Federal Register / Vol. 87, No. 66 / Wednesday, April 6, 2022 / Notices 19985 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

4. The form number, if applicable: 

Not applicable. 

5. How often the collection is required 

or requested: The information need only 

be submitted one time. 

6. Who will be required or asked to 

respond: State or Indian Tribes, or their 

representatives, requesting consultation 

with the NRC staff regarding review of 

a potential high-level radioactive waste 

geologic repository site, or wishing to 

participate in a license application 

review for a potential geologic 

repository (other than a potential 

geologic repository site at Yucca 

Mountain, Nevada, which is regulated 

under 10 CFR part 63). 

7. The estimated number of annual 

responses: 6. 

8. The estimated number of annual 

respondents: 6. 

9. The estimated number of hours 

needed annually to comply with the 

information collection requirement or 

request: 121 hours per response (121 

reporting + 0 recordkeeping). 

10. Abstract: 10 CFR part 60 requires 

States and Indian Tribes to submit 

certain information to the NRC if they 

request consultation with the NRC staff 

concerning the review of a potential 

repository site or wish to participate in 

a license application review for a 

potential repository (other than the 

Yucca Mountain, Nevada site, which is 

regulated under 10 CFR part 63). States 

and Indian Tribes are required to submit 

information regarding requests for 

consultation with the NRC and 

participation in the review of a site 

characterization plan and/or license 

application, but only if they wish to 

obtain NRC consultation services and/or 

participate in the reviews. The 

information submitted by the States and 

Indian Tribes is used by the Director of 

the Office of Nuclear Material Safety 

and Safeguards as a basis for decisions 

about the commitment of NRC staff 

resources to the consultation and 

participation efforts. The NRC 

anticipates conducting a public 

rulemaking to revise portions of 10 CFR 

part 60 in the future. If, as part of this 

rulemaking, revisions are made affecting 

the information collection requirements, 

the NRC will follow OMB requirements 

for obtaining approval for any revised 

information collection requirements. 

[Note: All of the information collection 

requirements pertaining to Yucca 

Mountain were included in 10 CFR part 

63 and were approved by OMB under 

control number 3150–0199. The Yucca 

Mountain site is regulated under 10 CFR 

part 63 (66 FR 55792, November 2, 

2001).]. 

III. Specific Requests for Comments 

The NRC is seeking comments that 

address the following questions: 

1. Is the proposed collection of 

information necessary for the NRC to 

properly perform its functions? Does the 

information have practical utility? 

2. Is the estimate of the burden of the 

information collection accurate? 

3. Is there a way to enhance the 

quality, utility, and clarity of the 

information to be collected? 

4. How can the burden of the 

information collection on respondents 

be minimized, including the use of 

automated collection techniques or 

other forms of information technology? 

Dated: March 31, 2022. 

For the Nuclear Regulatory Commission. 

David C. Cullison, 

NRC Clearance Officer, Office of the Chief 

Information Officer. 

[FR Doc. 2022–07181 Filed 4–5–22; 8:45 am] 

BILLING CODE 7590–01–P 

POSTAL SERVICE 

Product Change—Priority Mail 

Negotiated Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: April 6, 

2022. 

FOR FURTHER INFORMATION CONTACT: 

Sean Robinson, 202–268–8405. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on March 29, 2022, 

it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail Contract 738 to 

Competitive Product List. Documents 

are available at www.prc.gov, Docket 

Nos. MC2022–49, CP2022–54. 

Sean Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2022–07317 Filed 4–5–22; 8:45 am] 

BILLING CODE 7710–12–P 

POSTAL SERVICE 

Product Change—Priority Mail and 

First-Class Package Service 

Negotiated Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: April 6, 

2022. 

FOR FURTHER INFORMATION CONTACT: 

Sean Robinson, 202–268–8405. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on March 28, 2022, 

it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail & First-Class Package 

Service Contract 216 to Competitive 

Product List. Documents are available at 

www.prc.gov, Docket Nos. MC2022–48, 

CP2022–53. 

