81_FR_54297 81 FR 54140 - Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.190(f) To Make Correcting and Clarifying Changes

81 FR 54140 - Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.190(f) To Make Correcting and Clarifying Changes

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 157 (August 15, 2016)

Page Range54140-54141
FR Document2016-19314

Federal Register, Volume 81 Issue 157 (Monday, August 15, 2016)
[Federal Register Volume 81, Number 157 (Monday, August 15, 2016)]
[Notices]
[Pages 54140-54141]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-19314]



[[Page 54140]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78509; File No. SR-IEX-2016-08]


Self-Regulatory Organizations; Investors Exchange LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend 
Rule 11.190(f) To Make Correcting and Clarifying Changes

August 9, 2016.
    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 August 1, 2016, 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 Exchange has designated this proposal as a ``non-
controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of 
the Act \4\ and Rule 19b-4(f)(6)(iii) thereunder,\5\ which renders it 
effective upon filing with the Commission. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 240.19b-4(f)(6)(iii).
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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 Securities 
Exchange Act of 1934 (``Act''),\6\ and Rule 19b-4 thereunder,\7\ 
Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the 
Securities and Exchange Commission (``Commission'') a proposed rule 
change to amend Rule 11.190(f) to (i) eliminate obsolete references to 
route to rest functionality, (ii) replace the phrase ``displayed 
interest'' with ``displayable interest'' to more clearly describe how 
the IEX System handles such interest in a One-Sided Market, and (iii) 
describe how orders are handled in a Zero Market when a contra-side 
Protected Quotation returns. The Exchange has designated this rule 
change as non-controversial under Section 19(b)(3)(A) of the Act \8\ 
and provided the Commission with the notice required by Rule 19b-
4(b)(6)(iii) thereunder.\9\
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    \6\ 15 U.S.C. 78s(b)(1).
    \7\ 17 CRF 240.19b-4.
    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6)(iii).
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    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.

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 Exchange proposes to amend Rule 11.190(f) to (i) eliminate 
obsolete references to route to rest functionality in subparagraphs 
(4)(B)(i)(b) and 5(B), (ii) replace the phrase ``displayed interest'' 
with ``displayable interest'' in subparagraphs (4)(B), (4)(B)(i)(a) and 
(4)(B)(ii)(a) to more clearly describe how the IEX System handles such 
interest in a One-Sided Market, and (iii) describe, in subparagraphs 
5(A) and 5(B), how orders are handled in a Zero Market when a contra-
side Protected Quotation returns.
    With respect to references to route to rest functionality, 
subparagraphs (4)(B)(i)(b) and (5)(B) reference Rule 11.230(c)(6). 
However, Rule 11.230(c)(6) was deleted in connection with Amendment No. 
3 to IEX's Form 1 application under the Act, seeking registration as a 
national securities exchange pursuant to Section 6 of the Act.\10\ In 
Amendment No. 3,\11\ IEX proposed changes to redesign its outbound 
routing functionality, which changes included eliminating route to rest 
routing functionality previously described in Rule 11.230(c)(6). 
However, IEX inadvertently failed to delete references to such 
functionality in subparagraphs (4)(B)(i)(b) and (5)(B) of Rule 
11.190(f).
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    \10\ 15 U.S.C. 78f.
    \11\ See, Securities Exchange Act Release No. 77406 (March 18, 
2016).
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    Currently, subparagraph (4)(B)(i)(b) of Rule 11.190(f) provides 
that in a One-Sided Market (which lacks either a Protected Bid or 
Protected Offer) routable displayable orders on the same side as the 
Protected Quotation can route passively to rest on away trading 
centers. Similarly, subparagraph (5)(B) of Rule 11.190(f) provides that 
in a Zero Market (in which neither a Protected Bid nor Protected Offer 
exists) routable displayable orders can route passively to rest on away 
trading centers. As proposed, such orders will not be eligible to route 
passively to rest on away trading centers, while the One-Sided Market 
or Zero Market, as applicable, exists. Accordingly, IEX proposes to 
update its rules to delete those provisions.
    IEX also proposes to replace the phrase ``displayed interest'' with 
``displayable interest'' in subparagraphs (4)(B), (4)(B)(i)(a) and 
(4)(B)(ii)(a) to more clearly describe how the IEX System handles such 
interest in a One-Sided Market. Specifically, the subparagraphs noted 
above use the term ``displayed interest'' when describing trading 
interest that is eligible for display but may not have been displayed. 
Accordingly, the Exchange proposes to change such references to 
``displayable interest'' since the applicable rule provisions describe 
the handling of orders that are displayable even if not displayed.
    Finally, the Exchange proposes to describe, in subparagraphs 5(A) 
and 5(B) of Rule 11.190, how orders are handled in a Zero Market when a 
contra-side Protected Quotation returns. Currently, those provisions 
describe how non-displayed and displayable interest is handled in a 
Zero Market (i.e., in which neither a Protected Bid nor Protected Offer 
exists), but do not describe how orders are handled when a Protected 
Quotation returns on one side of the market. As proposed, Rule 
11.190(5)(A) and (B) provide that when a contra-side Protected 
Quotation returns, the system will route routable orders consistent 
with Rule 11.230(b)(2), if eligible for re-sweep. This change thus 
addresses when a Two-Sided or One-Sided Market returns.
2. Statutory Basis
    IEX believes that the proposed rule change is consistent with the 
provisions of Section 6 of the Act, in general and with Sections 6(b) 
\12\ of the Act in general, and furthers the objectives of Section 
6(b)(5) \13\ of the Act, 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

