82 FR 44861 - Self-Regulatory Organizations: Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify the Manner in Which the Order Collar and Router Constraint Apply to Auctions and the Opening Process

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 185 (September 26, 2017)

Page Range		44861-44865
FR Document		2017-20500
Federal Register, Volume 82 Issue 185 (Tuesday, September 26, 2017)
[Federal Register Volume 82, Number 185 (Tuesday, September 26, 2017)]
[Notices]
[Pages 44861-44865]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-20500]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81662; File No. SR-IEX-2017-31]


Self-Regulatory Organizations: Investors Exchange LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Clarify 
the Manner in Which the Order Collar and Router Constraint Apply to 
Auctions and the Opening Process

September 20, 2017.
    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 September 6, 2017, the Investors Exchange LLC (``IEX'' 
or the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I 
and II below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 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 Securities 
Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\ 
Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the 
Commission a proposed rule change to clarify the inapplicability of the 
Exchange's Order Collar \6\ and Router Constraint \7\ to certain orders 
that are eligible for participation in the opening process for non-IEX-
listed securities pursuant to Rule 11.231, or for auctions in IEX-
listed securities pursuant to Rule 11.350. 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(f)(6) thereunder.\9\
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    \4\ 15 U.S.C. 78s(b)(1).
    \5\ 17 CRF 240.19b-4.
    \6\ See Rule 11.190(f)(1).
    \7\ See Rule 11.190(f)(2).
    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4.
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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 the 
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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
Background
    The purpose of this proposed rule change is to clarify the 
inapplicability of the Exchange's Order Collar and Router Constraint to 
certain orders that are eligible for participation in the opening 
process for non-IEX-listed securities pursuant to Rule 11.231, or for 
auctions in IEX-listed securities pursuant to Rule 11.350. On July 24th 
2017, the Commission approved a proposed rule change filed by the 
Exchange to amend IEX Rule 11.231 to modify the manner in which the 
Exchange opens trading for non-IEX-listed securities beginning at the 
start of Regular Market Hours (the ``Opening Process'').\10\ On August 
4, 2017, the Commission approved a proposed rule change filed by the 
Exchange to adopt rules governing auctions in IEX-listed securities, 
provide for the dissemination of auction related market data, and 
establish rules relating to trading halts and pauses (``IEX 
Auctions'').\11\
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    \10\ See Securities Exchange Act Release No. 81195 (July 24, 
2017), 82 FR 35250 (July 28, 2017).
    \11\ See Securities Exchange Act Release No. 81316 (August 4, 
2017), 82 FR 37474 (August 10, 2017).
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Opening Process for Non-IEX-Listed Securities
    Pursuant to Rule 11.231, the Exchange attempts to perform the 
Opening Process in each non-IEX-listed security, in which all eligible 
interest resting on the Order Book in the Pre-Market Session available 
for continuous trading (i.e., orders on the ``Continuous Book'') as 
well as all eligible interest queued for execution in the Regular 
Market Session (i.e., orders on the ``Cross Book'') are executed at a 
single price. Prior to the beginning of Regular Market Hours, Users who 
wish to participate in the Opening Process may enter limit, market, and 
pegged orders designated with a time-in-force of DAY and limit orders 
designated with a time-in-force of GTX, which shall queue in the System 
and are eligible for execution in the Opening Process (orders on the 
Cross Book); interest resting on the Order Book in the Pre-Market 
Session available for continuous trading (i.e., orders on the 
Continuous Book) are also eligible for execution in the Opening Process 
(collectively, ``Cross Eligible Orders'').
    Cross Eligible Orders resting on the Continuous Book are ranked by 
the price at which they are resting on the Continuous Book and Cross 
Eligible Orders resting on the Cross Book are ranked by the limit price 
defined by the User, if any, except in the case of pegged orders, which 
are ranked by their current book price (in each case, the order's 
``resting price''). Specifically, pursuant to Rule 11.220(a)(2), Cross 
Eligible Orders are ranked and eligible for execution in the Opening 
Process in price-display-time priority as follows:
     Midpoint peg orders, as defined in IEX Rule 11.190(b)(9), 
on the Cross Book are ranked and eligible for execution in the Opening 
Process at the less aggressive of the Midpoint Price or the order's 
limit price, if any.
     Primary peg orders, as defined in IEX Rule 11.190(b)(8), 
on the Cross Book are ranked and eligible for execution in the Opening 
Process at the less aggressive of one (1) MPV below (above) the NBB 
(NBO) for buy (sell) orders or the order's limit price, if any, but may 
exercise price discretion up (down) to

[[Page 44862]]