Sean Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2022–07316 Filed 4–5–22; 8:45 am] 

BILLING CODE P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94563; File No. SR–BOX– 

2022–10] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Adopt BOX Rule 7350 

(Reports and Market Data Products), 

Move Rule 7130(a)(2) Detailing the 

High Speed Vendor Feed to Proposed 

Rule 7350, and Adopt Rule 7350(b) 

(Liquidity Taker Event Report) 

March 31, 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 March 18, 

2022, BOX Exchange LLC (‘‘BOX’’ or 

‘‘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 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 


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19986 Federal Register / Vol. 87, No. 66 / Wednesday, April 6, 2022 / Notices 

3See Securities Exchange Act Release No. 91787 

(May 6, 2021), 86 FR 26111 (May 12, 2021) (SR– 

EMERALD–2021–09) (Order Approving Proposed 

Rule Change to Adopt Exchange Rule 531(a), 

Reports, to Provide for a New ‘‘Liquidity Taker 

Event Report’’). See also Securities Exchange Act 

Release Nos. 92081 (June 1, 2021), 86 FR 30344 

(June 7, 2021) (SR–MIAX–2021–21) and 92082 

(June 1, 2021), 86 FR 30337 (June 7, 2021) (SR– 

PEARL–2021–25). 

4The Exchange intends to submit a separate filing 

with the Commission pursuant to Section 19(b)(1) 

to propose fees for the Liquidity Taker Event 

Report. 

5The term ‘‘Participant’’ means a firm, or 

organization that is registered with the Exchange 

pursuant to the Rule 2000 Series for purposes of 

participating in trading on a facility of the 

Exchange. See BOX Rule 100(a)(41). 

6See current BOX Rule 7130(a)(2). 

7The term ‘‘BOX Book’’ means the electronic 

book of orders on each single option series 

maintained by the BOX Trading Host. See BOX 

Rule 100(a)(10). 

8Only displayed orders will be included in the 

Report. The Exchange notes that it does not 

currently offer any non-displayed orders types on 

its options trading platform. 

9The time the Exchange received the resting 

order would be in nanoseconds and is the time the 

resting order was received by the Exchange’s 

System. 

10The term ‘‘affiliate’’ of or person ‘‘affiliated 

with’’ another person means a person who, directly, 

or indirectly, controls, is controlled by, or is under 

common control with, such other person. See BOX 

Rule 100(a)(1). 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to proposes to 

adopt BOX Rule 7350 (Reports and 

Market Data Products), move Rule 

7130(a)(2) which details High Speed 

Vendor Feed (‘‘HSVF’’) to proposed 

Rule 7350, and adopt Rule 7350(b) 

(Liquidity Taker Event Report). 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://

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 adopt BOX 

Rule 7350 (Reports and Market Data 

Products) to provide for the new 

‘‘Liquidity Taker Event Report’’ (the 

‘‘Report’’). This is a competitive filing 

that is based on a proposal recently 

submitted by MIAX Emerald, LLC 

(‘‘MIAX Emerald’’) and approved by the 

Commission.3

The Report is an optional product 4

available to Participants.5 Currently, the 

Exchange provides real-time prices and 

analytics in the marketplace.6 The 

Exchange believes the additional data 

points outlined below may help 

Participants gain a better understanding 

about their interactions with the 

Exchange. The Exchange believes the 

Report will provide Participants with a 

chance to learn more about better 

opportunities to access liquidity and 

receive better execution rates. The 

proposed Report will increase 

transparency and democratize 

information so that all firms that 

subscribe to the Report have access to 

the same information on an equal basis, 

even for firms that do not have the 

appropriate resources to generate a 

similar report regarding interactions 

with the Exchange. None of the 

components of the proposed Report 

include real-time market data. 

Participants generally use a liquidity 

accessing order if there is a high 

probability that it will execute against 

an order resting on the BOX Book.7 The 

proposed Report would identify by how 

much time an order that may have been 

marketable missed an execution. The 

proposed Report will provide greater 

visibility into the missed trading 

execution, which will allow Participants 

to optimize their models and trading 

patterns to yield better execution 

results. 

