39880 Federal Register / Vol. 87, No. 127 / Tuesday, July 5, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5See BOX Rule 7600(a)(4). 

6See BOX Rule 7240(a)(7). 

7BOX notes that a recent Cboe proposal suggested 

that BOX’s current rule is silent on the minimum 

increment for orders submitted for execution on 

BOX’s trading floor and that Cboe has been 

informed by multiple market participants that are 

also members of BOX that they may execute multilegged orders (with ratios greater than three-to-one 

or less than one-to-three) on BOX’s trading floor in 

penny increments. See Securities Exchange Act 

Release No. 94204 (February 9, 2022), 87 FR 8625 

(February 15, 2022) (Notice of Filing of Amendment 

No. 1 and Order Granting Accelerated Approval of 

a Proposed Rule Change, as Modified by 

Amendment No. 1, To Amend Cboe Rule 5.4 and 

Make Corresponding Changes to Other Rules) 

(‘‘Cboe Order’’). The Exchange reiterates that multileg QOO Orders currently executed on the BOX 

Trading Floor are treated like single-leg QOO 

Orders with respect to execution and priority. 

Further, and contrary to the exchange’s 

representations, each component series (leg) of a 

multi-leg QOO order on the BOX Trading Floor 

respects the minimum trading increment for the 

series of the option contracts traded on the 

Exchange (e.g., $0.01, $0.05, $0.10). See BOX 

Comment Letter to SR–CBOE–2021–046 available at 

https://www.sec.gov/comments/sr-cboe-2021-046/ 

srcboe2021046-9238319-250622.pdf. 

8See Cboe Order. 

9See BOX Rule 7600(a)(2). 

10See supra note 5. [sic] 

11See BOX Rule 7240(c). 

12See BOX Rule 7240(a)(7). 

Inquiries must contain full name; 

Candidate Identification Number, 

Employee Identification Number, or 

respondent identification code, and 

subject or purpose of research/survey; 

and date and location of their 

participation. 

EXEMPTIONS PROMULGATED FROM THIS SYSTEM: 

Pursuant to 5 U.S.C. 552a(j) and (k), 

USPS has established regulations at 39 

CFR 266.9 that exempt records in this 

system depending on their purpose. The 

USPS has also claimed exemption from 

certain provisions of the Act for several 

of its other systems of records at 39 CFR 

266.9. To the extent that copies of 

exempted records from those other 

systems are incorporated into this 

system, the exemptions applicable to 

the original primary system continue to 

apply to the incorporated records. 

HISTORY: 

July 19, 2013; 78 FR 43247; June 17, 

2011; 76 FR 35483; April 29, 2005; 70 

FR 22516. 

* * * * * 

Sarah E. Sullivan, 

Attorney, Ethics and Legal Compliance. 

[FR Doc. 2022–14277 Filed 7–1–22; 8:45 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95173; File No. SR–BOX– 

2022–21] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Allow Multi-Leg 

Qualified Open Outcry Orders (‘‘QOO 

Orders’’) That Are Not Complex Orders 

To Trade in Penny Increments 

Regardless of the Minimum Increments 

Otherwise Applicable to the Individual 

Legs of the Multi-Leg QOO Order 

June 28, 2022. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on June 17, 

2022, BOX Exchange LLC (the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to allow 

