Notice2024-21164
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend BOX Rule 5050 (Series of Options Contracts Open for Trading) To Permit the Expansion of Monday Expirations in Certain Exchange Traded Products
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
September 18, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 181 (Wednesday, September 18, 2024)</title>
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[Federal Register Volume 89, Number 181 (Wednesday, September 18, 2024)]
[Notices]
[Pages 76574-76578]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-21164]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101004; File No. SR-BOX-2024-22]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend BOX Rule
5050 (Series of Options Contracts Open for Trading) To Permit the
Expansion of Monday Expirations in Certain Exchange Traded Products
September 12, 2024.
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 September 5, 2024, 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.
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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 BOX Rule 5050 (Series of Options
Contracts Open for Trading) to permit the expansion of Monday
expirations in Exchange Traded Products (``ETPs''). 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>.
[[Page 76575]]
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 5050 (Series of Options
Contracts Open for Trading) to permit the expansion of Monday
expirations in ETPs. Specifically, the Exchange proposes to expand the
Short Term Option Series Program to permit the listing of two Monday
expirations for options on SPDR Gold Shares (``GLD''), iShares Silver
Trust (``SLV''), and iShares 20+ Year Treasury Bond ETF (``TLT'')
(collectively ``Exchange Traded Products'' or ``ETPs'').\3\ This is a
competitive filing that is based on a proposal recently submitted by
Nasdaq ISE, LLC (``ISE'') and approved by the Commission.\4\
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\3\ Today, the Exchange permits the listing of two Wednesday
expirations for options on GLD, SLV, and TLT. See Securities
Exchange Act Release No. 98997 (November 21, 2023), 88 FR 82929
(November 27, 2023) (SR-BOX-2023-27) (``Wednesday Approval Order'').
The Exchange began listing Wednesday expirations on these five
symbols on November 21, 2023. See Notice 2023-423.
\4\ See Securities Exchange Act Release No. 100837 (August 27,
2024) (Order Approving SR-ISE-2024-21).
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Currently, as set forth in IM-5050-6 (Short Term Option Series
Program), after an option class has been approved for listing and
trading on the Exchange as a Short Term Option Series pursuant to BOX
Rule 100(a)(66),\5\ the Exchange may open for trading on any Thursday
or Friday that is a business day (``Short Term Option Opening Date'')
series of options on that class that expire at the close of business on
each of the next five Fridays that are business days and are not
Fridays in which standard expiration options series, Monthly Options
Series, or Quarterly Options Series expire (``Friday Short Term Option
Expiration Dates''). The Exchange may have no more than a total of five
Short Term Option Expiration Dates. Further, if the Exchange is not
open for business on the respective Thursday or Friday, the Short Term
Option.
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\5\ BOX Rule 100(a)(66) provides that a Short Term Option Series
means a series in an option class that is approved for listing and
trading on the Exchange in which the series is opened for trading on
any Monday, Tuesday, Wednesday, Thursday or Friday that is a
business day and that expires on the Monday, Wednesday or Friday of
the following business week that is a business day, or, in the case
of a series that is listed on a Friday and expires on a Monday, is
listed one business week and one business day prior to that
expiration. If a Tuesday, Wednesday, Thursday or Friday is not a
business day, the series may be opened (or shall expire) on the
first business day immediately prior to that Tuesday, Wednesday,
Thursday or Friday. For a series listed pursuant to this section for
Monday expiration, if a Monday is not a business day, the series
shall expire on the first business day immediately following that
Monday.
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Opening Date for Short Term Option Weekly Expirations will be the
first business day immediately prior to that respective Thursday or
Friday. Similarly, if the Exchange is not open for business on a
Friday, the Short Term Option Expiration Date for Short Term Option
Weekly Expirations will be the first business day immediately prior to
that Friday.
Additionally, the Exchange may open for trading series of options
on the
symbols provided in Table 1 of IM-5050-6 that expire at the close
of business on each of the next two Mondays, Tuesdays, Wednesdays, and
Thursdays, respectively, that are business days beyond the current week
and are not business days in which standard expiration options series,
Monthly Options Series, or Quarterly Options Series expire (``Short
Term Option Daily Expirations'').\6\ For those symbols listed in Table
1, the Exchange may have no more than a total of two Short Term Option
Daily Expirations beyond the current week for each of Monday, Tuesday,
Wednesday, and Thursday expirations, as applicable, at one time.
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\6\ As set forth in Table 1, the Exchange currently only permits
Wednesday expirations for USO, UNG, GLD, SLV, and TLT.