[[Page 54141]]

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 it is appropriate to make the 
specified corrections so that its rules clearly describe the manner in 
which its systems operate by removing obsolete text and clarifying the 
operation of the rule when a protected quotation returns. The proposed 
changes do not introduce new functionality but merely make the rule 
more complete and precise. Further, the Exchange believes that the 
proposed rule change is consistent with the protection of investors and 
the public interest because it will provide for accuracy and 
consistency in the Exchange's rules and alleviate any confusion among 
market participants.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f.
    \13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 because IEX is amending its 
rules to provide for accuracy and consistency. The Exchange is merely 
removing obsolete language and clarifying the operation of the rule, 
therefore no new burdens are being proposed.

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) \14\ of the Act and Rule 19b-4(f)(6) \15\ 
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 if consistent with 
the protection of investors and the public interest, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.\16\ The Exchange notes that its proposal merely 
amends the Exchange's rules to provide for accuracy and consistency. 
The Exchange has asked the Commission to waive the 30-day operative 
delay, making the proposal operative upon filing. The Commission 
believes that waiver of the operative delay is consistent with the 
protection of investors and the public interest because it will allow 
the Exchange to implement the proposal immediately to remove some 
obsolete rule text and separately add helpful additional clarifying 
detail to its one-sided and zero markets provision, which may alleviate 
potential confusion among market participants before IEX begins 
operations as an exchange. Further, the proposal adds clarifying detail 
to the rule without materially amending the operation of the rule or 
raising any new or novel issues. For these reasons, the Commission 
hereby waives the operative delay and designates the proposed rule 
change operative upon filing.\17\
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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.
    \17\ For 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).
---------------------------------------------------------------------------

    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) \18\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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 SR-IEX-2016-08 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-2016-08. 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 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; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-IEX-2016-08 and should be 
submitted on or before September 6, 2016.
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    \19\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-19314 Filed 8-12-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                54140                         Federal Register / Vol. 81, No. 157 / Monday, August 15, 2016 / Notices

