Notice2022-02430
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend BOX Rule 7170 (Nullification and Adjustment of Options Transactions Including Obvious Errors) To Improve the Operation of the Rule
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 7, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 25 (Monday, February 7, 2022)</title>
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[Federal Register Volume 87, Number 25 (Monday, February 7, 2022)]
[Notices]
[Pages 6925-6929]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-02430]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94124; File No. SR-BOX-2022-05]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend BOX Rule
7170 (Nullification and Adjustment of Options Transactions Including
Obvious Errors) To Improve the Operation of the Rule
February 1, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), and Rule 19b-4 thereunder, notice is hereby given that on
January 26. 2022, BOX Exchange LLC (the ``Exchange'') filed with the
Securities and Exchange Commission (``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 from
interested persons.
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend BOX Rule 7170 (Nullification and
Adjustment of Options Transactions including Obvious Errors) to improve
the operation of the Rule. The text of the proposed rule change is
available from the principal office of the Exchange, at the
Commission's Public Reference Room and also on the Exchange's internet
website at <a href="http://boxoptions.com">http://boxoptions.com</a>.
II. Self-Regulatory Organization's Statement of the Purpose of, and
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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend BOX Rule 7170 (Nullification and
Adjustment of Options Transactions including Obvious Errors) to improve
the operation of the Rule. This is a competitive filing that is based
on a proposal recently submitted by NYSE Arca, Inc. (``NYSE Arca'') and
approved by the Commission.\1\
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\1\ See Securities Exchange Act Release No. 34-93818 (December
17, 2021), 86 FR 73009 (December 23, 2021) (SR-NYSEArca-2021-91)
(Order Approving a Proposed Rule Change to Amend Rule 6.87-O).
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Following discussions with other exchanges and a cross-section of
industry participants and in coordination with the Listed Options
Market Structure Working Group (``LOMSWG'') (collectively, the
``Industry Working Group''), the Exchange proposes: (1) To amend
section (b)(3) of the Rule to permit the Exchange to determine the
Theoretical Price \2\ of a Customer \3\ option transaction in a wide
market so long as a narrow market exists at any point during the 10-
second period after an opening or re-opening; and (2) to amend section
(c)(4)(B) of the Rule to adjust, rather than nullify, Customer
transactions in Obvious Error situations, provided the adjustment does
not violate the limit price.
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\2\ See Exchange Rule 7170(b).
\3\ For purposes of Rule 7170, the term ``Customer'' does not
include any broker-dealer or Professional Customer. See Exchange
Rule 7170(a)(1).
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Proposed Change to Section (b)(3)
Exchange Rule 7170 has been part of various harmonization efforts
by the Industry Working Group.\4\ These efforts
[[Page 6926]]
have often centered around the Theoretical Price for which an options
transaction should be compared to determine whether an Obvious Error
has occurred. For instance, all options exchanges have adopted language
comparable to IM-7170-5, Exchange Determining Theoretical Price,\5\
which explains how an exchange is to determine Theoretical Price at the
open, when there are no valid quotes, and when there is a wide quote.
This includes at times the use of a singular third-party vendor, known
as a TP Provider (currently CBOE Livevol, LLC).
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\4\ See e.g., Securities Exchange Act Release Nos. 74911 (May 8,
2015), 80 FR 27717 (May 14, 2015) (SR-BOX-2015-18); 80247 (March 15,
2017), 82 FR 14589 (March 21, 2017) (SR-BOX-2017-08).
\5\ See Securities Exchange Act Release No. 81351 (August 8,
2017), 82 FR 37920 (August 14, 2017) (SR-BOX-2017-25).
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Similarly, section (b)(3) of Rule 7170 was previously harmonized
across all options exchanges to handle situations where executions
occur in markets that are wide (as set forth in the rule).\6\ Under
that section, the Exchange determines the Theoretical Price if the NBBO
\7\ for the subject series is wide immediately before execution and a
narrow market (as set forth in the rule) existed ``during the 10
seconds prior to the transaction.'' The rule goes on to clarify that,
should there be no narrow quotes ``during the 10 seconds prior to the
transaction,'' the Theoretical Price for the affected series is the
NBBO that existed at the time of execution (regardless of its width).
