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Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.190 to Permit Trading of Pegged Orders During Pre-Market and Post-Market Sessions

Securities and Exchange Commission [Release No. 34-105959; File No. SR-IEX-2026-19] July 21, 2026. Pursuant to Section 19(b)(1) [ 1 ] of the Securities Exchange Act of 1934 (the...

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Securities and Exchange Commission
  1. [Release No. 34-105959; File No. SR-IEX-2026-19]
July 21, 2026.

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 July 10, 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, II 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 Securities Exchange Act of 1934 (“Act”),[4] and Rule 19b-4 thereunder,[5] Investors Exchange LLC (“IEX” or “Exchange”) is filing with the Securities and Exchange Commission (“Commission”) a proposed rule change to provide that certain pegged order types and the Discretionary Limit (“D-Limit”) order type will be eligible for trading during the Exchange's Pre-Market Session and Post-Market Session. The Exchange has designated this proposal as non-controversial and provided the Commission with the notice required by Rule 19b-4(f)(6)(iii) under the Act.[6]

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

Background

IEX offers trading in three (3) sessions, the Regular, Pre-Market, and Post-Market Sessions. Certain order types and functionality are only available during the Regular Session.[7] Specifically, pegged orders,[8] Discretionary Limit (“D-Limit”),[9] and market orders [10] are only eligible to trade during the Regular Session. And relatedly, the quote dynamic functionality [11] is only operative during the Regular Session because it is only applicable to pegged orders and D-Limit orders.

In addition, Users may designate when their orders are eligible for execution during the Regular Market Session by selecting their desired Time-in-Force (“TIF”) instruction.[12] D-Limit orders and pegged orders marked with a TIF of DAY [13] that are submitted to the System before the opening of the Regular Market Session will be queued by the System until the start of the Regular Market Session.[14] If not fully executed or canceled by the User, D-Limit orders and pegged orders entered into the System marked DAY will expire at the end of the Regular Market Session.[15] Pegged orders marked Immediate-or-Cancel (“IOC”),[16] Fill or Kill (“FOK”),[17] Good `til Extended Day (“GTX”),[18] System Session (“SYS”),[19] or Good `til Time (“GTT”) [20] are rejected during the Pre-Market Session and Post-Market Session. All D-Limit orders and pegged orders submitted during the Post-Market Session will be rejected by the System.[21]

Proposal

The Exchange proposes to amend its Rules to enable D-Limit Orders, as well ( printed page 46806) as Primary Peg (“P-Peg”) Orders,[22] Midpoint Peg Orders,[23] Discretionary Peg (“D-Peg”) Orders,[24] Offset Peg Orders,[25] Market Peg Orders,[26] and Fixed Midpoint Peg Orders [27] to trade during the Exchange's Pre-Market Session and Post-Market Session in order to meet market demand for greater liquidity before and after the Regular Market Session.

IEX is not proposing to enable Market Maker Peg [28] and Corporate Discretionary Peg [29] (“C-Peg”) order types for trading in the Pre-Market and Post-Market Sessions. The Market Maker Peg order type is designed to enable IEX market makers to comply with the quotation requirements and obligations specified in IEX Rule 11.151 which only apply during the Regular Market Session. Consequently, the Exchange does not believe that Market Maker Peg orders need to be able to trade outside of the Regular Session. The Exchange is also not proposing to enable the C-Peg order type in the Pre-Market and Post-Market Sessions because corporate buybacks are typically executed during Regular Market Hours in order to qualify for the safe harbor under Exchange Act Rule 10b-18.[30]

Based on informal feedback from Members,[31] the Exchange understands that some firms would prefer to have the option to trade the pegged order types noted above and the D-Limit order type during the Pre-Market and Post-Market Sessions. The Exchange believes that making these order types available during the Pre-Market and Post-Market Sessions would help the Exchange better compete for order flow during these hours and meet the demand for more liquidity before and after the Regular Market Session. To the extent the proposed rule change is successful in bringing more liquidity to the Exchange during the Pre-Market and Post-Market Sessions, IEX believes that it will also increase price discovery and price formation as well as trading opportunities for the benefit of all Users during these time periods.

