Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule for Trading on the BOX Options Market LLC Facility To Modify Certain Electronic Non-Auction Transaction Fees, 5054-5058 [2024-01393]
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Federal Register / Vol. 89, No. 17 / Thursday, January 25, 2024 / Notices
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transactions contra to Public Customers.
The proposed change would apply to all
similarly situated market participants
and, accordingly, the proposed change
would not impose a disparate burden on
competition among Participants on
BOX. The proposed change is designed
to compete with other options
exchanges and to attract order flow. The
Exchange notes that Public Customer
fees remain lower than Professional
Customer, Broker Dealer, and certain
Market Maker fees because BOX has
historically aimed to improve markets
for investors and develop various
features within the market structure for
Public Customer benefit.11 The
Exchange believes further the proposed
changes to Professional Customer and
Broker Dealer Penny Interval Class and
SPY maker fees contra to Public
Customers in the electronic NonAuction Transactions fee structure will
not impose a burden on intermarket
competition. The Exchange notes that
the Non-Auction Transaction fee
structure as a whole, including the
proposed change, is designed to be
competitive with other options
exchanges and to attract order flow. The
Exchange believes the electronic NonAuction Transactions fee structure,
including the proposed change, will
remain competitive with other options
exchanges.12
Finally, the Exchange notes that it
operates in a highly competitive market
in which market participants can
readily favor competing venues. In such
an environment, the Exchange must
continually review, and consider
adjusting, its fees and rebates to remain
competitive with other exchanges.
Because competitors are free to modify
their own fees and rebates in response,
and because market participants may
readily adjust their order routing
practices, the Exchange believes that the
degree to which fee or rebate changes in
this market may impose any burden on
competition is extremely limited. For
the reasons described above, the
Exchange believes that the proposed
rule change will encourage intermarket
competition.
11 The Exchange notes that Public Customer fees
remain lower than Market Maker fees, with the
exception of Market Maker maker fees contra to
Non-Public Customers for electronic Non-Auction
Transactions, as well as Market Maker maker fees
contra to Public Customers assessed in SPY for
electronic Non-Auction Transactions. Similar to
Public Customers, Market Makers are assessed no
fee for the above transactions.
12 See supra note 5.
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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
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act 13
and Rule 19b–4(f)(2) thereunder,14
because it establishes or changes a due,
or fee.
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
• 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 numberSR–
BOX–2024–04 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–2024–04. 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
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–2024–04 and should be
submitted on or before February 15,
2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–01392 Filed 1–24–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99401; File No. SR–BOX–
2024–05]
Self-Regulatory Organizations; BOX
Exchange LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the Fee
Schedule for Trading on the BOX
Options Market LLC Facility To Modify
Certain Electronic Non-Auction
Transaction Fees
January 19, 2024.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
12, 2024, BOX Exchange LLC
(‘‘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
15 17
13 15
U.S.C. 78s(b)(3)(A)(ii).
14 17 CFR 240.19b–4(f)(2).
PO 00000
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Fmt 4703
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CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 89, No. 17 / Thursday, January 25, 2024 / Notices
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.
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 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 https://rules.boxexchange.
com/rulefilings.
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
Section IV.A, Non-Auction
Transactions, of the BOX Fee Schedule.
Specifically, the Exchange proposes to
establish separate fees and rebates on
electronic Non-Auction Transactions for
options overlying the INVESCO QQQ
TrustSM, Series 1 (‘‘QQQ’’), and iShares
Russell 2000 Index Fund (‘‘IWM’’).
Non-Auction Transactions
Currently, in Section IV.A of the BOX
Fee Schedule, fees and credits for
electronic Non-Auction Transactions are
assessed depending on three factors: (i)
the account type of the Participant
submitting the order; (ii) whether the
Participant is a liquidity provider or
liquidity taker; and (iii) the account type
of the contra party.
The Exchange now proposes to assess
separate fees for QQQ and IWM
electronic Non-Auction Transactions.
Currently, when a Public Customer
QQQ or IWM order is a liquidity taker
contra to a Professional Customer,
Broker Dealer, or a Market Maker, the
Public Customer is provided a $0.20
rebate. The Exchange now proposes to
increase Public Customer taker fees on
QQQ and IWM electronic Non-Auction
Transactions. Accordingly, when a
Public Customer QQQ or IWM order is
a liquidity taker contra to a Professional
Customer, Broker Dealer, or a Market
Maker, the Public Customer will be
assessed $0.10. Further, under this
proposal, Public Customer QQQ or IWM
orders that interact with a Public
Customer QQQ or IWM order will
continue to not be assessed a fee.
