Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend BOX Rule IM-5050-11, 47475-47478 [2022-16548]
Download as PDF
<![CDATA[
Federal Register / Vol. 87, No. 148 / Wednesday, August 3, 2022 / Notices
with the requirements of 39 CFR
3011.301.1
The Commission invites comments on
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern market dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3030, and 39
CFR part 3040, subpart B. For request(s)
that the Postal Service states concern
competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3035, and
39 CFR part 3040, subpart B. Comment
deadline(s) for each request appear in
section II.
II. Docketed Proceeding(s)
1. Docket No(s).: MC2022–91 and
CP2022–95; Filing Title: USPS Request
to Add First-Class Package Service
Contract 120 to Competitive Product
List and Notice of Filing Materials
Under Seal; Filing Acceptance Date:
July 28, 2022; Filing Authority: 39
U.S.C. 3642, 39 CFR 3040.130 through
3040.135, and 39 CFR 3035.105; Public
Representative: Jennaca D. Upperman;
Comments Due: August 5, 2022.
2. Docket No(s).: MC2022–92 and
CP2022–96; Filing Title: USPS Request
to Add Priority Mail Express & Priority
Mail Contract 134 to Competitive
Product List and Notice of Filing
Materials Under Seal; Filing Acceptance
Date: July 28, 2022; Filing Authority: 39
U.S.C. 3642, 39 CFR 3040.130 through
3040.135, and 39 CFR 3035.105; Public
Representative: Katalin K. Clendenin;
Comments Due: August 5, 2022.
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2022–16624 Filed 8–2–22; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–95381; File No. SR–BOX–
2022–22]
Self-Regulatory Organizations; BOX
Exchange LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend BOX Rule IM–
5050–11
July 28, 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 July 18,
2022, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
BOX Rule IM–5050–11 to account for
conflicts between different provisions
within the Short Term Option Series
Rules. 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 https://boxoptions.com.
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.
lotter on DSK11XQN23PROD with NOTICES1
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1 See Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).
VerDate Sep<11>2014
18:39 Aug 02, 2022
Jkt 256001
1. Purpose
The Exchange proposes to amend
Rule IM–5050–11 to account for
conflicts between different provisions
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00092
Fmt 4703
47475
within the Short Term Option Series
Rules. The Exchange notes that this
filing is based on a proposal recently
submitted by Nasdaq ISE LLC (‘‘Nasdaq
ISE’’) and approved by the
Commission.3
In 2021, BOX amended Rule 5050 to
limit the intervals between strikes in
equity options listed as part of the Short
Term Option Series Program, excluding
Exchange-Traded Fund Shares and
ETNs, that have an expiration date more
than twenty-one days from the listing
date (‘‘Strike Interval Proposal’’).4 The
Strike Interval Proposal adopted a new
IM–5050–11 which included a table that
intended to specify the applicable strike
intervals that would supersede IM–
5050–6(b)(5) 5 for Short Term Option
Series in equity options, excluding
Exchange-Traded Fund Shares and
ETNs, which have an expiration date
more than twenty-one days from the
listing date. The Strike Interval Proposal
was designed to reduce the density of
strike intervals that would be listed in
later weeks, within the Short Term
Option Series Program, by utilizing
limitations for intervals between strikes
which have an expiration date more
than twenty-one days from the listing
date.
At this time, the Exchange proposes to
amend the rule text within IM–5050–11
to clarify the current rule text and
amend the application of the table to
account for potential conflicts within
the Short Term Option Series Rules.
Currently, the table within IM–5050–11
is as follows: 6
3 See Securities Exchange Act Release No. 95085
(June 10, 2022), 87 FR 36353 (June 16, 2022) (Order
Approving a Proposed Rule Change, as Modified by
Amendment No. 1, To Amend ISE Options 4,
Section 5, Series of Options Contracts Open for
Trading) (SR–ISE–2022–10).
4 See Securities Exchange Act Release No. 92072
(May 28, 2021), 86 FR 29856 (June 3, 2021) (SR–
BOX–2021–12).
5 The interval between strike prices on Short
Term Option Series may be (i) $0.50 or greater
where the strike price is less than $100, and $1 or
greater where the strike price is between $100 and
$150 for all option classes that participate in the
Short Term Options 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 where the strike price is above $150. During
the month prior to expiration of an option class that
is selected for the Short Term Option Series
Program pursuant to this rule (Short Term Option),
the strike price intervals for the related non-Short
Term Option shall be the same as the strike price
intervals for the Short Term Option. BOX Rule IM–
5050–6(b)(5).
