Federal Register / Vol. 87, No. 115 / Wednesday, June 15, 2022 / Notices 36179 

120 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The 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). 

4The Exchange recently established these Reports 

as described under BOX Rule 7350(b) and (c). See 

Securities Exchange Act Release 34–94563 (March 

31, 2022), 87 FR 19985 (April 6, 2022) (Notice of 

Filing of Immediate Effectiveness of SR–BOX– 

2022–10). See Securities Exchange Act Release 34– 

94920 (May 16, 2022), 87 FR 31013 (May 20, 2022) 

(Notice of Filing of Immediate Effectiveness of SR– 

BOX–2022–18). 

5The 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). The term ‘‘Complex Order Book’’ 

means the electronic book of Complex Orders 

maintained by the BOX Trading Host. See BOX 

Rule 7240(a)(8). 

6Only displayed orders will be included in the 

Simple Order Report. The Exchange notes that it 

does not currently offer any non-displayed order 

types on its options trading platform. 7The Exchange notes that no changes are being 

made to the Open-Close Data Report fees. The 

Exchange is simply rearranging the Fee Schedule to 

account for more market data products being 

offered by BOX. 

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 MSRB. 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–MSRB–2022–03 and should 

be submitted on or before July 6, 2022. 

For the Commission, pursuant to delegated 

authority.120

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–12839 Filed 6–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95081; File No. SR–BOX– 

2022–20] 

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 

June 9, 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 31, 

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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of 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. While changes to the fee 

schedule pursuant to this proposal will 

be effective upon filing, the changes will 

become operative on June 1, 2022. The 

text of the proposed rule change is 

available from the principal office of the 

Exchange, at the Commission’s Public 

Reference Room and also on the 

Exchange’s internet website at http:// 

boxexchange.com. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange recently adopted new 

data products known as the Liquidity 

Taker Event Report—Simple Orders (the 

‘‘Simple Order Report’’) and the 

Liquidity Taker Event Report—Complex 

Orders (the ‘‘Complex Order Report’’), 

(collectively, the ‘‘Reports’’) which will 

be available for purchase by Exchange 

Participants 3 on a voluntary basis. The 

Exchange now proposes to adopt fees 

for the Reports.4

By way of background, the Reports are 

daily reports that provide a Participant 

(‘‘Recipient Participant’’) with its 

liquidity response time details for 

executions of an order resting on the 

BOX Book or Complex Order Book,5

where that Recipient Participant 

attempted to execute against such 

resting order 6 within a certain 

timeframe. The purpose of the Reports 

is to provide Participants the necessary 

data in a standardized format on a T+1 

basis to those that subscribe to the 

Simple Order Report and/or the 

Complex Order Report on an equal 

basis. These products are offered to 

Participants on a completely voluntary 

basis in that the Exchange is not 

required by any rule of regulation to 

make this data available and potential 

subscribers may purchase the Simple 

Order Report and/or the Complex Order 

Report only if they voluntarily choose to 

do so. It is a business decision of each 

Participant whether to subscribe to the 

Simple Order Report and/or the 

Complex Order Report or not. 

First, the Exchange proposes to 

rename current Section III.C of the BOX 

Fee Schedule from ‘‘Open-Close Data 

Report’’ to ‘‘Reports.’’ Further, the 

Exchange proposes to move current 

Section III.C (Open-Close Data Report) 

to new Section III.C.1.7 The Exchange 

believes that moving current Section 

III.C. to new Section III.C.1 and 

renaming Section III.C ‘‘Reports’’ will 

improve the overall readability of the 

BOX Fee Schedule and help prevent 

investor confusion because the fees for 

all market data reports will reside in one 

place in the BOX Fee Schedule. 