Further, when a Professional
Customer or Broker Dealer QQQ or IWM
order interacts with a Public Customer
QQQ or IWM order, the Exchange
proposes to assess a $0.50 fee when
making liquidity or $0.50 when taking
liquidity. When a Professional Customer
or Broker Dealer QQQ or IWM order
interacts with a Professional Customer,
Broker Dealer, or Market Maker QQQ or
IWM order, the Exchange proposes to
assess $0.15 for making liquidity or
$0.50 for taking liquidity. The Exchange
notes that these fees are the same as fees
currently assessed to QQQ and IWM
transactions as QQQ and IWM are
Penny Interval Classes.5
When a Market Maker QQQ or IWM
order interacts with a Public Customer
QQQ or IWM order, the Exchange
proposes to assess $0.00 when making
liquidity or $0.50 when taking liquidity.
The Exchange notes that assessing
Market Maker QQQ and IWM orders
that interact with Public Customers
$0.00 for making liquidity is a fee
decrease from the current fee, which is
$0.50. Lastly, when a Market Maker
QQQ or IWM order interacts with a
Professional Customer, Broker Dealer, or
Market Maker QQQ or IWM order, the
Exchange proposes to assess no fee
when making liquidity or $0.50 when
taking liquidity, which is the same as
the currently assessed fee for QQQ and
IWM orders.
The proposed fee structure for QQQ
and IWM electronic Non-Auction
Transactions will be as follows:
SPY, QQQ, and IWM
Account type
Contra party
Public Customer .......................................................................
Professional Customer or Broker Dealer ..................................
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Market Maker ............................................................................
For example, under the proposal, if a
Public Customer submitted a QQQ order
to the BOX Book (making liquidity), the
Public Customer would not be charged
a fee if the order interacted with a
Market Maker’s QQQ order and the
3 15
4 17
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
VerDate Sep<11>2014
17:22 Jan 24, 2024
Maker
Public Customer .......................................................................
Professional Customer/Broker Dealer .....................................
Market Maker ...........................................................................
Public Customer .......................................................................
Professional Customer/Broker Dealer .....................................
Market Maker ...........................................................................
Public Customer .......................................................................
Professional Customer/Broker Dealer .....................................
Market Maker ...........................................................................
Market Maker (taking liquidity) would
be charged $0.50.
Tiered Volume Rebate for Non-Auction
Transactions
The Exchange also proposes to amend
Section IV.A.1 of the Fee Schedule,
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$0.00
0.10
0.10
0.50
0.50
0.50
0.50
0.50
0.50
Tiered Volume Rebate for Non-Auction
Transactions. Specifically, the Exchange
proposes to adopt separate rebates for
QQQ and IWM transactions for Public
Customers in Non-Auction
Transactions. For Tier 1, where
percentage thresholds of Public
5 See BOX Informational Circular 2022–11
available at https://boxoptions.com/assets/IC-202211-Penny-Program-Class-Removals-1.pdf.
Jkt 262001
$0.00
0.00
0.00
0.50
0.15
0.15
0.00
0.00
0.00
Taker
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Customer volume is 0.000%—0.249%,
the Exchange proposes no rebates. For
Tier 2, where percentage thresholds of
Public Customer volume is 0.250%—
0.499%, the Exchange proposes to offer
a $0.05 rebate when making liquidity or
no rebate when taking liquidity. For
Tier 3, where percentage thresholds of
Public Customer volume is 0.500%—
0.749%, the Exchange proposes a $0.10
rebate when making liquidity or no
rebate when taking liquidity. For Tier 4,
where percentage thresholds of Public
Customer volume is 0.750%—0.999%,
the Exchange proposes a $0.20 rebate
when making liquidity or no rebate for
taking liquidity. In Tier 5, where
percentage thresholds of Public
Customer volume is 1.000% and above,
the Exchange proposes a $0.27 rebate
when making liquidity or $0.11 rebate
when taking liquidity. The proposed
rebate structure will be as follows:
Per contract rebate
Percentage thresholds of national customer volume in multiply-listed options classes
(monthly)
Tier
SPY, QQQ, and IWM
Maker
1
2
3
4
5
.............
.............
.............
.............
.............
0.000%–0.249% ..................................................................................................................................
0.250%–0.499% ..................................................................................................................................
0.500%–0.749% ..................................................................................................................................
0.750%–0.999% ..................................................................................................................................
1.000% and Above ..............................................................................................................................
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2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the Act,
in general, and Section 6(b)(4) and
6(b)(5) of the Act,6 in particular, in that
it provides for the equitable allocation
of reasonable dues, fees, and other
charges among BOX Participants and
other persons using its facilities and
does not unfairly discriminate between
customers, issuers, brokers or dealers.
The Exchange’s proposal to adopt
separate fees for QQQ and IWM
electronic Non-Auction Transactions is
reasonable, equitable, and not unfairly
discriminatory because pricing by
symbol is a common practice on many
U.S. options exchanges as a means to
incentivize order flow to be sent to an
exchange for execution in the most
actively traded options classes. The
Exchange notes that the proposed fees
are identical to the fees currently
assessed for SPY transactions on BOX.
