Notice2022-12844
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule on the BOX Options Market LLC Facility
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
June 15, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 115 (Wednesday, June 15, 2022)</title>
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[Federal Register Volume 87, Number 115 (Wednesday, June 15, 2022)]
[Notices]
[Pages 36179-36182]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-12844]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95081; File No. SR-BOX-2022-20]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee
Schedule on the BOX Options Market LLC Facility
June 9, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 31, 2022, BOX Exchange LLC (``BOX'' or ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I, II, and III below, which Items
have been prepared by the Exchange. 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\ 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
The Exchange is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to amend the Fee Schedule on
the BOX Options Market LLC (``BOX'') options facility. While changes to
the fee schedule pursuant to this proposal will be effective upon
filing, the changes will become operative on June 1, 2022. 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://boxexchange.com">http://boxexchange.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 Exchange 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 Exchange 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 recently adopted new data products known as the
Liquidity Taker Event Report--Simple Orders (the ``Simple Order
Report'') and the Liquidity Taker Event Report--Complex Orders (the
``Complex Order Report''), (collectively, the ``Reports'') which will
be available for purchase by Exchange Participants \3\ on a voluntary
basis. The Exchange now proposes to adopt fees for the Reports.\4\
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\3\ The term ``Participant'' means a firm, or organization that
is registered with the Exchange pursuant to the Rule 2000 Series for
purposes of participating in trading on a facility of the Exchange.
See BOX Rule 100(a)(41).
\4\ The Exchange recently established these Reports as described
under BOX Rule 7350(b) and (c). See Securities Exchange Act Release
34-94563 (March 31, 2022), 87 FR 19985 (April 6, 2022) (Notice of
Filing of Immediate Effectiveness of SR-BOX-2022-10). See Securities
Exchange Act Release 34-94920 (May 16, 2022), 87 FR 31013 (May 20,
2022) (Notice of Filing of Immediate Effectiveness of SR-BOX-2022-
18).
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By way of background, the Reports are daily reports that provide a
Participant (``Recipient Participant'') with its liquidity response
time details for executions of an order resting on the BOX Book or
Complex Order Book,\5\ where that Recipient Participant attempted to
execute against such resting order \6\ within a certain timeframe. The
purpose of the Reports is to provide Participants the necessary data in
a standardized format on a T+1 basis to those that subscribe to the
Simple Order Report and/or the Complex Order Report on an equal basis.
These products are offered to Participants on a completely voluntary
basis in that the Exchange is not required by any rule of regulation to
make this data available and potential subscribers may purchase the
Simple Order Report and/or the Complex Order Report only if they
voluntarily choose to do so. It is a business decision of each
Participant whether to subscribe to the Simple Order Report and/or the
Complex Order Report or not.
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\5\ The term ``BOX Book'' means the electronic book of orders on
each single option series maintained by the BOX Trading Host. See
BOX Rule 100(a)(10). The term ``Complex Order Book'' means the
electronic book of Complex Orders maintained by the BOX Trading
Host. See BOX Rule 7240(a)(8).
\6\ Only displayed orders will be included in the Simple Order
Report. The Exchange notes that it does not currently offer any non-
displayed order types on its options trading platform.
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First, the Exchange proposes to rename current Section III.C of the
BOX Fee Schedule from ``Open-Close Data Report'' to ``Reports.''
Further, the Exchange proposes to move current Section III.C (Open-
Close Data Report) to new Section III.C.1.\7\ The Exchange believes
that moving current Section III.C. to new Section III.C.1 and renaming
Section III.C ``Reports'' will improve the overall readability of the
BOX Fee Schedule and help prevent investor confusion because the fees
for all market data reports will reside in one place in the BOX Fee
Schedule.
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\7\ The Exchange notes that no changes are being made to the
Open-Close Data Report fees. The Exchange is simply rearranging the
Fee Schedule to account for more market data products being offered
by BOX.