the Opening Match Price, subject to the less aggressive of the NBB 
(NBO) or the order's limit price, if any, except during periods of 
quote instability, as defined in IEX Rule 11.190(g). When exercising 
price discretion, primary peg orders are ranked behind any non-
displayed interest at the Opening Match Price \12\ for the duration of 
the Opening Process. If multiple primary peg orders are exercising 
price discretion during the Opening Process, they maintain their 
relative time priority at the Opening Match Price.
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    \12\ See IEX Rule 11.231(b)(1).
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     Discretionary Peg orders, as defined in IEX Rule 
11.190(b)(10), on the Cross Book are ranked and eligible for execution 
in the Opening Process at the less aggressive of the NBB (NBO) for buy 
(sell) orders or the order's limit price, if any, but may exercise 
price discretion up (down) to the Opening Match Price, subject to the 
less aggressive of the Midpoint Price or the order's limit price, if 
any, except during periods of quote instability, as defined in IEX Rule 
11.190(g). When exercising price discretion, Discretionary Peg orders 
are ranked behind any non-displayed interest at the Opening Match Price 
for the duration of the Opening Process. If multiple Discretionary Peg 
orders are exercising price discretion during the Opening Process, they 
maintain their relative time priority at the Opening Match Price.
     Limit orders on the Cross Book are ranked and eligible for 
execution in the Opening Process at their limit price.
     Non-displayed limit orders and non-displayed portions of 
reserve orders on the Continuous Book are ranked and eligible for 
execution in the Opening Process at the less aggressive of the Midpoint 
Price or the order's limit price.
     Displayed limit orders on the Continuous Book are ranked 
and eligible for execution in the Opening Process at their resting 
price.
IEX Auctions for IEX-Listed Securities
    Pursuant to Rule 11.350, once IEX begins a listing program, IEX 
Auctions will enable Members to participate in electronic price 
discovery mechanisms that match all eligible orders resting on the 
Order Book that are eligible for continuous trading (i.e., orders on 
the ``Continuous Book''), as well as all eligible orders queued for 
execution in the applicable auction (i.e., orders on the ``Auction 
Book'') in each IEX-listed security at a single price using a double 
auction process. Members who wish to participate in an IEX Auction can 
send Auction Eligible Orders (i.e., orders on Continuous Book or 
Auction Book that are not Auction Ineligible Orders \13\) prior to the 
auction. The IEX Auction process is designed to efficiently maximize 
the number of shares executed at a single price during the auctions. 
IEX Auctions will apply to all IEX-listed securities at the open 
(``Opening Auction'') and close (``Closing Auction'') of the Regular 
Market Session, for the start of trading for an IPO or launch of a new 
issue (``IPO Auction''), and upon the resumption of trading in a 
security following a trading halt (``Halt Auction'') or a trading pause 
pursuant to the LULD Plan (``Volatility Auction'').\14\
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    \13\ See Rule 11.350(a)(3).
    \14\ See Rule 11.280(e)(1)(A) and Supplementary Material .01(c) 
to Rule 14.207.
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    Auction Eligible Orders resting on the Continuous Book are ranked 
by the price at which they are resting on the Continuous Book; Auction 
Eligible Orders resting on the Auction Book are ranked by the limit 
price defined by the User, if any, (in each case, the order's ``resting 
price''). Specifically, pursuant to Rule 11.350(b)(1)(A)(i), Auction 
Eligible Orders are ranked and eligible for execution in IEX Auctions 
in price-display-time priority as follows:
     Midpoint peg orders are ranked and eligible for execution 
in the Closing Auction at the less aggressive of the Midpoint Price or 
the order's limit price, if any.
     Primary peg orders are ranked and eligible for execution 
in the Closing Auction at the less aggressive of one (1) MPV below 
(above) the NBB (NBO) for buy (sell) orders or the order's limit price, 
if any, but may exercise price discretion up (down) to the auction 
match price, subject to the less aggressive of the NBB (NBO) or the 
order's limit price, if any, except during periods of quote 
instability, as defined in IEX Rule 11.190(g). When exercising price 
discretion, primary peg orders are ranked behind any non-displayed 
interest at the auction match price for the duration of the Closing 
Auction. If multiple primary peg orders are exercising price discretion 
during the Closing Auction, they maintain their relative time priority 
at the auction match price.
     Discretionary Peg orders are ranked and eligible for 
execution in the Closing Auction at the less aggressive of the NBB 
(NBO) for buy (sell) orders or the order's limit price, if any, but may 
exercise price discretion up (down) to the auction match price, subject 
to the less aggressive of the Midpoint Price or the order's limit 
price, if any, except during periods of quote instability, as defined 
in IEX Rule 11.190(g). When exercising price discretion, Discretionary 
Peg orders are ranked behind any non-displayed interest at the auction 
match price for the duration of the Closing Auction. If multiple 
Discretionary Peg orders are exercising price discretion during the 
Closing Auction, they maintain their relative time priority at the 
auction match price.
     Non-displayed limit orders and non-displayed portions of 
reserve orders on the Continuous Book are ranked and eligible for 
execution in the Opening or Closing Auction at the less aggressive of 
the Midpoint Price or the order's limit price.
     Displayed limit orders on the Continuous Book are ranked 
and eligible for execution in the Opening or Closing Auction at the 
order's resting price.
     Limit orders, including LOO and LOC orders, on the Auction 
Book are ranked and eligible for execution in an auction at the order's 
limit price.
IEX Order Collar and Router Constraint
    Rule 11.190(f)(1) sets forth the operation of the IEX Order Collar, 
which prevents any incoming order, or order resting on the Order Book 
including those marked ISO, from executing at prices outside of the 
Order Collar price range. Similarly, Rule 11.190(f)(2) sets forth the 
operation of the IEX Router Constraint, which prevents an order from 
routing at prices more aggressive than the Router Constraint price 
range. The Order Collar and Router Constraint price ranges are 
calculated by applying the numerical guidelines for clearly erroneous 
executions to the Order Collar Reference Price and Router Constraint 
Reference Price, respectively.\15\ The Order Collar Reference Price and 
Router Constraint Reference Price are each defined as the most current 
of the following:
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    \15\ The upper (lower) Order Collar price range and the upper 
(lower) Router Constraint Price range are calculated by adding 
(subtracting) the appropriate percentage (consistent with the 
numerical guidelines for clearly erroneous executions) to the Order 
Collar Reference Price and the Router Constraint Reference Price, 
respectively.
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     The last sale price disseminated during the Regular Market 
Session on the current trade date;
     Last trade price disseminated outside of the Regular 
Market Session (Form T, as communicated by the relevant SIP) on trade 
date which other than for the Form T designation would have been 
considered a valid last sale price; or
     If neither of the prices above are available, the prior 
days Official Closing Price from the listing exchange, adjusted

