31010 Federal Register / Vol. 87, No. 98 / Friday, May 20, 2022 / Notices 

1See Docket No. RM2018–3, Order Adopting 

Final Rules Relating to Non-Public Information, 

June 27, 2018, Attachment A at 19–22 (Order No. 

4679). 

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

2 17 CFR 240.19b–4. 

matters raised by the Notice. Interested 

persons may submit comments on 

whether the PRIME–USPS Registered 

Agreement is consistent with 39 U.S.C. 

3633 and 39 CFR 3035.105 and whether 

it is functionally equivalent to the 

baseline agreement included in the 

Inbound Competitive Multi-Service 

Agreements with Foreign Postal 

Operators 1 product (MC2010–34). The 

public portions of the filing can be 

accessed via the Commission’s website 

(http://www.prc.gov). Comments are due 

by May 23, 2022. 

Pursuant to 39 U.S.C. 505, Kenneth R. 

Moeller is appointed to serve as an 

officer of the Commission (Public 

Representative) to represent the 

interests of the general public in this 

proceeding. 

III. Ordering Paragraphs 

It is ordered: 

1. The Commission establishes Docket 

No. CP2022–65 for consideration of the 

matters raised by the Notice of United 

States Postal Service of Filing 

Functionally Equivalent Inbound 

Competitive Multi-Service Agreement 

with Foreign Postal Operators, filed May 

13, 2022. 

2. Pursuant to 39 U.S.C. 505, the 

Commission appoints Kenneth R. 

Moeller to serve as an officer of the 

Commission (Public Representative) to 

represent the interests of the general 

public in this proceeding. 

3. Comments are due by May 23, 

2022. 

4. The Secretary shall arrange for 

publication of this order in the Federal 

Register. 

By the Commission. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2022–10809 Filed 5–19–22; 8:45 am] 

BILLING CODE 7710–FW–P 

POSTAL REGULATORY COMMISSION 

[Docket Nos. CP2020–173; CP2020–246] 

New Postal Products 

AGENCY: Postal Regulatory Commission. 

ACTION: Notice. 

SUMMARY: The Commission is noticing a 

recent Postal Service filing for the 

Commission’s consideration concerning 

a negotiated service agreement. This 

notice informs the public of the filing, 

invites public comment, and takes other 

administrative steps. 

DATES: Comments are due: May 24, 

2022. 

ADDRESSES: Submit comments 

electronically via the Commission’s 

Filing Online system at http://

www.prc.gov. Those who cannot submit 

comments electronically should contact 

the person identified in the FOR FURTHER

INFORMATION CONTACT section by 

telephone for advice on filing 

alternatives. 

FOR FURTHER INFORMATION CONTACT: 

David A. Trissell, General Counsel, at 

202–789–6820. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

II. Docketed Proceeding(s) 

I. Introduction 

The Commission gives notice that the 

Postal Service filed request(s) for the 

Commission to consider matters related 

to negotiated service agreement(s). The 

request(s) may propose the addition or 

removal of a negotiated service 

agreement from the market dominant or 

the competitive product list, or the 

modification of an existing product 

currently appearing on the market 

dominant or the competitive product 

list. 

Section II identifies the docket 

number(s) associated with each Postal 

Service request, the title of each Postal 

Service request, the request’s acceptance 

date, and the authority cited by the 

Postal Service for each request. For each 

request, the Commission appoints an 

officer of the Commission to represent 

the interests of the general public in the 

proceeding, pursuant to 39 U.S.C. 505 

(Public Representative). Section II also 

establishes comment deadline(s) 

pertaining to each request. 