The proposed Report will be a 

Participant-specific report and will help 

Participants to better understand by 

how much time a particular order 

missed executing against a specific 

resting order, thus allowing that 

Participant to determine whether it 

wants to invest in the necessary 

resources and technology to mitigate 

missed executions against certain 

resting orders on the BOX Book. For 

example, Participant A submits an order 

that is posted to the BOX Book and then 

Participant B enters a marketable order 

to execute against Participant A’s resting 

order. Immediately thereafter, 

Participant C sends a marketable order 

to execute against Participant A’s resting 

order. Because Participant B’s order is 

received by the Exchange before 

Participant C’s order, Participant B’s 

order executes against Participant A’s 

resting order. The proposed Report 

would provide Participant C the data 

points necessary for that firm to 

calculate by how much time they 

missed executing against Participant A’s 

resting order. The Exchange proposes to 

provide the Report on a T+1 basis. As 

further described below, the Report will 

be specific and tailored to the 

Participant that is subscribed to the 

Report and any data included in the 

Report that relates to a Participant other 

than the Participant receiving the Report 

will be anonymized. 

The Exchange proposes to provide the 

Report in response to Participant 

demand for data concerning the 

timeliness of their incoming orders and 

executions against resting orders. The 

purpose of the Report is to provide 

Participants the necessary data in a 

standardized format on a T+1 basis to 

those that subscribe to the Report on an 

equal basis. 

Proposed Rule 7350(b) would provide 

that the Report is a daily report that 

provides a Participant (‘‘Recipient 

Participant’’) with its liquidity response 

time details for executions of an order 

resting on the BOX Book, where that 

Recipient Participant attempted to 

execute against such resting order 

within a certain timeframe. 

Report Content 

Paragraph (b)(1) of Rule 7350 would 

describe the content of the Report and 

delineate which information would be 

provided regarding the resting order,8

the response that successfully executed 

against the resting order, and the 

response submitted by the Recipient 

Participant that missed executing 

against the resting order. It is important 

to note that the content of the Report 

will be specific to the Recipient 

Participant and the Report will not 

include any information related to any 

Participant other than the Recipient 

Participant. The Exchange will restrict 

all other market participants, including 

the Recipient Participant, from receiving 

another market participant’s data. 

Resting Order Information. Rule 

7350(b)(1)(i) would provide that the 

following information would be 

included in the Report regarding the 

resting order: (A) The time the resting 

order was received by the Exchange; 9

(B) symbol; (C) order ID, which is a 

unique reference number assigned to a 

new order at the time of receipt; (D) 

whether the Recipient Participant is an 

Affiliate 10 of the Participant that 


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Federal Register / Vol. 87, No. 66 / Wednesday, April 6, 2022 / Notices 19987 

11The Report will simply indicate whether the 

Recipient Participant is an Affiliate of the 

Participant that entered the resting order and not 

include any other information that may indicate the 

identity of the Participant that entered the resting 

order. 

12 ‘‘Public Customer’’ means a person that is not 

a broker or dealer in securities. See BOX Rule 

100(a)(52). 

13A non-Public Customer is a Professional 

Customer, broker dealer or Market Maker on BOX. 

The Exchange notes that the information in 

proposed BOX Rule 7350(b)(1)(i)(E) differs slightly 

from the information provided in MIAX Emerald’s 

Liquidity Taker Event Report due to the information 

already provided in the HSVF. The MIAX Emerald 

Liquidity Taker Event Report provides the origin 

type (e.g., Public Customer, Market Maker, etc.) of 

the resting order, information that is also available 

through MIAX Emerald’s proprietary data feeds. See 

e.g., MIAX Order Feed Interface Specification 

available at https://www.miaxoptions.com/sites/ 

default/files/pagefiles/MIAX_Emerald_MIAX_

Options_Order_Feed_MOR_v1.0a_re.pdf. In 

comparison, the BOX HSVF only provides Public 

Customer bid/ask volume at the best limit. While 

the HSVF does not provide information on nonPublic Customer origin types, if an order from a 

Public Customer is not present, then the volume 

reported on the HSVF will be 0 (zero), which in 

turn allows market participants to deduce that the 

other volume executed was from non-Public 

Customers. Further, the Exchange notes that the 

HSVF disseminates all resting orders executable on 

BOX and thus the information to be provided in the 

proposed Report can be inferred from information 

already provided in the BOX HSVF. As such, the 

proposed Liquidity Taker Event Report will 

conform to the information already available in the 

BOX HSVF. 14The Exchange notes that the displayed price 

and size are also disseminated via the Exchange’s 

proprietary data feed and the Options Price 

Reporting Authority (‘‘OPRA’’). The Exchange also 

notes that the displayed price of the resting order 

may be different than the ultimate execution price. 

