Notice2024-30899
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule relating to BOX Connectivity Fees and Port Fees for Trading 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
December 27, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 248 (Friday, December 27, 2024)</title>
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[Federal Register Volume 89, Number 248 (Friday, December 27, 2024)]
[Notices]
[Pages 105657-105660]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-30899]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101979; File No. SR-BOX-2024-30]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee
Schedule relating to BOX Connectivity Fees and Port Fees for Trading on
the BOX Options Market LLC Facility
December 19, 2024
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 17, 2024, BOX Exchange LLC (the ``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 Exchange filed the
proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\
and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of the
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
relating to BOX Connectivity Fees and Port Fees on the BOX Options
Market LLC (``BOX'') options facility. 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>.
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 proposes to amend the Fee Schedule to increase
Connectivity Fees for 10 gigabit (``Gb'') Connections, Non-10 Gb
Connections, Financial Information Exchange (``FIX'') Ports,
SOLA[supreg] Access Information Language (``SAIL'') Ports, Drop Copy
Ports, and High Speed Vendor Feed (``HSVF'') Ports (collectively
``Connectivity and Ports'').\5\ Specifically, the Exchange proposes a
one-time \6\ increase to its fees for Connectivity and Ports in
Sections III.A.2 and III.B of the Fee Schedule.
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\5\ The Exchange initially filed the proposed pricing change on
June 3, 2024 (SR-BOX-2024-13). On June 18, 2024, the Exchange
withdrew that filing and submitted SR-BOX-2024-16. On August 16,
2024, the Exchange withdrew SR-BOX-2024-16 and submitted SR-BOX-
2024-19. On October 10, 2024, the Exchange withdrew SR-BOX-2024-19
and submitted SR-BOX-2024-24. On October 24, 2024, the Exchange
withdrew SR-BOX-2024-24 and submitted SR-BOX-2024-26. The instant
filing replaces SR-BOX-2024-26, which was withdrawn on December 17,
2024.
\6\ If the Exchange intends to increase or decrease fees for
Connectivity and Ports in the future, the Exchange would be required
to file a proposed rule change with the Commission under Section
19(b) of the Act to amend its Fee Schedule.
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By way of background, a physical connection is utilized by a
Participant or non-Participant to connect to BOX at the datacenters
where BOX's servers are located. BOX currently assesses the following
physical connectivity fees for Participants and non-Participants on a
monthly basis: $1,000 per connection for a Non-10 Gb Connection and
$5,000 per connection for a 10 Gb Connection. The Exchange proposes to
increase, on a one-time basis, the monthly fee for Non-10 Gb
Connections from $1,000 to $1,080 per connection and from $5,000 to
$5,400 monthly fee for each 10 Gb Connection. The Exchange notes the
proposed fee changes better enable BOX to continue to maintain and
improve its market technology and services.
Further, BOX currently provides four types of ports, including: (i)
the FIX Port, which allows Participants to electronically send orders
in all products traded on BOX; (ii) the SAIL Port, which allows Market
Makers to submit electronic quotes and orders and other Participants to
submit orders to BOX; (iii) the Drop Copy Port, which provides a real-
time feed containing trade execution, trade correction, trade
cancellation and trade allocation for regular and complex orders on BOX
for Participants; and (iv) the HSVF Port, which provides a BOX market
data feed for both Participants and non-Participants. The Exchange
notes that Participants must connect to a minimum of one port via FIX
or SAIL and that there is no minimum or maximum number of ports
required for the Drop Copy Port or the HSVF Port.
Current FIX Port fees are as follows:
------------------------------------------------------------------------
FIX ports BOX monthly port fees
------------------------------------------------------------------------
1st FIX Port.............................. $500 per port per month.
FIX Ports 2 through 5..................... $250 per port per month.
Additional FIX Ports over 5............... $150 per port per month.
------------------------------------------------------------------------
Current SAIL Port fees are as follows:
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SAIL ports BOX monthly port fees
------------------------------------------------------------------------
Market Making............................. $1,000 per month for all
Ports.
Order Entry............................... $500 per month per port (1-5
Ports).
$150 per month for each
additional Port.
------------------------------------------------------------------------
The Exchange proposes to increase FIX Port fees on a one-time basis
as follows:
------------------------------------------------------------------------
FIX ports BOX monthly port fees
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1st FIX Port.............................. $540 per port per month.
FIX Ports 2 through 5..................... $270 per port per month.
Additional FIX Ports over 5............... $162 per port per month.
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[[Page 105658]]
The Exchange proposes to increase SAIL Port fees on a one-time
basis as follows:
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SAIL ports BOX monthly port fees
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Market Making............................. $1,080 per month for all
Ports.
Order Entry............................... $540 per month per port (1-5
Ports).
$162 per month for each
additional Port.
