[Federal Register Volume 91, Number 30 (Friday, February 13, 2026)]
[Notices]
[Pages 6948-6951]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-02898]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104805; File No. SR-IEX-2026-03]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
Exchange's Fee Schedule To Modify the Required Criteria for the
Incremental Fee Tiers
February 10, 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 January 30, 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 III 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 Act,\4\
and Rule 19b-4 thereunder,\5\ the Exchange is filing with the
Commission a proposed rule change to amend the Exchange's fee schedule
applicable to Members \6\ (the ``Fee Schedule'' \7\) pursuant to IEX
Rule 15.110(a) and (c) to modify the required criteria for the
Incremental Fee Tiers. Changes to the Fee Schedule pursuant to this
proposal are effective upon filing,\8\ and will be implemented on March
1, 2026.
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\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
\6\ See IEX Rule 1.160(s).
\7\ See Investors Exchange Fee Schedule, available at https://www.iexexchange.io/resources/trading/fee-schedule.
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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
IEX proposes to modify the required criteria for the Incremental
Fee Tiers that are applicable to certain non-displayed trades and to
make conforming and clarifying changes to the Fee Schedule.\9\ This fee
change proposal is effective on filing and will be implemented on March
1, 2026.
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\9\ Nothing in this rule filing affects trades below $1.00 per
share (``sub-dollar trades''). Sub-dollar trades would not impact
the Incremental Fee Tier calculations and would not be eligible for
any of the Incremental Fee Tiers described herein.
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Background
IEX first began offering Incremental Fee Tiers \10\ in September
2025.\11\ The Incremental Fee Tiers are a volume-based fee incentive
designed to incentivize Members to increase their non-displayed volume
on the Exchange by providing Members that qualify for Incremental Fee
Tier 2 an opportunity to pay a reduced fee of $0.0001 per share \12\
for certain executions of non-displayed orders.\13\ To qualify for the
reduced fee, a Member's Incremental Fee eligible ADV \14\ in the
current month must exceed its Baseline non-displayed ADV \15\ by at
least 10,000,000.
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\10\ See Footnote 6 to the Transaction Fees section of the Fee
Schedule.
\11\ See Trading Alert #2025-024, https://iextrading.com/alerts/#/308; see also Securities Exchange Act Release No. 103969
(September 15, 2025), 90 FR 45071 (September 18, 2025) (SR-IEX-2025-
24) (``Incremental Fee Tier Filing'').
\12\ IEX's base rate for transactions that add or remove non-
displayed liquidity is $0.0010 per share.
\13\ The fee codes to which the Incremental Fee Tiers apply are
``MI'' (Adds non-displayed liquidity); ``MIB'' (Adds non-displayed
liquidity in Tape B securities); ``TIY'' (Post Only order removes
non-displayed liquidity); ``TIYB'' (Post Only order removes non-
displayed liquidity in Tape B securities); ``TI'' (Removes non-
displayed liquidity); and ``TIB'' (Removes non-displayed liquidity
in Tape B securities).
\14\ ``Incremental Fee eligible ADV'' means executions with any
of the Fee Code Combinations MI, MIB, TI, TIB, TIY, or TIYB. Unless
otherwise specified, Incremental Fee eligible ADV refers to
executions in the current month.
\15\ ``Baseline non-displayed ADV'' means executions with any of
the Fee Code Combinations MI, MIB, TI, TIB, TIY, or TIYB in August
2025.
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Currently, the Baseline non-displayed ADV is calculated using a
Member's
[[Page 6949]]
Incremental Fee eligible ADV in the month of August 2025. As reflected
in the Fee Schedule, the criteria to qualify for Incremental Fee Tier 2
will expire no later than February 28, 2026.
