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 May 21, 2026, 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.

I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change

Pursuant to the provisions of Section 19(b)(1) under the Act,^[4] and Rule 19b-4 thereunder,^[5] the Exchange is filing with the Commission a proposed rule to amend IEX Rules 2.220(a)(7), 11.410(a), and 11.410(a)(2) to include Texas Stock Exchange (“TXSE”) in the list of away trading centers to which the Exchange routes and the market data sources the Exchange will use for necessary price reference points in anticipation of TXSE's planned launch. The Exchange has designated this rule change as “non-controversial” under Section 19(b)(3)(A) of the Act ^[6] and provided the Commission with the notice required by Rule 19b-4(f)(6) thereunder.^[7]

The text of the proposed rule change is available at the Exchange's website at https://www.iexexchange.io/​resources/​regulation/​rule-filings and at the principal office of the Exchange.

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 statements 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

The Exchange proposes to amend IEX Rules 2.220(a)(7) ^[8] and 11.410(a) ^[9] to include TXSE in the list of away trading centers to which the Exchange routes and the market data sources the Exchange will use to determine Top of Book ^[10] quotations, the NBBO ^[11] and certain regulatory, reporting and compliance systems within IEX in anticipation of TXSE's planned exchange launch in July 2026.^[12] The Exchange proposes to amend the IEX Rule 2.220(a)(7) to add TXSE to the list of away trading centers to which IEX Services routes orders. As set forth in IEX Rule 11.230(b)(2), IEX Services routes eligible orders to away trading centers with accessible Protected Quotations in compliance with Regulation NMS Rule 611.^[13] IEX Rule 2.220(a)(7) lists the away trading centers that IEX Services routes to as outbound router for the Exchange. The Exchange must include TXSE in its list of away trading centers to which it routes because TXSE's best-priced, displayed quotation will be a Protected Quotation under Regulation NMS Rule ( printed page 33268) 600(b)(62) ^[14] for purposes of Regulation NMS Rule 611.^[15]

The Exchange also proposes to amend and update the table in IEX Rule 11.410(a) specifying the primary source for TXSE market data. IEX Rule 11.410(a) lists the specific data feeds the Exchange uses to determine Top of Book quotations for away exchanges, the NBBO and for certain reporting, regulatory and compliance systems within IEX. The Exchange proposes to amend the table in IEX Rule 11.410(a) to specify that the Exchange will use securities information processor (“SIP”) data, i.e., CQS SIP data for securities reported under the Consolidated Quotation Services and Consolidated Tape Association plans and UQDF SIP data for securities reported under the Nasdaq Unlisted Trading Privileges plan, as the primary source of market data used to determine TXSE's Top of Book quotes. The Exchange also proposes to make a conforming change to the rule text of Rule 11.410(a)(2) so that the provision is consistent with the table in Rule 11.410(a). The proposed changes do not alter the manner in which orders are handled or routed by the Exchange.

The Exchange proposes to make these changes operative on the date that TXSE launches operations.

2. Statutory Basis

IEX believes that the proposed rule changes are consistent with the provisions of Section 6(b) ^[16] of the Act in general, and furthers the objectives of Section 6(b)(5) of the Act ^[17] in particular, in that they are 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.

For the reasons discussed in the Purpose section, the Exchange believes that the proposed rule changes remove impediments to and perfect the mechanism of a free and open market and protect investors and the public interest because amending the list of away trading centers to which IEX routes by adding TXSE and adding TXSE to the table in Rule 11.410(a) and rule text of Rule 11.410(a)(2) designating the SIP data as the primary source of market data the Exchange will use to determine away trading center Top of Book quotes, the NBBO, and for certain regulatory, reporting and compliance systems within IEX, will facilitate the Exchange's compliance with the applicable requirements of Regulation NMS.

Additionally, amending the list of away trading centers to which IEX routes by adding TXSE and adding TXSE to the table designating the SIP data as the primary source of market data the Exchange will use to determine away trading center Top of Book quotes, the NBBO, and for certain regulatory, reporting and compliance systems within IEX, provides transparency with respect to the away trading centers to which IEX Services may route orders and the source of market data the Exchange will use to determine TXSE's Top of Book quotes.

Further, the Exchange believes it is consistent with the Act to add TXSE to the source of market data the Exchange will use to determine Top of Book quotes so that IEX's rules accurately specify away markets referenced, as well as to avoid any potential confusion on the part of market participants. The Exchange also believes it is consistent with the Act to make a conforming change to Rule 11.410(a)(2) so that provision is consistent with the table in Rule 11.410(a).

As noted in the Purpose section, the proposed changes are non-substantive and do not alter the manner in which orders are handled or routed by the Exchange.

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

IEX does not believe that the proposed rule changes 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 updates do not impact competition in any respect since the purpose is to enhance transparency with respect to the operation of the Exchange and its use of market data feeds.

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 filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act ^[18] and Rule 19b-4(f)(6) ^[19] thereunder. Because the foregoing proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; or (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 ^[20] and Rule 19b-4(f)(6) ^[21] thereunder.

A proposed rule change filed under Rule 19b-4(f)(6) ^[22] normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),^[23] the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposed rule change may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because the proposed rule change simply adds TXSE to the list of away trading centers to which IEX routes orders and clarifies that SIP data will be the primary source of data that the Exchange will utilize for determining TXSE's Top of Book quotes. As a result, the proposal does not introduce any novel regulatory issues. Waiving the 30-day operative delay also will ensure that the IEX rules will be updated to reflect the addition of TXSE prior to the commencement of trading on TXSE. Accordingly, the Commission designates the proposed rule change to be operative upon filing.^[24]

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 ( printed page 33269) investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved.

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 (https://www.sec.gov/​rules/​sro.shtml); or
• Send an email torule-comments@sec.gov. Please include file number SR-IEX-2026-16 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-2026-16. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's internet website ( https://www.sec.gov/​rules/​sro.shtml). Copies of the filing will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR-IEX-2026-16 and should be submitted on or before June 24, 2026.