Document ID: SEC-2021-1504-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: BOX Exchange, LLC
Posted Date: 2021-10-27T04:00Z

[Federal Register Volume 86, Number 205 (Wednesday, October 27, 2021)]
[Notices]
[Pages 59439-59443]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23343]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93394; File No. SR-BOX-2021-24]

Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Introduce a 
New Data Product To Be Known as Open-Close Data Report and To Adopt 
Fees for Such Product

October 21, 2021.
    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 October 13, 2021, BOX Exchange LLC (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change as described in Items I and II below, which Items have been 
prepared by the self-regulatory organization. The Commission is 
publishing this notice to solicit comments on the proposed rule from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to introduce a new data product to be known 
as Open-Close Data Report and to adopt fees for such product. The text 
of the proposed rule change is available from the principal office of 
the Exchange, at the Commission's Public Reference Room and also on the 
Exchange's internet website at http://boxoptions.com.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of these statements may be examined at 
the places specified in Item IV below. The self-regulatory organization 
has prepared summaries, set forth in Sections A, B, and C below, of the 
most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to introduce a new data product on BOX to be 
known as the Open-Close Data Report, which will be available for 
purchase to BOX Participants and non-Participants. The Exchange also 
proposes to adopt fees for Open-Close Data Report. The Exchange will 
make the Open-Close Data Report available for purchase to Participants 
and non-Participants on the BOX website (www.boxoptions.com).\3\ The 
Exchange notes that a substantially similar product and fees for such 
product currently exist at Cboe C2 Exchange, Inc. (``C2'').\4\
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    \3\ The Exchange notes that the date of the Fee Schedule will be 
revised to reflect the operative date of this filing.
    \4\ See C2 Options Fees Schedule, Livevol Fees, Open-Close Data. 
See also Securities Exchange Act Release No. 87463 (November 5, 
2019), 84 FR 61129 (November 12, 2019) (Notice of Filing and 
Immediate Effectiveness SR-C2-2019-23). See also Securities Exchange 
Act Release No. 92173 (June 14, 2021) 86 FR 33399 (June 24, 2021) 
(Notice of Filing and Immediate Effectiveness SR-C2-2021-010). C2 
currently offers an Intraday Subscription and Intraday Ad-hoc 
Request. BOX is not proposing to adopt these Intraday products at 
this time. If BOX wishes to offer this product at a later date, the 
Exchange will file a proposal with the Commission. C2 also offers 
Qualifying Academic Purchasers the End-of-Day Ad-hoc Request 
historical data for $500 for the first year. Each additional month 
purchased thereafter will be prorated based on the $500 per year 
rate. BOX is not proposing a Qualifying Academic Purchaser rate at 
this time. If BOX wishes to offer this in the future, the Exchange 
will file a proposal with the Commission. Lastly, during the months 
of June and July 2021, C2 offered a free trial for up to three 
historical months of Intraday Ad-hoc Request Open-Close historical 
data to TPHs and non-TPHs who have not previously subscribed to 
Intraday Open-Close Historical Data. The Exchange again notes that 
it is not proposing any Intraday products at this time. However, the 
Exchange proposes to provide a three-month free trial of the End-of-
Day Subscription of the Open-Close Data Report to any Participant or 
non-Participant that has not previously subscribed to this offering.

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[[Page 59440]]