Starting in February 2026, as provided by Commission Rule 610(d)
under Regulation NMS, exchange transaction fees and rebates must be
determinable at the time of the execution.\16\ In accordance with Rule
610(d), IEX filed a rule change with the Commission pursuant to Rule
19b-4 under the Act to make all transaction fees and rebates
determinable at the time of execution.\17\ As specified therein,
beginning February 1, 2026, Members can qualify for Incremental Fee
Tier 2 in the current month if their Incremental Fee eligible ADV in
the immediately preceding month exceeded their Baseline non-displayed
ADV by at least 10,000,000. Concurrently, starting in February 2026,
Members will have two options for calculating trading fees for
Incremental Fee Tier 2, each of which achieves fee determinism.\18\ The
two options are described in detail in the Fee Determinism Filing;
notably, both options use the Baseline non-displayed ADV as a cap on
the volume of Incremental Fee eligible ADV that will be charged the
$0.0001 reduced per share fee.\19\
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\16\ See 17 CFR 242.610(d).
\17\ See Trading Alert #2025-039, https://iextrading.com/alerts/#/326; see also Securities Exchange Act Release No. 104541 (January
5, 2026), 91 FR 737 (January 8, 2026) (SR-IEX-2025-39) (``Fee
Determinism Filing'').
\18\ See Fee Determinism Filing, supra note 17.
\19\ Id.
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Proposal
Given the expiration of the current criteria to qualify for
Incremental Fee Tier 2 at the end of February 2026, starting on March
1, 2026, IEX proposes to replace the current criteria for qualifying
for Incremental Fee Tier 2 with a new process for determining the
Baseline non-displayed ADV and criteria to qualify for Incremental Fee
Tier 2, as described below. IEX proposes that these criteria will
expire no later than February 28, 2027.
As proposed, starting March 1, 2026, the Baseline non-displayed ADV
for Members that were trading on the Exchange for at least the past
year will be each Member's average of the three months from March 2025
to February 2026 with the lowest Incremental Fee eligible ADV. Each
Member's Baseline non-displayed ADV will be calculated after the market
close on the last trading day in February 2026 (because February 2026
could be one of the three months averaged together to calculate the
Baseline non-displayed ADV) and will be used to determine both a
Member's eligibility for Incremental Fee Tier 2 in the following month,
as well as in the calculations of the fees charged to the Member for
March 2026. And on a going forward basis, until these eligibility
criteria expire in February 2027, a Member's qualification for
Incremental Fee Tier 2 in the current month will be based on its
Incremental Fee eligible ADV in the prior month as compared to its
Baseline non-displayed ADV.
IEX also proposes to increase the threshold volume by which Members
must exceed their Baseline non-displayed ADV to qualify for Incremental
Fee Tier 2 from 10,000,000 to 15,000,000 Incremental Fee eligible ADV.
This proposed increase is designed to reflect recent higher trading
volumes in securities priced at or above $1.00. The Exchange believes
that the proposed change to the threshold volume requirement will
continue to incentivize Members to grow their non-displayed volume on
the Exchange. Moreover, IEX notes that increased volume on the Exchange
contributes to a deeper and more liquid market, which benefits all
market participants and provides greater execution opportunities on the
Exchange.
The following example demonstrates how this will work:
Example 1
Member A's Incremental Fee eligible ADV in the twelve
months between March 2025 to February 2026 is: 10,000,000 for the
month of March 2025; 15,000,000 for the month of April 2025;
36,000,000 for the months of May 2025 to January 2026; and
35,000,000 for the month of February 2026.
At the end of February 2026, IEX determines Member A's
Baseline non-displayed ADV to be 20,000,000 (the average of the
three lowest volume months, i.e., 10,000,000 in March 2025;
15,000,000 in April 2025; and 35,000,000 in February 2026).
Member A qualifies for Incremental Fee Tier 2 in March
2026 because its prior month Incremental Fee eligible ADV of
35,000,000 is at least 15,000,000 greater than its Baseline non-
displayed ADV of 20,000,000.
Member A's Incremental Fee eligible ADV in March 2026
is 35,000,000.
Member A qualifies for Incremental Fee Tier 2 in April
2026 because its prior month Incremental Fee eligible ADV of
35,000,000 is at least 15,000,000 greater than its Baseline non-
displayed ADV of 20,000,000.