6 The Share Price would be the closing price on
the primary market on the last day of the calendar
quarter and the Average Daily Volume would be the
total number of options contracts traded in a given
security for the applicable calendar quarter divided
by the number of trading days in the applicable
calendar quarter The Average Daily Volume would
Continued
Sfmt 4703
E:\FR\FM\03AUN1.SGM
03AUN1
47476
Federal Register / Vol. 87, No. 148 / Wednesday, August 3, 2022 / Notices
Share price
Tier
Average daily volume
less than $25
lotter on DSK11XQN23PROD with NOTICES1
1 ..................
2 ..................
3 ..................
Greater than 5,000 .....................................
Greater than 1,000 to 5,000 ......................
0 to 1,000 ...................................................
$25 to less
than $75
$0.50
1.00
2.50
$75 to less
than $150
$1.00
1.00
5.00
$1.00
1.00
5.00
$150 to less
than $500
$5.00
5.00
5.00
$500 or
greater
$5.00
10.00
10.00
The first sentence of IM–5050–11
provides, ‘‘With respect to listing Short
Term Option Series in equity options,
excluding Exchange-Traded Fund
Shares and ETNs, which have an
expiration date more than twenty-one
days from the listing date, the strike
interval for each option class will be
based on the below table.’’
First, the Exchange proposes to
amend the first sentence of IM–5050–11
to instead provide, ‘‘With respect to
listing Short Term Option Series in
equity options, excluding ExchangeTraded Fund Shares and ETNs, which
have an expiration date more than
twenty-one days from the listing date,
the following table, which specifies the
applicable interval for listing will apply.
To the extent there is a conflict between
applying IM–5050–6(b)(5) and the
below table, the greater interval would
apply.’’ The table within IM–5050–11
provides for the listing of intervals
based on certain parameters (average
daily volume and share price). The
Exchange proposes to amend the
language in IM–5050–11 to make clear
that the only permitted intervals are as
specified in the table within IM–5050–
11, except in the case where IM–5050–
6(b)(5) provides for a greater interval as
described in more detail below.
Today, there are instances where a
conflict is presented as between the
application of the table within IM–
5050–11 and the rule text within IM–
5050–6(b)(5) with respect to the correct
interval. Adding the proposed language
would make clear to Participants the
applicable intervals where there is a
conflict between the rule text within
IM–5050–11 and the rule text within
IM–5050–6(b)(5) thereby providing
certainty as to the outcome. The
Exchange proposes to insert the words
‘‘greater interval’’ because it proposes to
permit IM–5050–6(b)(5) to govern only
in the event that the interval would be
greater. The same analysis would not be
conducted where the result would be a
lesser interval. By way of example,
Example 1: Assume a Tier 1 stock that
closed on the last day of Q1 with a
quarterly share price higher than $75
but less than $150. Therefore, utilizing
the table within IM–5050–11, the
interval would be $1.00 for strikes
added during Q2 even for strikes above
$150. Next, assume during Q2 the share
price rises above $150. Utilizing only
the table within IM–5050–11, the
interval would be $1.00 even though the
stock is now trading above $150 because
the Share Price for purposes of IM–
5050–11 was calculated utilizing data
from the prior calendar quarter.
However, a separate rule, IM–5050–
6(b)(5), provides that the Exchange may
list a Short Term Option Series at $2.50
intervals where the strike price is above
$150. In other words, there is a potential
conflict between the permitted strike
intervals above $150. In this example,
IM–5050–11 would specify a $1.00
interval whereas IM–5050–6(b)(5)
would specify a $2.50 interval. As
proposed, the Exchange proposes to
apply the greater interval. The greater
interval would then be $2.50 as per IM–
5050–6(b)(5) in this scenario. Therefore,
the following strikes would be eligible
to list: $152.5 and $157.5. For strikes
less than $150, the following strikes
would be eligible to list: $149 and $148
because Short Term Option Series with
expiration dates more than 21 days from
the listing date as well as Short Term
Option Series with expiration dates less
than 21 days from the listing date would
both be eligible to list $1 intervals
pursuant to IM–5050–11 and IM–5050–
6(b)(5).
Example 2: Assume a Tier 2 stock that
closed on the last day of Q1 with a
quarterly share price less than $25.
Therefore, utilizing the table within IM–
5050–11, the interval would be $1.00 for
strikes added during Q2 even for strikes
above $25. Next, assume during Q2 the
share price rises above $100. Utilizing
only the table within IM–5050–11, the
interval would be $1.00 even though the
stock is now trading above $100 because
the Share Price for purposes of IM–
5050–11 was calculated utilizing data
from the prior calendar quarter.
