Notice2022-27649
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend IM-8050-3 To Establish Functionality That Will Reject Market Maker Quotes When Those Quotes Would Otherwise Lock or Cross the National Best Bid or Offer
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
December 21, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 244 (Wednesday, December 21, 2022)</title>
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[Federal Register Volume 87, Number 244 (Wednesday, December 21, 2022)]
[Notices]
[Pages 78171-78175]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-27649]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-96502; File No. SR-BOX-2022-31]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend IM-8050-
3 To Establish Functionality That Will Reject Market Maker Quotes When
Those Quotes Would Otherwise Lock or Cross the National Best Bid or
Offer
December 15, 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 December 6, 2022, BOX Exchange LLC (``BOX'' or ``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.
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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 proposes to amend IM-8050-3 to establish functionality
that will reject Market Maker \3\ quotes when those quotes would
otherwise lock or cross the National Best Bid or Offer (``NBBO'').\4\
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="https://rules.boxexchange.com/rulefilings">https://rules.boxexchange.com/rulefilings</a>.
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\3\ Market Makers make markets in options contracts traded on
the Exchange and are vested with the rights and responsibilities
specified in the BOX Rule 8000 Series. See BOX Rule 100(a)(31).
\4\ NBBO is defined as the national best bid or offer. See BOX
Rule 100(a)(34).
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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 purpose of the proposed rule change is to amend Rule IM-8050-3
to establish functionality that will automatically reject a Market
Maker quote that would otherwise lock or cross the NBBO.
Background
Currently, all Market Maker quotes received on BOX after the
opening of the market will not execute against a resting order or quote
on the BOX Book.\5\ However, if there is no BOX Book for a particular
option or if the BOX Book is inferior to the NBBO, a Market Maker quote
could display at a price that locks or crosses the NBBO.\6\ This
proposal is designed to prevent such occurrences. The following
examples demonstrate the current functionality and interaction of
Market Maker quotes, defined as a bid and offer, with the BOX Book
depending on whether the BOX Book is on the NBBO:
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\5\ See BOX Rule IM-8050-3(a).
\6\ BOX Exchange has policies and procedures in place to ensure
Participant compliance with Rule 15020 (Locked and Crossed Markets).
Rule 15020 provides that, absent an exception, Participants shall
reasonably avoid displaying, and shall not engage in a pattern or
practice of displaying, any Quotations that lock or cross a
Protected Quotation. BOX Exchange surveils for instances where a BOX
Participant, including a Market Maker, displays a quotation which
locks or crosses the NBBO without taking corrective action in a
timely manner. Additionally, violations of Rule 15020 are subject to
disciplinary action as detailed in the Exchange's minor rule
violation plan (``MRVP''). See Rule 12140(d)(12).
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Example 1: Assume that the BOX Book in an option is $1.00 bid and
offered at $1.10, hereinafter expressed as 1.00/1.10, and the NBBO is
1.00/1.10. A Market Maker quote of 1.10/1.20 would remove liquidity
from the BOX
[[Page 78172]]
Book \7\ because the Market Maker's 1.10 bid equals the BOX Book offer
at 1.10. Each side of the quote is evaluated separately to determine
whether it will be accepted or rejected. As a result, the 1.10 bid will
be rejected and a message will be sent to the Market Maker indicating
that their bid was rejected. The Market Maker's offer will be accepted.
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\7\ However, such a quote may execute in a PIP auction before
rejection. See BOX Rule IM-8050-3(b)(2). Pursuant to current Rule
7150(j), when an incoming quote on the opposite side of the PIP
Order is received such that it would cause an execution to occur
prior to the end of the PIP, the incoming quote shall be immediately
executed.
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Example 2: Assume the BOX Book in an option is 1.00/1.20, the NBBO
is 1.00/1.10, and a Market Maker sends a quote of 1.10/1.20. In this
case, the BOX Book is inferior to NBBO on the offer. The Market Maker's
bid of 1.10 would not execute against the BOX Book, therefore it would
be displayed in the BOX Book and would be disseminated to the Options
Price Reporting Authority (``OPRA''). In this example, the Market
Maker's bid and offer will be accepted even though the bid of 1.10
would lock the NBO \8\ of 1.10.
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\8\ NBO is the national best offer. See BOX Rule 100(a)(34).
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Proposal
The Exchange proposes to add functionality that will reject a
Market Maker quote that would otherwise lock or cross the NBBO.