In recent discussions, the Industry Working Group has identified
proposed changes to section (b)(3) of Rule 7170 that would improve the
Rule's functioning. Currently, section (b)(3) does not permit the
Exchange to determine the Theoretical Price unless there is a narrow
quote 10 seconds prior to the transaction. However, in the first
seconds of trading, there is no 10-second period ``prior to the
transaction.'' Further, the Industry Working Group has observed that
prices in certain series can be disjointed at the start of trading.
Accordingly, the Exchange proposes to provide additional protections to
trading in certain circumstances immediately after the opening before
liquidity has had a chance to enter the market. The Exchange proposes
to amend section (b)(3) to allow the Exchange to determine the
Theoretical Price in a wide market so long as a narrow market exists at
any point during the 10-second period after an opening or reopening.
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\6\ See supra note 6.
\7\ The term ``NBBO'' means the national best bid or offer as
calculated by the Exchange based on market information received by
the Exchange from OPRA. See Exchange Rule 100.
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Specifically, the Exchange proposes that the existing text of
section (b)(3) would become subsection ``(A).'' The Exchange proposes
to add the following heading and text as subsection ``(B)'':
(B) Customer Transactions Occurring Within 10 Seconds or Less
After an Opening or Re-Opening:
(i) The Exchange will determine the Theoretical Price if the
bid/ask differential of the NBB and NBO for the affected series just
prior to the Customer's erroneous transaction was equal to or
greater than the Minimum Amount set forth in paragraph A above and
there was a bid/ask differential less than the Minimum Amount during
the 10 seconds prior to the transaction.
(ii) If there was no bid/ask differential less than the Minimum
Amount during the 10 seconds prior to the transaction, then the
Exchange will determine the Theoretical Price if the bid/ask
differential of the NBB and NBO for the affected series just prior
to the Customer's erroneous transaction was equal to or greater than
the Minimum Amount set forth in paragraph A above and there was a
bid/ask differential less than the Minimum Amount anytime during the
10 seconds after an opening or re-opening.
(iii) If there was no bid/ask differential less than the Minimum
Amount during the 10 seconds following an Opening or Re-Opening,
then the Theoretical Price of an option series is the last NBB or
NBO just prior to the Customer transaction in question, as set forth
in paragraph (b) above.
(iv) Customer transactions occurring more than 10 seconds after
an opening or re-opening are subject to paragraph A above.
The following examples illustrate the functioning of the proposed
rule change. Consider that the NBBO of a series opens as $0.01 at
$4.00. A marketable limit order to buy one contract arrives one second
later and is executed at $4.00. In the third second of trading, the
NBBO narrows from $0.01 at $4.00 to $2.00 at $2.10. While the execution
occurred in a market with wide widths, there was no tight market within
the 10 seconds prior to execution. Accordingly, under the current rule,
the trade would not qualify for Obvious Error review, in part due to
the fact that there was only a single second of trading before the
execution. Under the proposal, since a tight market existed at some
point in the first 10 seconds of trading (i.e., in the third second),
the Exchange would be able to determine the Theoretical Price as
provided in IM-7170-5. As another example, the NBBO for a series opens
as $0.01 at $4.00. In the seventh second of trading, a marketable limit
order is received to buy one contract and is executed at $4.00. Five
seconds later (i.e., in the twelfth second of trading), the NBBO
narrows from $0.01 at $4.00 to $2.00 at $2.10. While the execution
occurred in a market with wide widths, there was no tight market within
10 seconds prior to execution. Accordingly, under the current rule, the
trade would not qualify for Obvious Error review. Under the proposal,
since no tight market existed at any point during the first 10 seconds
of trading (i.e., the narrow market occurred in the twelfth second),
the trade would not qualify for Obvious Error review. The proposed rule
change would also better harmonize section (b)(3) with section (b)(1)
of the Rule. Under section (b)(1), the Exchange is permitted to
determine the Theoretical Price for transactions occurring as part of
the opening auction process (as described in Exchange Rule 7170) if
there is no NBB or NBO for the affected series just prior to the
erroneous transaction. However, under the current version of section
(b)(3), a core trading transaction could occur in the same wide market
but the Exchange would not be permitted to determine the Theoretical
Price. Consider an example where one second after the Exchange opens a
selected series, the NBBO is $1.00 at $5.00. At 9:30:03, a customer
submits a marketable buy order to the Exchange and pays $5.00. At
9:30:03, a different exchange runs an opening auction that results in a
customer paying $5.00 for the same selected series. At 9:30:06, the
NBBO changes from $1.00 at $5.00 to $1.35 at $1.45. Under the current
version of section (b)(3), the Exchange would not be able to determine
the Theoretical Price for the trade occurring during core trading.