[[Page 44863]]

to account for corporate actions, news events, etc.
    In the event there is no valid Order Collar Reference Price or 
Router Constraint Reference Price, the Exchange generally rejects 
orders for the security.\16\
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    \16\ See Rules 11.190(f)(1)-(2).
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Proposed Clarifications
    During development and testing of the functionality for the Opening 
Process and IEX Auctions, the Exchange identified a minor ambiguity 
between the Order Collar and Router Constraint rule provisions, and the 
rule provisions governing the priority of ranking and execution for 
orders eligible for execution in the Opening Process or IEX Auctions. 
Specifically, as described above, the priority of ranking and execution 
rule provisions for the Opening Process and for IEX Auctions 
contemplate that the IEX Order Collar would not apply to orders 
eligible for the Cross Book or the Auction Book, and that the Router 
Constraint functionality would not apply to orders eligible for the 
Cross Book or the Opening Auction Book.\17\ As set forth above, the 
rules governing priority of ranking and execution for the Opening 
Process and IEX Auctions specify in relevant part that orders queued on 
the Cross Book or the Auction Book rest at the order's limit price 
defined by the User (if any), and that market orders have precedence 
over limit orders. Accordingly, and as discussed more fully below, 
application of the Order Collar or Router Constraint to such orders 
would be inconsistent with the provisions governing their priority of 
ranking and execution.
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    \17\ The Exchange notes that the Router Constraint does not 
apply to orders on the Closing Auction Book, because such orders are 
comprised of On-Close orders (i.e., Limit-On-Close and Market-On-
Close orders), which are only accepted if they are appropriately 
designated as ``IEX-only''. See the IEX Auction Specification at 15, 
which describes valid FIX tag combinations for On-Close orders. See 
also Rules 11.350(a)(20) and (24). Similarly, the Router Constraint 
does not apply to market orders with a time-in-force of DAY that are 
entered during the Pre-Market Session and are eligible for the 
Opening Auction Book, because such orders are rejected if they are 
designated to route pursuant to Rule 11.230(c). See Rule 
11.190(a)(2)(E)(iii). Accordingly, the proposed rule change is 
narrowly tailored to cover limit orders eligible for the Opening 
Auction Book.
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    The Exchange believes that the application of the Order Collar to 
orders eligible for the Cross Book or the Auction Book, or the Router 
Constraint to orders eligible for the Cross Book or the Opening Auction 
Book, would be inconsistent with the existing provisions governing 
their priority of ranking and execution, because a collared or 
constrained limit order could rest at a less aggressive price than its 
user-defined limit price, and a collared or constrained market order 
would, by definition, have a limit applied by the System (which is 
inconsistent with the user-instructed terms if the order), and could 
cede priority. For example, if the Order Collar were to apply, a market 
order to buy (sell) entered for the Opening Process or for an IEX 
Auction would effectively be converted into a limit order with a limit 
price equal to the upper (lower) Order Collar price range. Moreover, a 
limit order to buy (sell) with a limit price more aggressive than the 
upper (lower) Order Collar price range would be entered onto the Cross 
Book or the Auction Book with a limit price equal to the upper (lower) 
Order Collar price range, which is a less aggressive price than the 
orders' user-defined limit price. Similarly, if the Router Constraint 
were to apply to routable orders that are eligible for the Cross Book 
or the Opening Auction Book, a routable limit order to buy (sell) with 
a limit price more aggressive than the upper (lower) Router Constraint 
price range would be entered onto the Cross Book or the Opening Auction 
Book, respectively, with a limit price equal to the upper (lower) 
Router Constraint price range, which is a less aggressive price than 
the user-defined limit price on such orders. Lastly, in addition to the 
inconsistencies that arise from applying the Router Constraint as 
described above, its application to a buy (sell) order entered onto the 
Opening Auction Book early in the Pre-Market Session based on the price 
of the current last trade could unnecessarily constrain the order from 
participating in the auction and impact the price discovery process if 
the market for the security has moved up (down) by the time of the 
Opening Auction.
    In addition to the foregoing, the Exchange believes that applying 
the Order Collar or Router Constraint to orders entered for a Halt or 
Volatility Auction could disrupt the price discovery process, and would 
be inconsistent with the protection of investors and the public 
interest.\18\ Applying the Order Collar or Router Constraint to orders 
entered for a Halt Auction or Volatility Auction would require using 
the price of the last trade immediately before the halt or pause as the 
Order Collar Reference Price and Router Constraint Reference Price, 
respectively. In the event of a trading halt, the market is in the 
process of reestablishing the value of a security, and therefore 
calculating the Order Collar price range and Router Constraint price 
range using a last sale reference price that may not reflect 
adjustments in valuation resulting from additional information 
regarding the security during the halt could result in auction pricing 
that is not reflective of the current value of the security. Similarly, 
in the event of a trading pause, the security has just experienced 
sharp price volatility and the market is in the process of 
reestablishing the value of a security, and therefore calculating the 
Order Collar price range and the Router Constraint price range using a 
reference price that may not reflect adjustments in valuation during 
the pause could potentially result in auction pricing that is not 
reflective of the current value of the security. Accordingly, the 
Exchange is proposing to also clarify that in the event a security is 
subject to a trading halt or trading pause, the Router Constraint 
Reference Price is invalid. Pursuant to Rule 11.190(f)(2)(B), in the 
absence of a valid Router Constraint Reference Price, the Exchange will 
reject any routable orders for the security.
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    \18\ The Exchange notes that securities that are the subject of 
an IPO Auction pursuant to Rule 11.350(e) will be subject to a 
trading halt pursuant to Rule 11.280(g)(7), and would therefore not 
have a valid Router Constraint Reference Price pursuant Rule 
11.190(f)(2)(A).
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    In sum, consistent with the foregoing, the Exchange is proposing 
to:
     Clarify in Rule 11.190(f)(1) that the Order Collar does 
not apply to orders that are eligible for the Cross Book pursuant to 
Rule 11.231 during the Opening Process for non-IEX-listed securities or 
the Auction Book pursuant to Rule 11.350(a)(1) during the auction 
process for IEX-listed securities;
     Clarify in Rule 11.190(f)(2) that the Router Constraint 
does not apply to orders that are eligible for the Cross Book pursuant 
to Rule 11.231 during the Opening Process for non-IEX-listed securities 
or the Auction Book pursuant to Rule 11.350(a)(1)(A)(ii) during the 
auction process for IEX-listed securities; and
     Clarify in Rule 11.190(f)(2)(A) that the Router Constraint 
Reference Price during a trading halt or pause is invalid.
    Lastly, as recently announced by IEX Trading Alert #2017-027, on 
August 23, 2017 the Exchange began a multi-phase deployment of the 
Opening Process for non-IEX-listed securities.\19\ The production 
deployment is scheduled to be completed on August 30, 2017. Moreover, 
as announced by IEX Trading Alert #2017-015, the Exchange intends to 
become a primary listing exchange and support its first IEX-listed 
security