Referring to Example 2 above, under the current functionality, a Market
Maker quote of 1.10/1.20, when displayed in the BOX Book and
disseminated to OPRA, would lock the NBO because the Market Maker's bid
of 1.10 equals the NBO of 1.10. Under this proposal, the 1.10 bid will
be instead rejected and a message will be sent to the Market Maker
indicating that their bid was rejected. Illustrated further, assume
that the BOX Book in an option is 1.00/1.20 and the NBBO is 1.10/1.20.
A Market Maker quote of 1.00/1.10 would lock the NBB \9\ because the
Market Maker's offer of 1.10 equals the NBB of 1.10. Under this
proposal, the 1.10 offer will be rejected and a message will be sent to
the Market Maker indicating that their offer was rejected.
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\9\ NBB is the national best bid. See BOX Rule 100(a)(34).
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The Exchange notes that BOX Market Makers requested this
functionality to: (1) avoid inadvertently locking or crossing the NBBO;
\10\ and (2) to give themselves the opportunity to re-evaluate their
quoting in the event they are submitting quotes to BOX that are locking
or crossing the NBBO. Additionally, the Exchange is seeking to address
an inconsistency between quote and order handling when the quote or
order would lock or cross the NBBO. Currently, pursuant to Rule 7130(b)
Filtering of BOX In-Bound Orders, orders will not, in the case of a
sell order, execute at a price below the NBB or, in the case of a buy
order, execute at a price above the NBO.\11\ The proposal discussed
herein will produce the same result for quotes on BOX. The Exchange
believes that rejecting quotes that would otherwise lock or cross the
NBBO is beneficial because it will avoid the display of any quotations
that would lock or cross a Protected Quotation.\12\
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\10\ BOX Rule 15020(a) Locked and Crossed Markets provides that
Options Participants shall reasonably avoid displaying, and shall
not engage in a pattern or practice of displaying, any Quotations
that lock or cross a Protected Quotation with some exceptions noted
in BOX Rule 15020(b).
\11\ See BOX Rule 7130(b)(1). The filter will determine if the
order is executable against the NBBO (an order is deemed
``executable against the NBBO'' when, in the case of an order to
sell(buy), its limit price is equal to or lower(higher) than the
best bid(offer) across all options exchanges. By definition, a
Market Order is executable against the NBBO). If the order is not
executable against the NBBO, the order will be placed on the BOX
Book. If the order is executable against the NBBO, the filter will
determine whether there is a quote on BOX that is equal to the NBBO.
If there is a quote on BOX that is equal to the NBBO, then the order
will be executed against the relevant quote. Any remaining quantity
of the order is exposed on the BOX Book at the NBBO for a time
period established by the Exchange, not to exceed one second. At the
end of the exposure period, any unexecuted quantity will be handled
by the Trading Host in the following manner: (i) If the best BOX
price is now equal to the NBBO, the remaining unexecuted quantity
will be placed on the BOX Book and immediately executed against that
quote. Any remaining quantity will be (i) in the case of Public
Customer Eligible Orders, routed to one or more Away Exchanges
displaying the NBBO, or (ii) in the case of market maker or
proprietary broker-dealer orders, returned to the submitting Options
Participant. See BOX Rule 7130(b)(3).
\12\ A Protected Bid or Protected Offer means a Bid or Offer in
an option series, respectively, that is disseminated pursuant to the
OPRA Plan; and is the Best Bid or Best Offer, respectively,
displayed by an Eligible Exchange. See BOX Rule 15000(o). A
Quotation means a Bid or Offer. See BOX Rule 15000(q).
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The Exchange notes that it is not proposing to change the
interaction of an incoming quote with a PIP Order \13\ as incoming
quotes may interact with the PIP before being rejected.\14\ Under the
proposal, the incoming quote will continue to cause the PIP to end
early if the conditions of Rule 7150(i) \15\ exist. Specifically, under
the current functionality, after the PIP is concluded, if the incoming
quote would execute against resting orders or quotes on the BOX Book,
the relevant side will continue to be rejected.\16\ Further, under the
proposed functionality, if the incoming quote would lock or cross the
BOX Book or the NBBO,\17\ the relevant side will be rejected.
