Federal Register / Vol. 86, No. 182 / Thursday, September 23, 2021 / Notices 52937 

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). 

5The term ‘‘Participant’’ or ‘‘Options 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). 

6Exchange Participants must record the 

appropriate account origin code on all orders at the 

time of entry in order. The Exchange represents that 

it has surveillances in place to verify that 

Participants mark orders with the correct account 

origin code. 

7 ‘‘CMTA’’ or Clearing Member Trade Assignment 

is a form of ‘‘give-up’’ whereby the position will be 

assigned to a specific clearing firm at OCC. 

By the Commission. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–20554 Filed 9–22–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93045; File No. SR–BOX– 

2021–22] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the Fee 

Schedule on the BOX Options Market 

LLC Facility To Reduce the Amount of 

the Options Regulatory Fee (‘‘ORF’’) 

September 17, 2021. 

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 

September 14, 2021, 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 

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 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 

Currently, the Exchange assesses ORF 

in the amount of $0.0038 per contract 

side. The Exchange proposes to reduce 

the amount of ORF from $0.0038 per 

contract side to $0.00295 per contract 

side in order to help ensure that revenue 

collected from the ORF, in combination 

with other regulatory fees and fines, 

does not exceed the Exchange’s total 

regulatory costs. The Exchange’s 

proposed change to the ORF should 

balance the Exchange’s regulatory 

revenue against the anticipated 

regulatory costs. 

Collection of ORF 

Currently, the Exchange assesses the 

per-contract ORF to each Participant 5

for all options transactions, including 

Mini Options, cleared or ultimately 

cleared by the Participant, which are 

cleared by the Options Clearing 

Corporation (‘‘OCC’’) in the ‘‘customer’’ 

range,6 regardless of the exchange on 

which the transaction occurs. The ORF 

is collected by OCC on behalf of the 

Exchange from either: (1) A Participant 

that was the ultimate clearing firm for 

the transaction; or (2) a non-Participant 

that was the ultimate clearing firm 

where a Participant was the executing 

clearing firm for the transaction. The 

Exchange uses reports from OCC to 

determine the identity of the executing 

clearing firm and ultimate clearing firm. 

To illustrate how the Exchange 

assesses and collects ORF, the Exchange 

provides the following set of examples. 

For a transaction that is executed on the 

Exchange and the ORF is assessed, if 

there is no change to the clearing 

account of the original transaction, then 

the ORF is collected from the 

Participant that is the executing clearing 

firm for the transaction (the Exchange 

notes that, for purposes of the Fee 

Schedule, when there is no change to 

the clearing account of the original 

transaction, the executing clearing firm 

is deemed to be the ultimate clearing 

firm). If there is a change to the clearing 

account of the original transaction (i.e., 

the executing clearing firm ‘‘gives-up’’ 

or ‘‘CMTAs’’ 7 the transaction to another 

clearing firm), then the ORF is collected 

from the clearing firm that ultimately 

clears the transaction—the ‘‘ultimate 

clearing firm.’’ The ultimate clearing 

firm may be either a Participant or nonParticipant of the Exchange. If the 

transaction is executed on an away 

exchange and the ORF is assessed, then 

the ORF is collected from the ultimate 

clearing firm for the transaction. Again, 

the ultimate clearing firm may be either 

a Participant or non-Participant of the 

Exchange. The Exchange notes, 

however, that when the transaction is 

executed on an away exchange, the 

Exchange does not assess the ORF when 

neither the executing clearing firm nor 

the ultimate clearing firm is a 

Participant (even if a Participant is 

‘‘given-up’’ or ‘‘CMTAed’’ and then 

such Participant subsequently ‘‘givesup’’ or ‘‘CMTAs’’ the transaction to 

another non-Participant via a CMTA 

reversal). Finally, the Exchange does not 

assess the ORF on outbound linkage 

trades, whether executed at the 

Exchange or an away exchange. 

‘‘Linkage trades’’ are tagged in the 

Exchange’s system, so the Exchange can 

readily tell them apart from other trades. 

A customer order routed to another 

exchange results in two customer trades, 

one from the originating exchange and 

one from the recipient exchange. 

