[Federal Register Volume 83, Number 115 (Thursday, June 14, 2018)]
[Notices]
[Pages 27807-27812]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-12751]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83396; File No. SR-BOX-2018-21]
Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend the Fee Schedule on the BOX Market LLC (``BOX'') Options Facility
To Amend Fees and Rebates for Non-Auction Transactions
June 8, 2018.
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 May 31, 2018, BOX Options Exchange LLC (the ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Exchange filed the
proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the
[[Page 27808]]
Act,\3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to amend the Fee Schedule on
the BOX Market LLC (``BOX'') options facility. While changes to the fee
schedule pursuant to this proposal will be effective upon filing, the
changes will become operative on June 1, 2018. 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 http://boxexchange.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 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 make changes to Section I. (Electronic
Transaction Fees).
Exchange Fees for Non-Auction Transactions
The Exchange proposes to adjust certain fees for Non-Auction
Transactions. Currently, for all non-auction transactions, fees and
credits are assessed depending upon 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. Non-Auction Transactions in Penny Pilot Classes
are assessed different fees or credits than Non-Auction Transactions in
Non-Penny Pilot Classes.
The current fees for Non-Auction Transactions are:
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Penny Pilot Classes Non-Penny Pilot Classes
Account type Contra party ---------------------------------------------------
Maker fee Taker fee Maker fee Taker fee
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Public Customer..................... Public Customer....... $0.05 $0.05 $0.05 $0.05
Professional Customer/ 0.05 0.05 0.05 0.05
Broker Dealer.
Market Maker.......... 0.05 0.05 0.05 0.05
Professional Customer or Broker Public Customer....... 0.60 0.45 0.95 0.85
Dealer. Professional Customer/ 0.05 0.45 0.05 0.60
Broker Dealer.
Market Maker.......... 0.05 0.45 0.05 0.60
Market Maker........................ Public Customer....... 0.27 0.43 0.65 0.80
Professional Customer/ 0.00 0.29 0.00 0.40
Broker Dealer.
Market Maker.......... 0.00 0.29 0.00 0.40
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First, the Exchange proposes to remove the fees assessed for Public
Customers that make or take liquidity against Public Customers in Penny
Pilot and Non-Penny Pilot Classes. Next, the Exchange proposes to
eliminate the fees assessed to Public Customers that make liquidity
against Professional Customers/Broker Dealers and Market Makers in
Penny Pilot and Non-Penny Pilot Classes. Lastly, the Exchange proposes
to assess a $0.20 credit for Public Customers that take liquidity from
Professional Customers/Broker Dealers and Market Makers in Penny Pilot
Classes and a $0.50 credit for Public Customers that take liquidity
from Professional Customers/Broker Dealers and Market Makers in Non-
Penny Pilot Classes.
The Exchange proposes to adjust the fees assessed for Professional
Customers and Broker Dealers. In Penny Pilot Classes, the Exchange
proposes to adjust the fees assessed for Professional Customers and
Broker Dealers that that take liquidity from all other Participants.
Specifically, the Exchange proposes to increase the fee assessed to
Professional Customers and Broker Dealers that take liquidity from
Public Customers, Professional Customers/Broker Dealers and Market
Makers to $0.50 from $0.45 in Penny Pilot Classes. Additionally, the
Exchange proposes to increase the fees assessed for Professional
Customers and Broker Dealers making liquidity against Professional
Customers and Broker Dealers and Market Makers in Penny Pilot Classes
to $0.15 from $0.05. For Non-Penny Pilot Classes, the Exchange proposes
to increase the fees assessed for Professional Customers and Broker
Dealers making liquidity against Non-Public Customers to $0.15 from
$0.05. The Exchange also proposes to increase the fees assessed for
Professional Customers and Broker Dealers taking liquidity from Public
Customers to $0.95 from $0.85 in Non-Penny Pilot Classes. Lastly, with
regard to Professional Customers/Broker Dealers taking liquidity from
Professional Customers/Broker Dealers and Market Makers in Non-Penny
Pilot Classes, the Exchange proposes to increase the fees assessed to
$0.85 from $0.60.