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At this time, the Exchange proposes to expand the Short Term Option
Daily Expirations to permit the listing and trading of options on GLD,
SLV, and TLT expiring on Mondays. The Exchange proposes to permit two
Short Term Option Expiration Dates beyond the current week for each
Monday expiration at one time, and would update Table 1 in IM-5050-6
for each of those symbols accordingly.
The proposed Monday GLD, SLV, and TLT expirations will be similar
to the current Monday SPY, QQQ, and IWM Short Term Option Daily
Expirations set forth in IM-5050-6, such that the Exchange may open for
trading on any Friday or Monday that is a business day (beyond the
current week) series of options on GLD, SLV, and TLT to expire on any
Monday of the month that is a business day and is not a Monday in which
standard expiration options series, Monthly Options Series, or
Quarterly Options Series expire, provided that Monday expirations that
are listed on a Friday must be listed at least one business week and
one business day prior to the expiration (``Monday GLD Expirations,''
``Monday SLV Expirations,'' and ``Monday TLT Expirations'')
(collectively, ``Monday ETP Expirations'').\7\ In the event Short Term
Option Daily Expirations expire on a Monday and that Monday is the same
day that a standard expiration options series, Monthly Options Series,
or Quarterly Options Series expires, the Exchange would skip that
week's listing and instead list the following week; the two weeks would
therefore not be consecutive. Today, Monday expirations in SPY, QQQ,
and IWM similarly skip the weekly listing in the event the weekly
listing expires on the same day in the same class as a standard
expiration options series, Monthly Options Series, or Quarterly Options
Series.
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\7\ Today, GLD, SLV, and TLT may trade on Wednesdays. See supra
note 3. They may also trade on Fridays, as is the case for all
options series in the Short Term Option Series Program.
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The interval between strike prices for the proposed Monday ETP
Expirations will be the same as those currently applicable to the Short
Term Option Series Program.\8\ Specifically, the Monday ETP Expirations
will have a strike interval of (i) $0.50 or greater for strike prices
below $100, and $1 or greater for strike prices between $100 and $150
for all option classes that participate in the Short Term Option Series
Program, (ii) $0.50 for option classes that trade in one dollar
increments in Related non-short Term Options and are in the Short Term
Option Series Program, or (iii) $2.50 or greater for strike prices
above $150.\9\ As is the case with other equity options series listed
pursuant to the Short Term Option Series Program, the Monday ETP
Expirations series will be P.M.-settled.
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\8\ See IM-5050-6(b)(5).
\9\ Id.
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Pursuant to Rule 100(a)(66), with respect to the Short Term Option
Series Program, if a Monday is not a business day, the series shall
expire on the first business day immediately following that Monday.
Currently, for each option class eligible for participation in the
Short
[[Page 76576]]
Term Option Series Program, the Exchange is limited to opening thirty
(30) series for each expiration date for the specific class.\10\ The
thirty (30) series restriction does not include series that are open by
other securities exchanges under their respective weekly rules; the
Exchange may list these additional series that are listed by other
options exchanges.\11\ With the proposed changes, this thirty (30)
series restriction would apply to Monday GLD, SLV, and TLT Short Term
Option Daily Expirations as well. In addition, the Exchange will be
able to list series that are listed by other exchanges, assuming they
file similar rules with the Commission to list Monday ETP Expirations.
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\10\ See IM-5050-6(b)(1).
\11\ See IM-5050-6.
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With this proposal, Monday ETP Expirations would be treated
similarly to existing Monday SPY, QQQ, and IWM Expirations. With
respect to standard expiration option series, Short Term Option Daily
Expirations will be permitted to expire in the same week in which
standard expiration option series on the same class expire.\12\ Not
listing Short Term Option Daily Expirations for one week every month
because there was a standard options series on that same class on the
Friday of that week would create investor confusion.
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\12\ See IM-5050-6(b)(2).
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Further, as with Monday SPY, QQQ, and IWM Expirations, the Exchange
would not permit Monday ETP Expirations to expire on a business day in
which standard expiration option series, Monthly Options Series, or
Quarterly Options Series expire.\13\ Therefore, all Short Term Option
Daily Expirations would expire at the close of business on each of the
next two Mondays, Tuesdays, Wednesdays, and Thursdays, respectively,
that are business days and are not business days in which standard
expiration option series, Monthly Options Series, or Quarterly Options
Series expire. The Exchange believes that it is reasonable to not
permit two expirations on the same day in which a standard expiration
option series, Monthly Options Series, a Quarterly Options Series would
expire because those options would be duplicative of each other.
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\13\ See IM-5050-6(b).