Charging ORF on both trades could 

result in double-billing of ORF for a 

single customer order; thus, the 

Exchange does not assess ORF on 

outbound linkage trades in a linkage 

scenario. 

As a practical matter, when a 

transaction that is subject to the ORF is 

not executed on the Exchange, the 

Exchange lacks the information 

necessary to identify the order-entering 

market participant for that transaction. 

There are a multitude of order-entering 

market participants throughout the 

industry, and such participants can 

make changes to the market centers to 

which they connect, including dropping 

their connection to one market center 

and establishing themselves as 

participants on another. For these 

reasons, it is not possible for the 


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52938 Federal Register / Vol. 86, No. 182 / Thursday, September 23, 2021 / Notices 

8See https://boxoptions.com/assets/IC-2021-32- 

Options-Regulatory-Fee-Announcement.pdf. 

9See data from OCC at: OCC April 2021 Total 

Volume Up 29.7 Percent from a Year Ago |Business 

Wire, OCC May 2021 Total Volume Up 32.7 Percent 

from a Year Ago | Business Wire, and OCC June 

2021 Total Volume Up 25.6 Percent from a Year 

Ago (apnews.com). 

10The Exchange notes that notwithstanding the 

potential excess ORF revenue the Exchange 

anticipates it would collect utilizing the current 

rate, it has not used such revenue for non-regulatory 

purposes. 

11The Exchange notes that its regulatory 

responsibilities with respect to Participant 

compliance with options sales practice rules have 

been allocated to the Financial Industry Regulatory 

Authority (‘‘FINRA’’) under a 17d–2 Agreement. 

The ORF is not designed to cover the cost of options 

sales practice regulation. 

12 15 U.S.C. 78f(b)(4) and (5). 

Exchange to identify, and thus assess 

fees such as ORF, on order-entering 

participants on away markets on a given 

trading day. Clearing members, 

however, are distinguished from orderentering participants because they 

remain identified to the Exchange on 

information the Exchange receives from 

OCC regardless of the identity of the 

order-entering participant, their 

location, and the market center on 

which they execute transactions. 

Therefore, the Exchange believes it is 

more efficient for the operation of the 

Exchange and for the marketplace as a 

whole to collect the ORF from clearing 

members. 

ORF Revenue and Monitoring of ORF 

The Exchange monitors the amount of 

revenue collected from the ORF to 

ensure that it, in combination with other 

regulatory fees and fines, does not 

exceed regulatory costs. In determining 

whether an expense is considered a 

regulatory cost, the Exchange reviews 

all costs and makes determinations if 

there is a nexus between the expense 

and a regulatory function. The Exchange 

notes that fines collected by the 

Exchange in connection with a 

disciplinary matter offset ORF. 

As discussed below, the Exchange 

believes it is appropriate to charge the 

ORF only to transactions that clear as 

customer at the OCC. The Exchange 

believes that its broad regulatory 

responsibilities with respect to a 

Participant’s activities supports 

applying the ORF to transactions 

cleared but not executed by a 

Participant. The Exchange’s regulatory 

responsibilities are the same regardless 

of whether a Participant enters a 

transaction or clears a transaction 

executed on its behalf. The Exchange 

regularly reviews all such activities, 

including performing surveillance for 

position limit violations, manipulation, 

front-running, contrary exercise advice 

violations and insider trading. These 

activities span across multiple 

exchanges. 

Revenue generated from ORF, when 

combined with all of the Exchange’s 

other regulatory fees and fines, is 

designed to recover a material portion of 

the regulatory costs to the Exchange of 

the supervision and regulation of 

Participants’ customer options business 

including performing routine 

surveillances, investigations, 

examinations, financial monitoring, and 

policy, rulemaking, interpretive, and 

enforcement activities. Unlike other 

options exchanges, all of the Exchange’s 

expenses support the regulatory 

function as BOX Exchange LLC (the 

‘‘Exchange’’) is a fully separate legal 

entity from BOX Options Market LLC, 

the equity options facility of the 

Exchange. The Exchange fulfills the 

regulatory functions and responsibilities 

as a national securities exchange 

registered with the SEC under Section 6 

of the Securities Exchange Act of 1934, 

and oversees the BOX Options Market. 