The Exchange also notes that other
exchanges assess separate fees and
credits for QQQ and IWM transactions.7
Further, QQQ and IWM are two of the
most actively traded options and
therefore the Exchange believes that
separate fees are appropriate to more
effectively attract order flow to BOX.
Non-Auction Transactions
The Exchange believes the proposed
electronic Non-Auction Transaction fees
for Public Customer QQQ and IWM
transactions are reasonable. Under the
proposal, Public Customers will never
pay a fee for their QQQ or IWM NonAuction Transactions when making
liquidity against Public Customer or
6 15
U.S.C. 78f(b)(4) and (5).
Cboe C2 Exchange, Inc. Fee Schedule and
MIAX PEARL, LLC Fee Schedule and Nasdaq BX,
Inc. Fee Schedule.
7 See
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Non-Public Customer QQQ or IWM
orders. The Exchange notes that Public
Customers are not currently assessed a
fee for their QQQ or IWM Non-Auction
Transactions when making liquidity
against Public Customer or Non-Public
Customer QQQ or IWM orders. The
securities markets generally, and BOX
in particular, have historically aimed to
improve markets for investors and
develop various features within the
market structure for Public Customer
benefit. The Exchange believes that
assessing no fee will attract Public
Customer order flow, which provides
increased opportunities to interact with
Public Customer order flow to the
benefit of all Participants. Accordingly,
the Exchange believes that charging no
fee for Public Customers when making
liquidity for their QQQ and IWM
transactions is appropriate and not
unfairly discriminatory.
Under the proposal, Public Customer
taker fees for QQQ and IWM electronic
Non-Auction Transactions when taking
liquidity against Professional
Customers, Broker Dealers, or Market
Makers will be $0.10, which is a fee
increase from what is currently
assessed. The Exchange believes the
proposed electronic Non-Auction
transaction fees for Public Customer
QQQ and IWM transactions are
reasonable as the proposed fees are
lower than similar transaction fees
assessed at other exchanges.8 The
Exchange further believes that the
proposed QQQ and IWM taker fee for
electronic Non-Auction Public
Customer transactions will not
disincentivize Public Customer order
8 See e.g., Cboe C2 Exchange, Inc. Fee Schedule
(‘‘Transaction Fees’’ applicable to QQQ and IWM
for Public Customer Remove rates of $0.37); MIAX
PEARL, LLC Fee Schedule (‘‘Transaction Rebates/
Fees’’ for Priority Customer QQQ and IWM Taker
in Tier 1 of $0.48).
PO 00000
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$0.00
(0.05)
(0.10)
(0.20)
(0.27)
Taker
$0.00
0.00
0.00
0.00
(0.11)
flow because BOX’s electronic NonAuction Transactions fee structure is
designed to attract competitive quotes
and orders, which results in liquid
markets that Public Customers may find
attractive. The Exchange believes that
Public Customers may be willing to pay
a fee of $0.10 to access such competitive
markets.
The Exchange believes further that
charging a fee of $0.10 to Public
Customers for QQQ and IWM electronic
Non-Auction Transactions is equitable
and not unfairly discriminatory. The
Exchange notes that Professional
Customer, Broker Dealer, and Market
Maker taker fees for QQQ and IWM
electronic Non-Auction Transactions
when taking liquidity against any contra
party are $0.50 while Public Customers
will be assessed $0.10 when taking
liquidity against Professional
Customers, Broker Dealers, and Market
Makers. The Exchange again notes that
the securities markets generally, and
BOX in particular, have historically
aimed to improve markets for investors
and develop various features within the
market structure for Public Customer
benefit. The Exchange believes that
assessing lower fees for Public
Customers compared to other account
types will attract Public Customer order
flow, which provides increased
opportunities to interact with Public
Customer order flow to the benefit of all
Participants. Accordingly, the Exchange
believes that charging a lower fee for
Public Customers for their QQQ and
IWM transactions compared to other
account types on BOX is appropriate
and not unfairly discriminatory.
The Exchange believes that charging
Professional Customers and Broker
Dealers higher fees than Public
Customers for QQQ and IWM electronic
Non-Auction Transactions is equitable
and not unfairly discriminatory.
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Federal Register / Vol. 89, No. 17 / Thursday, January 25, 2024 / Notices
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Professional Customers, while Public
Customers by virtue of not being Broker
Dealers, generally engage in trading
activity more similar to Broker Dealer
proprietary trading accounts (submitting
more than 390 standard orders per day
on average). The Exchange believes that
the higher level of trading activity from
these Participants will draw a greater
amount of BOX system resources than
that of non-professional, Public
Customers. Because this higher level of
trading activity will result in greater
ongoing operational costs, the Exchange
aims to recover its costs by assessing
Professional Customers and Broker
Dealers higher fees for transactions. The
Exchange again notes that Professional
Customers and Broker Dealers are
currently assessed the same fees for
their QQQ and IWM transactions as
QQQ and IWM are Penny Interval
Classes.9
The Exchange believes it is
reasonable, equitable and not unfairly
discriminatory to assess no maker fee
for BOX Market Makers trading against
a Public Customer, Professional
Customer, Broker Dealer, or Market
Maker for QQQ and IWM electronic
Non-Auction Transactions. The
Exchange notes that under this proposal
Market Makers making liquidity against
a Public Customer for QQQ and IWM
electronic Non-Auction Transactions
will not be assessed a fee, which is a fee
decrease from what is currently
assessed. As a result of this change,
Market Makers may tighten their
spreads in QQQ and IWM and therefore
will increase market quality in QQQ and
IWM options. Specifically, Market
Makers can provide higher volumes of
liquidity and lowering certain fees will
help attract a higher level of Market
Maker order flow to the BOX Book and
create liquidity. As such, the Exchange
believes it is appropriate that Market
Makers be charged lower transaction
fees than Professional Customers and
Broker Dealers for QQQ and IWM
electronic Non-Auction Transactions.