------------------------------------------------------------------------
The Exchange also proposes to increase Drop Copy Ports on a one-
time basis, currently $500 per port per month, to $540 per port per
month for each month a Participant is credentialed to use a Drop Copy
Port. Drop Copy Port fees will remain capped at $2,000 per month.
The Exchange proposes lastly to increase HSVF Port fees on a one-
time basis, currently $1,500 per month, to $1,620 per month for each
month a Participant or non-Participant is credentialed to use the HSVF
Port.
The Exchange notes that BOX continuously invests in improvements
that enhance the value of its Connectivity and Ports services. BOX has
expended, and will continue to expend, resources to innovate and
modernize technology so that it may benefit its Participants and
continue to compete among other options markets. BOX regularly invests
in efforts to support and optimize its systems to support system
capacity, reliability, and performance. Yet the Exchange has not
adjusted any of the fees included in this proposal since 2018, to even
partially offset the costs of maintaining and enhancing its
Connectivity and Ports services.\7\
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\7\ The 10 Gb and Non-10 Gb Connection fees were initially
effective on July 19, 2018. See Securities Exchange Act Release No.
83728 (July 27, 2018), 83 FR 37853 (August 2, 2018) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend the Fee Schedule on BOX Market LLC (``BOX'') Options Facility
To Establish BOX Connectivity Fees for Participants and Non-
Participants Who Connect to the BOX Network). These fees were
suspended on September 17, 2018 and became effective again on
October 31, 2019. HSVF port fees were increased on January 31, 2018.
See Securities Exchange Act Release No. 82654 (February 7, 2018), 83
FR 6284 (February 13, 2018) (SR-BOX-2018-04) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend Section
VI. (Technology Fees) of the BOX Fee Schedule). SAIL, FIX, and Drop
Copy port fees were established on April 27, 2018. See Securities
Exchange Act Release No. 83197 (May 9, 2018), 83 FR 22567 (May 15,
2018) (SR-BOX-2018-15) (Notice of Filing and Immediate Effectiveness
of a Proposed Rule Change To Amend the Fee Schedule on the BOX
Market LLC (``BOX'') Options Facility To Amend Connectivity Fees and
Establish Port Fees).
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As discussed below, the Exchange proposes to adjust Connectivity
and Ports fees by an industry- and product-specific inflationary
measure. It is reasonable and consistent with the Securities and
Exchange Act of 1934 (the ``Act'') for BOX to recoup its investments,
at least in part, by adjusting its fees. Continuing to operate at fees
frozen at 2018 levels impacts BOX's ability to enhance its services and
the interests of market participants. The proposed fee increases are
based on an industry-specific Producer Price Index (PPI), which is a
tailored measure of inflation.\8\ As a general matter, the Producer
Price Index is a family of indexes that measures the average change
over time in selling prices received by domestic producers of goods and
services. PPI measures price change from the perspective of the seller.
This contrasts with other metrics, such as the Consumer Price Index
(CPI), that measure price change from the purchaser's perspective.\9\
About 10,000 PPIs for individual products and groups of products are
tracked and released each month.\10\ PPIs are available for the output
of nearly all industries in the goods-producing sectors of the U.S.
economy--mining, manufacturing, agriculture, fishing, and forestry--as
well as natural gas, electricity, and construction, among others. The
PPI program covers approximately 69 percent of the service sector's
output, as measured by revenue reported in the 2017 Economic Census.
For purposes of this proposal, the relevant industry-specific PPI is
the Data Processing and Related Services PPI (``Data PPI''), which is
an industry net-output PPI that measures the average change in selling
prices received by companies that provide data processing services. The
Data PPI was introduced in January 2002 by the Bureau of Labor
Statistics (BLS) as part of an ongoing effort to expand Producer Price
Index coverage of the services sector of the U.S. economy and is
identified as NAICS--518210 in the North American Industry
Classification System.\11\ According to the BLS ``[t]he primary output
of NAICS 518210 is the provision of electronic data processing
services. In the broadest sense, computer services companies help their
customers efficiently use technology. The processing services market
consists of vendors who use their own computer systems--often utilizing
proprietary software--to process customers' transactions and data.
Companies that offer processing services collect, organize, and store a
customer's transactions and other data for record-keeping purposes.
Price movements for the NAICS 518210 index are based on changes in the
revenue received by companies that provide data processing services.
Each month, companies provide net transaction prices for a specified
service. The transaction is an actual contract selected by probability,
where the price-determining characteristics are held constant while the
service is repriced. The prices used in index calculation are the
actual prices billed for the selected service contract.'' \12\ The
Exchange believes the Data PPI is an appropriate measure to be
considered in the context of the proposed rule change to increase the
fees for BOX Connectivity and Ports because BOX uses its ``own computer
systems'' and ``proprietary software,'' i.e., its own servers and
proprietary matching engine software, respectively, to collect,
organize, store and report customers' transactions on BOX's proprietary
trading platform. In other words, BOX is in the business of data
processing and related services.