However, IM–5050–6(b)(5) provides that
the Exchange may list a Short Term
Option Series at $1.00 intervals where
the strike price is above $100. As
proposed, the Exchange would apply
the greater interval, however, the $1.00
interval is the same in both cases in this
scenario and, therefore, there is no
conflict. Now, assume during Q2 the
share price rises above $150. Utilizing
only the table within IM–5050–11, the
interval would continue to be $1.00
because the Share Price relied on data
from the prior calendar quarter,
however, pursuant to IM–5050–6(b)(5),
the interval would be $2.50 for strike
prices above $150. The greater interval
would then be $2.50 as per IM–5050–
6(b)(5) in this scenario.
Example 3: Assume a Tier 3 stock that
closed on the last day of Q1 with a
quarterly share price less than $25.
Therefore, utilizing the table within IM–
5050–11, the interval would be $2.50 for
strikes added during Q2 even for strikes
above $25. Next, assume during Q2 the
share price rises above $100. Utilizing
only the table within IM–5050–11, the
interval would be $2.50 even though the
stock was trading above $100 because
the Share Price for purposes of IM–
5050–11 was calculated utilizing data
from the prior calendar quarter.
However, IM–5050–6(b)(5) provides that
the Exchange may list a Short Term
Option Series at $1.00 intervals where
the strike price is above $100. The
greater interval would then be $2.50 as
per the table in IM–5050–11 in this
scenario.
The Exchange proposes to delete the
last sentence of the first paragraph of
IM–5050–11 which states, ‘‘The below
table indicates the applicable strike
intervals and supersedes IM–5050–
6(b)(4) above, which permits additional
series to be opened for trading on the
Exchange when the Exchange deems it
necessary to maintain an orderly
market, to meet customer demand or
when the market price of the underlying
security moves substantially from the
exercise price or prices of the series
already opened.’’ The table within IM–
5050–11 impacts strike intervals, while
IM–5050–6(b)(4) describes adding series
of options. The table within IM–5050–
11 supersedes other rules pertaining to
be the total number of options contracts traded in
a given security for the applicable calendar quarter
divided by the number of trading days in the
applicable calendar quarter. Beginning on the
second trading day in the first month of each
calendar quarter, the Average Daily Volume shall be
calculated by utilizing data from the prior calendar
quarter based on Customer-cleared volume at The
Options Clearing Corporation. For options listed on
the first trading day of a given calendar quarter, the
Average Daily Volume shall be calculated using the
quarter prior to the last trading calendar quarter.
VerDate Sep<11>2014
18:39 Aug 02, 2022
Jkt 256001
PO 00000
Frm 00093
Fmt 4703
Sfmt 4703
E:\FR\FM\03AUN1.SGM
03AUN1
Federal Register / Vol. 87, No. 148 / Wednesday, August 3, 2022 / Notices
strike intervals, but the table does not
supersede rules governing the addition
of options series. Therefore, the table
within IM–5050–11 and IM–5050–
6(b)(4) do not conflict with each other.
Deleting the reference to IM–5050–
6(b)(4) will avoid confusion.
Finally, the Exchange provides within
IM–5050–11(g), ‘‘Notwithstanding the
limitations imposed by IM–5050–11,
this IM–5050–11 does not amend the
range of strikes for Short Term Option
Series that may be listed pursuant to
IM–5050–6(b)(5) above.’’ The Exchange
proposes to remove this rule text. While
the range limitations continue to be
applicable to the table within IM–5050–
11, the strike ranges do not conflict with
strike intervals and therefore the
sentence is not necessary. Removing
IM–5050–11(g) will avoid confusion.
lotter on DSK11XQN23PROD with NOTICES1
Implementation
The Exchange proposes to implement
this rule on August 1, 2022. The
Exchange will issue an Informational
Circular to notify Participants of the
implementation date.
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’’),7 in general, and Section 6(b)(5)
of the Act,8 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. The Strike Proposal
continues to limit the intervals between
strikes listed in the Short Term Option
Series Program that have an expiration
date more than twenty-one days.
The Exchange’s proposal to add
clarifying language to IM–5050–11, is
consistent with the Act because it will
make clear that the only permitted
intervals are as specified in the table
within IM–5050–11, except in the case
where IM–5050–6(b)(5) provides for a
greater interval. This amendment will
bring greater transparency to the rule.
Adopting new language within IM–
5050–11 to address a potential conflict
between the Short Term Option Series
Program rules, specifically as between
the application of the table within IM–
5050–11 and the rule text within IM–
9 For example, two strikes that are densely
clustered may have the same risk properties and
may also be the same percentage out-of-the money.