The public portions of the Postal 

Service’s request(s) can be accessed via 

the Commission’s website (http://

www.prc.gov). Non-public portions of 

the Postal Service’s request(s), if any, 

can be accessed through compliance 

with the requirements of 39 CFR 

3011.301.1

The Commission invites comments on 

whether the Postal Service’s request(s) 

in the captioned docket(s) are consistent 

with the policies of title 39. For 

request(s) that the Postal Service states 

concern market dominant product(s), 

applicable statutory and regulatory 

requirements include 39 U.S.C. 3622, 39 

U.S.C. 3642, 39 CFR part 3030, and 39 

CFR part 3040, subpart B. For request(s) 

that the Postal Service states concern 

competitive product(s), applicable 

statutory and regulatory requirements 

include 39 U.S.C. 3632, 39 U.S.C. 3633, 

39 U.S.C. 3642, 39 CFR part 3035, and 

39 CFR part 3040, subpart B. Comment 

deadline(s) for each request appear in 

section II. 

II. Docketed Proceeding(s) 

1. Docket No(s): CP2020–173; Filing 

Title: Notice of the United States Postal 

Service of Filing Modification Two to 

Priority Mail Express International, 

Priority Mail International, First-Class 

Package International Service & 

Commercial ePacket Contract 2 

Negotiated Service Agreement; Filing 

Acceptance Date: May 16, 2022; Filing 

Authority: 39 CFR 3035.105; Public 

Representative: Jennaca D. Upperman; 

Comments Due: May 24, 2022. 

2. Docket No(s): CP2020–246; Filing 

Title: Notice of the United States Postal 

Service of Filing Modification Two to 

Priority Mail Express International, 

Priority Mail International, First-Class 

Package International Service & 

Commercial ePacket Contract 8 

Negotiated Service Agreement; Filing 

Acceptance Date: May 16, 2022; Filing 

Authority: 39 CFR 3035.105; Public 

Representative: Katalin K. Clendenin; 

Comments Due: May 24, 2022. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2022–10902 Filed 5–19–22; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94922; File No. SR–GEMX– 

2022–06] 

Self-Regulatory Organizations; Nasdaq 

GEMX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the GEMX 

Pricing Schedule at Options 7, Section 

3 

May 16, 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 May 2, 

2022, Nasdaq GEMX, LLC (‘‘GEMX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 98 / Friday, May 20, 2022 / Notices 31011 

3A ‘‘Priority Customer’’ is a person or entity that 

is not a broker/dealer in securities, and does not 

place more than 390 orders in listed options per day 

on average during a calendar month for its own 

beneficial account(s), as defined in Nasdaq GEMX 

Options 1, Section 1(a)(36). 

4 ‘‘Penny Symbols’’ are options overlying all 

symbols listed on Nasdaq GEMX that are in the 

Penny Interval Program. See Options 7, Section 1. 

5 ‘‘Non-Priority Customer’’ includes Market 

Makers (including Market Maker orders sent to the 

Exchange by EAMs), Non-Nasdaq GEMX Market 

Makers (FarMM), Firm Proprietary/Broker-Dealers, 

and Professional Customers. 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(4) and (5). 

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 amend 

GEMX’s Pricing Schedule at Options 7, 

Section 3 (Regular Order Fees and 

Rebates). 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/gemx/rules, 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 

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 

GEMX proposes to amend its Pricing 

Schedule at Options 7, Section 3 to: (1) 

Decrease the Priority Customer 3 Tier 4 

Maker Rebate in Penny Symbols,4 and 

(2) decrease the Non-Priority Customer 5

and Priority Customer Penny Symbol 

Taker Fees in note 13. Each amendment 

is described below. 

Priority Customer Maker Rebate 

Today, the Exchange provides Priority 

Customers Penny Symbol Maker 

Rebates as follows: $0.25 per contract 

(Tier 1), $0.40 per contract (Tier 2), 

$0.48 per contract (Tier 3), and $0.53 

per contract (Tier 4). Priority Customers 

are eligible for the higher tiers of Maker 

Rebates based on achieving the tiered 

volume thresholds in Table 1 in Options 

7, Section 3. The Exchange now 

proposes to lower the Tier 4 Priority 

Customer Maker Rebate from $0.53 to 

$0.52 per contract. 