Next, the Exchange proposes to adopt 

new Section III.C.2 (Liquidity Taker 

Event Reports) in the BOX Fee 

Schedule. Section III.C.2 will provide 

that Participants may purchase the 

Simple Order Report and/or the 

Complex Order Report on a monthly or 

annual (12 month) basis. The Exchange 

proposes to assess a fee of $4,000 per 

month and a fee of $24,000 per year for 

a 12 month subscription for the Simple 

Order Report. The Exchange also 

proposes to assess a fee of $4,000 per 


jspears on DSK121TN23PROD with NOTICES1
36180 Federal Register / Vol. 87, No. 115 / Wednesday, June 15, 2022 / Notices 

8 15 U.S.C. 78f(b)(4) and (5). 

9 15 U.S.C. 78f(b). 

10 15 U.S.C. 78f(b)(4). 

11See Cboe Global Markets U.S. Options Market 

Month-to-Date Volume Summary (March 18, 2022), 

available at https://markets.cboe.com/us/options/ 

market_statistics/. 

12See Securities Exchange Act Release No. 51808 

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

(‘‘Regulation NMS Adopting Release’’). 

13See Securities Exchange Act Release 34–94384 

(March 9, 2022), 87 FR 14598 (March 15, 2022) (SR– 

MIAX–2022–11). See also Miami International 

Securities Exchange, LLC (‘‘MIAX’’) Fee Schedule, 

Section 7, Reports. The Exchange notes that the 

proposed fees are identical to the fees assessed at 

MIAX. See also Securities Exchange Act Release 

34–94386 (March 9, 2022), 87 FR 14603 (March 15, 

2022) (SR-Emerald-2022–08). 

14See MIAX Fee Schedule, Section 7, Reports. 

The Exchange also notes that Cboe Exchange, Inc. 

assesses a $24,000 annual fee for an intra-day 

subscription to Open-Close Data. See https:// 

cdn.cboe.com/resources/membership/Cboe_

FeeSchedule.pdf . 

month and a fee of $24,000 per year for 

a 12 month subscription for the 

Complex Order Report. Participants may 

cancel their subscription at any time. 

The Exchange proposes further to 

specify that for mid-month 

subscriptions, new subscribers to the 

Simple Order Report and/or the 

Complex Order Report will be charged 

for the full calendar month for which 

they subscribe and will be provided 

Simple Order Report and/or Complex 

Order Report data for each trading day 

of the calendar month prior to the day 

on which they subscribed. Additionally, 

the Exchange proposes to offer a 12 

month subscription discount whereby 

Participants will be charged a 

discounted fee of $40,000 per year when 

they purchase 12 month subscriptions 

to both the Simple Order Report and the 

Complex Order Report. Participants 

with an existing 12 month subscription 

to either the Simple Order Report or the 

Complex Order Report, but not both, 

may add a subscription to the Simple 

Order Report or Complex Order Report 

during their current 12 month 

subscription. In such case, the fee for 

the added Report will be pro-rated for 

the remainder of the Participant’s 

current 12 month subscription based on 

the amount of the 12 month 

subscription discount. Participants 

would then receive the 12 month 

subscription discount for subscribing to 

both Reports on the renewal date of 

their original subscription if desired. 

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,8 in particular, in that 

it provides for the equitable allocation 

of reasonable dues, fees, and other 

charges among BOX Participants and 

other persons using its facilities and 

does not unfairly discriminate between 

customers, issuers, brokers or dealers. 

The Exchange also believes that its 

proposal to adopt fees for the Simple 

Order Report and the Complex Order 

Report is consistent with Section 6(b) of 

the Act 9 in general, and furthers the 

objectives of Section 6(b)(4) of the Act 10

in particular, in that it is an equitable 

allocation of dues, fees and other 

charges among its Participants and other 

recipients of Exchange data. 

In adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations (‘‘SROs’’) and brokerdealers increased authority and 

flexibility to offer new and unique 

market data to the public. It was 

believed that this authority would 

expand the amount of data available to 

consumers, and also spur innovation 

and competition for the provision of 

market data. The Exchange believes that 

the Simple Order Report and the 

Complex Order Report further broaden 

the availability of U.S. option market 

data to investors consistent with the 

principles of Regulation NMS. The 

Simple Order Report and the Complex 

Order Report also promote increased 

transparency through the dissemination 

of the Simple Order Report and the 

Complex Order Report. Particularly, the 

Simple Order Report and the Complex 

Order Report will benefit investors by 

facilitating their prompt access to the 

value-added information that is 

included in the Simple Order Report 

and the Complex Order Report. The 

Simple Order Report and Complex 

Order 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 Exchange operates in a highly 

competitive environment. Indeed, there 

are currently 16 registered options 

exchanges that trade options. Based on 

publicly available information, no single 

options exchange has more than 15% of 

the market share and currently the 

Exchange represents only approximately 

5.68% of the market share.11 The 

Commission has repeatedly expressed 

its preference for competition over 

regulatory intervention in determining 

prices, products, and services in the 

securities markets. Particularly, in 

Regulation NMS, 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.’’ 12

Making similar data products available 

to market participants fosters 

competition in the marketplace, and 

constrains the ability of exchanges to 

charge supracompetitive fees. In the 

event that a market participant views 

one exchange’s data product as more 

attractive than the competition, that 

market participant can, and often does, 

switch between similar products. The 

proposed fees are a result of the 

competitive environment of the U.S. 

options industry as the Exchange seeks 

to adopt fees to attract purchasers of the 

recently established Simple Order 

Report and Complex Order Report. 

The Exchange believes the proposed 

fees are reasonable as the proposed fees 

are similar to fees assessed by another 

exchange that provides similar data 

products.13 The Exchange notes that if 

market participants viewed the 

proposed fees discussed herein as 

excessively high, then the proposed fees 

would simply serve to reduce demand 

for the Exchange’s data product, which 

as noted, is entirely optional. Other 

options exchanges are also free to 

introduce their own comparable data 

products with lower prices to better 

compete with the Exchange’s offering. 

As such, the Exchange believes that the 

proposed fees are reasonable and set at 

a level to compete with other options 

exchanges that may choose to offer 

similar reports. Moreover, if a market 

participant views another exchange’s 

potential report as more attractive, then 

such market participant can merely 

choose not to purchase the Exchange’s 

Simple Order Report and Complex 

Order Report and instead purchase 

another exchange’s similar data product, 

which may offer similar data points, 

albeit based on that other market’s 

trading activity. 

The Exchange also believes providing 

an annual subscription for an overall 

lower fee than a monthly subscription is 

equitable and reasonable because it 

would enable the Exchange to gauge 

long-term interest in the Simple Order 

Report and the Complex Order Report. 

A lower annual subscription fee would 

also incentivize Participants to 

subscribe to the Simple Order Report 

and the Complex Order Report on a 

long-term basis, thereby improving the 

efficiency by which the Exchange may 

deliver the Simple Order Report and 

Complex Order Report by doing so on 

a regular basis over a prolonged and set 

period of time. The Exchange notes that 

other exchanges provide annual 

subscriptions for reports concerning 

their data product offerings.14


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Federal Register / Vol. 87, No. 115 / Wednesday, June 15, 2022 / Notices 36181 

15See supra note 13. 

16The Exchange notes that no changes are being 

made to the Open-Close Data Report fees. The 

Exchange is simply rearranging the Fee Schedule to 

account for more market data products being 

offered by BOX. 

Another exchange also offers a further 

12 month discount for subscribers of 

both the Simple Order Report and the 

Complex Order Report which the 

Exchange proposes to adopt as well. The 

Exchange is proposing to apply this 

discount for any period during which a 

Participant subscribes to both reports 

and then renews if desired at the 

discounted rate on the anniversary date 

of the first subscription. For example, 

assume ‘‘Participant A’’ previously 

subscribed to the Simple Order Report 

on September 1, 2021 and paid $24,000 

for a 12 month subscription to the 

Simple Order Report. Participant A’s 

current subscription expires on August 

31, 2022 for the Simple Order Report. 