The Exchange then proposes to adjust the fees assessed for Market
Makers in Non-Auction Transactions. First, the Exchange proposes to
increase the fees assessed on Market Makers making liquidity against a
Public Customer to $0.50 from $0.27 in Penny Pilot Classes. With regard
to Market Makers taking liquidity against Public Customers in Penny
Pilot Classes, the Exchange proposes to increase the fee to $0.50 from
$0.43. Further, the Exchange proposes to increase the fee for Market
Makers taking liquidity against Professional Customers and Broker
Dealers and Market Makers in Penny Pilot Classes to $0.50 from $0.29.
Lastly, the Exchange proposes to adjust the fees assessed to Market
Makers in Non-Penny Pilot Classes. Specifically, the
[[Page 27809]]
Exchange proposes to increase the fee assessed to a Market Maker when
making liquidity from a Public Customer in Non-Penny Pilot Classes to
$0.95 from $0.65. In Non-Penny Pilot Classes, the Exchange proposes to
increase the fee assessed to Market Makers taking liquidity from a
Public Customer to $0.95 from $0.80. Lastly, the Exchange proposes to
increase the fees assessed to Market Makers taking liquidity from
Professional Customers/Broker Dealers and Market Makers in Non-Penny
Pilot Classes to $0.75 from $0.40.
The fees for Non-Auction Transactions will be as follows:
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Penny Pilot Classes Non-Penny Pilot Classes
Account type Contra party ---------------------------------------------------
Maker fee Taker fee Maker fee Taker fee
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Public Customer..................... Public Customer....... $0.00 $0.00 $0.00 $0.00
Professional Customer/ 0.00 (0.20) 0.00 (0.50)
Broker Dealer.
Market Maker.......... 0.00 (0.20) 0.00 (0.50)
Professional Customer or Broker Public Customer....... 0.60 0.50 0.95 0.95
Dealer Professional Customer/ 0.15 0.50 0.15 0.85
Broker Dealer.
Market Maker.......... 0.15 0.50 0.15 0.85
Market Maker........................ Public Customer....... 0.50 0.50 0.95 0.95
Professional Customer/ 0.00 0.50 0.00 0.75
Broker Dealer.
Market Maker.......... 0.00 0.50 0.00 0.75
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Tiered Volume Rebate for Non-Auction Transactions
The Exchange proposes to amend Section I.A.1. of the BOX Fee
Schedule, Tiered Volume Rebate for Non-Auction Transactions.
Specifically, the Exchange proposes to adjust the rebates in the Tiered
Volume Rebate for Public Customers in Non Auction Transactions. The
current Tiered Volume Rebate for Public Customers in Non-Auction
Transactions is as follows:
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Per contract rebate
Percentage thresholds of ---------------------------------------------------
Tier national customer volume in Penny Pilot Classes Non-Penny Pilot Classes
multiply- listed options ---------------------------------------------------
classes (monthly) Maker Taker Maker Taker
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1........................... 0.000-0.129................... $0.00 $0.00 $0.00 $0.00
2........................... 0.130-0.339................... (0.05) (0.05) (0.20) (0.20)
3........................... 0.340-0.549................... (0.15) (0.15) (0.30) (0.30)
4........................... 0.550 and Above............... (0.25) (0.25) (0.50) (0.50)
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The Exchange proposes to adjust certain maker and taker rebates in
Tiers 2 through 4 of the Tiered Volume Rebate structure for Public
Customers in both Penny Pilot Classes and Non-Penny Pilot Classes. The
new per contract rebate for Public Customers in Non-Auction
Transactions as set forth in Section I.A.1. of the BOX Fee Schedule
will be as follows:
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Per contract rebate
Percentage thresholds of ---------------------------------------------------
Tier national customer volume in Penny Pilot Classes Non-Penny Pilot Classes
multiply- listed options ---------------------------------------------------
classes (monthly) Maker Taker Maker Taker
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1........................... 0.000-0.129................... $0.00 $0.00 $0.00 $0.00
2........................... 0.130-0.339................... (0.05) (0.15) (0.15) (0.27)
3........................... 0.340-0.549................... (0.10) (0.20) (0.30) (0.32)
4........................... 0.550 and Above............... (0.27) (0.27) (0.60) (0.40)
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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,\5\ 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 proposed changes will allow the Exchange to be
competitive with other exchanges and to apply fees, credits and rebates
in a manner that is equitable among all BOX Participants. Further, the
Exchange operates within a highly competitive market in which market
participants can readily direct order flow to any other competing
exchange if they determine fees at a particular exchange to be
excessive.
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\5\ 15 U.S.C. 78f(b)(4) and (5).