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Next, the Exchange proposes to adopt new Section III.C.2 (Liquidity
Taker Event Reports) in the BOX Fee Schedule. Section III.C.2 will
provide that Participants may purchase the Simple Order Report and/or
the Complex Order Report on a monthly or annual (12 month) basis. The
Exchange proposes to assess a fee of $4,000 per month and a fee of
$24,000 per year for a 12 month subscription for the Simple Order
Report. The Exchange also proposes to assess a fee of $4,000 per
[[Page 36180]]
month and a fee of $24,000 per year for a 12 month subscription for the
Complex Order Report. Participants may cancel their subscription at any
time. The Exchange proposes further to specify that for mid-month
subscriptions, new subscribers to the Simple Order Report and/or the
Complex Order Report will be charged for the full calendar month for
which they subscribe and will be provided Simple Order Report and/or
Complex Order Report data for each trading day of the calendar month
prior to the day on which they subscribed. Additionally, the Exchange
proposes to offer a 12 month subscription discount whereby Participants
will be charged a discounted fee of $40,000 per year when they purchase
12 month subscriptions to both the Simple Order Report and the Complex
Order Report. Participants with an existing 12 month subscription to
either the Simple Order Report or the Complex Order Report, but not
both, may add a subscription to the Simple Order Report or Complex
Order Report during their current 12 month subscription. In such case,
the fee for the added Report will be pro-rated for the remainder of the
Participant's current 12 month subscription based on the amount of the
12 month subscription discount. Participants would then receive the 12
month subscription discount for subscribing to both Reports on the
renewal date of their original subscription if desired.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act, in general, and Section
6(b)(4) and 6(b)(5)of the Act,\8\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees, and other
charges among BOX Participants and other persons using its facilities
and does not unfairly discriminate between customers, issuers, brokers
or dealers. The Exchange also believes that its proposal to adopt fees
for the Simple Order Report and the Complex Order Report is consistent
with Section 6(b) of the Act \9\ in general, and furthers the
objectives of Section 6(b)(4) of the Act \10\ in particular, in that it
is an equitable allocation of dues, fees and other charges among its
Participants and other recipients of Exchange data.
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\8\ 15 U.S.C. 78f(b)(4) and (5).
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to consumers, and also spur innovation and competition for the
provision of market data. The Exchange believes that the Simple Order
Report and the Complex Order Report further broaden the availability of
U.S. option market data to investors consistent with the principles of
Regulation NMS. The Simple Order Report and the Complex Order Report
also promote increased transparency through the dissemination of the
Simple Order Report and the Complex Order Report. Particularly, the
Simple Order Report and the Complex Order Report will benefit investors
by facilitating their prompt access to the value-added information that
is included in the Simple Order Report and the Complex Order Report.
The Simple Order Report and Complex Order Report will allow
Participants to access information regarding their trading activity
that they may utilize to evaluate their own trading behavior and order
interactions.
The Exchange operates in a highly competitive environment. Indeed,
there are currently 16 registered options exchanges that trade options.
Based on publicly available information, no single options exchange has
more than 15% of the market share and currently the Exchange represents
only approximately 5.68% of the market share.\11\ The Commission has
repeatedly expressed its preference for competition over regulatory
intervention in determining prices, products, and services in the
securities markets. Particularly, in Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues and, also, recognized that current regulation of the
market system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \12\ Making similar data products available to
market participants fosters competition in the marketplace, and
constrains the ability of exchanges to charge supracompetitive fees. In
the event that a market participant views one exchange's data product
as more attractive than the competition, that market participant can,
and often does, switch between similar products. The proposed fees are
a result of the competitive environment of the U.S. options industry as
the Exchange seeks to adopt fees to attract purchasers of the recently
established Simple Order Report and Complex Order Report.
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\11\ See Cboe Global Markets U.S. Options Market Month-to-Date
Volume Summary (March 18, 2022), available at <a href="https://markets.cboe.com/us/options/market_statistics/">https://markets.cboe.com/us/options/market_statistics/</a>.
\12\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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The Exchange believes the proposed fees are reasonable as the
proposed fees are similar to fees assessed by another exchange that
provides similar data products.\13\ The Exchange notes that if market
participants viewed the proposed fees discussed herein as excessively
high, then the proposed fees would simply serve to reduce demand for
the Exchange's data product, which as noted, is entirely optional.
Other options exchanges are also free to introduce their own comparable
data products with lower prices to better compete with the Exchange's
offering. As such, the Exchange believes that the proposed fees are
reasonable and set at a level to compete with other options exchanges
that may choose to offer similar reports. Moreover, if a market
participant views another exchange's potential report as more
attractive, then such market participant can merely choose not to
purchase the Exchange's Simple Order Report and Complex Order Report
and instead purchase another exchange's similar data product, which may
offer similar data points, albeit based on that other market's trading
activity.
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\13\ See Securities Exchange Act Release 34-94384 (March 9,
2022), 87 FR 14598 (March 15, 2022) (SR-MIAX-2022-11). See also
Miami International Securities Exchange, LLC (``MIAX'') Fee
Schedule, Section 7, Reports. The Exchange notes that the proposed
fees are identical to the fees assessed at MIAX. See also Securities
Exchange Act Release 34-94386 (March 9, 2022), 87 FR 14603 (March
15, 2022) (SR-Emerald-2022-08).