Exchange expenses are solely regulatory 

in nature because, due to the unique 

structure between the Exchange and the 

BOX Options Market facility, the 

Exchange expenses are separate from 

the BOX Options Market facility 

expenses and there can be no 

commingling of the funds. Put another 

way, all of the Exchange’s expenses 

support the regulatory function of BOX 

Exchange because the Exchange 

expenses are completely separate from 

the BOX Options Market facility 

expenses. The ORF is designed to 

recover a material portion of these 

regulatory costs to the Exchange, 

including the supervision and 

regulation of its participants, including 

performing routine surveillances, 

investigations, examinations, financial 

monitoring, and policy, rulemaking, 

interpretive, and enforcement activities. 

Proposal 

Based on the Exchange’s most recent 

review, the Exchange proposes to 

reduce the amount of ORF that will be 

collected by the Exchange from $0.0038 

per contract side to $0.00295 per 

contract side. The Exchange issued an 

Informational Circular detailing the 

Options Regulatory Fee Announcement 

on July 27, 2021, indicating the 

proposed rate change for September 1, 

2021.8

The proposed decrease is based on 

recent options volumes, which included 

an increase in retail investors. With 

respect to options volume, the 

Exchange, and the options industry as a 

whole, experienced a significant 

increase between 2020 and 2021. For 

example, total options contract volumes 

in April, May and June 2021 were 

29.7%, 32.7% and 25.6% higher than 

the total options contract volumes in 

April, May and June 2020, respectively.9

There can be no assurance that the 

Exchange’s final costs for 2021 will not 

differ materially from these 

expectations, nor can the Exchange 

predict with certainty whether options 

volume will remain at the current level 

going forward. The Exchange notes 

however, that when combined with 

regulatory fees and fines, the revenue 

being generated utilizing the current 

ORF rate may result in revenue that will 

run in excess of the Exchange’s 

estimated regulatory costs for the year.10

Particularly, as noted above, the options 

market has seen a substantial increase in 

volume throughout 2020 and 2021, due 

in large part to the extreme volatility in 

the marketplace as a result of the 

COVID–19 pandemic. This 

unprecedented spike in volatility 

resulted in significantly higher volume 

than was originally projected by the 

Exchange (thereby resulting in 

substantially higher ORF revenue than 

projected). The Exchange therefore 

proposes to decrease the ORF in order 

to ensure it does not exceed its 

regulatory costs for the year. 

Particularly, the Exchange believes that 

decreasing the ORF when combined 

with all of the Exchange’s other 

regulatory fees and fines, would allow 

the Exchange to continue covering a 

material portion of its regulatory costs, 

while lessening the potential for 

generating excess revenue that may 

otherwise occur using the current rate.11

The Exchange will continue to 

monitor the amount of revenue 

collected from the ORF to ensure that it, 

in combination with its other regulatory 

fees and fines, does not exceed the 

Exchange’s total regulatory costs. The 

Exchange will continue to monitor BOX 

regulatory costs and revenues at a 

minimum on a semi-annual basis. If the 

Exchange determines regulatory 

revenues exceed or are insufficient to 

cover a material portion of its regulatory 

costs, the Exchange will adjust the ORF 

by submitting a fee change filing to the 

Commission. The Exchange will notify 

Participants of adjustments to the ORF 

via Informational Circular at least 30 

days prior to the effective date of the 

change. 

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,12 in particular, in that 


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Federal Register / Vol. 86, No. 182 / Thursday, September 23, 2021 / Notices 52939 

13The BOX ORF is collected by OCC on behalf 

of BOX from either (1) a Participant that was the 

ultimate clearing firm for the transaction or (2) a 

non-Participant that was the ultimate clearing firm 

where a Participant was the executing clearing firm 

for the transaction. The Exchange uses reports from 

OCC to determine the identity of the executing 

clearing firm and ultimate clearing firm. 

14When a transaction is executed on an away 

exchange, the Exchange does not assess the ORF 

when neither the executing clearing firm nor the 

ultimate clearing firm is a Participant (even if a 

Participant is ‘‘given-up’’ or ‘‘CMTAed’’ and then 

such Participant subsequently ‘‘gives-up’’ or 

‘‘CMTAs’’ the transaction to another nonParticipant via a CMTA reversal). 