                                                SECURITIES AND EXCHANGE                                    The text of the proposed rule change               Protected Bid or Protected Offer)
                                                COMMISSION                                              is available at the Exchange’s Web site               routable displayable orders on the same
                                                                                                        at www.iextrading.com, at the principal               side as the Protected Quotation can
                                                [Release No. 34–78509; File No. SR–IEX–                 office of the Exchange, and at the                    route passively to rest on away trading
                                                2016–08]                                                Commission’s Public Reference Room.                   centers. Similarly, subparagraph (5)(B)
                                                                                                                                                              of Rule 11.190(f) provides that in a Zero
                                                Self-Regulatory Organizations;                          II. Self-Regulatory Organization’s
                                                                                                                                                              Market (in which neither a Protected
                                                Investors Exchange LLC; Notice of                       Statement of the Purpose of, and
                                                                                                                                                              Bid nor Protected Offer exists) routable
                                                Filing and Immediate Effectiveness of                   Statutory Basis for, the Proposed Rule
                                                                                                                                                              displayable orders can route passively
                                                Proposed Rule Change To Amend Rule                      Change
                                                                                                                                                              to rest on away trading centers. As
                                                11.190(f) To Make Correcting and                           In its filing with the Commission, the             proposed, such orders will not be
                                                Clarifying Changes                                      self-regulatory organization included                 eligible to route passively to rest on
                                                August 9, 2016.                                         statements concerning the purpose of                  away trading centers, while the One-
                                                   Pursuant to Section 19(b)(1) 1 of the                and basis for the proposed rule change                Sided Market or Zero Market, as
                                                Securities Exchange Act of 1934 (the                    and discussed any comments it received                applicable, exists. Accordingly, IEX
                                                ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                  on the proposed rule change. The text                 proposes to update its rules to delete
                                                notice is hereby given that, on August                  of these statement [sic] may be                       those provisions.
                                                1, 2016, the Investors Exchange LLC                     examined at the places specified in Item                 IEX also proposes to replace the
                                                (‘‘IEX’’ or the ‘‘Exchange’’) filed with the            IV below. The self-regulatory                         phrase ‘‘displayed interest’’ with
                                                                                                        organization has prepared summaries,                  ‘‘displayable interest’’ in subparagraphs
                                                Securities and Exchange Commission
                                                                                                        set forth in Sections A, B, and C below,              (4)(B), (4)(B)(i)(a) and (4)(B)(ii)(a) to
                                                (the ‘‘Commission’’) the proposed rule
                                                                                                        of the most significant aspects of such               more clearly describe how the IEX
                                                change as described in Items I and II
                                                                                                        statements.                                           System handles such interest in a One-
                                                below, which Items have been prepared
                                                by the self-regulatory organization. The                A. Self-Regulatory Organization’s                     Sided Market. Specifically, the
                                                Exchange has designated this proposal                   Statement of the Purpose of, and                      subparagraphs noted above use the term
                                                as a ‘‘non-controversial’’ proposed rule                Statutory Basis for, the Proposed Rule                ‘‘displayed interest’’ when describing
                                                change pursuant to Section 19(b)(3)(A)                  Change                                                trading interest that is eligible for
                                                of the Act 4 and Rule 19b–4(f)(6)(iii)                                                                        display but may not have been
                                                                                                        1. Purpose                                            displayed. Accordingly, the Exchange
                                                thereunder,5 which renders it effective
                                                                                                           The Exchange proposes to amend                     proposes to change such references to
                                                upon filing with the Commission. The
                                                                                                        Rule 11.190(f) to (i) eliminate obsolete              ‘‘displayable interest’’ since the
                                                Commission is publishing this notice to
                                                                                                        references to route to rest functionality             applicable rule provisions describe the
                                                solicit comments on the proposed rule
