25318 Federal Register / Vol. 87, No. 82 / Thursday, April 28, 2022 / Notices 

51 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Section I (Participant Fees), Section II 

(Regulatory Fees), and Section III (Technology 

Fees). 

4BOX is currently the only facility of the 

Exchange that is actively trading. The rules for the 

Exchange’s other proposed facility, BSTX LLC, were 

recently approved by the SEC (See Securities 

Exchange Act Release No. 94092 (January 27, 2022), 

87 FR 5881 (February 2, 2022). 

5See Section IV (Electronic Transaction Fees), 

Section V (Manual Transaction Fees), Section VI 

(Complex Order Transaction Fees), and Section VII 

(Eligible Orders Routed to an Away Exchange). 

6See Section VIII (Exchange Billing). 

7See proposed new preamble to Sections IV–VII 

of the Exchange Fee Schedule, and revised title for 

Section VIII. 

8Section VII covers fees for orders routed to an 

away exchange from BOX. Although these fees do 

not apply to transactions that occur directly on 

BOX, they nonetheless are directly related to 

options transactions. Therefore, the Exchange 

believes it is appropriate to group them with the 

other transactional based fees for BOX Options 

Market. 

9See Cboe Exchange, Inc. Fee Schedule. 

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–CboeEDGX–2021–049, and 

should be submitted on or before May 

19, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.51

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–09049 Filed 4–27–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94780; File No. SR–BOX– 

2022–14] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Reorganize Various 

Fees Within the Exchange Fee 

Schedule 

April 22, 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 April 8, 

2022, BOX Exchange LLC (the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to reorganize 

various fees within the Exchange Fee 

Schedule. 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 purpose of the proposed rule 

change is to reorganize various fees 

within the Exchange’s Fee Schedule. 

The reorganized Exchange Fee Schedule 

reflects the current fees, which remain 

unchanged. 

The Exchange is proposing to 

organize the Exchange Fee Schedule by 

grouping certain fees together. 

Specifically, the Exchange is proposing 

that the fees that are not related to 

trading activity on a facility of the 

Exchange would be grouped together in 

the first three sections of the Exchange 

Fee Schedule.3 The first three sections 

of fees are not transactional based fees 

applicable to a facility of the Exchange, 

BOX Options Market, an options trading 

facility of the Exchange under 3(a)(2) of 

the Exchange Act.4 Following that, 

Sections IV–VII of the Exchange Fee 

Schedule 5 will include fees that are 

specific to activity on the BOX Options 

Market (‘‘BOX’’). The last section, 

Section VIII,6 applies to billing 

generally, including aggregate billing 

and billing disputes. BSTX fees will be 

filed as a separate rule filing from this 

proposal. 

The Exchange believes that this 

proposed reorganization of the 

Exchange Fee Schedule provides a 

clearer structure. As part of the 

reorganization, the Exchange is adding a 

section header with a corresponding 

description,7 adding clarifying detail 

throughout the Exchange Fee Schedule, 

and making conforming changes 

throughout to reflect the renumbered 

sections. In addition, the Exchange is 

amending Section VIII by replacing 

‘‘BOX’’ with the ‘‘Exchange’’ where it 

references the Fee Schedule to add 

clarity to the section. Further, the 

Exchange is reordering the fees in the 

Regulatory Fee Section but not 

proposing to amend or alter any of the 

fees in the Regulatory Fee Section. The 

Exchange believes that these proposed 

changes make the Exchange Fee 

Schedule easier to read and provides 

clarity to the end-user on the fees of the 

Exchange. 

The Exchange is proposing to clarify 

that the fees outlined in Sections IV–VII 

are transactional based fees applicable 

to BOX Options Market.8 To clarify the 

nature of these fees and avoid any 

potential confusion, the Exchange is 

including a section header and 

description for Sections IV–VII that 

explains the fees are directly related to 

the BOX Options Market. The Exchange 

is also making conforming changes 

throughout the Fee Schedule to reflect 

these changes. The Exchange notes that 

these changes are purely clerical and do 

not amend any fee or rebate in the 

Exchange Fee Schedule. 