multi-leg Qualified Open Outcry 

Orders 5 (‘‘QOO orders’’) that are not 

Complex Orders 6 to trade in penny 

increments regardless of the minimum 

increments otherwise applicable to the 

individual legs of the multi-leg QOO 

order. 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 amend BOX Options 

Market LLC (‘‘BOX’’) Rule 7600 to allow 

multi-leg QOO orders that are not 

Complex Orders to be quoted and 

executed in $0.01 increments (‘‘penny 

increments’’) regardless of minimum 

increments otherwise applicable to the 

individual legs of the multi-leg QOO 

order. Currently, multi-leg QOO orders 

that are not Complex Orders respect the 

minimum trading increment for the 

series of the option contracts traded 

(e.g., $0.01, $0.05, $0.10).7 The 

Exchange now proposes to amend BOX 

Rule 7600(c) to allow multi-leg QOO 

orders to be quoted and executed in 

penny increments, regardless of the 

minimum increments otherwise 

applicable to the individual legs of the 

order. BOX notes that this is a 

competitive rule filing based on a 

similar proposal filed by Cboe Exchange 

Inc. (‘‘Cboe’’) and approved by the 

Commission.8 Currently, multi-leg QOO 

orders are only traded on the BOX 

Trading Floor.9 The Exchange does not 

propose to allow multi-leg orders that 

are not Complex Orders to trade 

electronically as detailed in the Cboe 

filing.10 BOX only intends to allow 

multi-leg QOO orders on the BOX 

Trading Floor to be quoted and traded 

in penny increments. BOX will file a 

proposal with the Commission if it 

intends to allow multi-leg orders to 

trade electronically. BOX does not 

generate Legging Orders on behalf of 

multi-leg QOO orders. BOX generates 

Legging Orders only on behalf of 

Complex Orders resting on the Complex 

Order Book.11

Background 

Complex Orders are defined on BOX 

as any order involving the simultaneous 

purchase and/or sale of two or more 

different options series in the same 

underlying security, for the same 

account, in a ratio that is equal to or 

greater than one-to-three (.333) and less 

than or equal to three-to-one (3.00) and 

for the purpose of executing a particular 

investment strategy.12 Bids and offers on 

Complex Orders may be expressed in 

any decimal price, and the leg(s) of a 

Complex Order may be executed in one 

penny increments, regardless of the 

minimum increments otherwise 


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13See BOX Rule 7240(b)(1). 

14See BOX Rule 7600(c). 

15For example, assume the market for the 

November FB 225 calls is 31 bid, 32 asked, and the 

market for the November FB 245 calls is 19.50 bid 

and 20.50 asked. The fair value of a call spread 

comprised of one leg to buy and one leg to sell the 

same number of contracts of this series is 11.50 (the 

difference between the prices quoted for each 

option). If an order to buy 100 of the 225 calls and 

to sell 100 of the 245 calls is quoted and executed 

at a net debit of 11.50 (expressed in a multiple of 

the minimum increment), the parties to the trade 

can easily determine and record a price for each 

component option that comprises the Multi-Leg 

Order. Any combination of purchase and sale prices 

within the quoted ranges for the component options 

that yield a net debit or credit of 11.50 could be 

used (e.g., 31.50 for the 225 calls, and 20 for the 

245 calls). 

16Using the example in the previous footnote, if 

instead a customer wants to pay 11.48 rather than 

11.50 for a Multi-Leg Order, in order to determine 

prices for the component options that are expressed 

in a multiple of $0.05 the Floor Broker must 

perform a series of calculations. In this case, the 

Floor Broker might determine that the trade must 

be split up into a 40-contract spread that traded at 

a net debit of 11.45 and a 60-contract spread that 

traded at a net debit of 11.50, which together yield 

a net debit of 11.48 for the entire amount. This is 

ultimately a better net price for the customer. 

17See BOX Rule 100(53). 

18See BOX Rule 100(10). 

19See BOX Rule 7600(c). 

20See BOX Rule 7600(a). 

21See BOX Rule 7600(h). 

22See BOX Rule 7600(d)(2). 

applicable to the individual legs of the 

order.13

Multi-leg QOO orders on the BOX 

Trading Floor differ from Complex QOO 

Orders as they may have a ratio that is 

less than one-to-three (.333) or greater 

than three-to-one (3.00). Further, multileg QOO orders must involve the 

simultaneous purchase and/or sale of 

two or more different options series in 

the same underlying security, for the 

same account, and for the purpose of 

executing a particular investment 

strategy. Each component series of a 

multi-leg QOO order must be executed 

at a price that is equal to or better than 

the NBBO for that series subject to the 

exceptions of BOX Rule 15010(b). Each 

component series of a multi-leg QOO 

order (1) may not trade through any 

equal or better priced Public Customer 

bids or offers on the BOX book for that 

series or any non-Public Customer bids 

or offers on the BOX book for that series 

that are ranked ahead of or equal to 

better priced Public Customer bids or 

offers, and (2) may not trade through 

any non-Public Customer bids or offers 

for that series on the BOX book that are 

priced better than the proposed 

execution price.14

BOX notes that multi-leg QOO orders 

require special pricing and handling. 