This may occur when a resting order is displayed 

and ranked at different prices upon entry to avoid 

a locked or crossed market. 

15The term ‘‘BBO’’ means the best bid or offer on 

the Exchange. 

16Exchange Rule 7350(b)(1)(ii)(A) would further 

provide that if the resting order executes against 

multiple contra-side responses, only the BBO at the 

time of the execution against the first response will 

be included. 

17The term ‘‘NBBO’’ means the national best bid 

or offer, each as calculated by BOX based on market 

information received by BOX from OPRA. See BOX 

Rule 100(a)(34). 

18Exchange Rule 7350(b)(1)(ii)(B) would further 

provide that if the resting order executes against 

multiple contra-side responses, only the NBBO at 

the time of the execution against the first response 

will be included. 

19The time the Exchange received the response 

order would be in nanoseconds and would be the 

time the response was received by the Exchange’s 

network, which is before the time the response 

would be received by the System. 

20The time difference would be provided in 

nanoseconds. 

21For purposes of calculating this duration of 

time, the Exchange will use the time the resting 

order and the Recipient Participant’s response(s) is 

received by the Exchange’s network, both of which 

would be before the order and response(s) would 

be received by the System. This time difference 

would be provided in nanoseconds. 

22The Exchange notes that this information is not 

provided in MIAX Emerald’s Liquidity Taker Event 

Report. However, as discussed below, Participants 

can derive this information from information 

provided in the Report that is identical to 

information already provided in MIAX Emerald’s 

Report. Specifically, Participants can take the sum 

of the time difference between the time the resting 

order was received by the Exchange and the time 

the first response that executes against the resting 

order was received by the Exchange, see proposed 

Rule 7350(b)(1)(ii)(D), and the time difference 

between the first response that executes against the 

resting order was received by the Exchange and the 

time of each response sent by the Recipient 

Participant, regardless of whether it executed or 

not, see proposed Rules 7350(b)(1)(ii)(D) and 

7350(b)(1)(iii)(B). By summing these values, the 

Participant could derive the time difference 

between the time the resting order was received by 

the Exchange and the time the response submitted 

by the Recipient Participant was received by the 

Exchange, regardless of whether it executed or not. 

This time difference would be provided in 

nanoseconds. As discussed above, the Exchange 

believes that providing this information is 

reasonable and appropriate as this data point is 

being derived from information already provided in 

the Report. Further, the Exchange believes 

providing this additional information in the Report 

is reasonable and appropriate as it will provide 

greater visibility into the missed trading execution, 

which will allow Participants to optimize their 

models and trading patterns to yield better 

execution results. 

23 15 U.S.C. 78f(b). 

24 15 U.S.C. 78f(b)(5). 

entered the resting order; 11 (E) whether 

the resting order is from a Public 

Customer 12 or non-Public Customer; 13

(F) side (buy or sell); and (G) displayed 

price and size of the resting order.14

Execution Information. Rule 

7350(b)(1)(ii) would provide that the 

following information would be 

included in the Report regarding the 

execution of the resting order: (A) The 

BBO 15 at the time of execution; 16 (B) 

the NBBO 17 at the time of execution; 18

(C) the time first response that executes 

against the resting order was received by 

the Exchange and the size of the 

execution and type of the response; 19

(D) the time difference between the time 

the resting order was received by the 

Exchange and the time the first response 

that executes against the resting order 

was received by the Exchange; 20 and (E) 

whether the response was entered by 

the Recipient Participant. If the resting 

order executes against multiple contraside responses, only the BBO and NBBO 

at the time of the execution against the 

first response will be included. 

Recipient Participant’s Response 

Information. Rule 7350(b)(1)(iii) would 

provide that the following information 

would be included in the Report 

regarding response(s) sent by the 

Recipient Participant: (A) Recipient 

Participant ID; (B) the time difference 

between the time the first response that 

executes against the resting order was 

received by the Exchange and the time 

each response sent by the Recipient 

Participant was received by the 

Exchange, regardless of whether it 

executed or not; 21 (C) time difference 

between the time the resting order was 

received by the Exchange and the time 

the response submitted by the Recipient 

Participant was received by the 

Exchange, regardless of whether it 

executed or not; 22 (D) size and type of 

each response submitted by Recipient 

Participant; and (E) Response ID, which 

is a unique reference number attached 

to the response by the Recipient 

Participant. 