For Members that began trading on the Exchange after March 1, 2025,
starting March 1, 2026, as proposed, the Baseline non-displayed ADV for
each Member will be the average of the Incremental Fee eligible ADV of
the Member's first three full months of trading on the Exchange. And,
as noted above, on a going forward basis, until the eligibility
criteria expire in February 2027, a Member's qualification for
Incremental Fee Tier 2 in the current month will be based on its
Incremental Fee eligible ADV in the prior month as compared to the
Baseline non-displayed ADV. The following example demonstrates how this
will work:
Member B began trading on the Exchange on November 15,
2025. Thus, Member B was not previously eligible for the reduced
Incremental Fee Tier 2 fee because it did not have a Baseline non-
displayed ADV for August 2025.
Member B's Incremental Fee eligible ADV in December
2025 was 10,000,000, in January 2026 was 15,000,000, and in February
2026 was 35,000,000.
At the end of February 2026, IEX determines Member B's
Baseline non-displayed ADV to be 20,000,000 (the average of the
first three full months of trading on the Exchange.
Member B qualifies for Incremental Fee Tier 2 in March
2026 because its prior month Incremental Fee eligible ADV of
35,000,000 is at least 15,000,000 greater than its Baseline non-
displayed ADV of 20,000,000.
Member B's Incremental Fee eligible ADV in March 2026
is 25,000,000.
Member B does not qualify for Incremental Fee Tier 2 in
April 2026 because its prior month Incremental Fee eligible ADV of
25,000,000 is not at least 15,000,000 greater than its Baseline non-
displayed ADV of 20,000,000.
The Fee Schedule contains examples of how these Members' fees would
be calculated depending on whether a Member that qualifies for
Incremental Fee Tier 2 were to elect Incremental Fee Tier Option 1 or
Option 2, as well as for a Member that does not qualify.
IEX believes that this proposed process for determining the
Baseline non-displayed ADV will fairly and equitably allow both current
and new Exchange Members a means of qualifying for the Incremental Fee
Tier 2 reduced fee for non-displayed trading. IEX notes that this
proposal benefits not only newer Members of the Exchange (i.e., Members
that began trading after August 2025) by providing the opportunity to
qualify for the reduced Incremental Fee Tier 2 fee, but also benefits
future new Members, who will have an ``on-ramp'' for establishing a
Baseline non-displayed ADV after three months of trading on the
Exchange, thereby allowing them to potentially benefit from the reduced
fee sooner (as opposed to waiting for a rule filing to establish a new
baseline month).
Conforming and Clarifying Changes
First, to reflect the above-described changes, IEX proposes to
update the definition of ``Baseline non-displayed ADV'' in the
Definitions subheading of
[[Page 6950]]
the Transaction Fees section of the Fee Schedule. Currently, Baseline
non-displayed ADV ``means executions of Incremental Fee eligible ADV in
August 2025.'' IEX proposes to delete the quoted text in the above
sentence, and to update the definition to read:
``Baseline non-displayed ADV'' is calculated as
follows:
[cir] The Baseline non-displayed ADV is calculated by taking the
average of the Member's Incremental Fee eligible ADV in the three
months with the lowest Incremental Fee eligible ADV between March 1,
2025 and February 28, 2026.
[cir] For Members that joined IEX after March 1, 2025, the
Baseline non-displayed ADV is calculated by taking the average of
the Member's Incremental Fee eligible ADV in its first three full
months of trading on the Exchange.
Second, IEX proposes to amend the ``Required Criteria'' in the
Incremental Fee Tier Calculation Table to replace 10,000,000 with
15,000,000 as the threshold value to qualify for Incremental Fee Tier 2
(the same change will be made to the Tier 1 and Tier 2 rows).
Third, IEX proposes to amend the second sentence in footnote ``a''
to the Incremental Fee Tier Fee Calculation Table to replace the
expiration date for the criteria of February 28, 2026 with a new
expiration date of February 28, 2027.
Fourth, for purposes of clarity, IEX proposes to define the term
TAV, which is used as part of the Incremental Fee Tier Option 2 fee
calculations. Thus, in the first bullet under ``Incremental Fee Tier
Option 2'', IEX proposes to add a parenthetical after the words ``total
shares traded'' that reads ``(total actual volume or ``TAV'')''.
IEX also proposes to update some of the language in the examples
for Incremental Fee Tier Option 1 and 2 to make the examples more
generally applicable (removing specific reference months), and to no
longer make reference to the pre-February 2026 fees that were not
determinable at the time of the execution. Specifically, IEX proposes
making the following changes to the table of examples for Option 1:
Rename the column heading that reads ``August 2025 Vol.