Every national securities exchange currently in operation, as well as FINRA's Trade Reporting Facilities, allows order entry and trading (or, in the case of FINRA TRFs, the reporting of trades) in Regulation NMS stocks during the hours of 8:00 a.m.—9:30 a.m. and 4:00 p.m.—5:00 p.m. Moreover, several exchanges allow certain pegged order types to trade during their early and late market sessions.[32] The Exchange notes the increasing interest among market participants in trading Regulation NMS securities before 9:30 a.m. and after 4:00 p.m., as evidenced by the fact that other exchanges have extended their trading sessions to accommodate this demand.[33] While the Exchange is not proposing to change the starting or ending times of its Pre-Market and Post-Market Sessions, it is proposing to expand the specified order types available for trading during its Pre-Market and Post-Market Sessions.

As proposed, the specified order types that are the subject of this proposed rule change would function in the Pre-Market and Post-Market Sessions in the same way they currently do in the Regular Market Session, including with respect to Quote Dynamics as set forth in IEX Rule 11.190(g)(1) and (2), except for minor changes to enable functionality during the Pre-Market and Post-Market Sessions, as described below.

First, the Exchange proposes to amend Rules 11.190(g)(1) and 11.190(g)(1)(D) to specify that the Exchange will use the same methodology for specifying the Activation Values for each of the Quote Instability Rules during the Pre-Market and Post-Market Sessions that is currently used during the Regular Market Session. Specifically, the ( printed page 46807) Exchange proposes to revise Rules 11.190(g)(1) and 11.190(g)(1)(D) to state that the Activation Value for each Quote Instability Rule is 0.5 at the start of each trading session and is updated throughout each trading session as described in Rule 11.190(g)(1).[34]

Second, the Exchange proposes minor conforming edits to Rules 11.190(a)(3)(E) and 11.190(b)(7)(F)(v) with respect to order entry as required to make the order types eligible to trade during the Pre-Market and Post-Market Sessions.[35] Finally, the Exchange proposes a stylistic edit to move the placement of the last sentence of Rule 11.190(g)(1) (“During all other times, the quote is considered stable (`quote instability').”) to come after the third sentence.

Further, pursuant to IEX Rule 3.290 (Customer Disclosures), the Exchange notes that Members accepting customer orders for execution in the Pre-Market and Post-Market Sessions must provide specific risk disclosures to their customers regarding the risks attendant to extended hours trading.

Accordingly, in order to allow Users to submit the specified order types in the Pre-Market and Post-Market Sessions the Exchange proposes to amend IEX Rules 11.190(a)(3)(E)(i), (ii), (iv), (v), and (vi) (Pegged Order Types) and 11.190(b)(7)(F)(v) (Discretionary Limit Order) covering eligible market sessions, order entry rules and TIF modifiers that pertain to the specified pegged order types and to the D-Limit order type. The Exchange proposes to amend the first sentence of Rule 11.190(a)(3)(E) by replacing the phrase “only trade” with “be entered” and adding “Pre-Market Session” and “Post-Market Session.” The Exchange also proposes deleting the second sentence in its entirety. In addition, the Exchange proposes to add “except as set forth in paragraphs (b)(16) and (b)(17)” to make clear that Corporate Discretionary Peg Orders and Market Maker Peg Orders are not eligible to trade during the Pre-Market and Post-Market Sessions.

The Exchange also proposes to amend Rules 11.190(a)(3)(E)(i), (ii), (iv), and (vi) to provide that certain pegged orders marked IOC, FOK, GTT, and SYS are accepted and eligible to trade during the Pre-Market Session and Post-Market Session. Specifically, the Exchange proposes removing the word “rejected” from the first sentence of the above-referenced rules, adding “accepted and eligible to trade,” and making conforming edits to the rest of each paragraph. In addition, as proposed pegged orders marked GTX entered during the Pre-Market Session would queue rather than be rejected, and pegged orders marked GTX entered during the Post-Market Session would be eligible to trade.[36] The Exchange also proposes amending the last sentence of Rules 11.190(a)(3)(E)(iv), (v), and (vi) to make clear that pegged orders entered with the TIFs GTT, GTX, or SYS, if not fully executed or canceled by the User, will expire at the earlier of the expiration time assigned by the User or the end of the Post-Market Session.