Note 13 Taker Fees 

Today, the Exchange assesses all 

market participants Penny Symbol 

Taker Fees in Tiers 1–4 as follows: 

Market participant Taker fee: 

Tier 1 

Taker fee: 

Tier 2 

Taker fee: 

Tier 3 

Taker fee: 

Tier 4 

Market Maker ................................................................................................... $0.50 $0.50 $0.50 $0.48 

Non-Nasdaq GEMX Market Maker (FarMM) ................................................... 0.50 0.50 0.50 0.48 

Firm Proprietary/Broker-Dealer ........................................................................ 0.50 0.50 0.50 0.49 

Professional Customer .................................................................................... 0.50 0.50 0.50 0.49 

Priority Customer ............................................................................................. 0.48 0.48 0.48 0.43 

Market participants are eligible for the 

higher tiers of Penny Taker Fees based 

on achieving the tiered volume 

thresholds in Table 1 in Options 7, 

Section 3. The tiered Penny Taker Fees 

set forth above apply when the market 

participant trades against a Non-Priority 

Customer. When the market participant 

trades against a Priority Customer, the 

Exchange assesses the Penny Taker Fees 

set forth in note 13 of Options 7, Section 

3, regardless of tier. Specifically, note 13 

currently provides that Non-Priority 

Customers who execute less than 4.0% 

of Customer Total Consolidated Volume 

will be charged a Penny Taker Fee of 

$0.50 per contract for trades executed 

against a Priority Customer. NonPriority Customers who execute 4.0% or 

greater of Customer Total Consolidated 

Volume will be charged a Penny Taker 

Fee of $0.47 per contract for trades 

executed against a Priority Customer. 

All Priority Customer orders will be 

charged a Penny Taker Fee of $0.49 per 

contract for trades executed against a 

Priority Customer. For purposes of note 

13, Customer Total Consolidated 

Volume means the total volume cleared 

at The Options Clearing Corporation in 

the Customer range in equity and ETF 

options in that month. 

The Exchange now proposes to lower 

the: (i) $0.50 Taker Fee for Non-Priority 

Customers that execute less than 4.0% 

of Customer Total Consolidated Volume 

to $0.48 per contract when trading 

against a Priority Customer, and (ii) the 

$0.49 Taker Fee for Priority Customers 

that trade against another Priority 

Customer to $0.48 per contract. In other 

words, all market participants would be 

charged a base Penny Taker Fee of $0.48 

per contract if they trade against a 

Priority Customer. Non-Priority 

Customers will continue to have an 

opportunity to lower that fee to $0.47 

per contract if they execute 4.0% or 

greater of Customer Total Consolidated 

Volume. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,6 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,7 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange’s proposed changes to 

its Pricing Schedule are reasonable in 

several respects. As a threshold matter, 

the Exchange is subject to significant 

competitive forces in the market for 

options securities transaction services 

that constrain its pricing determinations 

in that market. The fact that this market 

is competitive has long been recognized 

by the courts. In NetCoalition v. 

Securities and Exchange Commission, 

the D.C. Circuit stated as follows: ‘‘[n]o 

one disputes that competition for order 

flow is ‘fierce.’ . . . As the SEC 

explained, ‘[i]n the U.S. national market 

system, buyers and sellers of securities, 

and the broker-dealers that act as their 

order-routing agents, have a wide range 

of choices of where to route orders for 

execution’; [and] ‘no exchange can 

afford to take its market share 

percentages for granted’ because ‘no 

exchange possesses a monopoly, 

regulatory or otherwise, in the execution 


khammond on DSKJM1Z7X2PROD with NOTICES
31012 Federal Register / Vol. 87, No. 98 / Friday, May 20, 2022 / Notices 

8NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 

2010) (quoting Securities Exchange Act Release No. 

59039 (December 2, 2008), 73 FR 74770, 74782–83 

(December 9, 2008) (SR–NYSEArca–2006–21)). 

9Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

10As set forth in Options 7, Section 3, NonNasdaq GEMX Market Makers (FarMM), Firm 

Proprietary/Broker-Dealers, and Professional 

Customers are eligible to receive a $0.20 Penny 

Maker Rebate in Tier 1 only. 