The Exchange is also proposing to 

move all the footnotes in the Exchange 

Fee Schedule to endnotes. The 

Exchange believes this change 

simplifies the Exchange Fee Schedule, 

makes it easier to read, and is similar to 

how other exchanges organize their fee 

schedules.9 Lastly, the Exchange is 

making non-substantive clean-up 

changes to add precision to the rulebook 


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Federal Register / Vol. 87, No. 82 / Thursday, April 28, 2022 / Notices 25319 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(5). 

12 15 U.S.C. 78s(b)(3)(A). 

13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

14 17 CFR 240.19b–4(f)(6). 

15 17 CFR 240.19b–4(f)(6)(iii). 

16For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

and facilitate better understanding of 

the Exchange’s rulebook. The Exchange 

believes that these changes will make 

the Exchange Fee Schedule clearer and 

more consistent for the end user. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with the 

requirements of Section 6(b) of the 

Act,10 in general, and Section 6(b)(5) of 

the Act,11 in particular, in that it is 

designed 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, to protect investors and the 

public interest by reorganizing the 

Exchange Fee Schedule in such a way 

that makes the fees easy to locate by 

grouping certain fees together. The 

Exchange also believes that enhancing 

the section titles, by renaming certain 

sections, adding section headers, and 

including clarifying details, provides 

greater clarity to the Exchange Fee 

Schedule and allows Participants to 

more readily locate and understand the 

applicability of fees within the 

Exchange Fee Schedule and improves 

the structure of the Fee Schedule. The 

Exchange believes that these proposed 

changes, to make clarifying and nonsubstantive edits, will provide greater 

clarity to Participants and the public 

regarding the Exchange Fee Schedule 

and that it is in the public interest for 

the Exchange Fee Schedule to be clear 

so as to eliminate the potential for 

confusion. As such, the Exchange 

believes the proposed rule change is in 

the public interest, and therefore, 

consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purpose of the Act. The proposed 

rule change is not a competitive filing 

but rather is designed to reorganize the 

Exchange Fee Schedule. In addition, the 

Exchange does not believe the proposal 

will impose any burden on inter-market 

or intra-market competition as the 

proposal does not address any 

competitive issues and does not change 

any fees currently in the Exchange Fee 

Schedule. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 12 and Rule 19b– 

4(f)(6) thereunder.13

A proposed rule change filed under 

Rule 19b–4(f)(6) 14 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),15 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so it can immediately 

reflect the proposed organizational 

changes to its Fee Schedule. The 

Commission is waiving the 30-day 

operative delay as the proposal raises no 

new or novel issue and waiving the 

operative delay is thereby consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 

operative delay and designates the 

proposed rule change operative upon 

filing.16

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 

change 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–2022–14 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–2022–14. 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–2022–14 and should 

be submitted on or before May 19, 2022. 


jspears on DSK121TN23PROD with NOTICES1
25320 Federal Register / Vol. 87, No. 82 / Thursday, April 28, 2022 / Notices 

17 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. 

4See Securities Exchange Act Release No. 93694 

(December 1, 2021), 86 FR 69299. The comment 

letters received on the proposed rule change are 

available on the Commission’s website at: https:// 

www.sec.gov/comments/sr-cboeedga-2021-025/ 

srcboeedga2021025.htm. 

5 15 U.S.C. 78s(b)(2). 

6See Securities Exchange Act Release No. 94007, 

87 FR 4072 (January 26, 2022). The Commission 

designated March 7, 2022, as the date by which it 

should approve, disapprove, or institute 

proceedings to determine whether to disapprove the 

proposed rule change. 

7 15 U.S.C. 78s(b)(2)(B). 

8See Securities Exchange Act Release No. 94367, 

87 FR 14058 (March 11, 2022). 

9See Exchange Rule 1.5(n). 

10See Equity and ETF Trades Data | Subscription 

(cboe.com). 

11See Cboe EDGA U.S. Equities Exchange Short 

Sale Reports. 

12 Information provided in the report includes 

only trade data, and does not include order data. 

13Trade date refers to the date of trading activity. 

14Symbol refers to the Cboe formatted symbol in 

which the trading activity occurred. See https://

cdn.cboe.com/resources//_Symbology_

Reference.pdf. 