Timeframe for Data Included in Report 

Paragraph (a)(2) would provide that 

the Report would include the data set 

forth under Rule 7350(b)(1) described 

above for executions and contra-side 

responses that occurred within 200 

microseconds of the time the resting 

order was received by the Exchange. 

Scope of Data Included in the Report 

Paragraph (b)(3) of Rule 7350 would 

provide that the Report will only 

include trading data related to the 

Recipient Participant and, subject to the 

proposed paragraph (4) of Rule 7350(b) 

described below, will not include any 

other Participant’s trading data other 

than that listed in paragraphs (1)(i) and 

(ii) of Exchange Rule 7350(b) described 

above. 

Historical Data 

Paragraph (b)(4) of Rule 7350 would 

specify that the Report will contain 

historical data from the prior trading 

day and will be available after the end 

of the trading day, generally on a T+1 

basis. 

The Exchange also proposes to move 

Rule 7130(a)(2) to proposed Rule 

7350(a). The Exchange believes that 

moving the details regarding the High 

Speed Vendor Feed (‘‘HSVF’’) to the 

proposed Reports and Market Data 

Products rule (Rule 7350) will improve 

the overall readability of the BOX rules 

and help prevent investor confusion 

because all such market data 

information will reside in one place in 

the BOX Rulebook. 

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’’),23 in general, and Section 6(b)(5) 

of the Act,24 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 


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19988 Federal Register / Vol. 87, No. 66 / Wednesday, April 6, 2022 / Notices 

25 15 U.S.C. 78f(b)(5). 

26See supra, note 3. 

27See current BOX Rule 7130(a)(2). 

28See supra note 13. As discussed above, the 

Exchange notes that one piece of data in the first 

bucket of information differs slightly from the 

information provided in MIAX Emerald’s Liquidity 

Taker Event Report due to the information already 

provided in the HSVF. Specifically, the MIAX 

Emerald Liquidity Taker Event Report provides the 

origin type (e.g., Public Customer, Market Maker, 

etc.) of the resting order, information that is already 

available through MIAX Emerald’s proprietary data 

feeds. See e.g., MIAX Order Feed Interface 

Specification available at https://

www.miaxoptions.com/sites/default/files/pagefiles/MIAX_Emerald_MIAX_Options_Order_Feed_

MOR_v1.0a_re.pdf. In comparison, the BOX HSVF 

only provides Public Customer bid/ask volume at 

the best limit. While the HSVF does not provide 

information on non-Public Customer origin types, if 

an order from a Public Customer is not present, 

then the volume reported on the HSVF will be 0 

(zero), which in turn allows market participants to 

deduce that the other volume executed was from 

non-Public Customers. Further, the Exchange notes 

that the HSVF disseminates all resting orders 

executable on BOX and thus the information to be 

provided in the proposed Report can be inferred 

from information already provided in the BOX 

HSVF. As such, the proposed Liquidity Taker Event 

Report will conform to the information already 

available in the BOX HSVF. 

29See current BOX Rule 7130(a)(2). 

30The Exchange surveils to monitor for aberrant 

behavior related to internalized trades and identify 

potential wash sales. 

and a national market system, and, in 

general to protect investors and the 

public interest. This proposal is in 

keeping with those principles in that it 

promotes increased transparency 

through the dissemination of the 

optional Report to those interested in 

subscribing to receive the data. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 25 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

The proposed Report is similar to a 

report previously adopted by MIAX 

Emerald.26

The Exchange believes the proposed 

Report will serve to promote just and 

equitable principles of trade, remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general protect investors and the public 

interest because it will benefit investors 

by facilitating their prompt access to the 

value-added information that is 

included in the proposed Report. The 

Report will allow Participants to access 

information regarding their trading 

activity that they may utilize to evaluate 

their own trading behavior and order 

interactions. 