The Exchange also proposes to amend the order entry and related parameters set forth in Rules 11.190(b)(7)(F)(v) (Discretionary Limit Order), 11.190(b)(8)(F) (Primary Peg Orders), 11.190(b)(9)(F) (Midpoint Peg Orders), 11.190(b)(10)(F) (Discretionary Peg Orders), 11.190(b)(13)(F) (Offset Peg Orders), 11.190(b)(18)(F) (Market Peg Orders), and 11.190(b)(19)(F) (Fixed Midpoint Peg Orders) as follows. In the first sentence the Exchange proposes to replace the phrase “is eligible to trade only” with “[m]ay be entered” and add “Pre-Market Session” and “Post-Market Session.” The Exchange also proposes to delete the phrase “if marked with a TIF other than DAY the D-Limit order will be rejected when submitted to the System during the Pre-Market Session” from the first full sentence of Rule 11.190(b)(7)(F)(v). The Exchange proposes to delete the phrase “any pegged order that is marked with a TIF other than DAY will be rejected when submitted to the System during the Pre-Market Session” from Rules 11.190(b)(8)(F), 11.190(b)(9)(F), 11.190(b)(10)(F), 11.190(b)(13)(F), 11.190(b)(18)(F), and 11.190(b)(19)(F). The Exchange proposes amending the last sentence of the above-referenced rules by removing “Regular” and adding “Post” to make clear that pegged orders that are not fully executed or canceled by the User will expire at the end of the Post-Market Session.

The Exchange additionally proposes amending the fourth sentence in Rule 11.190(g)(1) and Rules 11.190(g)(1)(D)(i)-(ii) to add “Pre-Market Session” and “Post-Market Session” to provide that the Activation Value for each Quote Instability Rule is initialized at 0.5 at the start of the Pre-Market, Regular Market, and Post-Market Sessions. In addition, the Exchange proposes further amending the same sentence to replace “regular market hours” with “each trading session” to state that the Activation Values will be updated during each trading session.

Finally, the Exchange notes that its market data analysis for May 2026 evidences that, similar to data previously provided for the Regular Market Session, the Quote Instability Determination would be “on” for only a de minimis portion of each session while providing protection from adverse selection associated with latency arbitrage during periods of quote instability as discussed in previous rule filings.[37] The Quote Imbalance Indicator, which is only applicable to certain non-displayed pegged orders and designed to be “on” for a comparatively higher percentage of the trading day, would similarly be on for a fraction of the Pre-Market and Post-Market Sessions and function in the same manner as during the Regular Market Session.[38]

Implementation

The Exchange will announce the implementation date of the proposed rule change by Trading Alert at least ten days in advance of such implementation date and within 90 days of effectiveness of this proposed rule change.

2. Statutory Basis

IEX believes that the proposed rule change is consistent with Section 6(b) [39] of the Act in general, and furthers the objectives of Section 6(b)(5) of the Act,[40] in particular, in that it is designed 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.

As discussed in the Purpose section, market participants have shown increased interest in trading Regulation NMS securities during extended market ( printed page 46808) hours and other exchanges have extended their trading sessions to accommodate this demand.[41] IEX understands that some Members would prefer having the option to submit pegged and D-Limit orders before and after the Regular Market Session. Specifically, and as discussed in the Purpose section, this proposal is responsive to that informal feedback and is designed to help the Exchange meet the demand for more liquidity before and after the Regular Market Session.

The Exchange believes the proposed rule change is designed to promote just and equitable principles of trade, and remove impediments to and perfect the mechanism of a free and open market and a national market system because it would bring more market depth and liquidity to the Exchange, increase price discovery and price formation, and increase execution opportunities. As described in the Purpose section, the proposal is designed to support Users (both Members and Sponsored Participants) and other market participants by expanding the order types available for trading before and after the Regular Market Session. To the extent that the specified pegged and D-Limit order types are used in the Pre-Market and Post-Market Sessions as a result of the proposed rule change, the resulting increased liquidity would benefit all IEX Users and their customers.

Additionally, the Exchange believes that it is appropriate to make the specified conforming rule changes to provide for order entry and order handling of the specified pegged order types and the D-Limit order type during the Pre-Market and Post-Market Sessions. Further, IEX believes that it is appropriate to separately calculate the Activation Values at the start of each trading session and update the Activation Values applicable to the Quote Instability Rules set forth in IEX Rule 11.190(g)(1) separately for each trading session to account for differing trading conditions across trading sessions.

