rule 7.31-E(h)(1), and 
Cboe BZX Rule 11.9(c)(8)(B).
    \34\ See Arca Rule 7.31-E(h)(1).
    \35\ See Nasdaq Rule 4703(d) and BZX Rule 11.9(c)(8)(B).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\36\ in general, and furthers the 
objectives of Section 6(b)(5),\37\ 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 increase competition among execution venues by providing an 
additional pegged order type that market participants can use to trade 
at the contra-side primary quote, with an optional passive offset, as 
described in the Purpose section and thereby enable the Exchange to 
better compete with order types on other national securities exchanges 
that offer similar features to market participants.
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    \36\ 15 U.S.C. 78f(b).
    \37\ 15 U.S.C. 78f(b)(5).
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    Further, IEX believes that the proposal is consistent with the 
protection of investors and the public interest in that the Market Peg 
order type would provide additional flexibility to market participants 
in their use of pegging orders. As described in the Purpose section, 
IEX already offers several different types of pegging orders that trade 
with reference to the primary quote (Offset Peg and Primary Peg), at 
the Midpoint Price (Midpoint Peg and Discretionary Peg), and in some 
cases with the ability to also exercise price discretion in specified 
circumstances (Discretionary Peg and Primary Peg). As proposed, the 
Market Peg order would function in a similar manner but provide 
flexibility to market participants to peg their orders to the most 
aggressive possible resting price, with an optional passive offset. 
Such functionality could be used to price the order aggressively to 
enhance its execution opportunities. IEX believes that implementing 
this functionality through an exchange order type will make it more 
widely available to market participants on a fair and non-
discriminatory basis.
    At the same time, the offset instruction would be offered on a 
purely voluntary basis, and with flexibility for

[[Page 50365]]

Users to choose the amount of any offset, thereby providing flexibility 
to continue using current pegged order types without a User specified 
offset and to choose different offsets based on a User's specific 
needs. The Exchange does not believe that providing flexibility to 
Users to select the amount of any offset raises any significant or 
novel concerns, since similar offset functionality is already available 
on other national securities exchanges, as discussed in the Purpose 
section.\38\
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    \38\ See supra note 34
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    Further, IEX believes that it is consistent with the Act to not 
permit a Market Peg order to trade when the market is locked or 
crossed. First, as noted in the Purpose section, this functionality is 
identical to that of IEX's Offset Peg orders.\39\ While IEX's remaining 
pegged order types are eligible to trade in locked or crossed markets, 
they are repriced away from the locking and crossing price (except for 
Midpoint Peg orders in a locked market which continue to be priced at 
the locking Midpoint Price), which is designed to prevent trading at 
the locking or crossing price.
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    \39\ See supra note 32.
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    As noted in the Purpose section, a Market Peg order cannot be 
priced away from the locking or crossing price because the contra-side 
primary quote will be the locking or crossing price. Therefore, to 
prevent a Market Peg order from trading at the locking or crossing 
price, IEX proposes to not allow them to trade during locked or crossed 
markets. As noted in the Purpose section Arca applies the same 
limitations to their market peg orders.\40\ Additionally, IEX believes 
that the methodology for pricing Market Peg orders during locked and 
crossed markets is consistent with the Act because it is designed to 
price such orders at the least aggressive price that is consistent with 
the terms of the order so as to avoid exacerbating the lock or cross.
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    \40\ See supra note 35.
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    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 the IEX 
and other national securities exchanges.

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. To the contrary, the 
proposal is a competitive response to similar order types available on 
other exchanges.
    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. Competing 
exchanges have and can continue to adopt similar order types, subject 
to the SEC rule change process, as discussed in the Purpose and 
Statutory Basis sections.\41\
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    \41\ See supra note 34.
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    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 Market Peg order type on the same terms.

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) \42\ of the Act and Rule 19b-4(f)(6) \43\ 
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. In addition, the Exchange provided the Commission 
with 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.\44\
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    \42\ 15 U.S.C. 78s(b)(3)(A).
    \43\ 17 CFR 240.19b-4(f)(6).
    \44\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Exchange believes that the proposed rule change meets the 
criteria of subparagraph (f)(6) of Rule 19b-4 \45\ because it is 
substantially similar to order types previously approved or considered 
by the Commission and as discussed in the Statutory Basis and Burden on 
Competition sections.\46\ 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.
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    \45\ 17 CFR 240.19b-4(f)(6).
    \46\ See supra notes 34 and 39.
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    Accordingly, the Exchange has designated this rule filing as non-
controversial under Section 19(b)(3)(A) of the Act \47\ and paragraph 
(f)(6) of Rule 19b-4 thereunder.\48\
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    \47\ 15 U.S.C. 78s(b)(3)(A).
    \48\ 17 CFR 240.19b-4.
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    The Exchange will implement the proposed rule change within 90 days 
of filing, subject to the 30-day operative delay, and provide at least 
ten (10) days' notice to Members and market participants of the 
implementation timeline.
    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) \49\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \49\ 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 [email protected]. Please include 
File Number SR-IEX-2022-05 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-2022-05. 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

[[Page 50366]]

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 
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-
2022-05, and should be submitted on or before September 6, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\50\
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    \50\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-17531 Filed 8-15-22; 8:45 am]
BILLING CODE 8011-01-P