44018 Federal Register / Vol. 82, No. 181 / Wednesday, September 20, 2017 / Notices 

15 17 CFR 200.30–3(a)(12). 

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). 

5A QCC Order is an originating order (Agency 

Order) to buy or sell at least 1,000 standard option 

contracts, or 10,000 mini-option contracts, that is 

identified as being part of a qualified contingent 

trade, coupled with a contra side order to buy or 

sell an equal number of contracts. 

6The Exchange notes that no changes will be 

made to Public Customer QCC Order fees. 

All submissions should refer to File 

Number SR–NYSE–2017–47. 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 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; 

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–NYSE– 

2017–47 and should be submitted on or 

before October 11, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–19964 Filed 9–19–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81615; File No. SR–BOX– 

2017–30] 

Self-Regulatory Organizations; BOX 

Options Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Amend 

the Fee Schedule on the BOX Market 

LLC (‘‘BOX’’) Options Facility 

September 14, 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 

September 1, 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 on the BOX 

Market LLC (‘‘BOX’’) options facility. 

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. 

Specifically, the Exchange proposes to 

(1) amend the BOX Volume Rebate 

(‘‘BVR’’) in Section I.B.2; (2) modify the 

fees and rebate for Qualified Contingent 

Cross 5 (‘‘QCC’’) Transactions in Section 

I.D.; and (3) make a clarifying change to 

in [sic] a footnote regarding the 

definition of ‘‘Broker Dealer facilitating 

a Public Customer’’ in Section II 

(Manual Transactions). 

BVR 

First, the Exchange proposes to adjust 

a rebate within the BVR. Under the 

BVR, the Exchange offers a tiered per 

contract rebate for all Public Customer 

PIP Orders and COPIP Orders of 100 

and under contracts that do not trade 

solely with their contra order. 

Percentage thresholds are calculated on 

a monthly basis by totaling the 

Participant’s PIP and COPIP volume 

submitted to BOX, relative to the total 

national Customer volume in multiplylisted options classes. The Exchange 

proposes to raise the rebate for COPIP 

Orders in Tier 4 from $0.06 to $0.08. 

The Exchange notes that is it not 

proposing any changes to the percentage 

thresholds within the BVR. The quantity 

submitted will continue to be calculated 

on a monthly basis by totaling the 

Participant’s PIP and COPIP volume 

submitted to BOX, relative to the total 

national Customer volume in multiplylisted options classes. 

The Exchange also proposes to amend 

the BVR to remove the flat $0.03 rebate 

for those Public Customer COPIP Orders 

of 100 and under contracts that trade 

solely with their contra order. Public 

Customer PIP Orders of 100 and under 

contracts that trade solely with their 

contra order will continue to receive a 

$0.03 rebate per contract, regardless of 

tier. 

QCC Transactions 

The Exchange then proposes to 

amend the QCC Transaction fees and 

rebate. Specifically, the Exchange 

proposes to decrease the fees for all nonPublic Customer (Professional 

Customers, Broker Dealers and Market 

Makers) QCC Orders from $0.20 to $0.17 

per contract side.6 In addition, the 

Exchange proposes to decrease the QCC 

Rebate from $0.15 to $0.14 per contract. 

Manual Transaction Fees 

Finally, the Exchange also proposes to 

amend the footnote that defines a 

‘‘Broker Dealer facilitating a Public 

Customer’’ in Section II (Manual 

Transactions) to clarify that the ‘‘Broker 

Dealer facilitating a Public Customer’’ 

account type and applicable fees will be 

applied, regardless of if the Broker 

Dealer clears in the customer range, or 

clears as a Broker Dealer. To do this, the 

Exchange proposes to amend the 


sradovich on DSKBBY8HB2PROD with NOTICES
Federal Register / Vol. 82, No. 181 / Wednesday, September 20, 2017 / Notices 44019 

7See NYSE Arca, Inc (‘‘Arca’’) Fee Schedule. The 

Exchange notes, however, that Arca’s similar 

language includes reference to ‘‘Firm Facilitation.’’ 

Because BOX does not use or define the term 

‘‘Firm’’ within the Fee Schedule and instead uses 

the term Broker Dealer. BOX does not intend to 

include ‘‘Firm Facilitation’’ within this definition. 

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

9See Section B of the PHLX Pricing Schedule 

entitled ‘‘Customer Rebate Program;’’ ISE Gemini’s 

Qualifying Tier Thresholds (page 6 of the ISE 

Gemini Fee Schedule); and CBOE’s Volume 

Incentive Program (VIP). 