                                                                                                        in subparagraphs (4)(B)(i)(b) and 5(B),               handling of orders that are displayable
                                                change from interested persons.
                                                                                                        (ii) replace the phrase ‘‘displayed                   even if not displayed.
                                                I. Self-Regulatory Organization’s                       interest’’ with ‘‘displayable interest’’ in              Finally, the Exchange proposes to
                                                Statement of the Terms of Substance of                  subparagraphs (4)(B), (4)(B)(i)(a) and                describe, in subparagraphs 5(A) and
                                                the Proposed Rule Change                                (4)(B)(ii)(a) to more clearly describe how            5(B) of Rule 11.190, how orders are
                                                                                                        the IEX System handles such interest in               handled in a Zero Market when a
                                                   Pursuant to the provisions of Section
                                                                                                        a One-Sided Market, and (iii) describe,               contra-side Protected Quotation returns.
                                                19(b)(1) under the Securities Exchange
                                                                                                        in subparagraphs 5(A) and 5(B), how                   Currently, those provisions describe
                                                Act of 1934 (‘‘Act’’),6 and Rule 19b–4
                                                                                                        orders are handled in a Zero Market                   how non-displayed and displayable
                                                thereunder,7 Investors Exchange LLC
                                                                                                        when a contra-side Protected Quotation                interest is handled in a Zero Market (i.e.,
                                                (‘‘IEX’’ or ‘‘Exchange’’) is filing with the
                                                                                                        returns.                                              in which neither a Protected Bid nor
                                                Securities and Exchange Commission
                                                                                                           With respect to references to route to             Protected Offer exists), but do not
                                                (‘‘Commission’’) a proposed rule change
                                                                                                        rest functionality, subparagraphs                     describe how orders are handled when
                                                to amend Rule 11.190(f) to (i) eliminate
                                                                                                        (4)(B)(i)(b) and (5)(B) reference Rule                a Protected Quotation returns on one
                                                obsolete references to route to rest
                                                                                                        11.230(c)(6). However, Rule 11.230(c)(6)              side of the market. As proposed, Rule
                                                functionality, (ii) replace the phrase
                                                                                                        was deleted in connection with                        11.190(5)(A) and (B) provide that when
                                                ‘‘displayed interest’’ with ‘‘displayable
                                                                                                        Amendment No. 3 to IEX’s Form 1                       a contra-side Protected Quotation
                                                interest’’ to more clearly describe how
                                                                                                        application under the Act, seeking                    returns, the system will route routable
                                                the IEX System handles such interest in
                                                                                                        registration as a national securities                 orders consistent with Rule 11.230(b)(2),
                                                a One-Sided Market, and (iii) describe
                                                                                                        exchange pursuant to Section 6 of the                 if eligible for re-sweep. This change thus
                                                how orders are handled in a Zero
                                                                                                        Act.10 In Amendment No. 3,11 IEX                      addresses when a Two-Sided or One-
                                                Market when a contra-side Protected
                                                                                                        proposed changes to redesign its                      Sided Market returns.
                                                Quotation returns. The Exchange has
                                                designated this rule change as non-                     outbound routing functionality, which                 2. Statutory Basis
                                                controversial under Section 19(b)(3)(A)                 changes included eliminating route to
                                                                                                        rest routing functionality previously                    IEX believes that the proposed rule
                                                of the Act 8 and provided the                                                                                 change is consistent with the provisions
                                                Commission with the notice required by                  described in Rule 11.230(c)(6).
                                                                                                        However, IEX inadvertently failed to                  of Section 6 of the Act, in general and
                                                Rule 19b–4(b)(6)(iii) thereunder.9                                                                            with Sections 6(b) 12 of the Act in
                                                                                                        delete references to such functionality
                                                                                                        in subparagraphs (4)(B)(i)(b) and (5)(B)              general, and furthers the objectives of
                                                  1 15 U.S.C. 78s(b)(1).
sradovich on DSK3GMQ082PROD with NOTICES