Tiered Volume Rebate for Non-Auction
Transactions
The Exchange believes that the
proposed Public Customer QQQ and
IWM rebates in the Tiered Volume
Rebate for Non-Auction Transactions
structure are reasonable, equitable, and
not unfairly discriminatory. The
proposed volume thresholds and
applicable rebates for QQQ and IWM
transactions are meant to incentivize
Public Customers to post orders on BOX
to obtain the benefit of the rebate, which
will in turn benefit all market
participants by increasing liquidity on
BOX. The Exchange notes that the
proposed QQQ and IWM rebates are
identical to the rebates that are currently
assessed to SPY transactions today.
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
Exchange believes the proposed change
will not impose a burden on intramarket
competition as BOX believes that the
changes will result in the Participants
being charged appropriately for their
QQQ and IWM transactions.
Specifically, the change to eliminate
Market Maker maker fees when contra
to Public Customers is designed to
incentivize order flow to BOX by
incentivizing Market Makers to provide
tighter spreads thus improving market
quality to the benefit of all BOX
Participants. Additionally, the Exchange
believes that eliminating Public
Customer credits when taking liquidity
contra to a Professional Customer,
Broker Dealer, or Market Maker and
instead assessing a fee will not
disincentivize the sending of such
orders because BOX’s electronic NonAuction Transactions fee structure is
designed to attract competitive quotes
and orders, which results in liquid
markets that Public Customers may find
attractive. The Exchange notes further
that submitting an order is entirely
voluntary and Participants can
determine which type of order they
wish to submit, if any, to BOX. Further,
the Exchange believes the proposed
changes will not impose a burden on
intermarket competition as another
exchange currently assesses separate
fees for QQQ and IWM transactions.10
The Exchange believes the addition of
QQQ and IWM to the rebate structure
for Public Customer electronic NonAuction Transactions will not impose a
burden on competition among various
Exchange Participants. The Exchange
believes that the proposed changes will
result in Public Customers being rebated
appropriately for their QQQ and IWM
transactions. Further, the Exchange
believes that this proposal will enhance
competition between exchanges because
it is designed to allow BOX to better
compete with other exchanges for this
order flow.
Finally, the Exchange notes that it
operates in a highly competitive market
in which market participants can
readily favor competing venues. In such
an environment, the Exchange must
continually review, and consider
adjusting, its fees and credits to remain
competitive with other exchanges. For
the reasons described above, the
Exchange believes that the proposed
rule change reflects this competitive
environment.
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
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act 11
and Rule 19b–4(f)(2) thereunder,12
because it establishes or changes a due,
or fee.
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
• 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–2024–05 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–2024–05. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
11 15
9 See
BOX Fee Schedule, Section IV.A.
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17:22 Jan 24, 2024
Jkt 262001
10 See
PO 00000
supra note 7.
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U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
25JAN1
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Federal Register / Vol. 89, No. 17 / Thursday, January 25, 2024 / Notices
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
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–2024–05 and should be
submitted on or before February 15,
2024.
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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Sherry R. Haywood,
Assistant Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2024–01393 Filed 1–24–24; 8:45 am]
1. Purpose
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99394; File No. SR–
PEARL–2024–03]
Self-Regulatory Organizations; MIAX
PEARL LLC; Notice of Filing of a
Proposed Rule Change To Amend
Exchange Rule 402, Criteria for
Underlying Securities
khammond on DSKJM1Z7X2PROD with NOTICES
January 19, 2024.
Pursuant to the provisions of 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 January 12, 2024, MIAX PEARL LLC
(‘‘MIAX Pearl’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) a
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
17:22 Jan 24, 2024
Jkt 262001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Exchange Rule 402, Criteria for
Underlying Securities.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxglobal.com/markets/
us-options/pearl-options/rule-filings, at
MIAX Pearl’s principal office, and at the
Commission’s Public Reference Room.
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.