7 15
U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014
18:39 Aug 02, 2022
5050–6(b)(5) with respect to the correct
interval is consistent with the Act. This
new rule text will make clear to
Participants the applicable intervals
when there is a conflict between the
rule text within IM–5050–11 and the
rule text within IM–5050–6(b)(5),
thereby providing certainty as to the
outcome. The proposed new rule text
promotes just and equitable principles
of trade by adding transparency to the
manner in which BOX implements its
listing rules, and protects investors and
the general public by removing
uncertainty.
Removing the last sentence of the first
paragraph of IM–5050–11 is consistent
with the Act because the table within
IM–5050–11 impacts strike intervals,
while IM–5050–6(b)(4) describes the
addition of options series. The table
within IM–5050–11 supersedes other
rules pertaining to strike intervals, but
the table does not supersede rules
governing the addition of options series.
Therefore, the table within IM–5050–11
and IM–5050–6(b)(4) do not conflict
with each other. Deleting the reference
to IM–5050–6(b)(4) will avoid
confusion.
Removing IM–5050–11(g) is
consistent with the Act because while
the range limitations continue to be
applicable, the strike ranges do not
conflict with strike intervals, rendering
the sentence unnecessary. Removing
IM–5050–11(g) will avoid confusion.
The Strike Interval Proposal was
designed to reduce the density of strike
intervals that would be listed in later
weeks, within the Short Term Option
Series Program, by utilizing limitations
for intervals between strikes which have
an expiration date more than twentyone days from the listing date. The
Exchange’s proposal intends to continue
to remove certain strike intervals where
there exist clusters of strikes whose
characteristics closely resemble one
another and, therefore, do not serve
different trading needs,9 rendering these
strikes less useful. Also, the Strike
Interval Proposal continues to reduce
the number of strikes listed on BOX,
allowing Market Makers to expend their
capital in the options market in a more
efficient manner, thereby improving
overall market quality on BOX.
Additionally, by making clear that the
greater interval would control as
between the rule text within IM–5050–
11 and the rule text within IM–5050–
6(b)(5), the Exchange is reducing the
number of strikes listed in a manner
consistent with the intent of the Strike
Jkt 256001
PO 00000
Frm 00094
Fmt 4703
Sfmt 4703
47477
Interval Proposal, which was to reduce
strikes which were farther out in time.
The result of this clarification is to
select wider strike intervals for Short
Term Option Series in equity options
which have an expiration date more
than twenty-one days from the listing
date. This rule change would harmonize
strike intervals as between inner
weeklies (those having less than twentyone days from the listing date) and outer
weeklies (those having more than
twenty-one days from the listing date)
so that strike intervals are not widening
as the listing date approaches.
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 Strike
Interval Proposal continues to limit the
number of Short Term Option Series
Program strike intervals available for
quoting and trading on BOX for all BOX
Participants.
Adding language to the first sentence
of IM–5050–11 to make clear which
parameter the table within IM–5050–11
amends within the Short Term Option
Series Program will bring greater
transparency to the rules. Adopting new
language to address potential conflicts
as between the rule text within IM–
5050–11 and the rule text within IM–
5050–6(b)(5), within the Short Term
Option Series Program, will bring
greater transparency to the manner in
which BOX implements its listing rules.
The table within IM–5050–11 impacts
strike intervals, while IM–5050–6(b)(4),
describes adding series of options. The
table within IM–5050–11 supersedes
other strike interval rules, but does not
supersede the addition of series.
Removing the last sentence of the first
paragraph of IM–5050–11 does not
impose an undue burden on
competition because the table within
IM–5050–11 supersedes other rules
pertaining to strike intervals, but the
table does not supersede rules governing
the addition of options series. Also,
deleting the reference to IM–5050–
6(b)(4) will avoid confusion. Finally,
deleting IM–5050–11(g) will remove any
potential confusion. While the range
limitations continue to be applicable,
the strike ranges do not conflict with
strike intervals and are not necessary.
While this proposal continues to limit
the intervals of strikes listed on BOX,
the Exchange continues to balance the
needs of market participants by
continuing to offer a number of strikes
to meet a market participant’s
investment objective. The Exchange’s
E:\FR\FM\03AUN1.SGM
03AUN1
47478
Federal Register / Vol. 87, No. 148 / Wednesday, August 3, 2022 / Notices
Strike Interval Proposal does not impose
an undue burden on inter-market
competition as this Strike Interval
Proposal does not impact the listings
available at another self-regulatory
organization.