15Total volume is the total share volume of all 

buy, sell long, sell short, and sell short exempt 

order executions and is equal to the sum of buy 

volume, sell long volume, sell short volume, and 

sell short exempt volume. 

16Buy volume is the total share volume of all buy 

order executions and is equal to the sum of sell long 

volume, sell short volume, and sell short exempt 

volume. 

17Buy trade count is the total trade count of all 

buy order executions and is equal to the sum of sell 

long trade count, sell short trade count, and sell 

short exempt trade count. 

18Sell long volume is the total share volume of 

all sell long order executions. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–09046 Filed 4–27–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94782; File No. SR– 

CboeEDGA–2021–025] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of Filing 

of Proposed Rule Change, as Modified 

by Amendment No. 1, To Introduce a 

New Data Product To Be Known as the 

Short Volume Report, Modify the Name 

of Rule 13.8 to ‘‘Data Products’’, and 

Add a Preamble to Rule 13.8 

April 22, 2022. 

On November 17, 2021, Cboe EDGA 

Exchange, Inc. (‘‘EDGA’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 2 and Rule 

19b–4 thereunder,3 a proposed rule 

change to amend Exchange Rule 13.8(h) 

to introduce a new data product to be 

known as the Short Volume Report. The 

proposed rule change was published for 

comment in the Federal Register on 

December 7, 2021.4 On January 20, 

2022, pursuant to Section 19(b)(2) of the 

Act,5 the Commission designated a 

longer period within which to approve 

the proposed rule change, disapprove 

the proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.6

On March 7, 2022, the Commission 

instituted proceedings under Section 

19(b)(2)(B) of the Act 7 to determine 

whether to approve or disapprove the 

proposed rule change.8

On March 30, 2022, the Exchange 

filed Amendment No. 1 to the proposed 

rule change, which superseded the 

proposed rule change as originally filed. 

Amendment No. 1 to the proposed rule 

change is described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change, 

as modified by Amendment No. 1, from 

interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe EDGA Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGA’’) is filing with 

the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change to adopt Exchange 

Rule 13.8(h) to introduce a new data 

product to be known as the Short 

Volume Report, modify the name of 

Rule 13.8 to ‘‘Data Products’’, and add 

a preamble to Rule 13.8. The text of the 

proposed rule change is provided in 

Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

equities/regulation/rule_filings/edga/), 

at the Exchange’s Office of the 

Secretary, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

This Amendment No. 1 to SR–EDGA– 

2021–025 amends and replaces in its 

entirety the proposal as originally 

submitted on November 17, 2021. The 

Exchange submits this Amendment No. 

1 in order to clarify certain points and 

add additional details to the proposal. 

The Exchange proposes to adopt Rule 

13.8(h) to provide for a new data 

product to be known as the Short 

Volume Report. The proposal 

introduces the Short Volume Report 

which will be available for purchase to 

EDGA Members (‘‘Members’’) 9 and nonMembers. The Exchange notes that the 

proposed Short Volume Report 

generally consists of information similar 

to that included in various data 

products offered by the Nasdaq Stock 

Market LLC (‘‘Nasdaq’’) and the New 

York Stock Exchange LLC (‘‘NYSE’’), 

and/or information that is currently 

available or determinable from other 

publicly available sources such as Cboe 

DataShop,10 the Cboe website,11 or the 

CTA and UTP feeds made available by 

the Securities Information Processor 

(‘‘SIP’’), the only exception being the 

proposed transaction counts related to 

sell short and sell short exempt. 

A description of each market data 

product offered by the Exchange is 

described in Exchange Rule 13.8. The 

Exchange proposes to amend Rule 

13.8(h) to introduce and add a 

description of the Short Volume Report. 

The Exchange proposes to describe the 

Short Volume Report as ‘‘an end-of-day 

report that summarizes certain equity 

trading activity on the Exchange, 

including trade count and volume by 

symbol for buy, sell long, sell short, and 

sell short exempt trades. The report also 

includes the total volume which 

represents the sum of all shares for buy, 

sell, sell short, and sell short exempt 

trades.’’ 12 Specifically, the end-of-day 

report will include the following 

information: trade date,13 symbol,14

total volume,15 buy volume,16 buy trade 

count,17 sell long volume,18 sell long 


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