                                                  2 15                                                  of Rule 11.190(f).                                    Section 6(b)(5) 13 of the Act, in
                                                       U.S.C. 78a.
                                                  3 17 CFR 240.19b–4.                                      Currently, subparagraph (4)(B)(i)(b) of            particular, in that it is designed to
                                                  4 15 U.S.C. 78s(b)(3)(A).                             Rule 11.190(f) provides that in a One-                prevent fraudulent and manipulative
                                                  5 17 CFR 240.19b–4(f)(6)(iii).                        Sided Market (which lacks either a                    acts and practices, to promote just and
                                                  6 15 U.S.C. 78s(b)(1).                                                                                      equitable principles of trade, to remove
                                                  7 17 CRF 240.19b–4.                                     10 15U.S.C. 78f.
                                                  8 15 U.S.C. 78s(b)(3)(A).                               11 See,                                               12 15   U.S.C. 78f.
                                                                                                                Securities Exchange Act Release No. 77406
                                                  9 17 CFR 240.19b–4(f)(6)(iii).                        (March 18, 2016).                                       13 15   U.S.C. 78f(b)(5).



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                                                                               Federal Register / Vol. 81, No. 157 / Monday, August 15, 2016 / Notices                                                    54141

                                                impediments to and perfect the                          Act and Rule 19b–4(f)(6) thereunder.16                    Electronic Comments
                                                mechanism of a free and open market                     The Exchange notes that its proposal
                                                and a national market system, and, in                   merely amends the Exchange’s rules to                       • Use the Commission’s Internet
                                                general, to protect investors and the                   provide for accuracy and consistency.                     comment form (http://www.sec.gov/
                                                public interest. The Exchange believes it               The Exchange has asked the                                rules/sro.shtml); or
                                                is appropriate to make the specified                    Commission to waive the 30-day                              • Send an email to rule-comments@
                                                corrections so that its rules clearly                   operative delay, making the proposal                      sec.gov. Please include File SR–IEX–
                                                describe the manner in which its                        operative upon filing. The Commission                     2016–08 on the subject line.
                                                systems operate by removing obsolete                    believes that waiver of the operative
                                                text and clarifying the operation of the                delay is consistent with the protection                   Paper Comments
                                                rule when a protected quotation returns.                of investors and the public interest
                                                                                                        because it will allow the Exchange to                       • Send paper comments in triplicate
                                                The proposed changes do not introduce
                                                                                                        implement the proposal immediately to                     to Secretary, Securities and Exchange
                                                new functionality but merely make the
                                                                                                        remove some obsolete rule text and                        Commission, 100 F Street NE.,
                                                rule more complete and precise.
                                                                                                        separately add helpful additional                         Washington, DC 20549–1090.
                                                Further, the Exchange believes that the
                                                proposed rule change is consistent with                 clarifying detail to its one-sided and                    All submissions should refer to File
                                                the protection of investors and the                     zero markets provision, which may                         Number SR–IEX–2016–08. This file
                                                public interest because it will provide                 alleviate potential confusion among                       number should be included on the
                                                for accuracy and consistency in the                     market participants before IEX begins                     subject line if email is used. To help the
                                                Exchange’s rules and alleviate any                      operations as an exchange. Further, the                   Commission process and review your
                                                confusion among market participants.                    proposal adds clarifying detail to the                    comments more efficiently, please use
                                                                                                        rule without materially amending the                      only one method. The Commission will
                                                B. Self-Regulatory Organization’s                       operation of the rule or raising any new                  post all comments on the Commission’s
                                                Statement on Burden on Competition                      or novel issues. For these reasons, the                   Internet Web site (http://www.sec.gov/
                                                   IEX does not believe that the                        Commission hereby waives the                              rules/sro.shtml). Copies of the
                                                proposed rule change will result in any                 operative delay and designates the                        submission, all subsequent
                                                burden on competition that is not                       proposed rule change operative upon                       amendments, all written statements
                                                necessary or appropriate in furtherance                 filing.17                                                 with respect to the proposed rule
                                                of the purposes of the Act because IEX                     At any time within 60 days of the                      change that are filed with the
                                                is amending its rules to provide for                    filing of the proposed rule change, the                   Commission, and all written
                                                accuracy and consistency. The                           Commission summarily may                                  communications relating to the
                                                Exchange is merely removing obsolete                    temporarily suspend such rule change if                   proposed rule change between the