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The Exchange does not believe that any market disruptions will be
encountered with the introduction of Monday ETP Expirations. The
Exchange currently trades P.M.- settled Short Term Option Series that
expire Monday for SPY, QQQ and IWM and has not experienced any market
disruptions nor issues with capacity.\14\ In addition, the Exchange has
not experienced any market disruptions or issues with capacity in
expanding the three ETPs to the Wednesday expirations.\15\ Today, the
Exchange has surveillance programs in place to support and properly
monitor trading in Short Term Option Series that expire Monday for SPY,
QQQ and IWM. Further, the Exchange has the necessary capacity and
surveillance programs in place to support and properly monitor trading
in the proposed Monday ETP Expirations.
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\14\ In its filing to expand the Short Term Options Series
Program to permit GLD, SLV, and TLT Monday Expirations, ISE provided
charts and analysis demonstrating the percentage of weekly listings
in the options industry compared to monthly, quarterly, and Long-
Term Options Series for a twelve-month period ending on February 22,
2024. The information includes time averaged data (the number of
strikes by maturity date divided from the number of trading days)
for all 17 options markets through February 22, 2024. The analysis
showed less volatility in GLD, SLV, and TLT (both in terms of post-
close and during the last 30 minutes of trading) compared to SPY,
QQQ, and IWM, which have alternative expirations (including Monday
expirations) today. ISE sourced this information, which are
estimates, from OCC. See Securities Exchange Act Release No. 100837
(August 27, 2024) (SR-ISE-2024-21).
\15\ See supra note 3.
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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''),\16\ in general, and Section 6(b)(5) of the Act,\17\ 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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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(5).
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Similar to Monday expirations in SPY, QQQ, and IWM, the proposal to
permit Monday ETP Expirations, subject to the proposed limitation of
two expirations beyond the current week, would protect investors and
the public interest by providing the investing public and other market
participants more choice and flexibility to closely tailor their
investment and hedging decisions in these options and allow for a
reduced premium cost of buying portfolio protection, thus allowing them
to better manage their risk exposure. The Exchange believes that there
is general demand for alternative expirations based on the analysis
discussed above,\18\ notably comparing the average daily contracts
traded in options overlying SPY, QQQ, and the three ETPs five months
before and after the introduction of alternative expirations on those
symbols. The Exchange observes that the ISE data shows a volume
increase in SPY and QQQ in the five-month period following the
introduction of Tuesday and Thursday expirations, which suggests there
is indeed genuine new interest in these alternative expirations (as
opposed to existing interest being cannibalized).\19\ The Exchange
observes that the ISE data shows a volume increase in the majority of
the three ETPs in the five-month period following the introduction of
Wednesday expirations, likewise indicating the existence of general
demand for alternative expirations in these symbols.\20\
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\18\ See supra note 14.
\19\ Id.
\20\ Id.
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BOX represents that it has an adequate surveillance program in
place to detect manipulative trading in the proposed option
expirations, in the same way that it monitors trading in the current
Short Term Option Series for Monday SPY, QQQ and IWM expirations. The
Exchange also represents that it has the necessary system capacity to
support the new expirations. Finally, the Exchange does not believe
that any market disruptions will be encountered with the introduction
of these option expirations. As discussed above, the Exchange believes
that its proposal is a modest expansion of weekly expiration dates for
GLD, SLV, and TLT given that it will be limited to two Monday
expirations beyond the current week.\21\
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\21\ Id.
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The Exchange believes that the proposal is consistent with the Act
as the proposal would overall add a small number of Monday ETP
Expirations by limiting the addition of two Monday expirations beyond
the current week. The addition of Monday ETP Expirations would remove
impediments to and perfect the mechanism of a free and open market by
encouraging Market Makers to continue to deploy capital more
efficiently and improve displayed market quality.\22\ The Exchange
believes that the proposal will allow Participants to expand hedging
tools and tailor their investment and hedging needs more effectively in
GLD, SLV, and TLT as these funds are most likely to be utilized
[[Page 76577]]
by market participants to hedge the underlying asset classes. As stated
in the Wednesday Approval Order, the ETPs currently trade within
``complexes'' where, in addition to the underlying security, there are
multiple instruments available for hedging. Given the multi-asset class
nature of these products and available hedges in highly correlated
instruments, the Exchange believes that its proposal to add Monday
expirations on these products will provide market participants with
additional useful hedging tools for the underlying asset classes.
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\22\ Today, Market Makers are required to quote a specified time
in their assigned options series. See BOX Rule 8050.