The proposed Report is designed for 

Participants that are interested in 

gaining insight into latency in 

connection with orders that failed to 

execute against an order resting on the 

Exchange’s Book by providing those 

Participants data to analyze by how 

much time their order may have missed 

an execution against a contra-side order 

resting on the Book. The Exchange 

believes that providing this optional 

latency data to interested Participants is 

consistent with facilitating transactions 

in securities, removing impediments to 

and perfecting the mechanism of a free 

and open market and a national market 

system, and, in general, protecting 

investors and the public interest 

because it provides greater visibility 

into the latency of Participants’ 

incoming orders. Participants may use 

this data to optimize their models and 

trading patterns in an effort to yield 

better execution results by calculating 

by how much time their order may have 

missed an execution. 

The proposal is designed to offer 

latency information in a systematized 

way and standardized format to any 

Participant that chooses to subscribe to 

the Report. As a result, the proposal will 

make latency information for liquidityseeking orders available in a more 

equalized manner and will increase 

transparency, particularly for Recipient 

Participants that may not have the 

expertise to generate the same 

information on their own. The proposed 

Report may better enable Recipient 

Participants to increase the fill rates for 

their liquidity-seeking orders. At the 

same time, as is also discussed above, 

the Report is designed to prevent a 

Recipient Participant from learning 

other Participants’ sensitive trading 

information. The Report would not be a 

real-time market data product, as it 

would provide only historical trading 

data for the previous trading day, 

generally on a T+1 basis. In addition, 

the data in the Report regarding 

incoming orders that failed to execute 

would be specific to the Recipient 

Participant’s orders, and other 

information in the proposed Report 

regarding resting orders and executions 

would be anonymized if it relates to a 

Participant other than the Recipient 

Participant. 

The Report generally contains three 

buckets of information. The first two 

buckets include information about the 

resting order and the execution of the 

resting order. Some of this information 

is available from other public sources, 

such as OPRA and the Exchange’s 

proprietary data feed, or is similar to 

information included in a report offered 

by another exchange. For example, 

OPRA provides bids, offers, and 

consolidated last sale and quotation 

information for options trading on all 

national securities exchanges, including 

the Exchange. In addition, the Exchange 

offers the High-Speed Vendor Feed 

(‘‘HSVF’’) which broadcasts BOX’s realtime trading and statistical information 

(comprised of trades, quotes, market 

depth, strategies, bulletins, summaries, 

auctions, and other statistics).27

The first bucket of information 

contained in the Report for the resting 

order includes the time the resting order 

was received by the Exchange, the 

symbol, unique reference number 

assigned at the time of receipt, side (buy 

or sell), and the displayed price and size 

of the resting order. Further, the symbol, 

whether the resting order is from a 

Public Customer or non-Public 

Customer,28 side (buy or sell), and 

displayed price and size are also 

available either via OPRA or the 

Exchange’s HSVF.29 The first bucket of 

information also indicates whether the 

Recipient Participant is an Affiliate of 

the Participant that entered the resting 

order. This data field will not indicate 

the identity of the Participant that 

entered the resting order and would 

simply allow the Recipient Participant 

to better understand the scenarios in 

which it may execute against the orders 

of its Affiliates.30

The second bucket of information 

contained in the Report regards the 

execution of the resting order and 

includes the BBO and NBBO at the time 

of execution. These data points are also 

available either via OPRA or the 

Exchange’s HSVF. The second bucket of 

information will also indicate whether 

the response was entered by the 

Recipient Participant. This data point is 

simply provided as a convenience. If not 

entered by the Recipient Participant, 

this data point will be left blank so as 

not to include any identifying 

information about other Participant 

activity. The second bucket of 

information also includes the size, time 

and type of first response that executes 

against the resting order; as well as the 

time difference between the time the 

resting order and first response that 

executes against the resting order are 

received by the Exchange. These data 

points would assist the Recipient 

Participant in analyzing by how much 

time their order may have missed an 

execution against a contra-side order 

resting on the Book. 

The third bucket of information is 

about the Recipient Participant’s 

response(s) and the time their 

response(s) is received by the Exchange. 

This includes the time difference 

between the time the first response that 

executes against the resting order was 

received by the Exchange and the time 


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Federal Register / Vol. 87, No. 66 / Wednesday, April 6, 2022 / Notices 19989 

31See Proposed Rule 7350(b)(1)(iii)(C). 