The Exchange proposes to amend
Exchange Rule 402, Criteria for
Underlying Securities,3 to allow the
Exchange to list and trade options on
Exchange-Traded Fund Shares (‘‘ETFs’’)
that represent interests in a trust that
holds bitcoin (‘‘Bitcoin ETPs’’),
designating them as ETFs deemed
appropriate for options trading on the
Exchange.
Current Exchange Rule 402(i)(4)
provides that, subject to certain other
criteria set forth in that Rule, securities
deemed appropriate for options trading
include ETFs that represent certain
types of interests,4 including interests in
3 The Exchange notes that its affiliate exchange,
MIAX Options, has submitted a substantively
identical proposal.
4 See Exchange Rule 402(i), which permits
options trading on ETFS that: (1) represent interests
in registered investment companies (or series
thereof) organized as open-end management
investment companies, unit investment trusts or
similar entities that hold portfolios of securities
and/or financial instruments (‘‘Funds’’), including,
but not limited to, stock index futures contracts,
PO 00000
Frm 00168
Fmt 4703
Sfmt 4703
certain specific trusts that hold financial
instruments, money market instruments,
or precious metals (which are deemed
commodities).
Bitcoin ETPs are bitcoin-backed
commodity ETPs structured as trusts.5
Similar to any ETFs currently deemed
appropriate for options trading under
Exchange Rule 402, the investment
objective of a Bitcoin ETP trust is for its
shares to reflect the performance of
bitcoin (less the expenses of the trust’s
operations), offering investors an
opportunity to gain exposure to bitcoin
without the complexities of bitcoin
delivery. As is the case for ETFs
currently deemed appropriate for
options on futures, options on securities and
indices, equity caps, collars and floors, swap
agreements, forward contracts, repurchase
agreements and reverse repurchase agreements (the
‘‘Financial Instruments’’), and money market
instruments, including, but not limited to, U.S.
government securities and repurchase agreements
(the ‘‘Money Market Instruments’’) comprising or
otherwise based on or representing investments in
broad-based indexes or portfolios of securities and/
or Financial Instruments and Money Market
Instruments (or that hold securities in one or more
other registered investment companies that
themselves hold such portfolios of securities and/
or Financial Instruments and Money Market
Instruments); (2) represent interests in a trust or
similar entity that holds a specified non-U.S.
currency or currencies deposited with the trust
which when aggregated in some specified minimum
number may be surrendered to the trust or similar
entity by the beneficial owner to receive the
specified non-U.S. currency or currencies and pays
the beneficial owner interest and other distributions
on the deposited non-U.S. currency or currencies,
if any, declared and paid by the trust (‘‘Currency
Trust Shares’’); (3) represent commodity pool
interests principally engaged, directly or indirectly,
in holding and/or managing portfolios or baskets of
securities, commodity futures contracts, options on
commodity futures contracts, swaps, forward
contracts and/or options on physical commodities
and/or non-U.S. currency (‘‘Commodity Pool
ETFs’’); (4) are issued by the SPDR® Gold Trust or
the iShares COMEX Gold Trust or the iShares Silver
Trust or the ETFS Silver Trust or the ETFS Gold
Trust or the ETFS Palladium Trust or the ETFS
Platinum Trust or the Sprott Physical Gold Trust;
or (5) represent an interest in a registered
investment company (‘‘Investment Company’’)
organized as an open-end management company or
similar entity, that invests in a portfolio of
securities selected by the Investment Company’s
investment adviser consistent with the Investment
Company’s investment objectives and policies,
which is issued in a specified aggregate minimum
number in return for a deposit of a specified
portfolio of securities and/or a cash amount with a
value equal to the next determined net asset value
(‘‘NAV’’), and when aggregated in the same
specified minimum number, may be redeemed at a
holder’s request, which holder will be paid a
specified portfolio of securities and/or cash with a
value equal to the next determined NAV (‘‘Managed
Fund Share’’); provided that all of the conditions
listed in (5)(i) and 5(ii) are met.
5 The Exchange notes several filings to list and
trade ETFs that hold bitcoin as NMS stocks (and
registration statements for those Units) are currently
pending with the Securities and Exchange
Commission (the ‘‘Commission’’). Pursuant to the
Exchange’s Rules, the Exchange would only have
authority to list and trade ETFs that are trading as
NMS stocks.
E:\FR\FM\25JAN1.SGM
25JAN1
]]>Agencies
[Federal Register Volume 89, Number 17 (Thursday, January 25, 2024)]
[Notices]
[Pages 5054-5058]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01393]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99401; File No. SR-BOX-2024-05]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee
Schedule for Trading on the BOX Options Market LLC Facility To Modify
Certain Electronic Non-Auction Transaction Fees
January 19, 2024.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 12, 2024, BOX Exchange LLC (``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
[[Page 5055]]
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.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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 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 https://rules.boxexchange.com/rulefilings.
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 Section IV.A, Non-Auction
Transactions, of the BOX Fee Schedule. Specifically, the Exchange
proposes to establish separate fees and rebates on electronic Non-
Auction Transactions for options overlying the INVESCO QQQ Trust\SM\,
Series 1 (``QQQ''), and iShares Russell 2000 Index Fund (``IWM'').