15 ISG is an industry organization formed in 1983 

to coordinate intermarket surveillance among the 

SROs by cooperatively sharing regulatory 

information pursuant to a written agreement 

between the parties. The goal of the ISG’s 

information sharing is to coordinate regulatory 

Continued 

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 believes the proposed 

fee change is reasonable because 

customer transactions will be subject to 

a lower ORF fee than the current rate. 

Moreover, the proposed reduction is 

necessary in order for the Exchange to 

not collect revenue in excess of its 

anticipated regulatory costs, in 

combination with other regulatory fees 

and fines, which is consistent with the 

Exchange’s practices. 

The ORF is designed to recover a 

material portion of the costs of 

supervising and regulating Participants’ 

customer options business including 

performing routine surveillances and 

investigations, as well as policy, 

rulemaking, interpretive and 

enforcement activities. The Exchange 

will monitor the amount of revenue 

collected from the ORF to ensure that it, 

in combination with its other regulatory 

fees and fines, does not exceed the 

Exchange’s total regulatory costs. The 

Exchange has designed the ORF to 

generate revenues that, when combined 

with all of the Exchange’s other 

regulatory fees, will be less than or 

equal to the Exchange’s regulatory costs, 

which is consistent with the 

Commission’s view that regulatory fees 

be used for regulatory purposes and not 

to support the Exchange’s business side. 

In this regard, the Exchange believes 

that the proposed decrease to the fee is 

reasonable. 

The Exchange believes that 

continuing to limit changes to the ORF 

to twice a year on specific dates with 

advance notice is reasonable because it 

gives participants certainty on the 

timing of changes, if any, and better 

enables them to properly account for 

ORF charges among their customers. 

The Exchange believes that continuing 

to limit changes to the ORF to twice a 

year on specific dates is equitable and 

not unfairly discriminatory because it 

will apply in the same manner to all 

Participants that are subject to the ORF 

and provide them with additional 

advance notice of changes to that fee. 

The Exchange believes that collecting 

the ORF from non-Participants when 

such non-Participants ultimately clear 

the transaction (that is, when the nonParticipant is the ‘‘ultimate clearing 

firm’’ for a transaction in which a 

Participant was assessed the ORF) is an 

equitable allocation of reasonable dues, 

fees, and other charges among its 

participants and issuers and other 

persons using its facilities. The 

Exchange notes that there is a material 

distinction between ‘‘assessing’’ the 

ORF and ‘‘collecting’’ the ORF. The ORF 

is only assessed to a Participant with 

respect to a particular transaction in 

which it is either the executing clearing 

firm or ultimate clearing firm. The 

Exchange does not assess the ORF to 

non-Participants. Once, however, the 

ORF is assessed to a Participant for a 

particular transaction, the ORF may be 

collected from the Participant or a nonParticipant, depending on how the 

transaction is cleared at OCC. If there 

was no change to the clearing account 

of the original transaction, the ORF 

would be collected from the Participant. 

If there was a change to the clearing 

account of the original transaction and 

a non-Participant becomes the ultimate 

clearing firm for that transaction, then 

the ORF will be collected from that nonParticipant. The Exchange believes that 

this collection practice continues to be 

reasonable and appropriate, and was 

originally instituted for the benefit of 

clearing firms that desired to have the 

ORF be collected from the clearing firm 

that ultimately clears the transaction. 

The Exchange designed the ORF so 

that revenue generated from the ORF, in 

combination with its other regulatory 

fees and fines, does not exceed 

regulatory costs, which is consistent 

with the view of the Commission that 

regulatory fees be used for regulatory 

purposes and not to support the 

Exchange’s business operations. As 

discussed above, however, after review 

of its regulatory costs and regulatory 

revenues, which includes revenues from 

ORF and other regulatory fees and fines, 

the Exchange determined that absent a 

reduction in ORF, it may be collecting 

revenue in excess of its regulatory costs. 