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\8\ See <a href="https://fred.stlouisfed.org/series/PCU51825182">https://fred.stlouisfed.org/series/PCU51825182</a>.
\9\ See <a href="https://www.bls.gov/ppi/overview.htm">https://www.bls.gov/ppi/overview.htm</a>.
\10\ Id.
\11\ NAICS appears in the PPI Detailed Report and is available
at <a href="https://data.bls.gov/dataViewer/view/timeseries/PCU5182-5182-">https://data.bls.gov/dataViewer/view/timeseries/PCU5182-5182-</a>.
\12\ See <a href="https://www.bls.gov/ppi/factsheets/producer-price-index-for-the-data-processing-and-related-services-industry-naics-518210.htm">https://www.bls.gov/ppi/factsheets/producer-price-index-for-the-data-processing-and-related-services-industry-naics-518210.htm</a>.
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For the period from July 2018 to August 2024, the Data PPI had a
starting value of 107 in July 2018 and an ending value of 116.022 in
August 2024, an 8.43% increase.\13\ This indicates that companies who
are also in the data storage and processing business have generally
increased prices for a specified service covered under NAICS 518210 by
an average of 8.43% during this period. Based on that percentage
change, the Exchange proposes to make a one-time fee increase of 8% for
BOX Connectivity and Ports, which reflects an increase covering
approximately the period since the last adjustment was made. The
Exchange further believes the Data PPI is an appropriate measure for
purposes of the proposed change on the basis that it is a stable metric
with limited volatility, unlike other consumer-side inflation metrics.
In fact, the Data PPI has not experienced a greater than 2.16% increase
for any one calendar year period since Data PPI was introduced into the
PPI in January 2002. The average calendar year change from January 2002
to December 2023 was .62%, with a cumulative increase of 15.67% over
this 21-year period. The
[[Page 105659]]
Exchange believes the Data PPI is considerably less volatile than other
inflation metrics such as CPI, which has had individual calendar-year
increases of more than 6.5%, and a cumulative increase of over 73% over
the same period.\14\ The Exchange believes the Data PPI, and
significant investments into and enhanced performance of BOX, support
the reasonableness of the proposed fee increases.\15\
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\13\ The Exchange used July 2018 as a starting point for
measuring Data PPI because that is when the last of the Connectivity
and Ports fees were established. See supra note 7. The Exchange
notes that starting from January 2018 results in an 8.74% Data PPI
increase and starting from April 2018 results in the same Data PPI
increase as starting from July 2018.
\14\ See <a href="https://www.usinflationcalculator.com/inflation/consumer-price-index-and-annual-percent-changes-from-1913-to-2008/">https://www.usinflationcalculator.com/inflation/consumer-price-index-and-annual-percent-changes-from-1913-to-2008/</a>.
\15\ See infra discussion of system performance advancements.
Additionally, other exchanges have filed for increases in certain
fees, based in part on comparisons to inflation. See, e.g.,
Securities Exchange Act Release Nos. 101519 (November 5, 2024), 89
FR 89071 (November 12, 2024) (SR-CboeBYX-2024-039); 101691 (November
21, 2024), 89 FR 93697 (November 27, 2024) (SR-Phlx-2024-57).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the ``Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\16\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \17\ requirements that the rules
of an exchange be 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 regulating,
clearing, settling, processing information with respect to, and
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.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \18\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange also believes the
proposed rule change is consistent with Section 6(b)(4) \19\ of the
Act, which requires that Exchange rules provide for the equitable
allocation of reasonable dues, fees, and other charges among its
Participants and other persons using its facilities.
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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(5).
\18\ Id.
\19\ 15 U.S.C. 78f(b)(4).
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This belief is based on two factors. First, the current fees do not
properly reflect the quality of the services and products, as the fees
for the services and products in question have been static in nominal
terms, and therefore falling in real terms due to inflation. Second,
the Exchange believes that investments made in enhancing the capacity
and speed of BOX systems increase the performance of the services and
products.
As noted above, the Exchange has not increased any of the fees
included in the proposal since 2018. However, in the years following
the last fee increase BOX has made significant investments in upgrades
to BOX systems, enhancing the quality of its services, as measured by,
among other things, increased throughput and faster processing speeds.
In other words, BOX customers have greatly benefitted, while BOX's
ability to recoup its investments has been hampered. Between 2018 and
2024, the inflation rate is 3.86% per year, on average, producing a
cumulative inflation rate of 25.50%.\20\ Using the more targeted
inflation number of Data PPI, the cumulative inflation rate was 8.43%
during an approximately similar time period.\21\ The Exchange believes
the Data PPI is a reasonable metric to base this fee increase on
because it is targeted to producer-side increases in the data
processing industry. Notwithstanding inflation, as noted above, the
Exchange has not increased its fees at all for over six years for the
subject services. The proposed fee changes represent a modest increase
from the current fees.
