Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make Various Clean Up Changes and a Number of Technical, Non-Substantiative Changes to Its Rulebook

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<title>Federal Register, Volume 91 Issue 216 (Tuesday, November 10, 2026)</title>
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[Federal Register Volume 91, Number 216 (Tuesday, November 10, 2026)]
[Notices]
[Pages 72590-72592]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-22846]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106828; File No. SR-BOX-2026-22]


Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Make Various 
Clean Up Changes and a Number of Technical, Non-Substantiative Changes 
to Its Rulebook

November 5, 2026.
    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 October 23, 2026, 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 Exchange. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to make various clean up changes and a number 
of technical, non-substantiative changes to its Rulebook. The text of 
the proposed rule change is available from the principal office of the 
Exchange, 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 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 IM-3120-3, IM-3120-4, Rule 5050 
(Series of Options Contracts Open for Trading), IM-5050-7 (Mini-Nasdaq-
100 Index Strike Prices), IM-5050-10 (Mini Option Contracts), IM-6010-
1, Rule 6040 (Position Limits for Broad-Based Index Options), Rule 6090 
(Terms of Index Options), Rule 7040 (Meaning of Premium Quotes and 
Orders), Rule 7110 (Order Entry), and Rule 7240 (Complex Orders) to 
remove references to Mini Options \3\ and Jumbo SPY Options.\4\ 
Additionally, the Exchange is proposing to make certain clean up 
changes to update outdated internal cross references, as well as 
various technical numbering updates to conform with the changes 
proposed herein. Additionally, the Exchange is proposing to make 
certain clean up changes to update outdated internal cross references, 
as well as various technical numbering updates to conform with the 
changes proposed herein.
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    \3\ See Securities Exchange Act Release No. 68771 (January 30, 
2013), 78 FR 8208 (February 5, 2013) (Notice of Filing and Immediate 
Effectiveness of SR-BOX-2013-07).
    \4\ See Securities Exchange Act Release No. 69511 (May 3, 2013) 
78 FR 27271 (May 9, 2013) (Order Granting Approval of SR-BOX-2013-
06).
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Mini Options and Jumbo SPY Options
    The Exchange does not list Mini Options and Jumbo SPY Options, and 
is now proposing to mark the listing rules and other ancillary trading 
rules related to the listing of Mini Options and Jumbo SPY Options as 
``Reserved.'' Specifically, the proposed rule change removes the 
contents of the following rules or subsections and mark them as 
reserved for future use IM-3120-3, IM-3120-4, Rule 5050(e), IM-5050-7 
(Mini-Nasdaq-100 Index Strike Prices), IM-5050-10 (Mini Option 
Contracts), Rule 6090(c)(5), Rule 7040(c), and Rule 7240(b)(5) and 
(b)(6). As stated above these rules are obsolete because these products 
are no longer, or were never, listed on the Exchange.\5\ The Exchange 
will also amend the following rules to remove language related to Mini 
Options IM-6010-1, Rule 6040(c), Rule 6090(a)(4) and (5), and Rule 
7110(c)(6). As stated above the rule language within these rules are 
obsolete because the

[[Page 72591]]