Further, as noted in the Purpose section, IEX expects that the proposed rule change would result in the Quote Instability and Quote Imbalance Determinations behaving similarly in each trading session. Thus, the Exchange believes that the proposed change is consistent with the protection of investors and the public interest because it is designed to provide additional protection from adverse selection associated with latency arbitrage during periods of quote instability or imbalance to applicable pegged and D-Limit orders in a narrowly tailored manner that balances the ability of long-term investors to access liquidity in the ordinary course.

The Exchange believes it is consistent with the Act to offer Users the choice to use these order types during the Pre-Market and Post-Market Sessions, particularly because the operation of the pegged and D-Limit order types was approved by the Commission and are well established on the Exchange during the Regular Market Session.[42] Other exchanges already offer the ability to trade a variety of order types during their trading sessions before and after regular market hours.[43] The purpose of this filing is merely to expand the availability of these order types during the Pre-Market and Post-Market Sessions. Accordingly, the Exchange does not believe that the proposed rule change raises any new or novel issues.

The Exchange further believes that the proposed rule change is consistent with the Act's objective to protect investors and the public interest. As described in the Purpose section, the proposed rule change does not change the functionality of the order types or any aspect of order handling other than as required to make the order types eligible to trade during the Pre-Market and Post-Market Sessions. Furthermore, IEX will continue to require Members accepting customer orders for execution in the Pre-Market and Post-Market Sessions to provide specific risk disclosures to their customers about the potential risks pertinent to trading before and after the Regular Market Session, as described in the Purpose section. While the Exchange believes that the proposed rule change will benefit investors for the reasons set forth above, the Exchange continues to believe these disclosures required by Rule 3.290 are appropriate for any Member accepting the specified pegged and D-Limit order types during the Pre-Market or Post-Market Sessions.

The Exchange notes that all Users are eligible to use D-Limit and pegged orders, and therefore all Users are eligible to benefit from the availability of these order types during the Pre-Market and Post-Market Sessions, and will also benefit if such use of these order types brings more liquidity to the Exchange. Accordingly, the Exchange believes that the proposal is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market, and, in general, protect investors and the public interest.

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. To the contrary, as discussed in the Statutory Basis section, the proposal is designed to enhance competition by incentivizing order flow that would add market depth and liquidity on the Exchange during the Pre-Market and Post-Market Sessions.

With regard to intra-market competition, the proposed rule changes would apply equally to all Users on a fair, impartial and nondiscriminatory basis without imposing any new burdens on Users. The Commission has already approved the functionality of the D-Limit, P-Peg, Midpoint Peg, D-Peg, Offset Peg, Market Peg, and Fixed Midpoint Peg order types.[44] The purpose of this filing is merely to expand the availability of these order types during the Pre-Market and Post-Market Sessions. Therefore, no new burdens are being proposed.

With regard to inter-market competition, other exchanges are free to adopt similar order type functionality during their extended trading hours, subject to the Commission rule filing process. In this regard, the Exchange notes that Cboe EDGX, MEMX, MIAX Pearl Equities, and 24X offer pegged orders in their early and late trading sessions.[45]

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. ( printed page 46809)

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) [46] of the Act and Rule 19b-4(f)(6) [47] 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.

The Exchange believes that the proposed rule change meets the criteria of subparagraph (f)(6) of Rule 19b-4 [48] because, as described in the Purpose and Statutory Basis sections, it would neither significantly affect the protection of investors or the public interest nor impose any significant burden on competition. Rather, the proposed rule change is designed to benefit investors by making certain pegged order types and the D-Limit order type eligible for trading during the Exchange's Pre-Market and Post-Market Sessions, thereby providing greater trading opportunities to all market participants before and after the Regular Market Session. The Exchange notes that the proposed rule change would not affect the functionality or order handling of impacted order types. Accordingly, the Exchange believes that the proposed rule change is non-controversial and satisfies the requirements of Rule 19b-4(f)(6).[49]

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) [50] of the Act 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

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-2026-19. 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-2026-19 and should be submitted on or before August 14, 2026.

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.[51]

Sherry R. Haywood,

Assistant Secretary.