Additionally, when an incoming quote on the opposite side of the PIP
Order is received such that it would cause an execution to occur prior
to the end of the PIP, the incoming quote shall be immediately executed
pursuant to Rule 7150(j). In order for the incoming quote on the
opposite side of the PIP Order to execute against the PIP Order, the
conditions of Rule 7150(j) must be met.\18\ Under this proposal, any
remaining balance of the incoming quote that did not execute against
the PIP Order, and that would execute against a resting order or quote
on the BOX Book or that would lock or cross the NBBO, will be rejected.
The following examples demonstrate interaction between incoming quotes
and a PIP Order both currently and under the proposal:
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\13\ PIP Orders are customer orders designated for the PIP. See
BOX Rule 7150(f).
\14\ See BOX Rule IM-8050-3(b).
\15\ Specifically, Rule 7150(i) provides that in cases where an
Unrelated Order is submitted to BOX on the same side as the PIP
Order, or a Legging Order is generated during the PIP on the BOX
Book on the same side as the PIP Order, such that either would cause
an execution to occur prior to the end of the PIP, the PIP shall be
deemed concluded and the PIP Order shall be matched pursuant to
7150(g). Specifically, the submission to BOX of a Market Order on
the same side as a PIP Order will prematurely terminate the PIP
when, at the time of the submission of the Market Order, the best
Improvement Order is equal to or better than the NBBO on the same
side of the market as the best Improvement Order. The submission to
BOX of an executable Limit Order or generation of an executable
Legging Order on the same side as a PIP Order will prematurely
terminate the PIP if at the time of submission: (1) the Buy (Sell)
Limit Order or Legging Order price is equal to or higher (lower)
than the National Best Offer (Bid) and either: (i) the BOX Best
Offer (Bid) is equal to the National Best Offer (Bid); or (ii) the
BOX Best Offer (Bid) is higher (lower) than the National Best Offer
(Bid) and the price of the best Improvement Order is equal to or
lower (higher) than the National Best Offer (Bid); or (2) the Buy
(Sell) Limit Order or Legging Order price is lower (higher) than the
National Best Offer (Bid) and its limit price equals or crosses the
price of the best Improvement Order. Following the execution of the
PIP Order, any remaining Improvement Orders are cancelled and the
Market Order or Limit Order is filtered pursuant to Rule 7130(b).
\16\ See BOX Rule IM-8050-3(a).
\17\ See proposed Rule IM-8050-3(a)(1).
\18\ Specifically, Rule 7150(j) states that a Market Order on
the opposite side of a PIP Order will immediately execute against
the PIP Order when, at the time of the submission of the Market
Order, the best Improvement Order does not cross the NBBO on the
same side of the market as the PIP Order. The submission of an
executable Limit Order or generation of an executable Legging Order
on the opposite side of a PIP Order will immediately execute against
a PIP Order when the Sell (Buy) Limit Order price is equal to or
crosses the National Best Bid (Offer), and: (1) the BOX Best Bid
(Offer) is equal to the National Best Bid (Offer); or (2) the BOX
Best Bid (Offer) is lower (higher) than the National Best Bid
(Offer) and neither the best Improvement Order nor BOX Best Offer
(Bid) is equal to or crosses the National Best Bid (Offer).
Example 1: Incoming Quote Trades against PIP Order
[[Page 78173]]
BOX BBO: 2.03 bid and 2.10 offer
NBBO: 2.03 bid and 2.10 offer
PIP Order: Buy 5 contracts for 2.05
Incoming Quote: Sell 10 contracts at 2.03
The incoming quote will execute 5 contracts against the PIP Order.
In this case, the best BOX price on the opposite side of the market
from the quote is 2.03, the NBB is 2.03, and the order will execute one
penny better than the NBBO at 2.04 because the best BOX price on the
opposite side of the market from the quote is equal to the NBBO.\19\
The PIP will then be terminated because the PIP Order was filled and
the remaining 5 contracts of the incoming quote that would lock the NBB
will be rejected. The Exchange notes that this quote would also be
rejected because it would remove liquidity from the BOX Book.\20\
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\19\ See BOX Rule 7150(j).
\20\ See BOX Rule IM-8050-3(a).