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The Exchange also believes providing an annual subscription for an
overall lower fee than a monthly subscription is equitable and
reasonable because it would enable the Exchange to gauge long-term
interest in the Simple Order Report and the Complex Order Report. A
lower annual subscription fee would also incentivize Participants to
subscribe to the Simple Order Report and the Complex Order Report on a
long-term basis, thereby improving the efficiency by which the Exchange
may deliver the Simple Order Report and Complex Order Report by doing
so on a regular basis over a prolonged and set period of time. The
Exchange notes that other exchanges provide annual subscriptions for
reports concerning their data product offerings.\14\
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\14\ See MIAX Fee Schedule, Section 7, Reports. The Exchange
also notes that Cboe Exchange, Inc. assesses a $24,000 annual fee
for an intra-day subscription to Open-Close Data. See <a href="https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf">https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf</a> .
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[[Page 36181]]
Another exchange also offers a further 12 month discount for
subscribers of both the Simple Order Report and the Complex Order
Report which the Exchange proposes to adopt as well. The Exchange is
proposing to apply this discount for any period during which a
Participant subscribes to both reports and then renews if desired at
the discounted rate on the anniversary date of the first subscription.
For example, assume ``Participant A'' previously subscribed to the
Simple Order Report on September 1, 2021 and paid $24,000 for a 12
month subscription to the Simple Order Report. Participant A's current
subscription expires on August 31, 2022 for the Simple Order Report.
Before Participant A's subscription to the Simple Order Report expires,
Participant A decides to subscribe to the Complex Order Report,
beginning March 1, 2022. Rather than being immediately charged $40,000
for the 12 month subscription discount for subscribing to both Reports
(Participant A already paid $24,000 upfront for the Simple Order Report
12 month subscription), Participant A would only be charged an
additional $8,000 to add the Complex Order Report for the remaining
months of Participant A's current 12 month subscription to the Simple
Order Report. On September 1, 2022, assuming Participant A decided to
keep both Reports, Participant A would then be charged the 12 month
discounted rate of $40,000 for both Reports for the next year. The
Exchange proposes to determine the pro-rated fee described above as
follows: on the date that Participant A wanted to begin subscribing to
the Complex Order Report (March 1, 2022), there were six months
remaining on Participant A's existing 12 month subscription to the
Simple Order Report (March, April, May, June, July and August). The
added cost would be calculated as (6 months remaining/12 months total)
* ($40,000 discounted annual subscription for both Reports--$24,000 for
annual subscription to each Report individually) = $8,000 for remaining
6 months. Beginning September 1, 2022 (the original renewal date for
the Simple Order Report), Participant A would then be charged the
discounted 12 month subscription rate of $40,000, assuming Participant
A renews their subscriptions to both the Simple Order Report and the
Complex Order Report.
The Exchange also believes the proposed fees are reasonable as they
would support the introduction of new market data products to
Participants that are interested in gaining insight into latency in
connection with orders that failed to execute against an order resting
on the Exchange's Book and Complex Order Book. The Simple Order Report
and the Complex Order Report accomplish this by providing those
Participants data to analyze by how much time their order may have
missed an execution against a contra-side order resting on the Book or
the Complex Order Book. Participants may use this data to optimize
their models and trading patterns in an effort to yield better
execution results by calculating by how much time their order may have
missed an execution.
Selling market data, such as the Simple Order Report and Complex
Order Report, is also a means by which exchanges compete to attract
business. To the extent that the Exchange is successful in attracting
subscribers for the Simple Order Report and Complex Order Report, it
may earn trading revenues and further enhance the value of its data
products. If the market deems the proposed fees to be unfair or
inequitable, firms can diminish or discontinue their use of the data
and/or avail themselves of similar products offered by other
exchanges.\15\ The Exchange therefore believes that the proposed fees
for the Simple Order Report and Complex Order Report reflect the
competitive environment and would be properly assessed on Participant
users. The Exchange also believes the proposed fees are equitable and
not unfairly discriminatory as the fees would apply equally to all
users who choose to purchase such data. It is a business decision of
each Participant that chooses to purchase the Simple Order Report and/
or the Complex Order Report. The Exchange's proposed fees would not
differentiate between subscribers that purchase the Simple Order Report
and the Complex Order Report and are set at a modest level that would
allow any interested Participant to purchase such data based on their
business needs.
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\15\ See supra note 13.
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The Exchange reiterates that the decision as to whether or not to
purchase the Simple Order Report and/or the Complex Order Report is
entirely optional for all potential subscribers. Indeed, no market
participant is required to purchase the Simple Order Report or the
Complex Order Report, and the Exchange is not required to make the
Simple Order Report or the Complex Order Report available to all
investors. It is entirely a business decision of each Participant to
subscribe to the Simple Order Report and/or the Complex Order Report.