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\20\ See <a href="https://www.officialdata.org/us/inflation/2018?amount=1">https://www.officialdata.org/us/inflation/2018?amount=1</a>.
\21\ The general CPI inflation rate was measured from the
beginning of 2018 through October 24, 2024, while the Data PPI was
measured from July 2018 through August 2024.
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The Exchange believes the proposed fee increase is reasonable in
light of BOX's continued expenditure in maintaining a robust technology
ecosystem. Furthermore, BOX continues to invest in maintaining and
enhancing its Connectivity and Ports services--for the benefit and
often at the behest of its Participants. For example, BOX recently
performed a redesign of its customer access network. Particularly, BOX
replaced existing customer access switches with newer models, increased
the number of switches, and implemented an equalized cabling system,
which the Exchange believes resulted in increased determinism. Network
bandwidth was also increased as a result of the upgrades, which among
other things, can lead to reduced message queuing. The Exchange
believes these network changes result in less natural variance in the
processing of messages for our market participants. In addition, BOX
has upgraded and increased the servers supporting its trading platform
to enable it to support increased levels of incoming participant
traffic while offering faster message processing. The Exchange believes
that these enhancements increase the value of its connectivity and port
services.
The goal of the initiatives discussed above, among other things, is
to provide faster and more consistent order handling and matching
performance for options, while ensuring quicker processing time and
supporting increasing volumes. Accordingly, BOX continuously invests in
improvements that enhance the value of its Connectivity and Ports
services. As discussed above, BOX expended, and will continue to
expend, resources to innovate and modernize technology so that it may
benefit its Participants and continue to compete among other options
markets. BOX regularly invests in efforts to support and optimize its
systems to support system capacity, reliability, and performance.
The Exchange believes that the proposed fee increases are equitably
allocated and not unfairly discriminatory because they would apply to
all market participants that choose to purchase connectivity products
and services from BOX. Any participant that chooses to purchase BOX's
connectivity products and services would be subject to the same Fee
Schedule, regardless of what type of business they operate or the use
they plan to make use of the products and services. Additionally, the
fee increase would be applied uniformly to market participants without
regard to Exchange membership status or the extent of any other
business with BOX. The Exchange also believes that the proposal
represents an equitable allocation of reasonable dues, fees and other
charges because Exchange fees have fallen in real terms during the
relevant period. Finally, the Exchange believes that the proposed fee
changes are not unfairly discriminatory because the fees would be
assessed uniformly across all market participants, in the same manner
they are today, that voluntarily purchase BOX's connectivity products
and services, which would remain available for purchase by all market
participants.
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 proposed fee changes will
not impact intramarket competition because it will apply to all
similarly situated Participants and non-Participants
[[Page 105660]]
equally (i.e., all market participants that choose to purchase
connectivity or ports).\22\ As such, the Exchange believes that the
proposed fees do not put any market participants at a relative
disadvantage compared to other market participants. As noted above, the
fee schedule would continue to apply to all market participants that
choose to connect to BOX in the same manner as it does today albeit at
inflation-adjusted rates for certain fees, and market participants may
choose whether to connect directly to BOX at all. The Exchange also
believes that the level of the proposed fees neither favor nor penalize
one or more categories of market participants in a manner that would
impose an undue burden on competition.
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\22\ The Exchange notes that only Participants may purchase FIX
Ports, SAIL Ports, and Drop Copy Ports.
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The Exchange believes that the proposed fees do not impose a burden
on intermarket competition that is not necessary or appropriate. In
determining the proposed fees, the Exchange utilized an objective and
stable metric with limited volatility. Utilizing Data PPI over a
specified period of time is a reasonable means of recouping BOX's
investment in maintaining and enhancing its Connectivity and Ports
services. The Exchange believes utilizing Data PPI, a tailored measure
of inflation, to increase certain fees for BOX connectivity to recoup
BOX's investment in maintaining and enhancing its Connectivity and
Ports services would not impose a burden on intermarket competition.
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 Effectiveness
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act \23\ and Rule 19b-4(f)(2)
thereunder,\24\ because it establishes or changes a due, or fee.
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\23\ 15 U.S.C. 78s(b)(3)(A)(ii).
\24\ 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="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#d3a1a6bfb6feb0bcbebeb6bda7a093a0b6b0fdb4bca5"><span class="__cf_email__" data-cfemail="e290978e87cf818d8f8f878c9691a2918781cc858d94">[email protected]</span></a>. Please include
file number SR-BOX-2024-30 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-2024-30. 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-2024-30 and should be
submitted on or before January 17, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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\25\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-30899 Filed 12-26-24; 8:45 am]
BILLING CODE 8011-01-P
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