Footnotes

7.   See IEX Rule 11.110(a). The Regular Market Session begins at 9:30 a.m. ET and continues until 4:00 p.m. ET; the Pre-Market Session begins at 8:00 a.m. ET and continues to 9:30 a.m. ET; and the Post-Market Session begins at 4:00 p.m. ET and continues until 5:00 p.m. ET. See IEX Rules 11.190(b)(7)(F)(v); 11.190(a)(3)(E)(i)—(vi).

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8.  A pegged order is a non-displayed order that upon entry into the System and while resting on the Order Book, is pegged to a reference price based on the NBBO and the price of the order is automatically adjusted by the System in response to changes in the NBBO. See IEX Rule 11.190(a)(3).

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9.  A D-Limit order is a displayed, non-displayed, or partially displayed Limit order that upon entry and when posting to the Order Book, is priced to be equal to and ranked at the order's limit price, except under specific circumstances enumerated in subparagraphs (A) through (F) of Rule 11.190(b)(7). See IEX Rule 11.190(b)(7).

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10.  A market order is an order to buy or sell a stated amount of a security that is to be executed at or better than the NBBO at the time the order reaches the Exchange. See IEX Rule 11.190(a)(2).

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11.  The Exchange utilizes real time relative quoting activity of Protected Quotations from eleven exchanges (ARCX, BATY, BATS, EDGA, EDGX, EPRL, MEMX, XBOS, XNGS, XNYS, XPHL) referred to as “Signal Exchanges”, and, as specified, the Exchange's own Protected Quotation (collectively, with the Signal Exchanges, referred to as the “Input Exchanges”) to: (i) make quote instability determinations, as set forth in subparagraph (1) of Rule 11.190(g); or (ii) make quote imbalance determinations, as set forth in subparagraph (2) of IEX Rule 11.190(g). See IEX Rule 11.190(g).

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12.   See IEX Rule 11.190(c).

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13.  Orders entered into the System marked DAY may queue during the Pre-Market Session. When queued, orders will participate in the Opening Process before becoming available for the Regular Market Session. Orders marked DAY are only available for trading or routing during the Regular Market Session and expire at the end of the Regular Market Session. See IEX Rule 11.190(c)(3).

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14.   See IEX Rules 11.190(a)(3)(E)(i)-(vi); 11.190(b)(7)(F)(v).

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15.   See IEX Rules 11.190(b)(7)(F)(v); 11.190(a)(3)(E)(iii).

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16.  Orders entered into the System marked IOC are executed on the Exchange or routed to an away venue, in whole or in part, as soon as such order is received, and the portion not so executed is canceled. Orders marked IOC are never posted to the Order Book and considered by definition to be non-displayable orders. See IEX Rule 11.190(c)(1).

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17.  Orders entered into the System marked FOK are immediately executed on the Exchange for their full quantity or otherwise canceled. Orders marked FOK are never posted to the Order Book and considered by definition to be non-displayable orders. Routable orders marked FOK are rejected. See IEX Rule 11.190(c)(2).

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18.  Orders entered into the System marked GTX may queue during the Pre-Market Session. When queued, orders will participate in the Opening Process before becoming available for the Regular Market Session. Orders marked GTX are available for trading or routing during both the Regular Market Session and Post-Market Session, and expire at the end of the Post-Market Session. See IEX Rule 11.190(c)(4).

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19.  Orders entered into the System marked SYS may trade or route during System Hours and expire at the end of the Post-Market Session. See IEX Rule 11.190(c)(5).

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20.  Orders entered into the System marked GTT may trade or route during System Hours and expire at the earlier of the User specified expire time or the end of the Post-Market Session. See IEX Rule 11.190(c)(6).

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21.   See IEX Rules 11.190(b)(7)(F)(v); 11.190(a)(3)(E).

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22.  A Primary Peg order is a pegged order that upon entry and when posting to the Order Book, the price of the order is automatically adjusted by the System to be equal to and ranked at the less aggressive of one (1) MPV less aggressive than the primary quote ( i.e., the NBB for buy orders and NBO for sell orders) or the order's limit price, if any. See IEX Rules 11.190(b)(8); 11.190(b)(8)(F).

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23.  A Midpoint Peg order is a pegged order that upon entry and when posting to the Order Book, the price of the order is automatically adjusted by the System to be equal to and ranked at the less aggressive of the Midpoint Price or the order's limit price, if any. See IEX Rules 11.190(b)(9); 11.190(b)(9)(F).