10See the International Securities Exchange 

(‘‘ISE’’) Fee Schedule, Complex Order Fees and 

Rebates on page 9. Under the ISE Fee Schedule the 

initiator receives a ‘‘break-up’’ rebate only for 

contracts that are submitted to their auction 

mechanism that do not trade with their contra 

order. 

11See CBOE Fee Schedule. CBOE charges nonPublic Customers $0.17 per contract and does not 

charge Public Customers. 

12CBOE and the Miami International Securities 

Exchange LLX (‘‘MIAX’’) offer a $0.10 per contract 

credit or rebate paid on the initiating side of the 

QCC transaction. 

13See supra note 7. 

definition to state that a ‘‘Broker Dealer 

facilitating a Public Customer’’ applies 

to any Manual transaction executed 

using the open outcry process involving 

Broker Dealer that has a Public 

Customer of that same Broker Dealer on 

the contra side of the transaction, or 

where the Broker Dealer and the Public 

Customer both clear through the same 

clearing firm and the Broker Dealer 

clears in the customer range. The 

additional language is intended to 

eliminate any potential for investor 

confusion with regard to the definition 

of ‘‘Broker Dealer facilitating a Public 

Customer.’’ A Broker Dealer who 

facilitates a Public Customer QOO Order 

for submission to the BOX Trading 

Floor will be eligible for this account 

type and applicable fee of $0.00, 

regardless of if the Broker Dealer cleared 

solely as a Broker Dealer or a Broker 

Dealer/Customer. The Exchange notes 

that clarifying language is substantially 

similar with the language at another 

exchange with an open outcry trading 

floor.7

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. 

BVR 

The Exchange believes the proposed 

amendments to the BVR in Section I.B.2 

of the BOX Fee Schedule are reasonable, 

equitable and not unfairly 

discriminatory. The BVR was adopted to 

attract Public Customer order flow to 

the Exchange by offering these 

Participants incentives to submit their 

Public Customer PIP and COPIP Orders 

to the Exchange and the Exchange 

believes it is appropriate to now amend 

the BVR. The Exchange believes it is 

equitable and not unfairly 

discriminatory to amend the COPIP 

Rebate in Tier 4 of the BVR, as all 

Participants have the ability to qualify 

for a rebate, and rebates are provided 

equally to qualifying Participants. Other 

exchanges employ similar incentive 

programs; 9 and the Exchange believes 

that the proposed rebate change is 

reasonable and competitive when 

compared to rebate for the PIP in Tier 

4 of the BVR and the rebates on other 

exchanges. 

The Exchange believes it is 

reasonable, equitable and not unfairly 

discriminatory to no longer apply a flat 

$0.03 rebate to Public Customer COPIP 

Orders that trade solely with their 

contra order. As stated above, the BVR 

is intended to incentivize Participants to 

direct Customer order flow to the 

Exchange, and the Exchange believes 

unlike Public Customer PIP Orders, an 

incentive is not necessary for 

internalized Public Customer COPIP 

Orders that only trade against their 

contra order. The Exchange believes it is 

equitable and not unfairly 

discriminatory as all internalized Public 

Customer COPIP Orders will no longer 

receive a rebate. Additionally, other 

Exchanges also make this distinction 

when providing rebates for transactions 

in their complex order auction 

mechanisms.10

QCC 

The Exchange believes that the 

proposed amendments to the QCC Order 

fees are reasonable, as they are in line 

with the amount assessed at another 

Exchange for similar transactions.11

Further, the Exchange believes that 

charging Professional Customers and 

Broker Dealers and Market Makers more 

than Public Customers for QCC Orders 

is reasonable, equitable and not unfairly 

discriminatory. The securities markets 

generally, and BOX in particular, have 

historically aimed to improve markets 

for investors and develop various 

features within the market structure for 

Public Customer benefit. The Exchange 

believes that continuing to charge no 

fees to Public Customers in QCC 

transactions is reasonable and, 

ultimately, will benefit all Participants 

trading on the Exchange by attracting 

Public Customer order flow. 