The Exchange will offer the Simple Order Report and the Complex Order
Report as a convenience to Participants to provide them with additional
information regarding trading activity on the Exchange on a delayed
basis after the close of regular trading hours. A Participant that
chooses to subscribe to the Simple Order Report and/or the Complex
Order Report may discontinue receiving the Simple Order Report and/or
the Complex Order Report at any time if that Participant determines
that the information contained in the Simple Order Report and/or the
Complex Order Report is no longer useful.
Lastly, the Exchange is also proposing to rename current Section
III.C of the BOX Fee Schedule from ``Open-Close Data Report'' to
``Reports,'' and to move current Section III.C (Open-Close Data Report)
to new Section III.C.1.\16\ The Exchange believes that moving current
Section III.C. to new Section III.C.1 and renaming Section III.C
``Reports'' is reasonable as it will improve the overall readability of
the BOX Fee Schedule and help prevent investor confusion because the
fees for all market data reports will reside in one place in the BOX
Fee Schedule.
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\16\ The Exchange notes that no changes are being made to the
Open-Close Data Report fees. The Exchange is simply rearranging the
Fee Schedule to account for more market data products being offered
by BOX.
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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. The Exchange will make the
Simple Order Report and the Complex Order Report available in order to
keep pace with changes in the industry and evolving customer needs and
demands, and believes the data products will contribute to robust
competition among national securities exchanges. As a result, the
Exchange believes this proposed rule change permits fair competition
among national securities exchanges.
The Exchange also does not believe the proposed fees would cause
any unnecessary or inappropriate burden on intermarket competition as
other exchanges are free to introduce their own comparable data product
with lower prices to better compete with the Exchange's offerings. The
Exchange operates in a highly competitive environment, and its ability
to price the Simple Order Report and the Complex Order Report is
constrained by competition among exchanges who choose to adopt a
similar product. The
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Exchange must consider this in its pricing discipline in order to
competitively offer market data products. For example, proposing fees
that are excessively higher than fees for potentially similar data
products would simply serve to reduce demand for the Exchange's data
products, which as discussed, market participants are under no
obligation to utilize. In this competitive environment, potential
purchasers are free to choose which, if any, similar product to
purchase to satisfy their need for market information. As a result, the
Exchange believes this proposed rule change permits fair competition
among national securities exchanges.
The Exchange does not believe the proposed rule change would cause
any unnecessary or inappropriate burden on intramarket competition.
Particularly, the proposed fees apply uniformly to any purchaser in
that the Exchange does not differentiate between subscribers that
purchase the Simple Order Report and/or the Complex Order Report. The
proposed fees are set at a modest level that would allow any interested
Participant to purchase such data based on their business needs.
The Exchange also believes providing a 12 month discounted fee for
subscribers of both the Simple Order Report and the Complex Order
Report is equitable and reasonable because it would enable the Exchange
to gauge long-term interest in both Reports. The Exchange believes that
a lower annual combined subscription fee may incentivize Participants
to subscribe to both Reports on a long-term basis, thereby allowing the
Exchange to better gauge demand for both Reports over a longer period
of time. Doing so will enable the Exchange to better predict the future
demand for both Reports. This will allow the Exchange to better prepare
and adjust resources for the production and delivery of both Reports to
Participants, improving the efficiency by which the Exchange may
deliver both Reports over a prolonged and set period of time. The
Exchange also believes that it is reasonable, equitable and not
unfairly discriminatory to offer a 12 month discounted fee for
Participants that subscribe to both Reports because all Participants
may subscribe to both Reports and receive the discounted rate.
Lastly, the Exchange does not believe that the proposed change to
rename current Section III.C of the BOX Fee Schedule from ``Open-Close
Data Report'' to ``Reports,'' and to move current Section III.C (Open-
Close Data Report) to new Section III.C.1 will impose any burden on
competition not necessary or appropriate in furtherance of the purposes
of the Act. This proposed clarifying change has no competitive purpose
and is only intended to improve the overall readability of the BOX Fee
Schedule and help prevent investor confusion by including the fees for
all market data reports in one place in the BOX Fee Schedule.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or 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) of the Exchange Act \17\ and Rule 19b-4(f)(2)
thereunder,\18\ because it establishes or changes a due, or fee.
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\17\ 15 U.S.C. 78s(b)(3)(A)(ii).
\18\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend the rule
change if it appears to the Commission that the action is necessary or
appropriate in the public interest, for the protection of investors, or
would otherwise further 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:
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#80f2f5ece5ade3efedede5eef4f3c0f3e5e3aee7eff6"><span class="__cf_email__" data-cfemail="6210170e074f010d0f0f070c1611221107014c050d14">[email protected]</span></a>. Please include
File Number SR-BOX-2022-20 on the subject line.
Paper Comments
<bullet> 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-BOX-2022-20. 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-2022-20, and should be submitted on
or before July 6, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-12844 Filed 6-14-22; 8:45 am]
BILLING CODE 8011-01-P
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