32See proposed Rule 7350(b)(1)(ii)(D). 

33See proposed Rule7350(b)(1)(iii)(B). 

34See Sec. Indus. Fin. Mkts. Ass’n (SIFMA), 

Initial Decision Release No. 1015, 2016 SEC LEXIS 

2278 (ALJ June 1, 2016) (finding the existence of 

vigorous competition with respect to non-core 

market data). 

35See supra, note 3. 

36The Exchange notes that the following two 

points will also be included in the Report: (1) 

Whether the resting order is from a Public Customer 

or a non-Public Customer and (2) the time 

difference between the time the resting order was 

received by the Exchange and the time the response 

submitted by the Recipient Participant was received 

by the Exchange. The Exchange believes providing 

these data points will not impose any burden on 

competition not necessary or appropriate in 

furtherance of the purposes of the Act as this 

information may be derived from information 

already provided in the Report or information 

already provided in the Exchange’s HSVF. See 

supra, notes 13 and 22. 

of each response sent by the Recipient 

Participant, regardless of whether it 

executed or not. Also included is the 

time difference between the time the 

resting order was received by the 

Exchange and the time the response 

submitted by the Recipient Participant 

was received by the Exchange. As stated 

above, these data points would assist 

the Recipient Participant in analyzing 

by how much time their order may have 

missed an execution against a contraside order resting on the Book. This 

bucket would also include the size and 

type of each response submitted by the 

Recipient Participant, the Recipient 

Participant identifier, and a response 

reference number which is selected by 

the Recipient Participant. Each of these 

data points are unique to the Recipient 

Participant and should already be 

known by Recipient Participant even if 

not included in the Report. The 

Exchange notes one additional data 

point included in the third bucket of 

information that is not included in the 

information provided in MIAX 

Emerald’s Report. Specifically, the 

Exchange proposes to include the time 

difference between the time the resting 

order was received by the Exchange and 

the time the response submitted by the 

Recipient Participant was received by 

the Exchange.31 As discussed herein, 

the Exchange believes that providing 

this information is reasonable and 

appropriate as this data point is being 

derived from information already 

provided in the Report that is identical 

to information already provided in the 

MIAX Emerald Report. Specifically, 

Participants can take the sum of the 

time difference between the time the 

resting order was received by the 

Exchange and the time the first response 

that executes against the resting order 

was received by the Exchange 32 and the 

time difference between the first 

response that executes against the 

resting order was received by the 

Exchange and the time of each response 

sent by the Recipient Participant, 

regardless of whether it executed or 

not.33 By summing these values, the 

Participant could derive the time 

difference between the time the resting 

order was received by the Exchange and 

the time the response submitted by the 

Recipient Participant was received by 

the Exchange, regardless of whether it 

executed or not. This time difference 

would be provided in nanoseconds. 

Further, the Exchange believes 

providing this additional information in 

the Report is reasonable and appropriate 

as it will provide greater visibility into 

the missed trading execution, which 

will allow Participants to optimize their 

models and trading patterns to yield 

better execution results. 

The Exchange proposes to provide the 

Report on a voluntary basis and no 

Participant will be required to subscribe 

to the Report. The Exchange notes that 

there is no rule or regulation that 

requires the Exchange to produce, or 

that a Participant elect to receive, the 

Report. It is entirely a business decision 

of each Participant to subscribe to the 

Report. The Exchange proposes to offer 

the Report as a convenience to 

Participants to provide them with 

additional information regarding trading 

activity on the Exchange on a delayed 

basis after the close of regular trading 

hours. A Participant that chooses to 

subscribe to the Report may discontinue 

receiving the Report at any time if that 

Participant determines that the 

information contained in the Report is 

no longer useful. 

In summary, the proposed Report will 

help to protect a free and open market 

by providing additional data (offered on 

an optional basis) to the marketplace 

and by providing investors with greater 

choices.34 Additionally, the proposal 

would not permit unfair discrimination 

because the proposed Report will be 

available to all Exchange Participants. 