11Specifically, all Non-Priority Customers are 

currently assessed a Penny Taker Fee of $0.50 per 

contract in Tiers 1–3 when trading against NonPriority Customers, while this fee is $0.48 per 

contract for Priority Customers in Tiers 1–3. In Tier 

4, Market Makers and Non-Nasdaq GEMX Market 

Makers are currently assessed a $0.48 per contract 

Penny Taker Fee when trading against Non-Priority 

Customers. For Firm Proprietary/Broker-Dealers 

and Professional Customers, the Tier 4 fee is 

currently $0.49 per contract. As previously 

discussed, the Tier 4 fee is currently $0.43 per 

contract for Priority Customers. 

of order flow from broker 

dealers’. . . .’’ 8

The Commission and the courts have 

repeatedly expressed their preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, while 

adopting a series of steps to improve the 

current market model, the Commission 

highlighted the importance of market 

forces in determining prices and SRO 

revenues and, also, recognized that 

current regulation of the market system 

‘‘has been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 9

Numerous indicia demonstrate the 

competitive nature of this market. For 

example, clear substitutes to the 

Exchange exist in the market for options 

security transaction services. The 

Exchange is only one of sixteen options 

exchanges to which market participants 

may direct their order flow. Within this 

environment, market participants can 

freely and often do shift their order flow 

among the Exchange and competing 

venues in response to changes in their 

respective pricing schedules. As such, 

the proposal represents a reasonable 

attempt by the Exchange to increase its 

liquidity and market share relative to its 

competitors. 

Priority Customer Maker Rebate 

The Exchange believes that its 

proposal to lower the Tier 4 Penny 

Maker Rebate for Priority Customers 

from $0.53 to $0.52 per contract is 

reasonable, equitable and not unfairly 

discriminatory. While the Exchange is 

lowering this rebate, Priority Customers 

will continue to receive the highest 

Penny Maker Rebates with the proposed 

changes. No market participants other 

than Market Makers and Priority 

Customers are offered enhanced Penny 

Maker Rebates in Tier 4, and the 

proposed $0.52 Tier 4 Maker Rebate for 

Priority Customers continues to be 

significantly higher than the $0.41 Tier 

4 Maker Rebate currently provided to 

Market Makers.10 The Exchange 

therefore believes that the proposed 

pricing will continue to be attractive for 

Priority Customer order flow. 

The Exchange believes that the 

proposed Tier 4 Priority Customer 

Maker Rebate changes are equitable and 

not unfairly discriminatory. As 

discussed above, the Exchange believes 

the proposed pricing will continue to 

attract Priority Customer order flow to 

the Exchange. Priority Customer 

liquidity benefits all market participants 

by providing more trading 

opportunities, which attracts Market 

Makers. An increase in the activity of 

these market participants in turn 

facilitates tighter spreads, which may 

cause an additional corresponding 

increase in order flow from other market 

participants. 

Note 13 Taker Fees 

The Exchange believes that its 

proposal in note 13 of Options 7, 

Section 3 to lower the Penny Taker Fees 

that apply when trading against a 

Priority Customer is reasonable. As 

discussed above, the Exchange is 

proposing to lower the base Penny 

Taker Fee for all market participants to 

$0.48 per contract if they trade against 

a Priority Customer. Non-Priority 

Customers would continue to have an 

opportunity to lower that fee to $0.47 

per contract if they execute 4.0% or 

greater of Customer Total Consolidated 

Volume. The Exchange notes that the 

proposed Penny Taker Fees for trading 

against Priority Customers will 

generally be lower or comparable to the 

current tiered Penny Taker Fees for 

trading against Non-Priority Customers. 

The only exception is the Tier 4 Penny 

Taker Fee for Priority Customers when 

trading against a Non-Priority Customer. 