products the rules refer to no longer, or never, traded on the 
Exchange.
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    \5\ The Exchange previously listed for trading both Mini Options 
and Jumbo SPY Options but has since ceased listing both for trading.
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    The Exchange notes that it has no open interest in Mini Options and 
Jumbo SPY Options respectively. In the event that the Exchange desires 
to list Mini Options or Jumbo SPY Options in the future, it would file 
a rule change with the Commission to adopt rules to list Mini Options 
or Jumbo SPY Options.
Technical Changes
    The Exchange is also proposing to make a number of technical, non-
substantive changes to the Exchange's Rulebook. The Exchange believes 
these changes are necessary to provide greater accuracy and clarity to 
the Rulebook.
    The Exchange proposes to update several internal cross-references. 
The Exchange proposes to update internal cross-references contained in 
Rule 5030 (Withdrawal of Approval of Underlying). Specifically, the 
proposed change corrects two internal cross-references within Rule 
5030(h)(1) from Rule 5020(h)(1)(i) to Rule 5020(h)(1) and the internal 
cross-reference from subparagraphs (b)(1),(2),(3) and (4) of Rule 5030 
to subparagraphs (b)(1),(2),(3) of Rule 5030 because Rule 5020(h)(1) 
increases the scope of the outdated rule reference and 5030(b)(4) is 
currently marked as reserved.\6\
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    \6\ Current Rule 5030(h)(1) provides a circumstance when the 
Exchange can suspend the opening of any series of options classes 
covering Exchange-Traded Fund Shares for not meeting the continued 
listing standards for Exchange-Traded Fund Shares as set forth in 
Rule 5020(h)(1)(i) and in accordance with the Exchange's 
requirements set forth in Rule 5030(b)(1),(2),(3) and (4). Rule 
5020(h)(1)(i) is not the correct cross-reference; the correct cross-
reference is Rule 5020(h)(1). Rule 5030(b)(1),(2),(3) and (4) is not 
the correct cross-reference because Rule 5030(b)(4) is currently 
Reserved; the reference to (b)(4) should therefore be removed.
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    The Exchange proposes to update internal cross-references contained 
in Rule 7130 (Execution and Price/Time Priority). Specifically, the 
proposed change updates the internal cross-reference within Rule 
7130(b)(1) from Rule 8040(b) and (c) to Rule 8040 (c) and (d). A 
previous filing amended 8040(b) to be reserved, making the cross-
reference in Rule 7130(b)(1) outdated and this proposed rule change 
would now update it.\7\ Next, the proposed change updates the internal 
cross-references in Rules 7130(b)(2)(i) and 7130(b)(2)(ii) from 
subparagraph (b)(4) to (b)(3). A previous filing updated subparagraph 
(b)(4) to (b)(3) and the internal cross reference in 7130(b)(2)(i) and 
7130(b)(2)(ii) is currently outdated.\8\ The Exchange now proposes to 
update the aforementioned internal cross-references by updating them 
both to subparagraph (b)(3). The proposed change corrects another 
outdated internal cross-reference in Rules 7130(b)(3)(ii)(A) and 
7130(b)(3)(ii)(B) from subparagraph (b)(4)(ii)(C) to (b)(3)(ii)(C). A 
previous filing updated subparagraph (b)(4) to (b)(3) and this proposed 
change will update the cross-reference in both Rules 7130(b)(3)(ii)(A) 
and 7130(b)(3)(ii)(B) from subparagraph (b)(4)(ii)(C) to 
(b)(3)(ii)(C).\9\
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    \7\ See Securities Exchange Act Release No. 103671 (August 15, 
2025) 90 FR 39246 (August 14, 2025) (Notice of Filing and Immediate 
Effectiveness of SR-BOX-2025-20).
    \8\ See Securities Exchange Act Release No. 71374 (January 23, 
2014), 79 FR 4783 (January 29, 2014) (Notice of Filing and Immediate 
Effectiveness of SR-BOX-2014-05).
    \9\ Id.
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    The Exchange also proposes to update an internal cross reference 
contained in Rule 7620 (Complex Orders). Specifically, the proposed 
change updates the internal cross-reference within Rule 7620(e) from 
Rule 7040(a) through (c) to Rule 7040(a) and (b). This update is being 
made as a consequential result of marking Rule 7040(c) as reserved as 
previously discussed in this filing. This change will improve the 
accuracy of the proposed changes and rulebook.
    The Exchange proposes to amend IM-15030-1(e) to update an internal 
rule cite. Specifically, the proposed change updates the outdated 
internal cross-reference within IM-15030-1 from IM-5030-1 to IM-15030-
1.
    The proposed technical changes are not intended to make any changes 
to the operation or meaning of the rules and merely seek to correct 
outdated internal cross references to provide greater accuracy within 
the Rulebook.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with the 
requirements of Section 6(b) of the Act,\10\ in general, and Section 
6(b)(5) of the Act,\11\ in particular, in that it is designed to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general to protect investors and the public 
interest.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
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Mini Options and Jumbo SPY Options
    The Exchange's proposal to remove references to the listing and 
handling of Mini Options and Jumbo SPY Options is consistent with the 
Act because the Exchange does not list, or has never listed, Mini 
Options or Jumbo SPY Options and removing the references to such 
products within the rules would render the Rulebook more accurate and 
reduce potential investor confusion. The Exchange notes that it has no 
open interest in Mini Options and Jumbo SPY Options. In the event that 
the Exchange desires to list Mini Options or Jumbo SPY Options in the 
future, it would file a rule change with the Commission to adopt rules 
to list Mini Options or Jumbo Spy Options.
Technical Changes
    Additionally, the Exchange believes that the proposed rule change 
will remove impediments to and perfect the mechanism of a free and open 
market and a national market system, and in general, will protect 
investors and the public interest by correcting outdated references 
within the rules. Specifically, by correcting inaccurate cross-
references, the proposed rule change is designed to protect investors 
by making the rulebook more accurate thereby mitigating any potential 
investor confusion.
    The proposed technical changes are not intended to make any changes 
to the operation or meaning of the rules and merely seek to correct 
outdated internal cross-references and make certain numbering changes 
to provide greater accuracy within the Rulebook.

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 that is not necessary or appropriate 
in furtherance of the purposes of the Act. The Exchange's proposal to 
remove references to the listing and handling of Mini Options and Jumbo 
SPY Options does not impose an undue burden on competition. The 
Exchange does not list Mini Options or Jumbo SPY Options. Also, the 
Exchange notes that it has no open interest in Mini Options and Jumbo 
SPY Options. The Exchange's proposal to correct technical changes by 
updating outdated internal cross-references is not intended to address 
competitive issues but is concerned solely with updating certain 
outdated references.
    The proposed rule change will have no impact on trading on the 
Exchange, as all the rule changes are non-substantive in nature. 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.

[[Page 72592]]

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)(iii) of the Act \12\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\13\
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    \12\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \14\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \15\ permits the 
Commission to 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 
because the proposed rule change merely removes obsolete rules and rule 
references related to Mini Options and Jumbo SPY Options, corrects 
outdated cross-references, and otherwise provides additional clarity in 
the rulebook, and does not affect the operation of any Exchange rule. 
The Exchange explains that therefore waiver of the 30-day operative 
delay would allow the changes to become promptly effective and avoid 
any potential confusion by providing investors with a clearer, more 
accurate Exchange rulebook. For this reason, and because the proposed 
rule change raises no new or novel legal or regulatory issues, the 
Commission believes that waiver of the operative delay would be 
consistent with the protection of investors and the public interest. 
Accordingly, the Commission hereby waives the operative delay and 
designates the proposal operative upon filing.\16\
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    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6)(iii).
    \16\ For purposes only of waiving the 30-day operative delay, 
the Commission 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 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#4230372e276f212d2f2f272c3631023127216c252d34"><span class="__cf_email__" data-cfemail="84f6f1e8e1a9e7ebe9e9e1eaf0f7c4f7e1e7aae3ebf2">[email&#160;protected]</span></a>. Please include 
File Number SR-BOX-2026-22 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-2026-22. 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 filing 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-2026-22 and should be submitted on 
or before December 1, 2026.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-22846 Filed 11-9-26; 8:45 am]
BILLING CODE 8011-01-P


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