Federal Register #SR-IEX-2026-14

SEC Notice of Proposed Rule Change by Investors Exchange LLC to Amend IEX Rule 11.190(g)

This notice concerns a proposed rule change by Investors Exchange LLC (IEX) published by the Securities and Exchange Commission (SEC). - Regulatory Context: - SEC is reviewing a rule change proposal from IEX to amend Rule 11.190(g). - Technical Details: - The amendment seeks to optimize the proprietary mathematical calculation for quote instability determinations, affecting certain order types. - The proposal updates the definitions of Signal Best Bid and Signal Best Offer reference prices. - IEX's own Protected Quotation will be included alongside those from eleven other Signal Exchanges: - Cboe BZX Exchange (BATS) - Cboe BYX Exchange (BATY) - Cboe EDGA Exchange (EDGA) - Cboe EDGX Exchange (EDGX) - MIAX Pearl (EPRL) - MEMX LLC (MEMX) - Nasdaq Stock Market (XNGS) - Nasdaq BX (XBOS) - Nasdaq PHLX (XPHL) - New York Stock Exchange (XNYS) - NYSE Arca (ARCX) - Purpose and Impact: - The change is intended to increase the coverage of the crumbling quote indicator (CQI) while maintaining comparable accuracy. - No procurement or award is involved; this is a regulatory notice only.

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by Investors Exchange LLC. The rule change pertains to amendments to IEX Rule 11.190(g) to incrementally optimize the proprietary mathematical calculation used to make quote instability determinations for certain orders. The proposal includes updating the Signal Best Bid and Signal Best Offer reference price definitions to include IEX's Protected Quotation in addition to the eleven Signal Exchanges Protected Quotations, aiming to increase the coverage of the crumbling quote indicator with comparable accuracy. The notice includes details about the filing, the effective date, and links to the full text in various formats.

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