[[Page 44864]]

in October of 2017.\20\ In addition, as part of the listings 
initiative, the Exchange is providing a series of industry wide weekend 
tests for the Exchange and its Members to exercise the various 
technology changes required to support IEX Auctions and listings 
functionality.\21\ Accordingly, in order to provide clarity to Members 
and other market participants regarding the Opening Process and IEX 
Auctions, and specifically to avoid potential confusion regarding the 
inapplicability of the IEX Order Collar and Router Constraint to their 
operation, the Exchange is proposing to make the clarifying changes to 
Rule 11.190(f)(1) and (2) described above.
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    \19\ See IEX Trading Alert #2017-027 (Deployment Schedule for 
New Opening Process for Non-IEX-Listed Securities), August 3, 2017.
    \20\ See IEX Trading Alert #2017-015 (Listings Specifications, 
Testing Opportunities, and Timelines), May 31, 2017.
    \21\ See IEX Trading Alert #2017-028 (First Listings 
Functionality Industry Test on Saturday, August 26), August 17, 
2017.
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2. Statutory Basis
    IEX believes that the proposed rule change is consistent with the 
provisions of Section 6(b) \22\ of the Act in general, and furthers the 
objectives of Section 6(b)(5) of the Act \23\ in particular, in that it 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system, and, in general, to protect investors and the 
public interest.
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    \22\ 15 U.S.C. 78f.
    \23\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule clarifications do not 
alter the substantive functionality of the Opening Process or IEX 
Auctions, but instead clarify the applicability of the IEX Order Collar 
and Router Constraint so as to be consistent with the existing rules 
approved by the Commission. The Exchange further believes that the 
proposed clarifying rule change is consistent with the protection of 
investors and the public interest because the proposed clarifications 
are designed to avoid any potential confusion regarding the Opening 
Process and IEX Auction functionality as IEX completes the production 
deployment of the Opening Process for non-IEX-listed securities, and 
begins industry wide testing to exercise the technology changes being 
made by the Exchange and its Members, and make the Exchanges rules more 
clear and complete. Additionally, the Exchange believes it is 
consistent with the Act to clarify the rule provisions regarding the 
Opening Process and IEX Auctions so that IEX's rules are accurate and 
descriptive of the System's functionality as approved by the 
Commission, and to avoid any potential confusion among Members and 
market participants regarding such functionality. Lastly, the Exchange 
believes that it is consistent with the Act to provide that the Router 
Constraint Reference Price is invalid in the event a security is 
subject to a trading halt or trading pause, and thus routable orders in 
such security will be rejected, to further clarify the inapplicability 
of the Router Constraint to such orders. As discussed in the Purpose 
section, when a security is subject to a trading halt or trading pause, 
the Router Constraint Reference Price may not reflect adjustments in 
valuation and therefore could result in auction pricing that is not 
reflective of the current value of the security.