                                                language and clarifying the operation of                it appears to the Commission that such                    Commission and any person, other than
                                                the rule, therefore no new burdens are                  action is necessary or appropriate in the                 those that may be withheld from the
                                                being proposed.                                         public interest, for the protection of                    public in accordance with the
                                                                                                        investors, or otherwise in furtherance of                 provisions of 5 U.S.C. 552, will be
                                                C. Self-Regulatory Organization’s                       the purposes of the Act. If the                           available for Web site viewing and
                                                Statement on Comments on the                            Commission takes such action, the                         printing in the Commission’s Public
                                                Proposed Rule Change Received From                      Commission shall institute proceedings                    Reference Room, 100 F Street NE.,
                                                Members, Participants, or Others                        under Section 19(b)(2)(B) 18 of the Act to                Washington, DC 20549, on official
                                                  Written comments were neither                         determine whether the proposed rule                       business days between the hours of
                                                solicited nor received.                                 change should be approved or                              10:00 a.m. and 3:00 p.m. Copies of the
                                                                                                        disapproved.                                              filing also will be available for
                                                III. Date of Effectiveness of the
                                                                                                        IV. Solicitation of Comments                              inspection and copying at the principal
                                                Proposed Rule Change and Timing for
                                                                                                          Interested persons are invited to                       office of the Exchange. All comments
                                                Commission Action
                                                                                                        submit written data, views and                            received will be posted without change;
                                                   The Exchange has designated this rule                                                                          the Commission does not edit personal
                                                                                                        arguments concerning the foregoing,
                                                filing as non-controversial under                                                                                 identifying information from
                                                                                                        including whether the proposed rule
                                                Section 19(b)(3)(A) 14 of the Act and                                                                             submissions. You should submit only
                                                                                                        change is consistent with the Act.
                                                Rule 19b–4(f)(6) 15 thereunder. Because                                                                           information that you wish to make
                                                                                                        Comments may be submitted by any of
                                                the proposed rule change does not: (i)                                                                            available publicly. All submissions
                                                                                                        the following methods:
                                                Significantly affect the protection of                                                                            should refer to File Number SR–IEX–
                                                investors or the public interest; (ii)                     16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–      2016–08 and should be submitted on or
                                                impose any significant burden on                        4(f)(6) requires a self-regulatory organization to give   before September 6, 2016.
                                                competition; and (iii) become operative                 the Commission written notice of its intent to file
                                                                                                        the proposed rule change at least five business days        For the Commission, by the Division of
                                                for 30 days from the date on which it                                                                             Trading and Markets, pursuant to delegated
                                                                                                        prior to the date of filing of the proposed rule
                                                was filed, or such shorter time as the                  change, or such shorter time as designated by the         authority.19
                                                Commission may designate if consistent                  Commission. The Exchange has satisfied this
                                                                                                                                                                  Robert W. Errett,
                                                with the protection of investors and the                requirement.
                                                public interest, it has become effective                   17 For purposes only of waiving the 30-day             Deputy Secretary.
sradovich on DSK3GMQ082PROD with NOTICES




                                                pursuant to Section 19(b)(3)(A) of the                  operative delay, the Commission has also                  [FR Doc. 2016–19314 Filed 8–12–16; 8:45 am]
                                                                                                        considered the proposed rule’s impact on
                                                                                                                                                                  BILLING CODE 8011–01–P
                                                                                                        efficiency, competition, and capital formation. See
                                                  14 15 U.S.C. 78s(b)(3)(A).                            15 U.S.C. 78c(f).
                                                                                                                                                                    19 17   CFR 200.30–3(a)(12).
                                                  15 17 CFR 240.19b–4(f)(6).                               18 15 U.S.C. 78s(b)(2)(B).




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Document Created: 2016-08-13 02:22:43
Document Modified: 2016-08-13 02:22:43
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 54140 

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