The Exchange believes the proposed 

QCC Rebate for the originating side of 

the QCC transaction is reasonable, as it 

is in line with other competing 

exchanges that also provide a rebate on 

the originating side of a QCC Order.12

The Exchange believes the proposed 

rebate is equitable and not unfairly 

discriminatory because it potentially 

applies to all Participants that enter the 

originating order (except for when both 

the agency order and contra-side orders 

are Public Customers) and because it is 

intended to incentivize the sending of 

more QCC Orders to the Exchange. The 

Exchange believes it is reasonable, 

equitable and not unfairly 

discriminatory to not provide a rebate 

for the originating order for QCC 

transactions when both the originating 

order and contra side orders are from 

Public Customers, since Public 

Customers are already incentivized by 

having no transaction fee for QCC 

Orders. 

Manual Transactions 

Lastly, the Exchange believes that 

amending the language with regard to 

the definition of ‘‘Broker Dealer 

facilitating a Public Customer’’ is 

reasonable, equitable and not unfairly 

discriminatory, as it intended to clarify 

that a ‘‘Broker Dealer facilitating a 

Public Customer’’ applies to any Manual 

transaction executed using the open 

outcry process involving a Broker Dealer 

that has a Public Customer of that same 

Broker Dealer on the contra side of the 

transaction, or where the Broker Dealer 

and the Public Customer both clear 

through the same clearing firm and the 

Broker Dealer clears in the customer 

range. The wording of the previous 

definition unintentionally restricted the 

definition of ‘‘Broker Dealer facilitating 

a Public Customer’’ to those Broker 

Dealers clearing in the customer range. 

The Exchange is now proposing to 

clarify that the account type will apply 

regardless of how the Broker Dealer 

clears. The Exchange believes the 

proposed change is reasonable as it is 

substantially similar to the definition 

‘‘Broker Dealer facilitating a Public 

Customer’’ account type found on 

another exchange with an open outcry 

trading floor.13 Further, the Exchange 

believes the proposed language is 

equitable and not unfairly 

discriminatory as it seeks to clarify that 

‘‘Broker Dealer facilitating a Public 

Customer’’ does not only apply to 

Broker Dealers who clear in the 

customer range. 


sradovich on DSKBBY8HB2PROD with NOTICES
44020 Federal Register / Vol. 82, No. 181 / Wednesday, September 20, 2017 / Notices 

14 15 U.S.C. 78s(b)(3)(A)(ii). 

15 17 CFR 240.19b–4(f)(2). 16 17 CFR 200.30–3(a)(12). 

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 rule change amends the BVR 

to raise a rebate and no longer apply a 

rebate when the COPIP Order only 

trades with its contra order. The 

Exchange does not believe that the 

proposed changes burden competition 

and will instead help promote 

competition by providing additional 

incentives for market participants to 

submit customer order flow to BOX and 

thus, create a greater opportunity for 

retail customers to receive additional 

price improvement. 

The Exchange believes this proposal 

will not cause unnecessary burden on 

intermarket competition because the 

proposed changes will actually enhance 

the competiveness of the Exchange 

relative to other exchanges which offer 

comparable fees and rebates for QCC 

transactions. To the extent that the 

proposed changes make the Exchange a 

more attractive marketplace for market 

participants at other exchanges, such 

market participants are welcome to 

become market participants on the 

Exchange. 

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 14

and Rule 19b–4(f)(2) thereunder,15

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–2017–30 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–2017–30. 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– 

2017–30, and should be submitted on or 

before October 11, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–19967 Filed 9–19–17; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #15291 and #15292; 

TEXAS Disaster Number TX–00488] 

Presidential Declaration Amendment of 

a Major Disaster for Public Assistance 

Only for the State of Texas 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Texas (FEMA–4332–DR), 

dated 09/04/2017. 

Incident: Hurricane Harvey. 

Incident Period: 08/23/2017 and 

continuing. 

DATES: Issued on 09/12/2017. 

Physical Loan Application Deadline 

Date: 11/03/2017. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 06/04/2018. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: 

A. Escobar, Office of Disaster 

Assistance, U.S. Small Business 

Administration, 409 3rd Street SW., 

Suite 6050, Washington, DC 20416, 

(202) 205–6734. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for Private Non-Profit 

organizations in the State of Texas, 

dated 09/04/2017, is hereby amended to 

include the following areas as adversely 

affected by the disaster. 

Primary Counties: Bee, Refugio 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

James E. Rivera, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2017–19970 Filed 9–19–17; 8:45 am] 

BILLING CODE 8025–01–P 


sradovich on DSKBBY8HB2PROD with NOTICES