B. Self-Regulatory Organization's Statement on Burden on Competition

    IEX does not believe that the proposed rule change will result in 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. The Exchange believes that the 
proposed correction does not impact competition in any respect since it 
is designed to clarify the inapplicability of the IEX Order Collar and 
Router Constraint to orders eligible for execution in the Opening 
Process for non-IEX-listed securities and in IEX Auctions for IEX-
listed securities, without substantively changing the Rules as 
separately approved. In addition, the Exchange does not believe that 
clarifying that the Router Constraint Reference Price is invalid in the 
event a security is subject to a trading halt or trading pause will 
impose any burden on competition, since this proposed change is 
designed to further clarify the inapplicability of the Router 
Constraint to such orders. The proposed changes will apply equally to 
all Members and 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) \24\ of the Act and Rule 19b-4(f)(6) \25\ 
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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    \24\ 15 U.S.C. 78s(b)(3)(A).
    \25\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) \26\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\27\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has filed 
the proposed rule change for immediate effectiveness and has requested 
that the Commission waive the requirement that the proposed rule change 
not become operative for 30 days after the date of the filing, so that 
it may become operative on the date the filing was received.
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    \26\ 17 CFR 240.19b-4(f)(6).
    \27\ 17 CFR 240.19b-4(f)(6)(iii).
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    The purpose of the proposed rule change is to state clearly in IEX 
Rule 11.190 the inapplicability of the IEX Order Collar and Router 
Constraint to orders eligible for execution in the Opening Process for 
non-IEX-listed securities and in IEX Auctions for IEX-listed 
securities. Additionally, the proposed rule change clearly states in 
IEX Rule 11.190 that the IEX Router Constraint is inapplicable when a 
security is subject to a trading halt or trading pause and such orders 
will be rejected. These clarifications resolve potential ambiguity and 
ensure consistency between IEX Rule 11.190 and the opening auction 
rules previously approved by the Commission. Further, the proposed rule 
change does not raise any novel issues. The waiver of the operative 
delay is, therefore, consistent with the protection of investors and 
the public interest because it will help to avoid potential confusion 
among market participants regarding the inapplicability of the IEX 
Order Collar and Router Constraint to orders eligible for the Cross 
Book for non-IEX-listed securities and the Auction Book for IEX-listed 
securities. Therefore, the Commission hereby waives the 30-day 
operative delay and designates the proposed rule change to be operative 
upon filing.\28\
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    \28\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).

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[[Page 44865]]

    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) \29\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \29\ 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-2017-31 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-2017-31. This file 
number should be included in 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 Section, 100 F Street 
NE., Washington, DC 20549-1090. Copies of the filing will also be 
available for inspection and copying at the IEX's principal office and 
on its Internet Web site at www.iextrading.com. 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-2017-31 and should be submitted on 
or before October 17, 2017.
---------------------------------------------------------------------------

    \30\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-20500 Filed 9-25-17; 8:45 am]
BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 185 / Tuesday, September 26, 2017 / Notices 44861

