The Securities and Exchange Commission has approved the Philadelphia Stock Exchange’s (Phlx) proposal to remove the trade through restrictions on IOC Cross Orders entered during the Pre Market or Post Market sessions on Phlx’s electronic trading platform, XLE. XLE accepts IOC Cross Orders during all three of its trading sessions, which collectively run from 8:00 a.m. to 6:00 p.m. Previously, XLE had permitted IOC Cross Orders to trade through the Protected NBBO in only four circumstances, each of which coincided with an exception to, or exemption from, Regulation NMS. Under the newly amended rules, IOC Cross Orders on XLE also are permitted to trade through the Protected NBBO during the Pre Market and Post Market sessions, as those sessions fall outside of “regular trading hours” as defined in Regulation NMS (currently between 9:30 a.m. and 4:00 p.m. ET) and therefore such trade throughs would not contravene the Order Protection Rule.