However, the trade on the other exchange could be submitted for review
under (b)(1) and that exchange would be able to determine the
Theoretical Price. If the proposed change to section (b)(3) were
approved, both of the trades occurring at 9:30:03 (on the Exchange
during core trading and on another exchange via auction) would also be
entitled to the same review regarding the same Theoretical Price based
upon the same time.
The proposal would not change any Obvious Error review beyond the
first 10 seconds of an opening or re-opening.
Proposed Change to Section (c)(4)(B)
The Exchange proposes to amend section (c)(4)(B)--the ``Adjust or
Bust'' rule for Customer transactions in Obvious Error situations--to
adjust rather than nullify such orders, provided the adjustment does
not violate the Customer's limit price.
Currently, the Rule provides that in Obvious Error situations,
transactions involving non-Customers should be adjusted, while
transactions involving Customers are nullified, unless a certain
condition applies.\8\ The Industry
[[Page 6927]]
Working Group has concluded that the treatment of these transactions
should be harmonized under the Rule, such that transactions involving
Customers may benefit from adjustment, just as non-Customer
transactions currently do, except where such adjustment would violate
the Customer's limit price; in that instance, the trade would be
nullified.
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\8\ Specifically, the current Rule provides at section (c)(4)(C)
that if any Participant has 200 or more Customer transactions under
review concurrently and the orders resulting in such transactions
were submitted during the course of 2 minutes or less, where at
least one party to the Obvious Error is a non-Customer, then the
Exchange will apply the non-Customer adjustment criteria set forth
in (c)(4)(A) for such transactions.
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Specifically, the Exchange proposes to amend the text of section
(c)(4)(B) to add that where at least one party to the Obvious Error is
a Customer, ``the execution price of the transaction will be adjusted
by the Official pursuant to the table immediately above. Any Customer
Obvious Error exceeding 50 contracts will be subject to the Size
Adjustment Modifier defined in subparagraph (a)(4) above. However, if
such adjustment(s) would result in an execution price higher (for buy
transactions) or lower (for sell transactions) than the Customer's
limit price,'' the trade will be nullified. The ``table immediately
above'' referenced in the proposed text refers to the table at current
Section (c)(4)(A), which provides for the adjustment of prices a
specified amount away from the Theoretical Price, rather than adjusting
the Theoretical Price.
The Exchange proposes no other changes at this time.
Implementation Date
The proposed rule change will become operative no sooner than six
months following the approval of the NYSE Arca proposal \9\ to coincide
with implementation on other option exchanges. The Exchange will
announce the implementation date to its Participants via Regulatory
Circular.
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\9\ See Securities Exchange Act Release No. 93818 (December 17,
2021), 86 FR 73009 (December 23, 2021) (SR-NYSEArca-2021-91) (Order
Approving a Proposed Rule Change to Amend Rule 6.87-O).
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2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Securities Exchange Act of 1934
(the ``Act''),\10\ in general, and Section 6(b)(5) of the Act,\11\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, 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.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed rule change to section (b)(3) of
the Rule would remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general,
protect investors and the public interest because it provides a method
for addressing Obvious Error Customer transactions that occur in a wide
market at the opening of trading. Generally, a wide market is an
indication of a lack of liquidity in the market such that the market is
unreliable. Current section (b)(3) recognizes that a persistently wide
quote (i.e., more than 10 seconds) should be considered the reliable
market regardless of its width, but does not address transactions that
occur in a wide market in the first seconds of trading, where there is
no preceding 10-second period to reference. Accordingly, in the first
10 seconds of trading, there is no opportunity for a wide quote to have
persisted for a sufficiently lengthy period such that the market should
consider it a reliable market for the purposes of determining an
Obvious Error transaction.