(Baseline non-displayed ADV)'' to read ``Baseline non-displayed
ADV''
Rename the column heading that reads ``Jan. 2026 ADV*''
to read Prior Month ADV*
Rename the column heading that reads ``Feb. 2026 ADV*''
to read ``Month 1 ADV*
Rename the column heading that reads ``Mar. 2026 ADV*''
to read ``Month 2 ADV*
Delete the column showing ``January Fees''
Rename the column heading that reads ``February Fees''
to read ``Month 1 Fees''
Rename the column heading that reads ``March Fees'' to
read ``Month 2 Fees''
In the Example 1 row, under the new column heading
``Prior Month ADV*'', change the value from 30mm to 35mm. With this
change, Example 1 will still reflect a Member that qualifies for
Incremental Fee Tier 2 based on its Incremental Fee Eligible ADV
being at least 15,000,000 greater than its Baseline non-displayed
ADV.
In the Example 1 row, under the new column heading
``Month 1 Fees'', change the value from $0.0007 to $0.00061 per
share. This change reflects that the blended average rate for Month
1 is now calculated by averaging the base rate of $0.0010 per share
for 20,000,000 and the reduced fee of $0.0001 per share for
15,000,000 (because the Prior Month ADV was changed from 30,000,000
to 35,000,000). In the footnotes to the table, change references to
``January'' to refer to the ``Prior Month'', change references to
``February'' to refer to ``Month 1'', and change references to
``March'' to refer to ``Month 2''
In the second footnote to the table, change the
Incremental Fee eligible ADV from 30,000,000 to 35,000,000 and the
blended rate from $0.0007 to $0.00061 per share, to reflect the
changes to Example 1 described above
In the third footnote to the table, delete the first
sentence, because the text is now duplicative of the text in
footnote 2. In the second sentence, in order to consistently apply
terms defined in the Fee Schedule, replace the word ``volumes'' with
``Incremental Fee eligible ADV'' and replace the word ``baseline''
with ``Baseline non-displayed ADV by at least 15,000,000.''
And IEX proposes making the following changes to the table of
examples for Option 2:
Rename the two column headings that read ``August 2025
ADV*'' to read ``Baseline non-displayed ADV''
Rename the column heading that reads ``Jan. 2026 ADV*''
to read ``Prior Month ADV*
Rename the column heading that reads ``February 2026
(19 Trading Days)'' to read ``Month 1 (19 Trading Days)''
Rename the column heading that reads ``February 2026
Fees'' to read ``Month 1 Fees''
Rename the column heading that reads ``Feb. 2026 ADV*''
to read ``Month 1 ADV*
Rename the column heading that reads ``March 2026 (22
Trading Days)'' to read ``Month 2 (22 Trading Days)''
Rename the column heading that reads ``March 2026
Fees'' to read ``Month 2 Fees''
In the Example 1 row, under the new column heading
``Prior Month ADV*'', change the value from 30mm to 35mm. With this
change, Example 1 will still reflect a Member that qualifies for
Incremental Fee Tier 2 based on its Incremental Fee Eligible ADV
being at least 15,000,000 greater than its Baseline non-displayed
ADV.
In the Example 2 row, under the new column heading
``Month 2 (22 Trading Days) Baseline Volume***'', amend the cell
that currently reads ``N/A (Feb 2026 ADV did not exceed Aug. 2025
ADV by at least 10mm)'' to read ``N/A (Month 1 ADV did not exceed
Baseline ADV by at least 15mm)''. With this change, Month 2 of
Example 2 will still reflect a Member that does not qualify for
Incremental Fee Tier 2 based on its Incremental Fee Eligible ADV not
being at least 15,000,000 greater than its Baseline non-displayed
ADV.
As noted above, the Exchange is not proposing to change the fees
applicable to executions of and with orders with an execution price
below $1.00 per share.
2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) \20\ of the Act in general and furthers the
objectives of Sections 6(b)(4) \21\ of the Act, in particular, in that
it is designed to not be unfairly discriminatory and to provide for the
equitable allocation of reasonable dues, fees and other charges among
its Members and other persons using its facilities.