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Similar to Monday SPY, QQQ, and IWM expirations, the introduction
of Monday ETP Expirations is consistent with the Act as it will, among
other things, expand hedging tools available to market participants and
allow for a reduced premium cost of buying portfolio protection. The
Exchange believes that Monday ETP Expirations will allow market
participants to purchase options on GLD, SLV, and TLT based on their
timing as needed and allow them to tailor their investment and hedging
needs more effectively, thus allowing them to better manage their risk
exposure. Today, BOX lists Monday SPY, QQQ, and IWM Expirations.\23\
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\23\ See IM-5050-6(b).
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In particular, the Exchange believes the Short Term Option Series
Program has been successful to date and that Monday ETP Expirations
should simply expand the ability of investors to hedge risk against
market movements stemming from economic releases or market events that
occur throughout the month in the same way that the Short Term Option
Series Program has expanded the landscape of hedging.
There are no material differences in the treatment of Monday SPY,
QQQ and IWM expirations compared to the proposed Monday ETP
Expirations. Given the similarities between Monday SPY, QQQ and IWM
expirations and the proposed Monday ETP Expirations, the Exchange
believes that applying the provisions in IM-5050-6(b) that currently
apply to Monday SPY, QQQ and IWM expirations is justified. For example,
the Exchange believes that allowing Monday ETP Expirations and monthly
Exchange Traded Product expirations in the same week will benefit
investors and minimize investor confusion by providing Monday ETP
Expirations in a continuous and uniform manner.
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 ISE that was recently
approved by the Commission.\24\
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\24\ See supra note 4.
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While the proposal will expand the Short Term Options Expirations
to allow Monday ETP Expirations to be listed on BOX, the Exchange
believes that this limited expansion for Monday expirations for options
on GLD, SLV, and TLT will not impose an undue burden on competition;
rather, it will meet customer demand. The Exchange believes that
Participants will continue to be able to expand hedging tools and
tailor their investment and hedging needs more effectively in GLD, SLV,
and TLT.
Similar to Monday SPY, QQQ and IWM expirations, the introduction of
Monday ETP Expirations does not impose an undue burden on competition.
The Exchange believes that it will, among other things, expand hedging
tools available to market participants and allow for a reduced premium
cost of buying portfolio protection. The Exchange believes that Monday
ETP Expirations will allow market participants to purchase options on
GLD, SLV, and TLT based on their timing as needed and allow them to
tailor their investment and hedging needs more effectively.
The Exchange does not believe the proposal will impose any burden
on intermarket competition, as nothing prevents the other options
exchanges from proposing similar rules to list and trade Monday ETP
Expirations. Further, the Exchange does not believe the proposal will
impose any burden on intra-market competition, as all market
participants will be treated in the same manner under this proposal.
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \25\ and Rule 19b-4(f)(6) thereunder.\26\
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)(iii) of the Act \27\ and subparagraph (f)(6) of
Rule 19b-4 thereunder.\28\
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\25\ 15 U.S.C. 78s(b)(3)(A)(iii).
\26\ 17 CFR 240.19b-4(f)(6).
\27\ 15 U.S.C. 78s(b)(3)(A)(iii).
\28\ 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) \29\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\30\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. According to
the Exchange, the proposed rule change is a competitive response to a
filing submitted by ISE that recently was approved by the
Commission.\31\ The Exchange has stated that waiver of the 30-day
operative delay would allow the Exchange to expand the Short Term
Options Expirations to be listed on the Exchange and allow limited
expansion in Monday ETP Expirations at the same time as its competitor
exchanges. The Commission believes that the proposed rule change
presents no novel issues and that waiver of the 30-day operative delay
is consistent with the protection of investors and the public interest.
Accordingly, the Commission hereby waives the 30-day operative delay
and designates the proposed rule change as operative upon filing.\32\
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\29\ 17 CFR 240.19b-4(f)(6).
\30\ 17 CFR 240.19b-4(f)(6)(iii).
\31\ See supra note 4.
\32\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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
[[Page 76578]]
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:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#c4b6b1a8a1e9a7aba9a9a1aab0b784b7a1a7eaa3abb2"><span class="__cf_email__" data-cfemail="91e3e4fdf4bcf2fefcfcf4ffe5e2d1e2f4f2bff6fee7">[email protected]</span></a>. Please include
file number SR-BOX-2024-22 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-2024-22. 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="https://www.sec.gov/rules/sro.shtml">https://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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-BOX-2024-22 and should be
submitted on or before October 9, 2024.
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\33\ 17 CFR 200.30-3(a)(12), (59).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21164 Filed 9-17-24; 8:45 am]
BILLING CODE 8011-01-P
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