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24.  A Discretionary Peg order is a pegged order that upon entry into the System, the price of the order is automatically adjusted by the System to be equal to the less aggressive of the Midpoint Price or the order's limit price, if any. See IEX Rules 11.190(b)(10); 11.190(b)(10)(F).

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25.  An Offset Peg order is a pegged order that upon entry and when posting to the Order Book, the price of the order is automatically adjusted by the System to be equal to and ranked at the less aggressive of the primary quote. See IEX Rules 11.190(b)(13); 11.190(b)(13)(F).

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26.  A Market Peg order is a pegged order that upon entry and when posting to the Order Book, the price of the order is automatically adjusted by the System to be equal to and ranked at the less aggressive of the contra-side primary quote ( i.e., the NBO for buy orders and NBB for sell orders) minus (plus) an offset amount for buy (sell) orders, if any, or the order's limit price, if any. See IEX Rules 11.190(b)(18); 11.190(b)(18)(F).

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27.  A Fixed Midpoint Peg order is a pegged order that upon entry and when posting to the Order Book, the price of the order is automatically adjusted by the System to be equal to and ranked at the less aggressive of the Midpoint Price or the order's limit price, if any. See IEX Rules 11.190(b)(19); 11.190(b)(19)(F).

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28.  A Market Maker Peg order is a limit order that, upon entry or at the beginning of the Regular Market Session, as applicable, the entered bid or offer is automatically priced by the System at the Market Maker Peg Designated Percentage (as defined in IEX Rule 11.190(b)(17)(A)) away from the then current NBB or NBO, as applicable, or if there is no NBB or NBO, at the Market Maker Peg Designated Percentage away from the last reported sale from the responsible single plan processor in order to comply with the quotation requirements for Market Makers set forth in Rule 11.151(a). See IEX Rule 11.190(b)(17).

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29.  A Corporate Discretionary Peg order is a Discretionary Peg buy order that upon entry into the System, the price of the order is automatically adjusted by the System to be equal to the less aggressive of the Midpoint Price, the consolidated last sale price, or the order's limit price, if any. See IEX Rule 11.190(b)(16).

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30.  17 CFR 240.10b-18. Exchange Act Rule 10b-18 allows corporate buybacks without being liable for manipulation under Sections 9(a)(2) and 10(b) of the Act provided certain conditions are met, including that the purchases are effected during the primary trading session in the principal market for the security.

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31.   See IEX Rule 1.160(s).

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32.   See Cboe EDGX Rules 11.8(d)(4) (Midpoint Peg Order), 11.8(f)(4) (Supplemental Peg Order), 11.8(g)(3)(Midpoint Discretionary Order); MEMX Rule 11.8(c)(4) (Order Types and Modifiers—Pegged Order—Session); MIAX Pearl Equities Rule 2614(a)(3)(iii) (Orders and Order Instructions—General Order Types—Pegged Orders); 24X Rule 11.7(c)(4)(Order Types and Modifiers—Pegged Order—Session).

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33.   See, e.g., Securities Exchange Act Release No. 105199 (April 10, 2026), 91 FR 20222 (April 16, 2026) (SR-NASDAQ-2025-109) (granting accelerated approval of Nasdaq's proposal to extend U.S. equities trading hours to 23 hours a day, 5 days a week (“23/5”)); Securities Exchange Act Release No. 103435 (July 11, 2025), 90 FR 32032 (July 16, 2025) (SR-FINRA-2025-011) (proposal to amend FINRA Rules to extend the operating hours of its Trade Reporting Facilities to open at 4:00 a.m.); Securities Exchange Act Release No. 102716 (March 21, 2025), 90 FR 13949 (March 27, 2025) (SR-CboeBZX-2025-046) (proposal to amend Cboe BZX's rules to extend the start of the Early Trading Sessions from 7:00 a.m. to 4:00 a.m., and implement an earlier order acceptance time and start time); Securities Exchange Act Release No. 102400 (February 11, 2025), 90 FR 9794 (February 18, 2025) (SR-NYSEARCA-2024-89) (order approving NYSE Arca proposal to lengthen extended trading hours to 22 hours per day, 5 days per week); Securities Exchange Act Release No. 102525 (March 5, 2025), 90 FR 11767 (March 11, 2025) (SR-MEMX-2025-04) (proposing to amend MEMX rule to extend MEMX's Pre-Market Session to begin trading at 4:00 a.m.); Securities Exchange Act Release No. 101777 (November 27, 2024), 89 FR 97092 (December 6, 2024) (order approving application of 24X National Exchange, LLC for registration as a national securities exchange and to trade 23 hours per day, 5 days per week); Securities Exchange Act Release No. 96773 (January 30, 2023), 88 FR 7484 (February 3, 2023) (SR-MEMX-2023-01) (proposing to amend MEMX Rules to extend MEMX's Post-Market Session to 8:00 p.m.). In each case, the exchanges' proposed rule changes are (or were) contingent upon the Equity Data Plans ( i.e., the national market system plans governing the collection, consolidation, processing, and dissemination of consolidated equity market data via the securities information processors (“SIPs”)) having established operations during the extended trading hours to collect, consolidate, process, and disseminate quotation and transaction information. Currently the SIPs accept and disseminate quotation and transaction information from 4:00 a.m. ET to 8:00 p.m. ET.