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Non-Auction Transactions
The Exchange believes it is equitable, reasonable and not unfairly
discriminatory to assess fees according to the account type of the
Participant originating the order and the contra party. This fee
structure has been in place on the Exchange since 2014 and the Exchange
is simply adjusting certain fees within the structure.\6\ The result of
this structure is that a Participant does not know the fee it will be
charged when submitting certain orders. Therefore, the Participant must
recognize that it could be charged the
[[Page 27810]]
highest applicable fee on the Exchange's schedule, which may, instead,
be lowered depending upon how the order interacts.
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\6\ See Securities Exchange Release No. 73547 (November 6,
2014), 79 FR 67520 (November 13, 2014) (Notice of Filing and
Immediate Effectiveness SR-BOX-2014-25).
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The Exchange believes removing non-auction transaction fees for
Public Customers making or taking liquidity against Public Customers in
Penny and Non-Penny Pilot Classes, as well as Public Customers making
liquidity against Professional Customers, Broker Dealers and Market
Makers is reasonable, equitable and not unfairly discriminatory.
Further, the Exchange believes that providing a $0.20 and $0.50 credit
to Public Customers that take liquidity from Professional Customers,
Broker Dealers and Market Makers in Penny Pilot Classes and Non-Penny
Pilot Classes, respectively, is also reasonable, equitable and not
unfairly discriminatory. The Exchange notes that it has either not
charged or provided a credit to Public Customers for Non-Auction
Transactions on BOX in the past.\7\ Further, the Exchange believes
providing a credit or charging no fee to Public Customers for all Non-
Auction Transactions is equitable and not unfairly discriminatory. 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. Accordingly,
the Exchange believes that charging no fee or providing a credit for
Public Customers is appropriate and not unfairly discriminatory. Public
Customers are less sophisticated than other Participants and the credit
will help to attract a high level of Public Customer order flow to the
BOX Book and create liquidity, which the Exchange believes will
ultimately benefit all Participants trading on BOX.
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\7\ Id. See also Securities Exchange Act Release No. 75350 (July
1, 2015), 80 FR 39169 (July 8, 2015) (SR-BOX-2015-24).
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Finally, the Exchange believes it is reasonable, equitable and not
unfairly discriminatory to give Public Customers a credit (or charge no
fee) when their orders execute against a non-Public Customer and,
accordingly, charge non-Public Customers a higher fee when their orders
execute against a Public Customer. As stated above, the Exchange aims
to improve markets by developing features for the benefit of its Public
Customers. Similar to the payment for order flow and other pricing
models that have been adopted by the Exchange and other exchanges to
attract Public Customer order flow, the Exchange increases fees to non-
Public Customers in order to provide incentives for Public Customers.
Further, the Exchange believes that providing a higher credit in Non-
Penny Pilot Classes is reasonable. As discussed herein, Non-Penny Pilot
Classes are traded less actively and the Exchange believes that
providing this higher credit in Non-Penny Pilot Classes will provide
incentive for Public Customers to trade in these classes. The Exchange
believes that providing incentives for Non-Auction Transactions by
Public Customers is reasonable and, ultimately, will benefit all
Participants trading on the Exchange by attracting Public Customer
order flow.
The Exchange believes that the proposed fees for Professional
Customers and Broker Dealers in Non-Auction Transactions are
reasonable. Under the proposed fee structure, a Professional Customer
or Broker Dealer making liquidity and interacting with a Professional
Customer, Broker Dealer or Market Marker will now be charged a fee of
$0.15 in both Penny and Non-Penny Pilot Classes. If the Professional
Customer or Broker Dealer is instead taking liquidity in the Penny
Pilot, it will be charged $0.50 against any other Participant. If the
Professional Customer or Broker Dealer is taking liquidity in the Non-
Penny Pilot, it will be charged $0.95 if it interacts with a Public
Customer and $0.85 if it interacts with a Professional Customer/Broker
Dealer or Market Maker. The Exchange believes that the proposed fees
are reasonable as they are in line with the current fees assessed by
another competing exchange.\8\
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\8\ See Nasdaq ISE, LLC (``ISE'') Fee Schedule. On ISE,
Professional Customers and Broker Dealers are charged $0.10 for
making liquidity in Penny Pilot Classes and charged $0.46 for taking
liquidity in Penny Pilot Classes. See also NYSE Arca Inc (``Arca'')
Fee Schedule. Arca charges Professional Customers and Broker Dealers
$1.10 for taking liquidity in Non-Penny Pilot Classes.