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 after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
of the Act 10 and Rule 19b–4(f)(6) 11
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 12 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),13 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 Exchange
may implement the proposed rule
change on August 1, 2022—the same
time other exchanges are implementing
an identical change.14 The Exchange
states that waiving the operative delay
will allow the Exchange to harmonize
its rules with other exchanges with
similar rules. This, in turn, will reduce
investor confusion and add
transparency in the BOX rules. For these
reasons, the Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
10 15
U.S.C. 78s(b)(3)(A).
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.
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 See Securities Exchange Act Release No. 95085
(June 10, 2022), 87 FR 36353 (June 16, 2022) (SR–
ISE–2022–10) (Order Approving a Proposed Rule
Change, as Modified by Amendment No. 1, to
Amend ISE Options 4, Section 5, Series of Options
Contracts Open for Trading).
lotter on DSK11XQN23PROD with NOTICES1
11 17
VerDate Sep<11>2014
18:39 Aug 02, 2022
Jkt 256001
investors and the public interest.
Accordingly, the Commission hereby
waives the operative delay.15
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.
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly.
All submissions should refer to File
Number SR–BOX–2022–22 and should
be submitted on or before August 24,
2022.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
J. Matthew DeLesDernier,
Deputy Secretary.
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
BOX–2022–22 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
• 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–2022–22. 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 (https://www.sec.gov/
rules/sro.shtml). 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
15 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).
PO 00000
Frm 00095
Fmt 4703
Sfmt 4703
[FR Doc. 2022–16548 Filed 8–2–22; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–95383; File No. SR–
CboeBZX–2022–040]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend
Certain of Its Rules Related to MarketMakers
July 28, 2022.
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 July 14,
2022, Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) filed with the
Securities and Exchange Commission
(the ‘‘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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe BZX Exchange, Inc. (‘‘BZX
Options’’ or the ‘‘Exchange’’) is filing
with the Securities and Exchange
Commission (the ‘‘Commission’’) a
proposed rule change to amend certain
of its Rules related to Market Makers.
The text of the proposed rule change is
provided in Exhibit 5.
16 17
CFR 200.30–3(a)(12), (59).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\03AUN1.SGM
03AUN1
]]>Agencies
[Federal Register Volume 87, Number 148 (Wednesday, August 3, 2022)]
[Notices]
[Pages 47475-47478]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-16548]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95381; File No. SR-BOX-2022-22]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend BOX Rule
IM-5050-11
July 28, 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 July 18, 2022, 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend BOX Rule IM-5050-11 to account for
conflicts between different provisions within the Short Term Option
Series Rules. 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 https://boxoptions.com.
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 Rule IM-5050-11 to account for
conflicts between different provisions within the Short Term Option
Series Rules. The Exchange notes that this filing is based on a
proposal recently submitted by Nasdaq ISE LLC (``Nasdaq ISE'') and
approved by the Commission.\3\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 95085 (June 10,
2022), 87 FR 36353 (June 16, 2022) (Order Approving a Proposed Rule
Change, as Modified by Amendment No. 1, To Amend ISE Options 4,
Section 5, Series of Options Contracts Open for Trading) (SR-ISE-
2022-10).
---------------------------------------------------------------------------
In 2021, BOX amended Rule 5050 to limit the intervals between
strikes in equity options listed as part of the Short Term Option
Series Program, excluding Exchange-Traded Fund Shares and ETNs, that
have an expiration date more than twenty-one days from the listing date
(``Strike Interval Proposal'').\4\ The Strike Interval Proposal adopted
a new IM-5050-11 which included a table that intended to specify the
applicable strike intervals that would supersede IM-5050-6(b)(5) \5\
for Short Term Option Series in equity options, excluding Exchange-
Traded Fund Shares and ETNs, which have an expiration date more than
twenty-one days from the listing date. The Strike Interval Proposal was
designed to reduce the density of strike intervals that would be listed
in later weeks, within the Short Term Option Series Program, by
utilizing limitations for intervals between strikes which have an
expiration date more than twenty-one days from the listing date.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 92072 (May 28,
2021), 86 FR 29856 (June 3, 2021) (SR-BOX-2021-12).
\5\ The interval between strike prices on Short Term Option
Series may be (i) $0.50 or greater where the strike price is less
than $100, and $1 or greater where the strike price is between $100
and $150 for all option classes that participate in the Short Term
Options 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
where the strike price is above $150. During the month prior to
expiration of an option class that is selected for the Short Term
Option Series Program pursuant to this rule (Short Term Option), the
strike price intervals for the related non-Short Term Option shall
be the same as the strike price intervals for the Short Term Option.
BOX Rule IM-5050-6(b)(5).