The proposed change would rectify this disparity and permit the
Exchange to consider whether a narrow quote is present at any time
during the 10-second period after an opening or reopening. The presence
of such a narrow quote would indicate that the market has gained
sufficient liquidity and that the previous wide market was unreliable,
such that it would be appropriate for the Exchange to determine the
Theoretical Price of an Obvious Error transaction. In this way, the
proposed rule harmonizes the treatment of Customer transactions that
execute in an unreliable market at any point of the trading day, by
making them uniformly subject to Exchange determination of the
Theoretical Price.
The Exchange believes that the proposed change to section (c)(4)(B)
of the Rule would remove impediments to and perfect the mechanism of a
free and open market and a national market system and enhance the
protection of investors by harmonizing the treatment of non-Customer
transactions and Customer transactions under the Rule. Under the
current Rule, Obvious Error situations involving non-Customer
transactions are adjusted, while those involving Customer transactions
are generally nullified, unless they meet the additional requirements
of section (c)(4)(C) (i.e., where a Participant has 200 or more
Customer transactions under review concurrently and the orders
resulting in such transactions were submitted during the course of 2
minutes or less.) The proposal would harmonize the treatment of non-
Customer and Customer transactions by providing for the adjustment of
all such transactions, except where such adjustment would violate the
Customer's limit price.
When it proposed the current rule in 2015, the Exchange believed
there were sound reasons for treating non-Customer transactions and
Customer transactions differently. At the time, the Exchange stated its
belief that ``Customers are not necessarily immersed in the day-today
trading of the markets, are less likely to be watching trading activity
in a particular option throughout the day, and may have limited funds
in their trading accounts,'' and that nullifying Obvious Error
transactions involving Customers would give Customers ``greater
protections'' than adjusting such transactions by eliminating the
possibility that a Customer's order will be adjusted to a significantly
different price. The Exchange also noted its belief that ``Customers
are . . . less likely to have engaged in significant hedging or other
trading activity based on earlier transactions, and thus, are less in
need of maintaining a position at an adjusted price than non-
Customers.'' \12\
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\12\ See Securities Exchange Act Release No. 74911 (May 8,
2015), 80 FR 27717 (May 14, 2015) (SR-BOX-2015-18).
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Those assumptions about Customer trading and hedging activity no
longer hold. The Exchange and the Industry Working Group believe that
over the course of the last five years, Customers that use options have
become more sophisticated, as retail broker-dealers have enhanced the
trading tools available. Pursuant to OCC data, volumes clearing in the
Customer range have expanded from 12,022,163 ADV in 2015 to 35,081,130
ADV in 2021. This increase in trading activity underscores the greater
understanding of options by Customers as a trading tool and its use in
the markets. Customers who trade options today largely are more
educated, have better trading tools, and have better access to
financial news than any time prior.\13\ The proposed rule would extend
the hedging protections currently enjoyed by non-Customers to
Customers, by allowing them to maintain an option position at an
[[Page 6928]]
adjusted price, which would in turn prevent a cascading effect by
maintaining the hedge relationship between the option transaction and
any other transactions in a related security.
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\13\ Dan Raju, Retail Traders Adopt Options En Masse, by Dan
Raju, (Dec 8, 2020) available at <a href="https://www.nasdaq.com/articles/retail-traders-adopt-options-en-masse-2020-12-08">https://www.nasdaq.com/articles/retail-traders-adopt-options-en-masse-2020-12-08</a>.