As described above, this fee is currently 

$0.43 per contract. Otherwise, the 

proposed Taker Fees are lower or 

comparable for all market participants, 

regardless of tier.11 The Exchange 

believes that its proposal will enhance 

Priority Customer experience on the 

Exchange by incentivizing market 

participants with a lower Penny Taker 

Fee to remove Priority Customer 

liquidity. At the same time, the 

Exchange believes the proposed pricing 

(including the Priority Customer Taker 

Fee when the counter party is another 

Priority Customer) appropriately 

balances the Exchange’s intent to offset 

the favorable Penny Symbol pricing 

currently offered to Priority Customers 

through higher Maker Rebates and lower 

Taker Fees. With the proposed changes, 

the Exchange continues to believe that 

its pricing structure for Penny Symbols 

will continue to attract additional 

volume to GEMX. 

The Exchange further believes that the 

proposed changes to lower the Penny 

Taker Fees in note 13 are equitable and 

not unfairly discriminatory. In 

particular, the Exchange is lowering the 

Penny Taker Fee to $0.48 per contract 

for all market participants when the 

counter party is a Priority Customer. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

The proposed Tier 4 Priority 

Customer Maker Rebate changes do not 

impose an undue burden on intramarket competition. As discussed 

above, Priority Customers will continue 

to receive the highest Penny Maker 

Rebates on the Exchange with the 

proposed changes, so the Exchange 

believes its proposal will continue to 

attract Priority Customer order flow to 

the Exchange. Priority Customer 

liquidity benefits all market participants 

by providing more trading 

opportunities, which attracts Market 

Makers. An increase in the activity of 

these market participants in turn 

facilitates tighter spreads, which may 

cause an additional corresponding 

increase in order flow from other market 

participants. As it relates to proposed 

note 13 Taker Fee changes, the 

Exchange will assess the same Taker Fee 

to all market participants when the 

counter party is a Priority Customer. 

Accordingly, the Exchange does not 

believe that its pricing proposal will 

place any market participant at a 

competitive disadvantage. 

As it relates to inter-market 

competition, the Exchange believes its 

proposal remains competitive with 

other options markets and will offer 

market participants with another choice 

of where to transact options. The 

Exchange notes that it operates in a 

highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 98 / Friday, May 20, 2022 / Notices 31013 

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

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 ‘‘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). 

4 ‘‘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). 

5See Securities Exchange Act Release No. 94563 

(March 31, 2022), 87 FR 19985 (April 6, 2022) (SR– 

BOX–2022–10) (Notice of Filing and Immediate 

Effectiveness of Proposed Rule Change to Adopt 

BOX Rule 7350, Reports and Market Data Products, 

to Provide for the New ‘‘Liquidity Taker Event 

Report’’). 

Exchange must continually adjust its 

fees to remain competitive with other 

options exchanges. Because competitors 

are free to modify their own fees in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

believes that the degree to which fee 

changes in this market may impose any 

burden on competition is extremely 

limited. 

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 Act.12 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: (i) 

Necessary or appropriate in the public 

interest; (ii) for the protection of 

investors; or (iii) 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– 

GEMX–2022–06 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–GEMX–2022–06. 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–GEMX–2022–06 and 

should be submitted on or before June 

10, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10806 Filed 5–19–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94920; File No. SR–BOX– 

2022–18] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend BOX Rule 7350 

To Provide for the New ‘‘Liquidity 

Taker Event Report—Complex Orders’’ 

May 16, 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 May 6, 

2022, BOX Exchange LLC (‘‘BOX’’ 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 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

BOX Rule 7350 to provide for the new 

‘‘Liquidity Taker Event Report— 

Complex Orders.’’ 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 currently offers the 

Liquidity Taker Event Report, which is 

a Participant 3 specific report and helps 

Participants to better understand by 

how much time a particular order 

missed executing against a specific 

order resting on the BOX Book.4 The 

current Liquidity Taker Event Report is 

described under BOX Rule 7350(b).5

The Exchange now proposes to amend 

BOX Rule 7350 to provide for the new 

Liquidity Taker Event Report—Complex 


khammond on DSKJM1Z7X2PROD with NOTICES