---------------------------------------------------------------------------
At this time, the Exchange proposes to amend the rule text within
IM-5050-11 to clarify the current rule text and amend the application
of the table to account for potential conflicts within the Short Term
Option Series Rules. Currently, the table within IM-5050-11 is as
follows: \6\
---------------------------------------------------------------------------
\6\ The Share Price would be the closing price on the primary
market on the last day of the calendar quarter and the Average Daily
Volume would be the total number of options contracts traded in a
given security for the applicable calendar quarter divided by the
number of trading days in the applicable calendar quarter The
Average Daily Volume would be the total number of options contracts
traded in a given security for the applicable calendar quarter
divided by the number of trading days in the applicable calendar
quarter. Beginning on the second trading day in the first month of
each calendar quarter, the Average Daily Volume shall be calculated
by utilizing data from the prior calendar quarter based on Customer-
cleared volume at The Options Clearing Corporation. For options
listed on the first trading day of a given calendar quarter, the
Average Daily Volume shall be calculated using the quarter prior to
the last trading calendar quarter.
[[Page 47476]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Share price
-------------------------------------------------------------------------------
Tier Average daily volume $25 to less $75 to less $150 to less $500 or
less than $25 than $75 than $150 than $500 greater
--------------------------------------------------------------------------------------------------------------------------------------------------------
1................................... Greater than 5,000................ $0.50 $1.00 $1.00 $5.00 $5.00
2................................... Greater than 1,000 to 5,000....... 1.00 1.00 1.00 5.00 10.00
3................................... 0 to 1,000........................ 2.50 5.00 5.00 5.00 10.00
--------------------------------------------------------------------------------------------------------------------------------------------------------
The first sentence of IM-5050-11 provides, ``With respect to
listing Short Term Option Series in equity options, excluding Exchange-
Traded Fund Shares and ETNs, which have an expiration date more than
twenty-one days from the listing date, the strike interval for each
option class will be based on the below table.''
First, the Exchange proposes to amend the first sentence of IM-
5050-11 to instead provide, ``With respect to listing Short Term Option
Series in equity options, excluding Exchange-Traded Fund Shares and
ETNs, which have an expiration date more than twenty-one days from the
listing date, the following table, which specifies the applicable
interval for listing will apply. To the extent there is a conflict
between applying IM-5050-6(b)(5) and the below table, the greater
interval would apply.'' The table within IM-5050-11 provides for the
listing of intervals based on certain parameters (average daily volume
and share price). The Exchange proposes to amend the language in IM-
5050-11 to make clear that the only permitted intervals are as
specified in the table within IM-5050-11, except in the case where IM-
5050-6(b)(5) provides for a greater interval as described in more
detail below.
Today, there are instances where a conflict is presented as between
the application of the table within IM-5050-11 and the rule text within
IM-5050-6(b)(5) with respect to the correct interval. Adding the
proposed language would make clear to Participants the applicable
intervals where there is a conflict between the rule text within IM-
5050-11 and the rule text within IM-5050-6(b)(5) thereby providing
certainty as to the outcome. The Exchange proposes to insert the words
``greater interval'' because it proposes to permit IM-5050-6(b)(5) to
govern only in the event that the interval would be greater. The same
analysis would not be conducted where the result would be a lesser
interval. By way of example,
Example 1: Assume a Tier 1 stock that closed on the last day of Q1
with a quarterly share price higher than $75 but less than $150.
Therefore, utilizing the table within IM-5050-11, the interval would be
$1.00 for strikes added during Q2 even for strikes above $150. Next,
assume during Q2 the share price rises above $150. Utilizing only the
table within IM-5050-11, the interval would be $1.00 even though the
stock is now trading above $150 because the Share Price for purposes of
IM-5050-11 was calculated utilizing data from the prior calendar
quarter. However, a separate rule, IM-5050-6(b)(5), provides that the
Exchange may list a Short Term Option Series at $2.50 intervals where
the strike price is above $150. In other words, there is a potential
conflict between the permitted strike intervals above $150. In this
example, IM-5050-11 would specify a $1.00 interval whereas IM-5050-
6(b)(5) would specify a $2.50 interval. As proposed, the Exchange
proposes to apply the greater interval. The greater interval would then
be $2.50 as per IM-5050-6(b)(5) in this scenario. Therefore, the
following strikes would be eligible to list: $152.5 and $157.5. For
strikes less than $150, the following strikes would be eligible to
list: $149 and $148 because Short Term Option Series with expiration
dates more than 21 days from the listing date as well as Short Term
Option Series with expiration dates less than 21 days from the listing
date would both be eligible to list $1 intervals pursuant to IM-5050-11
and IM-5050-6(b)(5).
