Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices 42199 

23See CBOE Fees Schedule and NYSE Arca Fee 

Schedule. CBOE charges a $120 (Floor Manager) or 

$60 (Clerks) badge fees for their Floor Participants. 

NYSE Arca charges $50 per badge. 

24 15 U.S.C. 78s(b)(3)(A)(ii). 25 17 CFR 240.19b–4(f)(2). 26 17 CFR 200.30–3(a)(12). 

stated above, these market participants 

may choose to conduct their business on 

the Trading Floor, unlike Floor Brokers, 

who have a business model that is 

naturally tied to the physical trading 

space. The Exchange offers Market 

Makers a choice on how to conduct 

business, only electronic or floor and 

electronic. The Exchange believes that it 

is equitable and not unfairly 

discriminatory to assess Floor Market 

Makers the higher monthly fee because 

they have the benefit of trading on both 

if they so choose. 

Lastly, the Exchange believes the 

monthly Badge Fee of $100 is 

reasonable as it is in line with other 

similar fees at a competing exchange.23

Further, the Exchange believes that the 

monthly Badge Fee is equitable and not 

unfairly discriminatory because the 

Badge Fee will be assessed uniformly to 

each person authorized by the BOX 

Participant, regardless of Participant 

type. 

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 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 

Exchange must continually adjust its 

fees to remain competitive with other 

exchanges. Because competitors are free 

to modify their own fees in response, 

the Exchange believes that the degree to 

which fee changes in this market may 

impose any burden on competition is 

limited. For the reasons discussed 

above, the Exchange believes that the 

proposed changes do not impose an 

undue burden on competition. 

The Exchange does not believe that 

assessing no fee on Broker Dealers 

facilitating Public Customer will burden 

competition by creating such a disparity 

between the fees that an initiating 

Broker Dealer pays and the fees a 

competitive responder pays that would 

result in certain Participants being 

unable to compete with initiators. In 

fact, the Exchange believes that the 

proposed fees will not impair these 

Participants from adding liquidity and 

competing in open outcry on the 

Trading Floor and will help promote 

competition by providing incentives for 

market participants to submit customer 

order flow to the BOX Trading Floor 

and thus, create a greater opportunity 

for customer executions. 

Further, the Exchange does not 

believe that offering a rebate to Floor 

Brokers will impose an undue burned 

[sic] on intra-market competition 

because all Floor Brokers are eligible to 

transaction [sic] QOO Orders and 

receive a rebate. Further, the Exchange 

believes that the rebate will promote 

competition by allowing Floor Brokers 

to competitively price their services and 

for the Exchange to remain competitive 

with other exchanges that offer frontend order entry on their trading floors. 

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 24

and Rule 19b–4(f)(2) thereunder,25

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–2017–28 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–2017–28. 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 Web site (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 Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–BOX– 

2017–28, and should be submitted on or 

before September 27, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.26

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–18798 Filed 9–5–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Commission will host the SEC–NYU 

Dialogue on Securities Markets— 

Exchange-Traded Products (ETPs) on 

Friday, September 8, 2017 beginning at 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
42200 Federal Register / Vol. 82, No. 171 / Wednesday, September 6, 2017 / Notices 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 5 15 U.S.C. 78f(b)(4) and (5). 

6See Chicago Board Options Exchange, 

Incorporated (‘‘CBOE’’) Fee Schedule. CBOE 

charges a $1,250 per month fee for a Non-Standard 

Booth Rental plus $1.70 per square foot, determined 

based on the size of the booth. At CBOE, the term 

‘‘non-standard booth’’ generally refers to space on 

the trading floor on the Exchange that is set off from 

a trading crowd, which may be rented for whatever 

support, office, back-office, or any other businessrelated activities for which CBOE members may 

choose to use. The Exchange notes that the ‘‘nonstandard booth’’ at CBOE is similar to the proposed 

Trading Floor Booth discussed herein, as the booth 

space is a general space on the trading floor. See 

Securities Exchange Release No. 78741 (August 31, 

2017), 81 FR 61727 (SR–CBOE–2016–063). 

9:15 a.m., in the Auditorium, Room L– 

002. 

The event is scheduled to include 

welcome remarks by SEC Commissioner 

Michael Piwowar, concluding remarks 

by SEC Commissioner Kara Stein and 

panel discussions that Commissioners 

may attend. The panel discussions will 

explore market impacts from the growth 

in ETPs, potential implications for 

investors who hold ETPs, and where the 

ETP market is headed. This Sunshine 

Act notice is being issued because a 

majority of the Commission may attend 

the meeting. 

For further information, please 

contact Brent J. Fields from the Office of 

the Secretary at (202) 551–5400. 

Dated: August 31, 2017. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2017–18933 Filed 9–1–17; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81506; File No. SR–BOX– 

2017–29] 

Self-Regulatory Organizations; BOX 

Options Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Amend 

the Fee Schedule To Establish a Booth 

Space Fee for the BOX Trading Floor 

August 30, 2017. 

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 August 

22, 2017, BOX Options Exchange LLC 

(the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Exchange filed the proposed rule change 

pursuant to Section 19(b)(3)(A)(ii) of the 

Act,3 and Rule 19b–4(f)(2) thereunder,4

which renders the proposal effective 

upon filing with the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The Exchange is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

to amend the Fee Schedule to establish 

a booth space fee for the BOX openoutcry Trading Floor. 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 Web site 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 proposes to amend the 

Fee Schedule for trading on BOX to 

establish a booth space fee for the BOX 

open-outcry Trading Floor (‘‘Trading 

Floor’’). Specifically, the Exchange 

proposes to establish a Trading Floor 

Booth Space Fee of $1,500 per month. 

The Exchange also proposes to specify 

that current Trading Floor Permit fees 

for both Floor Market Makers and Floor 

Brokers entitle the Participant to one 

booth space along with the three 

registered permits. The Exchange 

expects the booth space to be used by 

Floor Participants to perform various 

functions in support of floor based 

trading activities on the Exchange. As 

such, Floor Participants who need more 

booth space will be required to pay an 

additional Trading Floor Booth Space 

Fee of $1,500 per month. The Trading 

Floor Booth Space will be used for a 

Floor Participant’s workstation on the 

BOX Trading Floor. The Exchange notes 

that all booth spaces will be uniform, 

identical in size and will contain an 

equal number of electrical outlets and 

data ports. 

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,5 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 believes that the 

proposed booth space fee is reasonable 

as it is in line with a similar fee charged 

at another exchange with a physical 

trading floor.6 Further, the Exchange 

believes that the proposed booth space 

fee is equitable and not unfairly 

discriminatory because it applies to 

Trading Floor Participants uniformly. 

Further, the booth space fee provides for 

equitable allocation of reasonable fees 

among Floor Participants by requiring 

Participants that need more space to pay 

more, instead of raising the fees for all 

Participants, including those that may 

not need additional space. Lastly, the 

Exchange believes that the proposed 

change will further the goal in providing 

more space to Floor Participants that 

may need it without charging all 

Participants. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that the 

proposed rule changes will impose any 

burden on intramarket competition 

because the proposed change applies to 

both Floor Market Makers and Floor 

Brokers. Further, the Exchange does not 

believe that the proposed rule change 

will impose any burden on intermarket 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act because the change 

applies to fees that affect BOX only, and 

not other exchanges. 

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. 


asabaliauskas on DSKBBXCHB2PROD with NOTICES