Non-Auction Transactions
Currently, in Section IV.A of the BOX Fee Schedule, fees and
credits for electronic Non-Auction Transactions are assessed depending
on three factors: (i) the account type of the Participant submitting
the order; (ii) whether the Participant is a liquidity provider or
liquidity taker; and (iii) the account type of the contra party.
The Exchange now proposes to assess separate fees for QQQ and IWM
electronic Non-Auction Transactions. Currently, when a Public Customer
QQQ or IWM order is a liquidity taker contra to a Professional
Customer, Broker Dealer, or a Market Maker, the Public Customer is
provided a $0.20 rebate. The Exchange now proposes to increase Public
Customer taker fees on QQQ and IWM electronic Non-Auction Transactions.
Accordingly, when a Public Customer QQQ or IWM order is a liquidity
taker contra to a Professional Customer, Broker Dealer, or a Market
Maker, the Public Customer will be assessed $0.10. Further, under this
proposal, Public Customer QQQ or IWM orders that interact with a Public
Customer QQQ or IWM order will continue to not be assessed a fee.
Further, when a Professional Customer or Broker Dealer QQQ or IWM
order interacts with a Public Customer QQQ or IWM order, the Exchange
proposes to assess a $0.50 fee when making liquidity or $0.50 when
taking liquidity. When a Professional Customer or Broker Dealer QQQ or
IWM order interacts with a Professional Customer, Broker Dealer, or
Market Maker QQQ or IWM order, the Exchange proposes to assess $0.15
for making liquidity or $0.50 for taking liquidity. The Exchange notes
that these fees are the same as fees currently assessed to QQQ and IWM
transactions as QQQ and IWM are Penny Interval Classes.\5\
---------------------------------------------------------------------------
\5\ See BOX Informational Circular 2022-11 available at https://boxoptions.com/assets/IC-2022-11-Penny-Program-Class-Removals-1.pdf.
---------------------------------------------------------------------------
When a Market Maker QQQ or IWM order interacts with a Public
Customer QQQ or IWM order, the Exchange proposes to assess $0.00 when
making liquidity or $0.50 when taking liquidity. The Exchange notes
that assessing Market Maker QQQ and IWM orders that interact with
Public Customers $0.00 for making liquidity is a fee decrease from the
current fee, which is $0.50. Lastly, when a Market Maker QQQ or IWM
order interacts with a Professional Customer, Broker Dealer, or Market
Maker QQQ or IWM order, the Exchange proposes to assess no fee when
making liquidity or $0.50 when taking liquidity, which is the same as
the currently assessed fee for QQQ and IWM orders.
The proposed fee structure for QQQ and IWM electronic Non-Auction
Transactions will be as follows:
------------------------------------------------------------------------
SPY, QQQ, and IWM
Account type --------------------------------------
Contra party Maker Taker
------------------------------------------------------------------------
Public Customer.................. Public Customer.... $0.00 $0.00
Professional 0.00 0.10
Customer/Broker
Dealer.
Market Maker....... 0.00 0.10
Professional Customer or Broker Public Customer.... 0.50 0.50
Dealer.
Professional 0.15 0.50
Customer/Broker
Dealer.
Market Maker....... 0.15 0.50
Market Maker..................... Public Customer.... 0.00 0.50
Professional 0.00 0.50
Customer/Broker
Dealer.
Market Maker....... 0.00 0.50
------------------------------------------------------------------------
For example, under the proposal, if a Public Customer submitted a
QQQ order to the BOX Book (making liquidity), the Public Customer would
not be charged a fee if the order interacted with a Market Maker's QQQ
order and the Market Maker (taking liquidity) would be charged $0.50.
Tiered Volume Rebate for Non-Auction Transactions
The Exchange also proposes to amend Section IV.A.1 of the Fee
Schedule, Tiered Volume Rebate for Non-Auction Transactions.
Specifically, the Exchange proposes to adopt separate rebates for QQQ
and IWM transactions for Public Customers in Non-Auction Transactions.
For Tier 1, where percentage thresholds of Public
[[Page 5056]]
Customer volume is 0.000%--0.249%, the Exchange proposes no rebates.