Example 2: Incoming Quote Terminates PIP
BOX BBO: 2.00 bid and 2.06 offer
NBBO: 2.00 bid and 2.06 offer
PIP Order: Buy 5 contracts for 2.05
Incoming Quote: Buy 10 contracts for 2.06
The incoming quote would lock the NBO and will be rejected. The
quote submitted to BOX will not interact with the PIP Order because it
is on the same side as the PIP Order, such that it would cause an
execution to occur prior to the end of the PIP, in which case the PIP
will terminate and the PIP Order will be matched.\21\ The Exchange
notes that this quote would also be rejected because it would remove
liquidity from the BOX Book.\22\
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\21\ The PIP shall be deemed concluded pursuant to BOX Rule
7150(i) and the PIP Order will be matched pursuant to Rule 7150(g).
\22\ See BOX Rule IM-8050-3(a).
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Lastly, the Exchange notes that as is the case today, rejected
quotes will not be considered when determining a Market Maker's quoting
obligations.\23\
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\23\ On a daily basis, a Market Maker must, during regular
market hours, make markets and enter into any resulting transactions
consistent with the applicable quoting requirements, such that on a
daily basis a Market Maker must post valid quotes at least sixty
percent (60%) of the time that the classes are open for trading.
These obligations apply to all of the Market Maker's appointed
classes collectively, rather than on a class-by-class basis. See
Rule 8050(e). See also Rule 8040.
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Other options exchanges provide functionality similar to the
proposed changes discussed herein. Specifically, in the situation where
an incoming quote would lock or cross the NBBO, other exchanges adjust
quote prices to one minimum price variation (``MPV'') below the NBO for
bids and one MPV above the NBB for offers.\24\ Similar to this
proposal, other exchanges offer market makers a choice between having
their quote rejected or repriced.\25\ For simplicity, the Exchange is
proposing to reject quotes that would otherwise lock or cross the NBBO,
which would allow Market Makers the opportunity to reevaluate, reprice,
and resend quotes to BOX. The Exchange believes that rejecting Market
Maker quotes is simpler for both BOX and BOX Market Makers because a
quote sent to BOX is either added to the BOX Book or rejected. This
results in no uncertainty regarding the price. Further, the Exchange
chose not to add functionality that would reprice a quote that would
otherwise lock or cross the NBBO so the respective Market Makers have
the opportunity to resubmit their quote to BOX at a price of their
choosing. Thus, the Exchange believes that the proposed change may
provide Market Makers with greater control over their quotes and may
encourage Market Makers to provide greater liquidity to BOX given this
flexibility.
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\24\ See Miami International Securities Exchange, LLC Rules
514(f)(1)(i) and 515(d) and MIAX Emerald, LLC Rules 514(f)(1)(i) and
515(d) (repricing quotes continuously until the Market Maker quote
reaches its original limit price, is fully executed or cancelled).
See also Nasdaq Stock Market LLC Rules Options 3, Section 4(b)(6)
and Section 15(c)(3) and Nasdaq BX, Inc. Rules Options 3, Section
4(b)(6) and Section 15(c)(3).
\25\ See Nasdaq ISE, LLC Rule Options 3, Section 4(b)(6) and
Nasdaq GEMX, LLC Rule Options 3, Section 4(b)(6) and Nasdaq MRX, LLC
Rule Options 3, Section 4(b)(6) and Cboe EDGX Exchange, Inc. Rule
21.1(l) and Cboe C2 Exchange, Inc. Rules 5.32(b)-(c) and Cboe
Exchange, Inc. Rules 5.32(b)-(c).
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BOX plans to provide this functionality during the fourth calendar
quarter of 2022. The Exchange will distribute an Informational Circular
to Participants prior to implementation of this functionality.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\26\ in general, and Section
6(b)(5) of the Act,\27\ in particular, in that it is designed to
promote just and equitable principles of trade, 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. The Exchange believes that rejecting Market Maker quotes that
would otherwise lock or cross the NBBO may provide Maker Makers with
greater control over their quotes on BOX because a quote sent to BOX is
either added to the BOX Book or rejected. As discussed above, this
results in no uncertainty regarding the price. Further, the Exchange
chose not to add functionality that would reprice a quote that would
otherwise lock or cross the NBBO so the respective Market Maker has the
opportunity to resubmit their quote to BOX at a price of their
choosing. The Exchange believes this change will assist Market Makers
in reducing their regulatory risk, maintaining a fair and orderly
market, and in quoting with greater confidence which may lead Market
Makers to quote with larger sizes or tighter bid to offer spreads on
BOX, that could then benefit all BOX Participants, increasing price
discovery, and potentially increasing trading activity.
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\26\ 15 U.S.C. 78f(b).