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The Exchange believes that extending such hedging protections to
Customer transactions would remove impediments to and perfect the
mechanism of a free and open market and a national market system and
enhance the protection of investors by providing greater certainty of
execution for all participants to options transactions. Under the
current Rule, a Customer that believes its transaction was executed
pursuant to an Obvious Error may be disincentivized from submitting the
transaction for review, since during the review process, the Customer
would be uncertain whether the trade would be nullified, and if so,
whether market conditions would still permit the opportunity to execute
a related order at a better price after the nullification ruling is
finalized. In contrast, under the proposed rule, the Customer would
know that the only likely outcomes of submitting a trade to Obvious
Error review would be that the trade would stand or be re-executed at a
better price; the trade would only be nullified if the adjustment would
violate the order's limit. Similarly, under the current Rule, during
the review period, a market maker who traded contra to the Customer
would be uncertain if it should retain any position executed to hedge
the original trade, or attempt to unwind it, possibly at a significant
loss. Under the proposed rule change, this uncertainty is largely
eliminated, and the question would be whether the already-executed and
hedged trade would be adjusted to a better price for the Customer, or
if it would stand as originally executed. In this way, the proposed
rule enhances the protection of investors and removes impediments to
and perfects the mechanism of a free and open market and a national
market system.
The proposed rule also addresses the concern the Exchange cited in
its 2015 filing that adjusting, rather than nullifying, Customer
transactions could lead to a Customer's order being adjusted to a
significantly different price. To address that concern, the proposed
rule would prevent Customer transactions from being adjusted to a price
that violates the order's limit; if the adjustment would violate a
Customer's limit, the trade would instead be nullified. The Exchange
believes it is in the best interest of investors to expand the
availability of adjustments to Customer transactions in all Obvious
Error situations except where the adjustment would violate the
Customer's limit price. Further, the Exchange believes that, with
respect to such proposed adjustments to Customer transactions, it is
appropriate to use the same form of adjustment as is currently in place
with respect to non-Customer transactions as laid out in the table in
section (c)(4)(A). That is, the Exchange believes that it is
appropriate to adjust to prices a specified amount away from the
Theoretical Price rather than to adjust the Theoretical Price, even
though the Exchange has determined a given trade to be erroneous in
nature, because the parties in question should have had some
expectation of execution at the price or prices submitted. Also, it is
common that by the time it is determined that an Obvious Error has
occurred, additional hedging and trading activity has already occurred
based on the executions that previously happened. The Exchange believes
that providing an adjustment to the Theoretical Price in all cases
would not appropriately incentivize market participants to maintain
appropriate controls to avoid potential errors, while adjusting to
prices a specified amount away from the Theoretical Price would
incentivize such behavior. The Exchange believes that the proposal is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers. The proposed change to section (b)(3)
would apply to all instances of a wide market occurring within the
first 10 seconds of trading followed by a narrow market at any point in
the subsequent 10-second period, regardless of the types of market
participants involved in such transactions. The proposed change to
section (c)(4)(B) would harmonize the treatment of Obvious Error
transactions involving Customers and non-Customers, no matter what type
of market participants those parties may be. For these reasons, the
Exchange believes that the proposal is consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. In this regard and as indicated
above, the Exchange notes that the rule change is being proposed as a
competitive response to a filing submitted by NYSE Arca that was
recently approved by the Commission.\14\ The Exchange anticipates that
the other options exchanges will adopt substantively similar proposals,
such that there would be no burden on intermarket competition from the
Exchange's proposal. Accordingly, the proposed change is not meant to
affect competition among the options exchanges. For these reasons, the
Exchange believes that the proposed rule change reflects this
competitive environment and does not impose any undue burden on
intermarket competition.
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\14\ See supra, note 3.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A) of the Act \15\ and Rule 19b-
4(f)(6) \16\ thereunder, the Exchange has designated this proposal as
one that effects a change that: (i) Does not significantly affect the
protection of investors or the public interest; (ii) does not impose
any significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.
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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6).). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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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 to
determine whether the proposed rule 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:
[[Page 6929]]
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#c6b4b3aaa3eba5a9ababa3a8b2b586b5a3a5e8a1a9b0"><span class="__cf_email__" data-cfemail="6a181f060f47090507070f041e192a190f09440d051c">[email protected]</span></a>. Please include
File Number SR-BOX-2022-05 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Vanessa Countryman,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to File Number SR- BOX-2022-05. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-BOX-2022-05 and should be submitted on
or before February 28, 2022.
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\17\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-02430 Filed 2-4-22; 8:45 am]
BILLING CODE 8011-01-P
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