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The Exchange believes that charging Professional Customers and
Broker Dealers higher fees than Public Customers for their Non-Auction
Transactions is equitable and not unfairly discriminatory. 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. The Exchange believes that the
higher level of trading activity from these Participants will draw a
greater amount of BOX system resources; the Exchange aims to recover
its costs by assessing Professional Customers and Broker Dealers higher
fees for transactions.
The Exchange believes that the proposed fees for Market Makers in
Non-Auction Transactions are reasonable. With the proposed fee changes,
a Market Maker making liquidity will now be charged a higher fee of
$0.50 (Penny Pilot) and $0.95 (Non-Penny Pilot) for interacting with a
Public Customer. Further, a Market Maker taking liquidity against a
Public Customer will now be charged $0.50 in Penny Pilot Classes and
$0.95 in Non-Penny Pilot Classes. If a Market Maker is taking liquidity
in Penny Pilot Classes and interacts with a Professional Customer/
Broker Dealer or Market Maker they will now be charged a fee of $0.50.
Lastly, if a Market Maker is taking liquidity in Non-Penny Pilot
Classes and interacts with a Professional Customer/Broker Dealer or
Market Maker, they will now be charged $0.75. The Exchange believes the
fees listed above are reasonable and appropriate as they are in line
with what is currently charged by the industry.\9\
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\9\ Id. On ISE and Arca, the general range for Market Maker fees
is between $0.10 and $1.10. The Exchange notes that Arca provides a
rebate to Market Makers that post liquidity in both Penny and Non-
Penny Pilot Classes.
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Further, the Exchange believes it is equitable and not unfairly
discriminatory to charge the Market Maker equal or less for making or
taking liquidity than Professional Customers or Broker Dealers.
Specifically, Market Makers have certain obligations that other
Participants do not and can ultimately provide more value by directing
liquidity to the Exchange, which the Exchange believes will benefit all
Participants trading on BOX.
The Exchange believes it is reasonable, equitable and not unfairly
discriminatory for Professional Customers, Broker Dealers and Market
Makers to be charged higher fees when interacting with Public Customers
than interacting with other Participants on BOX. The Exchange believes
they are reasonable as they are in a similar range with the fees in the
options industry.\10\ Further, as stated above, the Exchange believes
charging a higher fee for interactions with a Public Customer when
compared to interactions with other Participants is equitable and not
unfairly discriminatory because it allows the Exchange to incentivize
Public Customer order flow by offering low fees and rebate potential to
Public Customers in Non-Auction Transactions. The Exchange believes
that providing these incentives for Non-Auction Transactions by Public
[[Page 27811]]
Customers will benefit all Participants trading on the Exchange by
attracting this Public Customer order flow.
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\10\ Id. On ISE and Arca, the general range for Broker Dealer
and Professional Customer fees is between $0.10 and $1.10. The
Exchange notes that Arca provides a rebate to Broker Dealers and
Professional Customers that make liquidity in Penny and Non-Penny
Pilot Classes.
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The Exchange believes it is reasonable, equitable and not unfairly
discriminatory that Professional Customers, Broker Dealers and Market
Makers be charged a higher fee for certain orders removing liquidity,
when compared to the fee they receive for orders that add liquidity.
Charging a lower fee for orders that add liquidity will promote
liquidity on the Exchange and ultimately benefit all participants on
BOX. Further, the concept of incentivizing orders that add liquidity
over orders that remove liquidity is commonly accepted within the
industry as part of the ``Make/Take'' liquidity model.
The Exchange believes that providing a credit to Public Customers
that take liquidity from Professional Customers/Broker Dealers and
Market Makers in Penny and Non-Penny Pilot Classes, compared to the
$0.00 fee they are assessed when making liquidity against Professional
Customers/Broker Dealers and Market Makers, is reasonable, equitable
and not unfairly discriminatory. Instead of providing a credit for both
making and taking liquidity, the Exchange believes the high credit for
taking liquidity will attract Public Customer order flow to BOX which,
in turn, will lead to more robust market making on the Exchange, thus
benefitting all market participants. 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. As such, the Exchange believes the proposed
credit to Public Customers that take liquidity from Professional
Customers/Broker Dealers and Market Makers in Penny and Non-Penny Pilot
classes is reasonable.