Supporting Data; Filing Acceptance thereunder,5 Investors Exchange LLC 2017, the Commission approved a
Date: September 20, 2017; Filing (‘‘IEX’’ or ‘‘Exchange’’) is filing with the proposed rule change filed by the
Authority: 39 U.S.C. 3642 and 39 CFR Commission a proposed rule change to Exchange to adopt rules governing
3020.30 et seq., Public Representative: clarify the inapplicability of the auctions in IEX-listed securities,
Christopher C. Mohr; Comments Due: Exchange’s Order Collar 6 and Router provide for the dissemination of auction
September 28, 2017. Constraint 7 to certain orders that are related market data, and establish rules
3. Docket No(s).: MC2017–206 and eligible for participation in the opening relating to trading halts and pauses
CP2017–314; Filing Title: Request of the process for non-IEX-listed securities (‘‘IEX Auctions’’).11
United States Postal Service to Add pursuant to Rule 11.231, or for auctions
Opening Process for Non-IEX-Listed
Priority Mail Contract 360 to in IEX-listed securities pursuant to Rule
Securities
Competitive Product List and Notice of 11.350. The Exchange has designated
Filing (Under Seal) of Unredacted this rule change as ‘‘non-controversial’’ Pursuant to Rule 11.231, the Exchange
Governors’ Decision, Contract, and under Section 19(b)(3)(A) of the Act 8 attempts to perform the Opening
Supporting Data; Filing Acceptance and provided the Commission with the Process in each non-IEX-listed security,
Date: September 20, 2017; Filing notice required by Rule 19b–4(f)(6) in which all eligible interest resting on
Authority: 39 U.S.C. 3642 and 39 CFR thereunder.9 the Order Book in the Pre-Market
3020.30 et seq., Public Representative: The text of the proposed rule change Session available for continuous trading
Christopher C. Mohr; Comments Due: is available at the Exchange’s Web site (i.e., orders on the ‘‘Continuous Book’’)
September 28, 2017. at www.iextrading.com, at the principal as well as all eligible interest queued for
This notice will be published in the office of the Exchange, and at the execution in the Regular Market Session
Federal Register. Commission’s Public Reference Room. (i.e., orders on the ‘‘Cross Book’’) are
executed at a single price. Prior to the
Stacy L. Ruble, II. Self-Regulatory Organization’s
beginning of Regular Market Hours,
Secretary. Statement of the Purpose of, and the
Users who wish to participate in the
Statutory Basis for, the Proposed Rule
[FR Doc. 2017–20528 Filed 9–25–17; 8:45 am] Opening Process may enter limit,
Change
BILLING CODE 7710–FW–P market, and pegged orders designated
In its filing with the Commission, the with a time-in-force of DAY and limit
self-regulatory organization included orders designated with a time-in-force of
SECURITIES AND EXCHANGE statements concerning the purpose of GTX, which shall queue in the System
COMMISSION and basis for the proposed rule change and are eligible for execution in the
and discussed any comments it received Opening Process (orders on the Cross
[Release No. 34–81662; File No. SR–IEX– on the proposed rule change. The text Book); interest resting on the Order
2017–31] of these statement may be examined at Book in the Pre-Market Session
the places specified in Item IV below. available for continuous trading (i.e.,
Self-Regulatory Organizations: The self-regulatory organization has
Investors Exchange LLC; Notice of orders on the Continuous Book) are also
prepared summaries, set forth in eligible for execution in the Opening
Filing and Immediate Effectiveness of Sections A, B, and C below, of the most
Proposed Rule Change To Clarify the Process (collectively, ‘‘Cross Eligible
significant aspects of such statements. Orders’’).
Manner in Which the Order Collar and
Router Constraint Apply to Auctions A. Self-Regulatory Organization’s Cross Eligible Orders resting on the
and the Opening Process Statement of the Purpose of, and the Continuous Book are ranked by the
Statutory Basis for, the Proposed Rule price at which they are resting on the
September 20, 2017. Change Continuous Book and Cross Eligible
Pursuant to Section 19(b)(1) 1 of the Orders resting on the Cross Book are
Securities Exchange Act of 1934 (the 1. Purpose ranked by the limit price defined by the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Background User, if any, except in the case of pegged
notice is hereby given that, on The purpose of this proposed rule orders, which are ranked by their
September 6, 2017, the Investors change is to clarify the inapplicability of current book price (in each case, the
Exchange LLC (‘‘IEX’’ or the the Exchange’s Order Collar and Router order’s ‘‘resting price’’). Specifically,
‘‘Exchange’’) filed with the Securities Constraint to certain orders that are pursuant to Rule 11.220(a)(2), Cross
and Exchange Commission (the eligible for participation in the opening Eligible Orders are ranked and eligible
‘‘Commission’’) the proposed rule process for non-IEX-listed securities for execution in the Opening Process in
change as described in Items I and II pursuant to Rule 11.231, or for auctions price-display-time priority as follows:
below, which Items have been prepared in IEX-listed securities pursuant to Rule • Midpoint peg orders, as defined in
by the self-regulatory organization. The 11.350. On July 24th 2017, the IEX Rule 11.190(b)(9), on the Cross Book
Commission is publishing this notice to Commission approved a proposed rule are ranked and eligible for execution in
solicit comments on the proposed rule change filed by the Exchange to amend the Opening Process at the less
change from interested persons. IEX Rule 11.231 to modify the manner aggressive of the Midpoint Price or the
in which the Exchange opens trading for order’s limit price, if any.
I. Self-Regulatory Organization’s • Primary peg orders, as defined in
Statement of the Terms of Substance of non-IEX-listed securities beginning at
IEX Rule 11.190(b)(8), on the Cross Book
the Proposed Rule Change the start of Regular Market Hours (the
are ranked and eligible for execution in
‘‘Opening Process’’).10 On August 4,
Pursuant to the provisions of Section the Opening Process at the less
19(b)(1) under the Securities Exchange 5 17 CRF 240.19b–4.
aggressive of one (1) MPV below (above)
Act of 1934 (‘‘Act’’),4 and Rule 19b–4 6 See Rule 11.190(f)(1). the NBB (NBO) for buy (sell) orders or
7 See Rule 11.190(f)(2). the order’s limit price, if any, but may
1 15 U.S.C. 78s(b)(1). 8 15 U.S.C. 78s(b)(3)(A). exercise price discretion up (down) to
2 15 U.S.C. 78a. 9 17 CFR 240.19b–4.
3 17 CFR 240.19b–4. 10 See Securities Exchange Act Release No. 81195 11 See Securities Exchange Act Release No. 81316
4 15 U.S.C. 78s(b)(1). (July 24, 2017), 82 FR 35250 (July 28, 2017). (August 4, 2017), 82 FR 37474 (August 10, 2017).

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44864 Federal Register / Vol. 82, No. 185 / Tuesday, September 26, 2017 / Notices