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\20\ 15 U.S.C. 78f.
\21\ 15 U.S.C. 78f(b)(4).
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First, as described in the Purpose section, this proposed fee
change will continue to make IEX's fees determinable at the time of
execution, as required by Rule 610(d) of Regulation NMS.
IEX also believes that this proposal provides for the equitable
allocation of reasonable fees among its Members and is not designed to
be unfairly discriminatory because the proposed new approach to
calculating a Member's Baseline non-displayed ADV is designed to
address the different ``states'' of Members' usage. For example,
longer-term Members have an established volume level on the Exchange,
and taking an average of those Members' three lowest volume months
between March 2025 and February 2026 allows those Members to set an
appropriate baseline that such Members must exceed to qualify for the
Incremental Fee Tier 2 reduced fee.
Similarly, IEX believes that taking the average of a new Member's
first three full months of trading on the Exchange to calculate their
Baseline non-displayed ADV is fair and equitable because it allows the
Members time to ``ramp up'' their trading on the Exchange and to set a
Baseline non-displayed ADV that is high enough to allow the Member to
pay the reduced fee for a meaningful volume of its Incremental Fee
eligible ADV, while setting the Baseline non-displayed ADV at an
appropriate baseline that the Member may reasonably be able to exceed
to qualify for the reduced fee.
IEX believes this approach to setting the Baseline non-displayed
ADV will
[[Page 6951]]
balance the two purposes of the Baseline non-displayed ADV (as both a
barrier to overcome for qualification and a threshold that caps the
benefit of the lower fee) in a fair and equitable manner that may
incentivize Members to increase non-displayed trading activity on the
Exchange, to the benefit of all market participants.
Additionally, IEX believes that its proposal to increase the
threshold volume Members must satisfy to qualify for Incremental Fee
Tier 2 reflects a reasonable pricing structure, made for business and
competitive reasons in response to increasing market volumes. The
Exchange further believes the proposed increase to the threshold volume
requirement to qualify for Incremental Fee Tier 2 will continue to
incentivize Members to grow their non-displayed volume on the Exchange.
And increased volume on the Exchange contributes to a deeper and more
liquid market, which benefits all market participants and provides
greater execution opportunities on the Exchange.
Further, IEX notes that this fee proposal is equitable and not
designed to permit unfair discrimination because all similarly situated
Members will be treated the same. Thus, IEX does not believe that any
aspect of this proposal raises new or novel issues not already
considered by the Commission.
Additionally, IEX believes that the proposed conforming and
clarifying changes to the IEX Fee Schedule set forth in the Purpose
section further the purposes of the Act because they provide greater
clarity and consistency to the Fee Schedule, thereby reducing the
potential for confusion of any market participants. The Exchange
believes that the proposed conforming and clarifying changes will
provide greater clarity to Members and the public regarding the
Exchange's Fee Schedule, and are therefore consistent with the
protection of investors and the public interest.
The Exchange operates in a highly competitive market in which
market participants can readily direct order flow to competing venues
if they deem fee levels at a particular venue to be excessive. Within
that context, the proposed changes to the Incremental Fee Tier
structure are designed to keep IEX's non-displayed trading prices
competitive with those of other exchanges.
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 does not believe
that the proposed rule change will impose any burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if fee schedules at other venues are viewed as more
favorable. Consequently, the Exchange believes that the degree to which
IEX fees could impose any burden on competition is extremely limited
and does not believe that such fees would burden competition between
Members or competing venues. Moreover, as noted in the Statutory Basis
section, the Exchange does not believe that the proposed changes raise
any new or novel issues not already considered by the Commission.
The Exchange does not believe that the proposed rule change will
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because, while
different fees are assessed on Members, these fees are not based on the
type of Member entering the orders that match, but rather on the
Member's own trading activity. Further, the proposed fee change is
intended to encourage market participants to bring increased order flow
to the Exchange, which benefits all market participants.
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 foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) \22\ of the Act.
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\22\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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) \23\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\23\ 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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-IEX-2026-03 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-2026-03. 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-2026-03 and should be submitted on
or before March 6, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-02898 Filed 2-12-26; 8:45 am]
BILLING CODE 8011-01-P