Example 2: Assume a Tier 2 stock that closed on the last day of Q1
with a quarterly share price less than $25. Therefore, utilizing the
table within IM-5050-11, the interval would be $1.00 for strikes added
during Q2 even for strikes above $25. Next, assume during Q2 the share
price rises above $100. Utilizing only the table within IM-5050-11, the
interval would be $1.00 even though the stock is now trading above $100
because the Share Price for purposes of IM-5050-11 was calculated
utilizing data from the prior calendar quarter. However, IM-5050-
6(b)(5) provides that the Exchange may list a Short Term Option Series
at $1.00 intervals where the strike price is above $100. As proposed,
the Exchange would apply the greater interval, however, the $1.00
interval is the same in both cases in this scenario and, therefore,
there is no conflict. Now, assume during Q2 the share price rises above
$150. Utilizing only the table within IM-5050-11, the interval would
continue to be $1.00 because the Share Price relied on data from the
prior calendar quarter, however, pursuant to IM-5050-6(b)(5), the
interval would be $2.50 for strike prices above $150. The greater
interval would then be $2.50 as per IM-5050-6(b)(5) in this scenario.
Example 3: Assume a Tier 3 stock that closed on the last day of Q1
with a quarterly share price less than $25. Therefore, utilizing the
table within IM-5050-11, the interval would be $2.50 for strikes added
during Q2 even for strikes above $25. Next, assume during Q2 the share
price rises above $100. Utilizing only the table within IM-5050-11, the
interval would be $2.50 even though the stock was trading above $100
because the Share Price for purposes of IM-5050-11 was calculated
utilizing data from the prior calendar quarter. However, IM-5050-
6(b)(5) provides that the Exchange may list a Short Term Option Series
at $1.00 intervals where the strike price is above $100. The greater
interval would then be $2.50 as per the table in IM-5050-11 in this
scenario.
The Exchange proposes to delete the last sentence of the first
paragraph of IM-5050-11 which states, ``The below table indicates the
applicable strike intervals and supersedes IM-5050-6(b)(4) above, which
permits additional series to be opened for trading on the Exchange when
the Exchange deems it necessary to maintain an orderly market, to meet
customer demand or when the market price of the underlying security
moves substantially from the exercise price or prices of the series
already opened.'' The table within IM-5050-11 impacts strike intervals,
while IM-5050-6(b)(4) describes adding series of options. The table
within IM-5050-11 supersedes other rules pertaining to
[[Page 47477]]
strike intervals, but the table does not supersede rules governing the
addition of options series. Therefore, the table within IM-5050-11 and
IM-5050-6(b)(4) do not conflict with each other. Deleting the reference
to IM-5050-6(b)(4) will avoid confusion.
Finally, the Exchange provides within IM-5050-11(g),
``Notwithstanding the limitations imposed by IM-5050-11, this IM-5050-
11 does not amend the range of strikes for Short Term Option Series
that may be listed pursuant to IM-5050-6(b)(5) above.'' The Exchange
proposes to remove this rule text. While the range limitations continue
to be applicable to the table within IM-5050-11, the strike ranges do
not conflict with strike intervals and therefore the sentence is not
necessary. Removing IM-5050-11(g) will avoid confusion.
Implementation
The Exchange proposes to implement this rule on August 1, 2022. The
Exchange will issue an Informational Circular to notify Participants of
the implementation date.
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''),\7\ in general, and Section 6(b)(5) of the Act,\8\ 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. The Strike Proposal continues to limit the intervals
between strikes listed in the Short Term Option Series Program that
have an expiration date more than twenty-one days.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange's proposal to add clarifying language to IM-5050-11,
is consistent with the Act because it will make clear that the only
permitted intervals are as specified in the table within IM-5050-11,
except in the case where IM-5050-6(b)(5) provides for a greater
interval. This amendment will bring greater transparency to the rule.
Adopting new language within IM-5050-11 to address a potential
conflict between the Short Term Option Series Program rules,
specifically as between the application of the table within IM-5050-11
and the rule text within IM-5050-6(b)(5) with respect to the correct
interval is consistent with the Act. This new rule text will make clear
to Participants the applicable intervals when there is a conflict
between the rule text within IM-5050-11 and the rule text within IM-
5050-6(b)(5), thereby providing certainty as to the outcome. The
proposed new rule text promotes just and equitable principles of trade
by adding transparency to the manner in which BOX implements its
listing rules, and protects investors and the general public by
removing uncertainty.
Removing the last sentence of the first paragraph of IM-5050-11 is
consistent with the Act because the table within IM-5050-11 impacts
strike intervals, while IM-5050-6(b)(4) describes the addition of
options series. The table within IM-5050-11 supersedes other rules
pertaining to strike intervals, but the table does not supersede rules
governing the addition of options series. Therefore, the table within
IM-5050-11 and IM-5050-6(b)(4) do not conflict with each other.