Before Participant A’s subscription to 

the Simple Order Report expires, 

Participant A decides to subscribe to the 

Complex Order Report, beginning 

March 1, 2022. Rather than being 

immediately charged $40,000 for the 12 

month subscription discount for 

subscribing to both Reports (Participant 

A already paid $24,000 upfront for the 

Simple Order Report 12 month 

subscription), Participant A would only 

be charged an additional $8,000 to add 

the Complex Order Report for the 

remaining months of Participant A’s 

current 12 month subscription to the 

Simple Order Report. On September 1, 

2022, assuming Participant A decided to 

keep both Reports, Participant A would 

then be charged the 12 month 

discounted rate of $40,000 for both 

Reports for the next year. The Exchange 

proposes to determine the pro-rated fee 

described above as follows: on the date 

that Participant A wanted to begin 

subscribing to the Complex Order 

Report (March 1, 2022), there were six 

months remaining on Participant A’s 

existing 12 month subscription to the 

Simple Order Report (March, April, 

May, June, July and August). The added 

cost would be calculated as (6 months 

remaining/12 months total) * ($40,000 

discounted annual subscription for both 

Reports—$24,000 for annual 

subscription to each Report 

individually) = $8,000 for remaining 6 

months. Beginning September 1, 2022 

(the original renewal date for the Simple 

Order Report), Participant A would then 

be charged the discounted 12 month 

subscription rate of $40,000, assuming 

Participant A renews their subscriptions 

to both the Simple Order Report and the 

Complex Order Report. 

The Exchange also believes the 

proposed fees are reasonable as they 

would support the introduction of new 

market data products to 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 and 

Complex Order Book. The Simple Order 

Report and the Complex Order Report 

accomplish this 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 or the Complex 

Order Book. 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. 

Selling market data, such as the 

Simple Order Report and Complex 

Order Report, is also a means by which 

exchanges compete to attract business. 

To the extent that the Exchange is 

successful in attracting subscribers for 

the Simple Order Report and Complex 

Order Report, it may earn trading 

revenues and further enhance the value 

of its data products. If the market deems 

the proposed fees to be unfair or 

inequitable, firms can diminish or 

discontinue their use of the data and/or 

avail themselves of similar products 

offered by other exchanges.15 The 

Exchange therefore believes that the 

proposed fees for the Simple Order 

Report and Complex Order Report 

reflect the competitive environment and 

would be properly assessed on 

Participant users. The Exchange also 

believes the proposed fees are equitable 

and not unfairly discriminatory as the 

fees would apply equally to all users 

who choose to purchase such data. It is 

a business decision of each Participant 

that chooses to purchase the Simple 

Order Report and/or the Complex Order 

Report. The Exchange’s proposed fees 

would not differentiate between 

subscribers that purchase the Simple 

Order Report and the Complex Order 

Report and are set at a modest level that 

would allow any interested Participant 

to purchase such data based on their 

business needs. 

The Exchange reiterates that the 

decision as to whether or not to 

purchase the Simple Order Report and/ 

or the Complex Order Report is entirely 

optional for all potential subscribers. 

Indeed, no market participant is 

required to purchase the Simple Order 

Report or the Complex Order Report, 

and the Exchange is not required to 

make the Simple Order Report or the 

Complex Order Report available to all 

investors. It is entirely a business 

decision of each Participant to subscribe 

to the Simple Order Report and/or the 

Complex Order Report. The Exchange 

will offer the Simple Order Report and 

the Complex Order 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 Simple Order Report and/or the 

Complex Order Report may discontinue 

receiving the Simple Order Report and/ 

or the Complex Order Report at any 

time if that Participant determines that 

the information contained in the Simple 

Order Report and/or the Complex Order 

Report is no longer useful. 