For Tier 2, where percentage thresholds of Public Customer volume is
0.250%--0.499%, the Exchange proposes to offer a $0.05 rebate when
making liquidity or no rebate when taking liquidity. For Tier 3, where
percentage thresholds of Public Customer volume is 0.500%--0.749%, the
Exchange proposes a $0.10 rebate when making liquidity or no rebate
when taking liquidity. For Tier 4, where percentage thresholds of
Public Customer volume is 0.750%--0.999%, the Exchange proposes a $0.20
rebate when making liquidity or no rebate for taking liquidity. In Tier
5, where percentage thresholds of Public Customer volume is 1.000% and
above, the Exchange proposes a $0.27 rebate when making liquidity or
$0.11 rebate when taking liquidity. The proposed rebate structure will
be as follows:
------------------------------------------------------------------------
Percentage Per contract rebate
thresholds of -------------------------------
national customer SPY, QQQ, and IWM
Tier volume in multiply- -------------------------------
listed options
classes (monthly) Maker Taker
------------------------------------------------------------------------
1................. 0.000%-0.249%....... $0.00 $0.00
2................. 0.250%-0.499%....... (0.05) 0.00
3................. 0.500%-0.749%....... (0.10) 0.00
4................. 0.750%-0.999%....... (0.20) 0.00
5................. 1.000% and Above.... (0.27) (0.11)
------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act, in general, and Section
6(b)(4) and 6(b)(5) of the Act,\6\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees, and other
charges among BOX Participants and other persons using its facilities
and does not unfairly discriminate between customers, issuers, brokers
or dealers.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange's proposal to adopt separate fees for QQQ and IWM
electronic Non-Auction Transactions is reasonable, equitable, and not
unfairly discriminatory because pricing by symbol is a common practice
on many U.S. options exchanges as a means to incentivize order flow to
be sent to an exchange for execution in the most actively traded
options classes. The Exchange notes that the proposed fees are
identical to the fees currently assessed for SPY transactions on BOX.
The Exchange also notes that other exchanges assess separate fees and
credits for QQQ and IWM transactions.\7\ Further, QQQ and IWM are two
of the most actively traded options and therefore the Exchange believes
that separate fees are appropriate to more effectively attract order
flow to BOX.
---------------------------------------------------------------------------
\7\ See Cboe C2 Exchange, Inc. Fee Schedule and MIAX PEARL, LLC
Fee Schedule and Nasdaq BX, Inc. Fee Schedule.
---------------------------------------------------------------------------
Non-Auction Transactions
The Exchange believes the proposed electronic Non-Auction
Transaction fees for Public Customer QQQ and IWM transactions are
reasonable. Under the proposal, Public Customers will never pay a fee
for their QQQ or IWM Non-Auction Transactions when making liquidity
against Public Customer or Non-Public Customer QQQ or IWM orders. The
Exchange notes that Public Customers are not currently assessed a fee
for their QQQ or IWM Non-Auction Transactions when making liquidity
against Public Customer or Non-Public Customer QQQ or IWM orders. The
securities markets generally, and BOX in particular, have historically
aimed to improve markets for investors and develop various features
within the market structure for Public Customer benefit. The Exchange
believes that assessing no fee will attract Public Customer order flow,
which provides increased opportunities to interact with Public Customer
order flow to the benefit of all Participants. Accordingly, the
Exchange believes that charging no fee for Public Customers when making
liquidity for their QQQ and IWM transactions is appropriate and not
unfairly discriminatory.
Under the proposal, Public Customer taker fees for QQQ and IWM
electronic Non-Auction Transactions when taking liquidity against
Professional Customers, Broker Dealers, or Market Makers will be $0.10,
which is a fee increase from what is currently assessed. The Exchange
believes the proposed electronic Non-Auction transaction fees for
Public Customer QQQ and IWM transactions are reasonable as the proposed
fees are lower than similar transaction fees assessed at other
exchanges.\8\ The Exchange further believes that the proposed QQQ and
IWM taker fee for electronic Non-Auction Public Customer transactions
will not disincentivize Public Customer order flow because BOX's
electronic Non-Auction Transactions fee structure is designed to
attract competitive quotes and orders, which results in liquid markets
that Public Customers may find attractive. The Exchange believes that
Public Customers may be willing to pay a fee of $0.10 to access such
competitive markets.
---------------------------------------------------------------------------
\8\ See e.g., Cboe C2 Exchange, Inc. Fee Schedule (``Transaction
Fees'' applicable to QQQ and IWM for Public Customer Remove rates of
$0.37); MIAX PEARL, LLC Fee Schedule (``Transaction Rebates/Fees''
for Priority Customer QQQ and IWM Taker in Tier 1 of $0.48).
---------------------------------------------------------------------------
The Exchange believes further that charging a fee of $0.10 to
Public Customers for QQQ and IWM electronic Non-Auction Transactions is
equitable and not unfairly discriminatory. The Exchange notes that
Professional Customer, Broker Dealer, and Market Maker taker fees for
QQQ and IWM electronic Non-Auction Transactions when taking liquidity
against any contra party are $0.50 while Public Customers will be
assessed $0.10 when taking liquidity against Professional Customers,
Broker Dealers, and Market Makers. The Exchange again notes that the
securities markets generally, and BOX in particular, have historically
aimed to improve markets for investors and develop various features
within the market structure for Public Customer benefit. The Exchange
believes that assessing lower fees for Public Customers compared to
other account types will attract Public Customer order flow, which
provides increased opportunities to interact with Public Customer order
flow to the benefit of all Participants. Accordingly, the Exchange
believes that charging a lower fee for Public Customers for their QQQ
and IWM transactions compared to other account types on BOX is
appropriate and not unfairly discriminatory.