\27\ 15 U.S.C. 78f(b)(5).
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The Exchange also believes the proposed functionality will also
provide Market Makers with protection from inadvertently submitting
quotes that lock or cross the NBBO \28\ and from trading on those
quotes, thus promoting the policy goals of the Commission that has
encouraged execution venues, exchanges, and non-exchanges alike, to
enhance risk protection tools and other mechanisms to decrease
regulatory risk and increase stability. Additionally, the benefits of
enhanced risk protections and other mechanisms to decrease risk may
flow downstream to counterparties both within and away from the
Exchange, thereby increasing systemic protections as well.
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\28\ Except for quotations that fall within the provisions of
15020(b), Options Participants shall reasonably avoid displaying,
and shall not engage in a pattern or practice of displaying, any
Quotations that lock or cross a Protected Quotation. See BOX Rule
15020(a).
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The Exchange notes further, a Market Maker that produces erroneous
quotes causing displayed markets to lock or cross the NBBO may cause
erroneous trading activity and disrupt markets. The Exchange believes
that rejecting Market Maker quotes that would otherwise lock or cross
the NBBO will reduce the likelihood of BOX displaying quotes that lock
or cross the NBBO, which is consistent with the Options Order
Protection and Locked/Crossed Market Plan (``the Plan'').\29\ The
Exchange notes that as a party to the Plan, the Exchange has agreed to
comply with, and enforce compliance by BOX Options Participants, which
includes avoidance of Trade-Throughs and prohibition against a pattern
or practice of displaying any quotations that lock or cross a Protected
Quotation.\30\ This proposal is designed
[[Page 78174]]
to aid the Exchange in enforcing such compliance.
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\29\ See BOX Rule 15020.
\30\ See BOX Rule 15010.
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Lastly, the Exchange again notes that the proposed changes have no
impact on the interaction of an incoming quote with a PIP Order and
have no impact on a Market Maker's obligations pursuant to current BOX
Rules 8040 and 8050. Market Makers will continue to be subject to the
obligations detailed in these rules.
As such, the Exchange believes the proposed rule change is in the
public interest, and therefore, consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
Market Makers are required to provide continuous two-sided quotes
on a daily basis and are subject to various obligations associated with
providing liquidity on BOX. BOX Participants' orders are already
provided NBBO protection and either routed (if eligible) or rejected
immediately.\31\ The proposed change would afford quotes a similar
level of protection to assist Market Makers in managing their unique
risks and obligations. Further, the proposed change will not impose any
burden on intramarket competition as the proposed change will apply to
all Market Makers on BOX. Lastly, the Exchange again notes that Market
Makers have requested that BOX implement the proposed protections.
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\31\ See BOX Rule 7130(b).
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The Exchange believes that the proposed change will not impose any
burden on intermarket competition as other exchanges offer similar
functionality.\32\ Further, the proposed change may encourage
intermarket competition by improving compliance with the Plan, which
includes avoidance of Trade-Throughs and prohibition against a pattern
or practice of displaying any quotations that lock or cross a Protected
Quotation. As such, 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.
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\32\ See supra, notes 24, 25.
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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
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \33\ and Rule 19b-
4(f)(6) thereunder.\34\
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\33\ 15 U.S.C. 78s(b)(3)(A).
\34\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of 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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A proposed rule change filed under Rule 19b-4(f)(6) \35\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\36\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay. The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. Waiver of the
operative delay would allow the Exchange to immediately offer the
functionality that will reject Market Maker quotes when those quotes
would otherwise lock or cross the NBBO, which is consistent with the
Options Order Protection and Locked/Crossed Market Plan. Accordingly,
the Commission hereby waives the operative delay and designates the
proposed rule change operative upon filing.\37\
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\35\ 17 CFR 240.19b-4(f)(6).
\36\ 17 CFR 240.19b-4(f)(6)(iii).
\37\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 change 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#1b696e777e36787476767e756f685b687e78357c746d"><span class="__cf_email__" data-cfemail="e694938a83cb85898b8b83889295a6958385c8818990">[email protected]</span></a>. Please include
File Number SR-BOX-2022-31 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-2022-31. 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
[[Page 78175]]
submissions should refer to File Number SR-BOX-2022-31 and should be
submitted on or before January 11, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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\38\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-27649 Filed 12-20-22; 8:45 am]
BILLING CODE 8011-01-P
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