Bids and offers for multi-leg QOO orders 

are typically represented on the basis of 

a total debit or credit for the order. After 

a multi-leg QOO order executes at the 

total debit or credit, the parties to the 

trade record the contract quantities and 

prices for each component leg of the 

order. For multi-leg QOO orders 

executed in open outcry, this task is 

straightforward when the total debit or 

credit for a complex strategy is 

expressed in the minimum increment.15

However, if a multi-leg QOO order is 

unable to be expressed in increments 

smaller than the increment for the class 

(such as $0.05), it may be difficult for 

Floor Participants to obtain the desired 

prices for their customers’ orders, 

because the parties on either side of the 

transaction must perform extra 

calculations to break down a complex 

order into the required contract 

quantities and prices to fit within the 

constraint of executing multi-leg QOO 

orders at a minimum increment other 

than $0.01.16 The result is that on active 

trading days, brokers executing these 

types of orders cannot be as efficient in 

representing other customer orders 

while spending time performing these 

calculations. 

The Exchange believes the proposed 

rule change will enable Floor Brokers to 

execute multi-leg QOO Orders more 

efficiently, including on behalf of 

customers that wish to execute highly 

complicated multi-leg QOO orders, by 

permitting the parties to execute the 

trades more expeditiously on the BOX 

Trading Floor. Additionally, the 

Exchange believes the proposed rule 

change may give Floor Brokers the 

flexibility to execute customers’ multileg QOO orders with these larger ratios 

at better prices, rather than executing at 

prices that fit within the confines of a 

larger increment. 

The Exchange notes that it does not 

propose to change the priority rules for 

multi-leg QOO Orders. Specifically, 

each component series of a multi-leg 

QOO order that is not a Complex Order 

must be executed at a price that is equal 

to or better than the NBBO for that 

series subject to the exceptions of BOX 

Rule 15010(b). Each component series of 

a multi-leg QOO order (1) may not trade 

through any equal or better priced 

Public Customer 17 bids or offers on the 

BOX Book 18 for that series or any nonPublic Customer bids or offers on the 

BOX Book for that series that are ranked 

ahead of or equal to better priced Public 

Customer bids or offers, and (2) may not 

trade through any non-Public Customer 

bids or offers for that series on the BOX 

Book that are priced better than the 

proposed execution price.19 Better or 

equal priced Public Customer bids or 

offers are still protected along with 

certain non-Public Customer bids or 

offers as described above. To provide 

additional clarity with regard to how 

these bids and offers are protected, the 

Exchange proposes to add language to 

BOX Rule 7600(c) that states, ‘‘the 

initiating side of a single leg QOO Order 

must execute against equal or better 

priced interest on the BOX Book as 

provided by Rules 7600(d) and (h) 

before executing against the contra-side 

QOO Order.’’ The Exchange also 

proposes to add language to BOX Rule 

7600(c) that states, ‘‘The initiating side 

of a multi-leg QOO order must execute 

against equal or better priced interest on 

the BOX Book as provided by Rules 

7600(d) and (h) before executing against 

the contra-side QOO order.’’ The 

Exchange believes the proposed 

language will provide clarity with 

regard to the execution and priority for 

QOO Orders on the BOX Trading Floor. 

The Exchange notes that the proposal 

does not change the execution or 

priority of QOO orders on the BOX 

Trading Floor. 