Finally, the Exchange also believes it is reasonable to charge
Professional Customers and Broker Dealers and Market Makers less for
certain executions in Penny Pilot issues compared to Non-Penny Pilot
issues because these classes are typically more actively traded;
assessing lower fees will further incentivize order flow in Penny Pilot
issues on the Exchange, ultimately benefiting all Participants trading
on BOX.
Tiered Volume Rebate for Non-Auction Transactions
BOX believes it is reasonable, equitable and not unfairly
discriminatory to adjust certain rebates in the volume based thresholds
for Public Customers in all Non-Auction Transactions. The volume based
thresholds and applicable rebates are meant to incentivize Public
Customers to direct order flow to the Exchange to obtain the benefit of
the rebate, which will in turn benefit all market participants by
increasing liquidity on the Exchange. Other exchanges employ similar
incentive programs; \11\ and the Exchange believes that the proposed
changes to the volume based rebates are reasonable and competitive when
compared to incentive structures at other exchanges.
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\11\ See Section B of the PHLX Pricing Schedule entitled
``Customer Rebate Program;'' and Cboe Exchange, Inc. (``CBOE'')
Volume Incentive Program (``VIP''). CBOE's VIP pays certain tiered
rebates to Trading Permit Holders for electronically executed
multiply-listed option orders, which include AIM orders.
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The Exchange believes it is reasonable to offer a higher per
contract rebate for transactions in Non-Penny Pilot Classes compared to
Penny Pilot Classes because Non-Penny Pilot Classes are typically less
actively traded and have wider spreads. The Exchange believes that
offering a higher rebate will incentivize Public Customer order flow in
Non-Penny Pilot issues on the Exchange, ultimately benefitting all
Participants trading on BOX.
The Exchange believes it is reasonable to adjust certain rebates in
Tiers 2 through 4 of the Tiered Volume Rebate for Public Customers
making and taking liquidity in Non-Auction Transactions. The rebates
are meant to incentivize Public Customers to direct order flow to the
Exchange to obtain the benefit of the rebate, which will in turn
benefit all market participants by increasing liquidity on the
Exchange.
The Exchange continues to believe it is equitable and not unfairly
discriminatory to have these rebate structures for Public Customers in
Non-Auction transactions. The practice of incentivizing increased
Public Customer order flow is common in the options markets. While the
Exchange proposes to decrease some of the Public Customer rebates in
Penny and Non-Penny Pilot Classes, the Exchange believes that Public
Customers will still benefit from the opportunity to obtain a rebate.
Additionally, most Public Customers currently achieve a volume based
rebate in their Non-Auction transactions.
Further, the Exchange believes that providing a higher per contract
rebate for Public Customers taking liquidity in Penny and Non-Penny
Pilot Classes compared to making liquidity is reasonable and
appropriate. As discussed above, the Exchange believes the proposed
rebates for taking liquidity in Penny and Non-Penny Pilot Classes will
attract Public Customer order flow to BOX which, in turn, will lead to
more robust market making on the Exchange, thus benefitting all market
participants. As such, the Exchange believes that the proposed changes
are reasonable and appropriate.
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 that the proposed adjustments to fees in the
Non-Auction Transactions fee structure will not impose a burden on
competition among various Exchange Participants. Rather, BOX believes
that the changes will result in the Participants being charged
appropriately for these transactions and are designed to enhance
competition in Non-Auction transactions on BOX. Submitting an order is
entirely voluntary and Participants can determine which type of order
they wish to submit, if any, to the Exchange.
The Exchange believes that amending the proposed rebate structure
for Public Customer 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 these transactions. Further, the
Exchange believes that this proposal will enhance competition between
exchanges because it is designed to allow the Exchange to better
compete with other exchanges for order flow.
Finally, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing exchanges. 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.
[[Page 27812]]
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 \12\ and Rule 19b-4(f)(2)
thereunder,\13\ because it establishes or changes a due, or fee.
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\12\ 15 U.S.C. 78s(b)(3)(A)(ii).
\13\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend the rule
change if it appears to the Commission that the action is necessary or
appropriate in the public interest, for the protection of investors, or
would otherwise further the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-BOX-2018-21 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-2018-21. 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 (http://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 such 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-2018-21, and should be submitted on
or before July 5, 2018.
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\14\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-12751 Filed 6-13-18; 8:45 am]
BILLING CODE 8011-01-P