Lastly, the Exchange is also proposing 

to rename current Section III.C of the 

BOX Fee Schedule from ‘‘Open-Close 

Data Report’’ to ‘‘Reports,’’ and to move 

current Section III.C (Open-Close Data 

Report) to new Section III.C.1.16 The 

Exchange believes that moving current 

Section III.C. to new Section III.C.1 and 

renaming Section III.C ‘‘Reports’’ is 

reasonable as it will improve the overall 

readability of the BOX Fee Schedule 

and help prevent investor confusion 

because the fees for all market data 

reports will reside in one place in the 

BOX Fee Schedule. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange will make the Simple Order 

Report and the Complex Order Report 

available in order to keep pace with 

changes in the industry and evolving 

customer needs and demands, and 

believes the data products will 

contribute to robust competition among 

national securities exchanges. As a 

result, the Exchange believes this 

proposed rule change permits fair 

competition among national securities 

exchanges. 

The Exchange also does not believe 

the proposed fees would cause any 

unnecessary or inappropriate burden on 

intermarket competition as other 

exchanges are free to introduce their 

own comparable data product with 

lower prices to better compete with the 

Exchange’s offerings. The Exchange 

operates in a highly competitive 

environment, and its ability to price the 

Simple Order Report and the Complex 

Order Report is constrained by 

competition among exchanges who 

choose to adopt a similar product. The 


jspears on DSK121TN23PROD with NOTICES1
36182 Federal Register / Vol. 87, No. 115 / Wednesday, June 15, 2022 / Notices 

17 15 U.S.C. 78s(b)(3)(A)(ii). 

18 17 CFR 240.19b–4(f)(2). 

19 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

Exchange must consider this in its 

pricing discipline in order to 

competitively offer market data 

products. For example, proposing fees 

that are excessively higher than fees for 

potentially similar data products would 

simply serve to reduce demand for the 

Exchange’s data products, which as 

discussed, market participants are under 

no obligation to utilize. In this 

competitive environment, potential 

purchasers are free to choose which, if 

any, similar product to purchase to 

satisfy their need for market 

information. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. 

The Exchange does not believe the 

proposed rule change would cause any 

unnecessary or inappropriate burden on 

intramarket competition. Particularly, 

the proposed fees apply uniformly to 

any purchaser in that the Exchange does 

not differentiate between subscribers 

that purchase the Simple Order Report 

and/or the Complex Order Report. The 

proposed fees are set at a modest level 

that would allow any interested 

Participant to purchase such data based 

on their business needs. 

The Exchange also believes providing 

a 12 month discounted fee for 

subscribers of both the Simple Order 

Report and the Complex Order Report is 

equitable and reasonable because it 

would enable the Exchange to gauge 

long-term interest in both Reports. The 

Exchange believes that a lower annual 

combined subscription fee may 

incentivize Participants to subscribe to 

both Reports on a long-term basis, 

thereby allowing the Exchange to better 

gauge demand for both Reports over a 

longer period of time. Doing so will 

enable the Exchange to better predict 

the future demand for both Reports. 

This will allow the Exchange to better 

prepare and adjust resources for the 

production and delivery of both Reports 

to Participants, improving the efficiency 

by which the Exchange may deliver 

both Reports over a prolonged and set 

period of time. The Exchange also 

believes that it is reasonable, equitable 

and not unfairly discriminatory to offer 

a 12 month discounted fee for 

Participants that subscribe to both 

Reports because all Participants may 

subscribe to both Reports and receive 

the discounted rate. 

Lastly, the Exchange does not believe 

that the proposed change to rename 

current Section III.C of the BOX Fee 

Schedule from ‘‘Open-Close Data 

Report’’ to ‘‘Reports,’’ and to move 

current Section III.C (Open-Close Data 

Report) to new Section III.C.1 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 Fee Schedule 

and help prevent investor confusion by 

including the fees for all market data 

reports in one place in the BOX Fee 

Schedule. 

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 17

and Rule 19b–4(f)(2) thereunder,18

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–2022–20 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–2022–20. 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–2022–20, and should 

be submitted on or before July 6, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–12844 Filed 6–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95079; File No. SR–FICC– 

2022–004] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing of Proposed Rule Change To 

Amend the Stress Testing Framework 

and Liquidity Risk Management 

Framework 

June 9, 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 26, 

2022, Fixed Income Clearing 

Corporation (‘‘FICC’’) filed with the 


jspears on DSK121TN23PROD with NOTICES1