The Exchange notes that Floor 

Brokers are responsible for handling all 

orders in accordance with Exchange 

priority and trade-through rules.20

Currently, pursuant to BOX Rule 

7600(d), the initiating side of the QOO 

Order will match against any bids or 

offers on the BOX Book priced better 

than the contra-side, provided that an 

adequate book sweep size was provided 

by the Floor Broker pursuant to Rule 

7600(h). If the number of contracts on 

the BOX Book that have priority over 

the contra-side order is greater than the 

book sweep size, then the QOO Order 

will be rejected.21 Similarly, at the same 

price as the contra-side of the QOO 

Order, the initiating side of the QOO 

Order will match against Public 

Customer Orders on the BOX Book, 

along with any bids or offers of nonPublic Customers ranked ahead of such 

Public Customer Orders on the BOX 

Book.22 In other words, BOX Rules 

7600(c) and 7600(d) establish the 

priority rules and BOX Rule 7600(h) 

provides a mechanism for fulfilling the 

requirements of these rules. Further, if 

a Floor Broker attempts to enter an order 

without providing an adequate book 

sweep size, the order will be rejected 

thus protecting higher priority orders on 

the BOX Book including Public 

Customer orders on the BOX Book. 

The Securities and Exchange 

Commission (‘‘Commission’’), on 

December 1, 2003, provided: ‘‘Because 

of concerns that a higher ratio could 

provide market participants with a 

means to enter a ratio order that was 

designed primarily to gain priority over 


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23See Securities Exchange Act Release No. 48858 

(December 1, 2003), 68 FR 68128 (December 5, 

2003) (SR–CBOE–2003–07). 

24See BOX Rule 7240(b)(3)(iii). 

25See BOX Rule 7240(b)(1). 

26See BOX Rule 7600(c). 

27See id. 

28See 7600(c) and (d). 

29See BOX Rules 7150(f)(2), 7150(k). 

30See Cboe Rule 5.4(b). 

31 15 U.S.C. 78f(b). 

32 15 U.S.C. 78f(b)(5). 33See supra note 28. [sic] 

orders on the limit order book or in the 

trading crowd, rather than to effectuate 

a bona fide trading or hedging strategy, 

the Commission would need to examine 

closely any proposal to provide a higher 

ratio for ratio orders and would be 

concerned about whether such a 

proposal would be consistent with 

investor protection and the public 

interest under the Act.’’ 23 While BOX 

allows Complex Orders to execute at a 

price that is equal to or better than the 

BOX BBO for each of the component 

series, among other conditions,24 the 

same is not true of multi-leg QOO 

Orders that are not Complex Orders. No 

change is being proposed to the priority 

of higher ratio orders, which allows 

Public Customer orders (among others) 

to remain protected, thus alleviating the 

Commission’s concern about giving 

priority to higher ratio orders. 

The proposed rule change seeks to 

allow the execution of the legs of multileg QOO orders that are not Complex 

Orders in penny increments, regardless 

of the minimum increments otherwise 

applicable to the individual legs of the 

order as is currently allowed for 

Complex Orders.25 The Exchange 

understands that there may be some 

concerns that if the ratios are too greatly 

expanded, market participants will, for 

example, enter multi-legged strategies 

designed primarily to trade orders in a 

class in pennies that cannot otherwise 

execute as simple orders in that class in 

pennies rather than to effectuate a bona 

fide trading or hedging strategy. The 

Exchange believes it is highly unlikely 

that market participants will submit 

non-bona-fide trading strategies with 

larger ratios just to trade in penny 

increments. Adding a single leg to a 

larger order just to obtain penny pricing 

may further reduce execution 

opportunities for such an order, because 

it may be less likely that sufficient 

contracts in the appropriate ratio would 

be available. Additionally, as proposed, 

multi-leg QOO orders may not trade 

through any equal or better priced 

Public Customers on the BOX Book.26

Complex QOO Orders may trade at a 

price without giving priority to 

equivalent bids or offers in the 

individual series legs, provided that at 

least one options leg betters the 

corresponding bid or offer on the BOX 

Book by at least one minimum 

increment.27 However, Complex Order 

priority does not apply to multi-leg 

QOO orders.28 Therefore, if a market 

participant were to attempt to submit a 

multi-leg QOO order primarily to trade 

in penny increments, it may need to 

improve more legs than a Complex 

Order, reducing any potential savings 

the market participant was attempting to 

achieve. 