in October of 2017.20 In addition, as part descriptive of the System’s functionality the proposed rule change does not: (i)
of the listings initiative, the Exchange is as approved by the Commission, and to Significantly affect the protection of
providing a series of industry wide avoid any potential confusion among investors or the public interest; (ii)
weekend tests for the Exchange and its Members and market participants impose any significant burden on
Members to exercise the various regarding such functionality. Lastly, the competition; and (iii) become operative
technology changes required to support Exchange believes that it is consistent for 30 days from the date on which it
IEX Auctions and listings with the Act to provide that the Router was filed, or such shorter time as the
functionality.21 Accordingly, in order to Constraint Reference Price is invalid in Commission may designate, it has
provide clarity to Members and other the event a security is subject to a become effective pursuant to Section
market participants regarding the trading halt or trading pause, and thus 19(b)(3)(A) of the Act and Rule 19b–
Opening Process and IEX Auctions, and routable orders in such security will be 4(f)(6) thereunder.
specifically to avoid potential confusion rejected, to further clarify the A proposed rule change filed under
regarding the inapplicability of the IEX inapplicability of the Router Constraint Rule 19b–4(f)(6) 26 normally does not
Order Collar and Router Constraint to to such orders. As discussed in the become operative prior to 30 days after
their operation, the Exchange is Purpose section, when a security is the date of the filing. However, pursuant
proposing to make the clarifying subject to a trading halt or trading to Rule 19b–4(f)(6)(iii),27 the
changes to Rule 11.190(f)(1) and (2) pause, the Router Constraint Reference Commission may designate a shorter
described above. Price may not reflect adjustments in time if such action is consistent with the
valuation and therefore could result in protection of investors and the public
2. Statutory Basis interest. The Exchange has filed the
auction pricing that is not reflective of
IEX believes that the proposed rule the current value of the security. proposed rule change for immediate
change is consistent with the provisions effectiveness and has requested that the
of Section 6(b) 22 of the Act in general, B. Self-Regulatory Organization’s Commission waive the requirement that
and furthers the objectives of Section Statement on Burden on Competition the proposed rule change not become
6(b)(5) of the Act 23 in particular, in that IEX does not believe that the operative for 30 days after the date of
it is designed to prevent fraudulent and proposed rule change will result in any the filing, so that it may become
manipulative acts and practices, to burden on competition that is not operative on the date the filing was
promote just and equitable principles of necessary or appropriate in furtherance received.
trade, to remove impediments to and of the purposes of the Act. The The purpose of the proposed rule
perfect the mechanism of a free and Exchange believes that the proposed change is to state clearly in IEX Rule
open market and a national market correction does not impact competition 11.190 the inapplicability of the IEX
system, and, in general, to protect in any respect since it is designed to Order Collar and Router Constraint to
investors and the public interest. clarify the inapplicability of the IEX orders eligible for execution in the
The Exchange believes that the Order Collar and Router Constraint to Opening Process for non-IEX-listed
proposed rule clarifications do not alter orders eligible for execution in the securities and in IEX Auctions for IEX-
the substantive functionality of the Opening Process for non-IEX-listed listed securities. Additionally, the
Opening Process or IEX Auctions, but securities and in IEX Auctions for IEX- proposed rule change clearly states in
instead clarify the applicability of the listed securities, without substantively IEX Rule 11.190 that the IEX Router
IEX Order Collar and Router Constraint changing the Rules as separately Constraint is inapplicable when a
so as to be consistent with the existing approved. In addition, the Exchange security is subject to a trading halt or
rules approved by the Commission. The does not believe that clarifying that the trading pause and such orders will be
Exchange further believes that the Router Constraint Reference Price is rejected. These clarifications resolve
proposed clarifying rule change is invalid in the event a security is subject potential ambiguity and ensure
consistent with the protection of to a trading halt or trading pause will consistency between IEX Rule 11.190
investors and the public interest impose any burden on competition, and the opening auction rules
because the proposed clarifications are since this proposed change is designed previously approved by the
designed to avoid any potential to further clarify the inapplicability of Commission. Further, the proposed rule
confusion regarding the Opening the Router Constraint to such orders. change does not raise any novel issues.
Process and IEX Auction functionality The proposed changes will apply The waiver of the operative delay is,
as IEX completes the production equally to all Members and therefore no therefore, consistent with the protection
deployment of the Opening Process for new burdens are being proposed. of investors and the public interest
non-IEX-listed securities, and begins because it will help to avoid potential
industry wide testing to exercise the C. Self-Regulatory Organization’s confusion among market participants
technology changes being made by the Statement on Comments on the regarding the inapplicability of the IEX
Exchange and its Members, and make Proposed Rule Change Received From Order Collar and Router Constraint to
the Exchanges rules more clear and Members, Participants, or Others orders eligible for the Cross Book for
complete. Additionally, the Exchange Written comments were neither non-IEX-listed securities and the
believes it is consistent with the Act to solicited nor received. Auction Book for IEX-listed securities.
clarify the rule provisions regarding the Therefore, the Commission hereby
Opening Process and IEX Auctions so III. Date of Effectiveness of the waives the 30-day operative delay and
that IEX’s rules are accurate and Proposed Rule Change and Timing for designates the proposed rule change to
Commission Action be operative upon filing.28
20 See IEX Trading Alert #2017–015 (Listings
The Exchange has designated this rule
Specifications, Testing Opportunities, and filing as non-controversial under 26 17 CFR 240.19b–4(f)(6).
Timelines), May 31, 2017. 27 17 CFR 240.19b–4(f)(6)(iii).
21 See IEX Trading Alert #2017–028 (First Listings
Section 19(b)(3)(A) 24 of the Act and
28 For purposes only of waiving the operative
Functionality Industry Test on Saturday, August Rule 19b–4(f)(6) 25 thereunder. Because delay for this proposal, the Commission has
26), August 17, 2017. considered the proposed rule’s impact on
22 15 U.S.C. 78f. 24 15 U.S.C. 78s(b)(3)(A). efficiency, competition, and capital formation. See
23 15 U.S.C. 78f(b)(5). 25 17 CFR 240.19b–4(f)(6). 15 U.S.C. 78c(f).