Deleting the reference to IM-5050-6(b)(4) will avoid confusion.
Removing IM-5050-11(g) is consistent with the Act because while the
range limitations continue to be applicable, the strike ranges do not
conflict with strike intervals, rendering the sentence unnecessary.
Removing IM-5050-11(g) will avoid confusion.
The Strike Interval Proposal was designed to reduce the density of
strike intervals that would be listed in later weeks, within the Short
Term Option Series Program, by utilizing limitations for intervals
between strikes which have an expiration date more than twenty-one days
from the listing date. The Exchange's proposal intends to continue to
remove certain strike intervals where there exist clusters of strikes
whose characteristics closely resemble one another and, therefore, do
not serve different trading needs,\9\ rendering these strikes less
useful. Also, the Strike Interval Proposal continues to reduce the
number of strikes listed on BOX, allowing Market Makers to expend their
capital in the options market in a more efficient manner, thereby
improving overall market quality on BOX.
---------------------------------------------------------------------------
\9\ For example, two strikes that are densely clustered may have
the same risk properties and may also be the same percentage out-of-
the money.
---------------------------------------------------------------------------
Additionally, by making clear that the greater interval would
control as between the rule text within IM-5050-11 and the rule text
within IM-5050-6(b)(5), the Exchange is reducing the number of strikes
listed in a manner consistent with the intent of the Strike Interval
Proposal, which was to reduce strikes which were farther out in time.
The result of this clarification is to select wider strike intervals
for Short Term Option Series in equity options which have an expiration
date more than twenty-one days from the listing date. This rule change
would harmonize strike intervals as between inner weeklies (those
having less than twenty-one days from the listing date) and outer
weeklies (those having more than twenty-one days from the listing date)
so that strike intervals are not widening as the listing date
approaches.
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 Strike Interval Proposal
continues to limit the number of Short Term Option Series Program
strike intervals available for quoting and trading on BOX for all BOX
Participants.
Adding language to the first sentence of IM-5050-11 to make clear
which parameter the table within IM-5050-11 amends within the Short
Term Option Series Program will bring greater transparency to the
rules. Adopting new language to address potential conflicts as between
the rule text within IM-5050-11 and the rule text within IM-5050-
6(b)(5), within the Short Term Option Series Program, will bring
greater transparency to the manner in which BOX implements its listing
rules. The table within IM-5050-11 impacts strike intervals, while IM-
5050-6(b)(4), describes adding series of options. The table within IM-
5050-11 supersedes other strike interval rules, but does not supersede
the addition of series. Removing the last sentence of the first
paragraph of IM-5050-11 does not impose an undue burden on competition
because the table within IM-5050-11 supersedes other rules pertaining
to strike intervals, but the table does not supersede rules governing
the addition of options series. Also, deleting the reference to IM-
5050-6(b)(4) will avoid confusion. Finally, deleting IM-5050-11(g) will
remove any potential confusion. While the range limitations continue to
be applicable, the strike ranges do not conflict with strike intervals
and are not necessary.
While this proposal continues to limit the intervals of strikes
listed on BOX, the Exchange continues to balance the needs of market
participants by continuing to offer a number of strikes to meet a
market participant's investment objective. The Exchange's
[[Page 47478]]
Strike Interval Proposal does not impose an undue burden on inter-
market competition as this Strike Interval Proposal does not impact the
listings available at another self-regulatory organization.
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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) \11\
thereunder.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 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.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ 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 Exchange may implement the proposed rule change on August 1, 2022--
the same time other exchanges are implementing an identical change.\14\
The Exchange states that waiving the operative delay will allow the
Exchange to harmonize its rules with other exchanges with similar
rules. This, in turn, will reduce investor confusion and add
transparency in the BOX rules. For these reasons, the Commission
believes 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 operative delay.\15\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ See Securities Exchange Act Release No. 95085 (June 10,
2022), 87 FR 36353 (June 16, 2022) (SR-ISE-2022-10) (Order Approving
a Proposed Rule Change, as Modified by Amendment No. 1, to Amend ISE
Options 4, Section 5, Series of Options Contracts Open for Trading).
\15\ 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).
---------------------------------------------------------------------------
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
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-BOX-2022-22 on the subject line.
Paper Comments
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-2022-22. 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 (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly.
All submissions should refer to File Number SR-BOX-2022-22 and
should be submitted on or before August 24, 2022.
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12), (59).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16548 Filed 8-2-22; 8:45 am]
BILLING CODE 8011-01-P