Indeed, the Exchange notes that when 

taking into account the recent options 

volume, which included an increase in 

customer options transactions, it 

estimates the ORF will generate 

revenues that may cover more than the 

approximated Exchange’s projected 

regulatory costs. Moreover, when 

coupled with the Exchange’s other 

regulatory fees and revenues, the 

Exchange estimates ORF to generate 

over 100% of the Exchange’s projected 

regulatory costs. As such, the Exchange 

believes it is reasonable and appropriate 

to decrease the ORF amount from 

$0.0038 to $0.00295 per contract side. 

The Exchange also believes the 

proposed fee change is equitable and 

not unfairly discriminatory in that it is 

charged to all Participants on all their 

transactions that clear in the customer 

range at the OCC,13 with an exception.14

The Exchange believes the ORF ensures 

fairness by assessing higher fees to those 

Participants that require more Exchange 

regulatory services based on the amount 

of customer options business they 

conduct. Regulating customer trading 

activity is much more labor intensive 

and requires greater expenditure of 

human and technical resources than 

regulating non-customer trading 

activity, which tends to be more 

automated and less labor intensive. For 

example, there are costs associated with 

main office and branch office 

examinations (e.g., staff expenses), as 

well as investigations into customer 

complaints and the terminations of 

registered persons. As a result, the costs 

associated with administering the 

customer component of the Exchange’s 

overall regulatory program are 

materially higher than the costs 

associated with administering the noncustomer component (e.g., participant 

proprietary transactions) of its 

regulatory program. Moreover, the 

Exchange notes that it has broad 

regulatory responsibilities with respect 

to activities of its Participants, 

irrespective of where their transactions 

take place. Many of the Exchange’s 

surveillance programs for customer 

trading activity may require the 

Exchange to look at activity across all 

markets, such as reviews related to 

position limit violations and 

manipulation. Indeed, the Exchange 

cannot effectively review for such 

conduct without looking at and 

evaluating activity regardless of where it 

transpires. In addition to its own 

surveillance programs, the Exchange 

also works with other SROs and 

exchanges on intermarket surveillance 

related issues. Through its participation 

in the Intermarket Surveillance Group 

(‘‘ISG’’) 15 the Exchange shares 


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52940 Federal Register / Vol. 86, No. 182 / Thursday, September 23, 2021 / Notices 

efforts to address potential intermarket trading 

abuses and manipulations. 

16 15 U.S.C. 78s(b)(3)(A)(ii). 

17 17 CFR 240.19b–4(f)(2). 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Exchange Rule 1901. 

information and coordinates inquiries 

and investigations with other exchanges 

designed to address potential 

intermarket manipulation and trading 

abuses. Accordingly, there is a strong 

nexus between the ORF and the 

Exchange’s regulatory activities with 

respect to customer trading activity of 

its Participants. 

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. This 

proposal does not create an unnecessary 

or inappropriate intra-market burden on 

competition because the ORF applies to 

all customer activity, thereby raising 

regulatory revenue to offset regulatory 

expenses. It also supplements the 

regulatory revenue derived from noncustomer activity. The Exchange notes, 

however, the proposed change is not 

designed to address any competitive 

issues. Indeed, this proposal does not 

create an unnecessary or inappropriate 

inter-market burden on competition 

because it is a regulatory fee that 

supports regulation in furtherance of the 

purposes of the Act. The Exchange is 

obligated to ensure that the amount of 

regulatory revenue collected from the 

ORF, in combination with its other 

regulatory fees and fines, does not 

exceed regulatory costs. 

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 16

and Rule 19b–4(f)(2) thereunder,17

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

BOX–2021–22 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–BOX–2021–22. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (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–2021–22, and should 

be submitted on or before October 14, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–20552 Filed 9–22–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–93047; File No. SR– 

PEARL–2021–42] 

Self-Regulatory Organizations; MIAX 

PEARL, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the MIAX Pearl 

Equities Fee Schedule Relating to 

Disaster Recovery Facility 1 Gigabit 

ULL per Connection Fee for Members 

September 17, 2021. 

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 

September 10, 2021, MIAX PEARL, LLC 

(‘‘MIAX Pearl’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) a 

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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

amend the fee schedule applicable for 

MIAX Pearl Equities, an equities trading 

facility of the Exchange (the ‘‘Fee 

Schedule’’).3

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings/pearl 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 


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