The Exchange believes that charging Professional Customers and
Broker Dealers higher fees than Public Customers for QQQ and IWM
electronic Non-Auction Transactions is equitable and not unfairly
discriminatory.
[[Page 5057]]
Professional Customers, while Public Customers by virtue of not being
Broker Dealers, generally engage in trading activity more similar to
Broker Dealer proprietary trading accounts (submitting more than 390
standard orders per day on average). The Exchange believes that the
higher level of trading activity from these Participants will draw a
greater amount of BOX system resources than that of non-professional,
Public Customers. Because this higher level of trading activity will
result in greater ongoing operational costs, the Exchange aims to
recover its costs by assessing Professional Customers and Broker
Dealers higher fees for transactions. The Exchange again notes that
Professional Customers and Broker Dealers are currently assessed the
same fees for their QQQ and IWM transactions as QQQ and IWM are Penny
Interval Classes.\9\
---------------------------------------------------------------------------
\9\ See BOX Fee Schedule, Section IV.A.
---------------------------------------------------------------------------
The Exchange believes it is reasonable, equitable and not unfairly
discriminatory to assess no maker fee for BOX Market Makers trading
against a Public Customer, Professional Customer, Broker Dealer, or
Market Maker for QQQ and IWM electronic Non-Auction Transactions. The
Exchange notes that under this proposal Market Makers making liquidity
against a Public Customer for QQQ and IWM electronic Non-Auction
Transactions will not be assessed a fee, which is a fee decrease from
what is currently assessed. As a result of this change, Market Makers
may tighten their spreads in QQQ and IWM and therefore will increase
market quality in QQQ and IWM options. Specifically, Market Makers can
provide higher volumes of liquidity and lowering certain fees will help
attract a higher level of Market Maker order flow to the BOX Book and
create liquidity. As such, the Exchange believes it is appropriate that
Market Makers be charged lower transaction fees than Professional
Customers and Broker Dealers for QQQ and IWM electronic Non-Auction
Transactions.
Tiered Volume Rebate for Non-Auction Transactions
The Exchange believes that the proposed Public Customer QQQ and IWM
rebates in the Tiered Volume Rebate for Non-Auction Transactions
structure are reasonable, equitable, and not unfairly discriminatory.
The proposed volume thresholds and applicable rebates for QQQ and IWM
transactions are meant to incentivize Public Customers to post orders
on BOX to obtain the benefit of the rebate, which will in turn benefit
all market participants by increasing liquidity on BOX. The Exchange
notes that the proposed QQQ and IWM rebates are identical to the
rebates that are currently assessed to SPY transactions today.
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 Exchange believes the
proposed change will not impose a burden on intramarket competition as
BOX believes that the changes will result in the Participants being
charged appropriately for their QQQ and IWM transactions. Specifically,
the change to eliminate Market Maker maker fees when contra to Public
Customers is designed to incentivize order flow to BOX by incentivizing
Market Makers to provide tighter spreads thus improving market quality
to the benefit of all BOX Participants. Additionally, the Exchange
believes that eliminating Public Customer credits when taking liquidity
contra to a Professional Customer, Broker Dealer, or Market Maker and
instead assessing a fee will not disincentivize the sending of such
orders because BOX's electronic Non-Auction Transactions fee structure
is designed to attract competitive quotes and orders, which results in
liquid markets that Public Customers may find attractive. The Exchange
notes further that submitting an order is entirely voluntary and
Participants can determine which type of order they wish to submit, if
any, to BOX. Further, the Exchange believes the proposed changes will
not impose a burden on intermarket competition as another exchange
currently assesses separate fees for QQQ and IWM transactions.\10\
---------------------------------------------------------------------------
\10\ See supra note 7.
---------------------------------------------------------------------------
The Exchange believes the addition of QQQ and IWM to the rebate
structure for Public Customer electronic Non-Auction Transactions will
not impose a burden on competition among various Exchange Participants.
The Exchange believes that the proposed changes will result in Public
Customers being rebated appropriately for their QQQ and IWM
transactions. Further, the Exchange believes that this proposal will
enhance competition between exchanges because it is designed to allow
BOX to better compete with other exchanges for this order flow.
Finally, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues. In such an environment, the Exchange must continually
review, and consider adjusting, its fees and credits to remain
competitive with other exchanges. For the reasons described above, the
Exchange believes that the proposed rule change reflects this
competitive environment.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act \11\ and Rule 19b-4(f)(2)
thereunder,\12\ because it establishes or changes a due, or fee.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A)(ii).
\12\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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
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-2024-05 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-2024-05. This file
number should be included on the subject line if email is used. To help
the Commission process and review your
[[Page 5058]]
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 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-2024-05 and should be submitted on or before February 15, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-01393 Filed 1-24-24; 8:45 am]
BILLING CODE 8011-01-P