The Exchange also proposes to move 

Rule 7130(a)(2) to proposed Rule 

7350(a). The Exchange believes that 

moving the details regarding the High 

Speed Vendor Feed (‘‘HSVF’’) to the 

proposed Reports and Market Data 

Products rule (Rule 7350) will benefit 

investors by improving the overall 

readability of the BOX rules and help 

prevent investor confusion by providing 

all such market data information in one 

place within the BOX Rulebook. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. In this regard 

and as indicated above, the Exchange 

notes that the rule change is being 

proposed as a competitive response to a 

filing submitted by MIAX Emerald that 

was recently approved by the 

Commission.35

In this instance, the proposed rule 

change to offer the optional Report is in 

response to Participant interest. The 

Exchange does not believe the proposed 

Report will have an inappropriate 

burden on intra-market competition 

between Recipient Participants and 

other Participants who do not receive 

the Report. As discussed above, the first 

two buckets of information included in 

the Report contain information about 

the resting order and the execution of 

the resting order, both of which are 

generally available to Participants that 

choose not to receive the Report from 

other public sources, such as OPRA and 

the Exchange’s HSVF. The third bucket 

of information is about the Recipient 

Participant’s response and the time their 

response is received by the Exchange, 

information which the Recipient 

Participant would be able to obtain 

without receiving the Report.36

Additionally, some Participants may 

already be able to derive a substantial 

amount of the same data that is 

provided by some of the components 

based on their own executions and 

algorithms. 

In sum, if the proposed Report is 

unattractive to Participants, Participants 

will opt not to receive it. Accordingly, 

the Exchange does not believe that the 

proposed change will impair the ability 

of Participants or competing order 

execution venues to maintain their 

competitive standing in the financial 

markets. 

Lastly, the Exchange does not believe 

that the proposed change to move the 

current HSVF rule to the proposed Rule 

7350 will impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. This proposed 

clarifying change has no competitive 

purpose and is only intended to 

improve the overall readability of the 

BOX rules and help prevent investor 

confusion by relocating market data 

information to reside in one place in the 

BOX Rulebook. 


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19990 Federal Register / Vol. 87, No. 66 / Wednesday, April 6, 2022 / Notices 

37 15 U.S.C. 78s(b)(3)(A). 

38 17 CFR 240.19b–4(f)(6). 

39 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4Rule 8.900–E(c)(1) provides that the term 

‘‘Managed Portfolio Share’’ means a security that (a) 

represents an interest in an investment company 

registered under the Investment Company Act of 

1940 (‘‘Investment Company’’) organized as an 

open-end management investment company 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; (b) is issued in 

a Creation Unit, or multiples thereof, in return for 

a designated portfolio of instruments (and/or an 

amount of cash) with a value equal to the next 

determined net asset value and delivered to the 

Authorized Participant (as defined in the 

Investment Company’s Form N–1A filed with the 

Commission) through a Confidential Account; (c) 

when aggregated into a Redemption Unit, or 

multiples thereof, may be redeemed for a 

designated portfolio of instruments (and/or an 

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 

Pursuant to Section 19(b)(3)(A) of the 

Act 37 and Rule 19b–4(f)(6) 38

thereunder, the Exchange has 

designated this proposal as one that 

effects a change that: (i) Does not 

significantly affect the protection of 

investors or the public interest; (ii) does 

not impose any significant burden on 

competition; and (iii) by its terms, does 

not become operative for 30 days after 

the date of the filing, or such shorter 

time as the Commission may designate 

if consistent with the protection of 

investors and the public interest. 

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

BOX–2022–10 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–2022–10. 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 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–2022–10, and should 

be submitted on or before April 27, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.39

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–07183 Filed 4–5–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94569; File No. SR– 

NYSEArca–2022–16] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To List and Trade Shares 

of the DoubleLine Shiller CAPE U.S. 

Equities ETF Under Rule 8.900–E 

(Managed Portfolio Shares) 

March 31, 2022. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on March 

31, 2022, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or ‘‘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 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to List and 

Trade Shares of the DoubleLine Shiller 

CAPE® U.S. Equities ETF under Rule 

8.900–E. The proposed rule change is 

available on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange, 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 

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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

NYSE Arca Rule 8.900–E permits the 

listing and trading, or trading pursuant 

to unlisted trading privileges, of 

Managed Portfolio Shares, which are 

securities issued by an actively managed 

open-end investment management 

company.4 Rule 8.900–E(b)(1) requires 


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