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34.  The Exchange is not proposing any changes to IEX Rule 11.190(g)(2), the Quote Imbalance Indicator which does not utilize activation values and thus, as proposed, would function in the same way during the Pre-Market and Post-Market Sessions as it currently does in the Regular Market Session.

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35.  Currently the System queues or, depending on the TIF, rejects pegged and D-Limit orders submitted in the Pre-Market Session for the Regular Market Session Opening Process, and rejects pegged and D-Limit orders submitted in Post-Market Session. See IEX Rules 11.190(a)(3)(E); 11.190(b)(7)(F)(v).

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36.   See proposed changes to Rule 11.190(a)(3)(E)(v) and conforming edits to Rule 11.190(b)(7)(F), 11.190(b)(8)(F), 11.190(b)(9)(F), 11.190(b)(10)(F), 11.190(b)(13)(F), 11.190(b)(18)(F), and 11.190(b)(19)(F).

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37.   See, e.g., Securities Exchange Act Release No. 99990 (April 18, 2024), 89 FR 31236 (April 24, 2024) (SR-IEX-2024-07). IEX notes that markout data is not available because pegged and D-Limit orders do not currently trade in the Pre-Market and Post-Market Sessions.

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38.   See Securities Exchange Act Release No. 103318 (June 24, 2025), 90 FR 27703 (June 27, 2025) (SR-IEX-2025-11).

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41.   See supra, note 30.

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42.  The Commission considered the D-Peg order type in connection with its grant of IEX's application for registration as a national securities exchange under Sections 6 and 19 of the Act. See Securities Exchange Act Release No. 78101 (June 17, 2016), 81 FR 41142 (June 23, 2016). The Commission also already approved the Exchange's P-Peg order type. See Securities Exchange Act Release No. 80223 (March 13, 2017), 82 FR 14240 (March 17, 2017) (SR-IEX-2016-18). See also Securities Exchange Act Release No. 87814 (December 20, 2019), 84 FR 71997, 71998 (December 30, 2019) (SR-IEX-2019-15) (“D-Limit Proposal”); Securities Exchange Act Release No. 89686 (August 26, 2020), 85 FR 54438 (September 1, 2020) (SR-IEX-2019-15) (“D-Limit Approval Order”); Securities Exchange Act Release No. 96014 (October 11, 2022), 87 FR 62903 (October 17, 2022) (SR-IEX-2022-06) (“CQI 2 Proposal”); Securities Exchange Act Release No. 96416 (December 1, 2022), 87 FR 75099 (December 7, 2022) (SR-IEX-2022-06) (“CQI 2 Approval Order”).

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43.   See supra, note 29.

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44.   See supra, note 39.

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45.   See supra, note 29.

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[FR Doc. 2026-14978 Filed 7-23-26; 8:45 am]

BILLING CODE 8011-01-P

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Federal Register Citation

Use this for formal legal and research references to the published document.

91 FR 46805

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Use this when citing the archival web version of the document.

“Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.190 to Permit Trading of Pegged Orders During Pre-Market and Post-Market Sessions,” thefederalregister.org (July 24, 2026), https://thefederalregister.org/documents/2026-14978/self-regulatory-organizations-investors-exchange-llc-notice-of-filing-and-immediate-effectiveness-of-proposed-rule-chang.