Further, the Exchange notes that the 

majority of volume traded on the 

Exchange in both simple and Complex 

Orders already trades in penny 

increments. Further, the Exchange notes 

that all option series traded on BOX can 

trade in penny increments in the Price 

Improvement Period (‘‘PIP’’) regardless 

of the minimum increment otherwise 

applicable.29 Therefore, the Exchange 

does not believe that permitting multileg QOO orders that are not Complex 

Orders to trade in penny increments 

will materially impact the volume that 

already executes in pennies on BOX. 

The Exchange again notes that 

another options exchange has similar 

rules that were recently approved by the 

Commission.30

Lastly, the Exchange proposes to 

amend Rule 7600(h) to add language 

that was inadvertently omitted when the 

Exchange established the rule. 

Specifically, BOX proposes to state that, 

‘‘A Floor Broker may, but is not required 

to, provide a book sweep size for 

Complex QOO Orders and multi-leg 

QOO orders. The book sweep size is the 

number of contracts, if any, of the 

initiating side of the Complex QOO 

Order or multi-leg QOO Order that the 

Floor Broker is willing to relinquish to 

orders and quotes on the BOX Complex 

Order Book and the BOX Book that have 

priority pursuant to Rule 7240(b)(2) and 

(3) and Rule 7600(c) (changes 

italicized). The Exchange believes that 

adding this language will provide clarity 

with respect to the book sweep size 

functionality and the multi-leg QOO 

orders on the BOX Trading Floor. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with the 

requirements of Section 6(b) of the 

Act,31 in general, and Section 6(b)(5) of 

the Act,32 in particular, the 

requirements that the rules of an 

exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to 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. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

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

rules of an exchange not be designed to 

permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes the 

proposed rule change will remove 

impediments to and perfect the 

mechanism of a free and open market 

and benefit investors, because it will 

provide market participants with the 

same pricing flexibility with respect to 

all their complex trading and hedging 

strategies. Market participants may 

determine that investment and hedging 

strategies on the BOX Trading Floor 

with ratios greater than three-to-one or 

less than one-to-three are appropriate 

for their investment purposes, and the 

Exchange believes it will benefit market 

participants if they have additional 

flexibility to price their investment and 

hedging strategies to achieve their 

desired investment results. The 

Exchange believes the proposed rule 

change will help protect investors by 

allowing market participants to receive 

the benefit of complex order pricing 

when executing bona fide multi-legged 

trading or hedging strategies. The 

Exchange sees no reason to restrict 

complex orders with a ratio of greater 

three-to-one (or less than one-to-three) 

in a class with a minimum increment of 

$0.05 from being expressed in, or having 

their legs execute in, $0.01 increments 

while legs of Complex Orders with a 

ratio less than or equal to three-to-one 

(or greater than or equal to one-to-three) 

in the same class may be expressed in, 

and have their legs execute in, $0.01 

increments. The proposed rule change 

will further remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, as another options exchange 

permits multi-leg orders with any ratio 

and their legs to trade in pennies.33

These changes will also enable Floor 

Brokers on the BOX Trading Floor to 

more efficiently execute multi-leg QOO 

orders including on behalf of customers 

that wish to execute highly complicated 

multi-leg QOO orders, by permitting the 

parties to execute the trades more 

expeditiously. Additionally, as 

discussed above, this may enable Floor 

Brokers to execute customers’ multi-leg 


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34 Id. [sic]. 

35 15 U.S.C. 78s(b)(3)(A). 

36 17 CFR 240.19b–4(f)(6). 

37 17 CFR 240.19b–4(f)(6). 

38 17 CFR 240.19b–4(f)(6)(iii). 

39See Cboe Rule 5.4(b). See also Cboe Order, 

supra note 7. 

40See id. 