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Federal Register / Vol. 82, No. 185 / Tuesday, September 26, 2017 / Notices 44865

At any time within 60 days of the site at www.iextrading.com. All Dated: September 21, 2017.
filing of the proposed rule change, the comments received will be posted Brent J. Fields,
Commission summarily may without change; the Commission does Secretary.
temporarily suspend such rule change if not edit personal identifying [FR Doc. 2017–20633 Filed 9–22–17; 11:15 am]
it appears to the Commission that such information from submissions. You BILLING CODE 8011–01–P
action is necessary or appropriate in the should submit only information that
public interest, for the protection of you wish to make available publicly. All
investors, or otherwise in furtherance of submissions should refer to File SMALL BUSINESS ADMINISTRATION
the purposes of the Act. If the Number SR–IEX–2017–31 and should
Commission takes such action, the be submitted on or before October 17, Information Collection Activities:
Commission shall institute proceedings 2017. Proposed Collection; Comment
under Section 19(b)(2)(B) 29 of the Act to For the Commission, by the Division of Request; Fast Track Generic Clearance
determine whether the proposed rule Trading and Markets, pursuant to delegated for the Collection of Qualitative
change should be approved or authority.30 Feedback on Agency Service Delivery
disapproved. Eduardo A. Aleman,
AGENCY:Small Business Administration.
IV. Solicitation of Comments Assistant Secretary.
60-Day notice and request for
ACTION:
Interested persons are invited to [FR Doc. 2017–20500 Filed 9–25–17; 8:45 am]
comments.
submit written data, views and BILLING CODE 8011–01–P
arguments concerning the foregoing, SUMMARY: As part of its continuing effort
including whether the proposed rule to reduce paperwork burden on the
change is consistent with the Act. SECURITIES AND EXCHANGE public the Small Business
Comments may be submitted by any of COMMISSION Administration (SBA), announces its
the following methods: intent to submit a new generic
Sunshine Act Meeting
collection of information: ‘‘Fast Track
Electronic Comments Generic Clearance for the Collection of
Notice is hereby given, pursuant to
• Use the Commission’s Internet the provisions of the Government in the Qualitative Feedback on Agency Service
comment form Sunshine Act, Public Law 94–409, that Delivery’’ to the Office of Management
(http://www.sec.gov/rules/sro.shtml); the Securities and Exchange and Budget for approval. The Paperwork
or Commission will hold a closed meeting Reduction Act (PRA) requires federal
• Send an email to rule-comments@ on Thursday, September 28, 2017 at 2 agencies to publish a notice in the
sec.gov. Please include File Number SR– p.m. Federal Register concerning each
IEX–2017–31 on the subject line. Commissioners, Counsel to the proposed collection of information
Paper Comments Commissioners, the Secretary to the before submission to OMB and to allow
Commission, and recording secretaries 60 days for public comment in response
• Send paper comments in triplicate
will attend the closed meeting. Certain to the notice. This notice complies with
to Secretary, Securities and Exchange
staff members who have an interest in that requirement.
Commission, 100 F Street NE.,
the matters also may be present. DATES: Submit comments on or before
Washington, DC 20549–1090.
The General Counsel of the November 27, 2017.
All submissions should refer to File Commission, or his designee, has
Number SR–IEX–2017–31. This file ADDRESSES: Send all comments to Small
certified that, in his opinion, one or Business Administration, 409 3rd Street,
number should be included in the more of the exemptions set forth in 5
subject line if email is used. To help the 7th Floor, Washington, DC 20416. (202)
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 205–6981.
Commission process and review your and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
comments more efficiently, please use FOR FURTHER INFORMATION CONTACT:
(a)(9)(ii) and (a)(10), permit
only one method. The Commission will Amber Chaudhry, Presidential
consideration of the scheduled matters
post all comments on the Commission’s Management Fellow, Office of the Chief
at the closed meeting.
Internet Web site (http://www.sec.gov/ Commissioner Stein, as duty officer, Operating Office, amber.chaudhry@
rules/sro.shtml). Copies of the voted to consider the items listed for the sba.gov, 202–657–9722, or Curtis B.
submission, all subsequent closed meeting in closed session. Rich, Management Analyst, 202–205–
amendments, all written statements The subject matters of the closed 7030, curtis.rich@sba.gov.
with respect to the proposed rule meeting will be: SUPPLEMENTARY INFORMATION:
change that are filed with the Institution and settlement of Title: Fast Track Generic Clearance for
Commission, and all written injunctive actions; the Collection of Qualitative Feedback
communications relating to the Institution and settlement of on Agency Service Delivery.
proposed rule change between the administrative proceedings; OMB Control Number: TBD (New
Commission and any person, other than Adjudicatory matters; and Collection).
those that may be withheld from the Other matters relating to enforcement Needs and Uses: The proposed
public in accordance with the proceedings. information collection will provide a
provisions of 5 U.S.C. 552, will be At times, changes in Commission means to gather qualitative customer
available for Web site viewing and priorities require alterations in the and stakeholder feedback in an efficient,
printing in the Commission’s Public scheduling of meeting items. timely manner, in accordance with
Reference Section, 100 F Street NE., For further information and to SBA’s commitment to improving service
Washington, DC 20549–1090. Copies of ascertain what, if any, matters have been delivery. Qualitative feedback means
the filing will also be available for added, deleted or postponed; please information that provides useful
inspection and copying at the IEX’s contact Brent J. Fields from the Office of insights on perceptions and opinions,
principal office and on its Internet Web the Secretary at (202) 551–5400. but is not statistical surveys that yield
quantitative results that can be
29 15 U.S.C. 78s(b)(2)(B). 30 17 CFR 200.30–3(a)(12). generalized to the population being

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Document Created: 2017-09-26 02:48:59
Document Modified: 2017-09-26 02:48:59
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		82 FR 44861