41For purposes only of accelerating the operative 

date of this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. 15 

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

QOO orders at better prices, rather than 

executing at prices that fit within the 

confines of a larger increment, which 

ultimately benefits investors. The 

proposed rule change will continue to 

protect Public Customer order interest 

on the BOX Book in the same manner 

it does today, as all multi-leg QOO 

orders that are not Complex Orders may 

not trade through any equal or better 

priced Public Customer bids or offers on 

the BOX Book for that series or any nonPublic Customer bids or offers on the 

BOX Book for that series that are ranked 

ahead of or equal to better priced Public 

Customer bids or offers, and may not 

trade through any non-Public Customer 

bids or offers for that series on the BOX 

Book that are priced better than the 

proposed execution price. As such, BOX 

believes the proposed rule change is in 

the public interest, and therefore, 

consistent with the Act. 

Further, the Exchange believes that 

the proposed language in 7600(c) 

regarding single-leg QOO orders and 

multi-leg QOO orders will provide 

clarity with regard to the execution and 

priority for these QOO Orders on the 

BOX Trading Floor. As such, BOX 

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 impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe the proposed 

rule change will impose any burden on 

intramarket competition, as the 

proposed rule change will apply in the 

same manner to all Participants (i.e., all 

Participants may submit multi-leg QOO 

orders in penny increments). The 

Exchange does not believe the proposed 

rule change will impose any burden on 

intermarket competition, as it relates to 

the representation and execution of 

orders on the BOX Trading Floor and 

will continue to protect Public 

Customer Orders on the BOX Book. The 

Exchange believes the proposed rule 

change may promote competition, as 

market participants will have additional 

flexibility to execute their trading and 

hedging strategies in a more efficient 

manner as it will permit multi-leg QOO 

orders in the same class to trade in the 

same increments as Complex QOO 

Orders. Additionally, as discussed 

herein, another options market currently 

permits complex orders with ratios 

greater than three-to-one or less than 

one-to-three and their legs to execute in 

penny increments on its trading floor.34

Further, the Exchange believes that the 

proposed language in 7600(c) will not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

as the proposed changes will provide 

clarity with regard to the execution and 

priority for these QOO Orders on the 

BOX Trading Floor. As such, 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. 

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 (a) significantly affect 

the protection of investors or the public 

interest; (b) impose any significant 

burden on competition; and (c) 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 35 and Rule 19b– 

4(f)(6) 36 thereunder. 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 will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 37 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),38 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. The Exchange states 

that another options exchange currently 

allows all complex orders to be quoted 

and executed in $0.01 increments, and 

that waiving the operative delay period 

will allow BOX to immediately provide 

investors with an additional venue to 

transact larger-ratio multi-leg QOO 

orders in $0.01 increments.39 The 

Exchange further states that the 

proposal could allow Floor Brokers to 

execute complicated multi-leg QOO 

Orders more efficiently and 

expeditiously on the BOX Trading Floor 

and provide Floor Brokers with 

flexibility to execute customers’ multileg QOO orders at better prices, rather 

than at prices that fit within the 

confines of a larger increment. The 

Exchange states that the proposed 

changes to BOX Rule 7600(c) will 

reduce potential investor confusion 

with regard to the execution and 

priority of QOO Orders on the BOX 

Trading floor, and that the proposed 

changes to BOX Rule 7600(h) will add 

language that was inadvertently omitted 

when the Exchange adopted the rule. 

The Commission finds that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. The Commission notes 

that proposal does not raise new or 

novel regulatory issues because another 

options exchange currently allows all 

complex orders, including complex 

orders with a ratio less than one-to-three 

or greater than three-to-one, to be 

quoted and executed in $0.01 

increments.40 Waiver of the operative 

delay will allow the Exchange to 

provide investors with an additional 

venue for quoting and executing largerratio complex orders in $0.01 

increments. The Commission believes 

that the proposed changes to BOX Rule 

7600(c) will benefit investors by helping 

to clarify the priority requirements 

applicable to QOO Orders, and that the 

proposed changes to BOX Rule 7600(h) 

will clarify that rule by adding language 

regarding multi-leg QOO Orders that 

was inadvertently omitted from the rule. 

For these reasons, the Commission 

designates the proposal operative upon 

filing.41

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 


lotter on DSK11XQN23PROD with NOTICES1
39884 Federal Register / Vol. 87, No. 127 / Tuesday, July 5, 2022 / Notices 

42 17 CFR 200.30–3(a)(12). 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

BOX–2022–21. 

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–2022–21. 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–2022–21, and should 

be submitted on or before July 26, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.42

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–14177 Filed 7–1–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

SBA Council on Underserved 

Communities Meeting 

AGENCY: U.S. Small Business 

Administration (SBA). 

ACTION: Notice of Federal advisory 

committee meeting. 

SUMMARY: The SBA is issuing this notice 

to announce the location, date, time, 

and agenda for the third meeting of the 

SBA Council on Underserved 

Communities. The meeting will be in 

person for Council members and 

streamed live to the public. 

DATES: The meeting will be held on 

Friday, July 8th, 2022, from 9:30 a.m. to 

1:00 p.m. Central Time. 

ADDRESSES: The Council on 

Underserved Communities will meet at 

the David Rubenstein Forum on the 

campus of The University of Chicago 

which is located at 1201 East 60th 

Street, Chicago, IL 60637 and live 

streamed on Zoom for the public. 

Registration Link Here: https://

www.zoomgov.com/webinar/register/ 

WN_DAZQsazYTcGaAw66tZif9g. 

SUPPLEMENTARY INFORMATION: Pursuant 

to section 10(a)(2) of the Federal 

Advisory Committee Act (5 U.S.C., 

Appendix 2), SBA announces the 

meeting of the SBA Council on 

Underserved Communities (the 

‘‘Council’’). The Council is tasked with 

providing advice, ideas and opinions on 

SBA programs and services and issues 

of interest to small businesses in 

underserved communities. For more 

information, please visit http://

www.sba.gov/cuc. 

The purpose of the meeting is to 

provide the Council with information 

on SBA’s efforts to support small 

businesses in underserved communities, 

as well as provide an opportunity for 

the Council to discuss its goals for the 

coming months. The Council will 

provide insights based on information 

they have heard from their communities 

and discuss areas of interest for further 

research and recommendation 

development. 

FOR FURTHER INFORMATION CONTACT: The 

meeting will be live streamed to the 

public, and anyone wishing to submit 

questions to the SBA Council on 

Underserved Communities can do so by 

submitting them via email to 

underservedcouncil@sba.gov. 

Additionally, if you need 

accommodations because of a disability 

or require additional information, please 

contact Bajeyah Eaddy, SBA, Office of 

the Administrator, 409 Third Street SW, 

Washington, DC 20416, 202–941–5997 

or Bajeyah.Eaddy@sba.gov. 

Dated: June 24, 2022. 

Andrienne Johnson, 

SBA Committee Management Officer. 

[FR Doc. 2022–14172 Filed 7–1–22; 8:45 am] 

BILLING CODE 8026–09–P 

SOCIAL SECURITY ADMINISTRATION 

[Docket No. SSA–2022–0008] 

Privacy Act of 1974; Matching Program 

AGENCY: Social Security Administration 

(SSA). 

ACTION: Notice of a new matching 

program. 

SUMMARY: In accordance with the 

provisions of the Privacy Act, as 

amended, this notice announces a new 

matching program with the United 

States Department of Health and Human 

Services, the Office of Child Support 

Enforcement (OCSE). Under this 

matching program, OCSE will provide 

SSA with online query access to the 

National Directory of New Hires 

(NDNH) for administration of 

Supplemental Security Income (SSI), 

Disability Insurance (DI), and Ticket-toWork and Self-Sufficiency (Ticket) 

programs, and will provide SSA 

quarterly wage and unemployment 

insurance data from the NDNH through 

a batch match for administration of the 

SSI program. 

DATES: The deadline to submit 

comments on the proposed matching 

program is August 4, 2022. The 

matching program will be applicable on 

August 6, 2022, or once a minimum of 

30 days after publication of this notice 

has elapsed, whichever is later. The 

matching program will be in effect for 

a period of 18 months. 

ADDRESSES: You may submit comments 

by any one of three methods—internet, 

fax, or mail. Do not submit the same 

comments multiple times or by more 

than one method. Regardless of which 

method you choose, please state that 

your comments refer to Docket No. 

SSA–2022–0008 so that we may 


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