    The Open-Close Data Report is a volume summary file for trading 
activity on BOX. The Exchange notes it is proprietary BOX trade data 
and does not include trade data from any other exchanges. It is also a 
historical data product and not a real time data feed. Additionally, 
the Open-Close Data Report will only be distributed at the end of each 
day. Participants wishing to purchase historical Open-Close Data 
Reports will be able to request monthly reports beginning in January 
2018.\5\ The Open-Close Data Report aggregates and buckets the volume 
by origin (Public Customer, Professional Customer, Broker Dealer, and 
Market Maker), buying/selling, and opening/closing criteria. Public 
Customer and Professional Customer volume is further broken down into 
trade size buckets (less than 100 contracts, 100-199 contracts, greater 
than 199 contracts).
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    \5\ The historical monthly reports will contain all series in an 
underlying security if the security had volume on BOX during that 
month. The Open-Close Data Report file format specifications can be 
found at www.boxoptions.com.
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    The Exchange anticipates a wide variety of market participants will 
wish to purchase Open-Close Data Reports, including, but not limited 
to, individual customers, buy-side investors, investment banks and 
academic institutions. For example, the Exchange notes that academic 
institutions may utilize the proposed Open-Close Data Report and as a 
result promote research and studies of the options industry to the 
benefit of all market participants. The Exchange believes the proposed 
Open-Close Data Report may also provide helpful trading information 
regarding investor sentiment and may be used to create and test trading 
models and analytical strategies and provides comprehensive insight 
into trading on BOX. It is a completely voluntary product, in that the 
Exchange is not required by any rule or regulation to make this data 
available and that potential subscribers may purchase it only if they 
voluntarily choose to do so. As stated above, other options exchanges 
offer a similar data product.\6\
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    \6\ See Securities Exchange Act Release No. 55062 (January 8, 
2007), 72 FR 2048 (January 17, 2007) (approving SR-CBOE-2006-88); 
See also Securities Exchange Act Release No. 56254 (August 15, 
2007), 72 FR 47104 (August 22, 2007) (SR-ISE-2007-70); See also 
Securities Exchange Act Release No. 87463 (November 5, 2019), 84 FR 
61129 (November 12, 2019) (SR-C2-2019-23).
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    The Exchange proposes to provide in its Fee Schedule that 
Participants and non-Participants may purchase Open-Close Data Report 
on a subscription basis (end of day file) or by ad-hoc request for a 
specified month (historical file). The Exchange proposes to assess a 
monthly fee of $500 for subscribing to a daily update which will 
consist of Open/Close data covering all Exchange-listed securities. 
Participants and non-Participants purchasing Open/Close data on a 
subscription basis will receive access to a daily data file.
    The Exchange also proposes to assess a fee of $400 per request per 
month for an ad-hoc request of historical Open/Close data covering all 
Exchange-listed securities. An ad-hoc request can be for any number of 
months beginning with January 2018.\7\ The proposed subscription and 
ad-hoc fees will apply both to Participants and non-Participants. The 
Exchange notes that other exchanges provide similar data products that 
may be purchased on both a subscription and ad-hoc basis and are 
similarly priced.\8\
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    \7\ For example, a Participant or non-Participant that requests 
historical Open/Close Data for the months of October 2018 and 
November 2018, would be assessed a total of $800. The Exchange notes 
that it may make historical data prior to January 2018 available in 
the future and that such historical data would be available to all 
Participants or non-Participants.
    \8\ See e.g., Nasdaq ISE Options 7 Pricing Schedule, Section 
10.A. See also C2 Options Fees Schedule, Livevol Fees, Open-Close 
Data.
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    The Exchange also seeks to adopt a free trial period for the End-
of-Day Open-Close Data Report for first time subscribers.\9\ 
Particularly, the Exchange proposes to provide a three-month free trial 
of the End-of-Day Subscription of Open-Close Data Report to any 
Participant or non-Participant that has not previously subscribed to 
this offering.\10\ The Exchange believes the proposed trial will serve 
as an incentive for new users to start subscribing to the End-of-Day 
Subscription for Open-Close Data Reports. More specifically, the 
Exchange believes it will give potential subscribers the ability to use 
and test the data offering before signing up for additional months of 
the End of Day Subscription. The Exchange also notes that other 
exchanges offer a free trial for first time subscribers of similar data 
products.\11\ The proposed free trial is substantially similar to the 
free trial currently offered by Nasdaq ISE, which provides a 1-month 
free trial to both members and non-members who have not previously 
subscribed to the Nasdaq ISE Open/Close Trade Profile End of Day.\12\ 
Lastly, the purchase of the Open-Close data Report is discretionary and 
not compulsory.
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    \9\ The Exchange notes that the free trial is not available for 
End-of-Day Ad-hoc Requests (historical data). If the Exchange wishes 
to adopt a free month trial for this offering, it will file a 
proposal with the Commission.
    \10\ For example, if a Participant or non-Participant that has 
not previously subscribed to the End-of-Day Subscription, subscribes 
to this offering on October 22nd, then the accounting would begin on 
January 22nd. The accounting will be prorated based on the number of 
trading days in the month versus the number of trading days 
received. The Participant or non-Participant will be charged for the 
remainder of January on a prorated basis.
    \11\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A., 
Nasdaq ISE Open/Close Trade Profile End of Day. See also Cboe 
Options Fees Schedule, Livevol Fees, Open-Close Data. See also C2 
Options Fees Schedule, Livevol Fees, Open-Close Data.
    \12\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A., 
Nasdaq ISE Open/Close Trade Profile End of Day.
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2. Statutory Basis
    The Exchange believes that the proposal is consistent with the 
requirements of Section 6(b) of the Securities Exchange Act of 1934 
(the ``Act''),\13\ in general, and Section 6(b)(5) of the Act,\14\ in 
particular, in that it is 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 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, and that it is not designed to permit unfair 
discrimination among customers, brokers, or dealers. The Exchange also 
believes that its proposal to adopt fees for Open-Close Data Report is 
consistent with Section 6(b) of the Act in general, and furthers the 
objectives of Section 6(b)(4) of the Act \15\ in particular, in that it 
is an equitable allocation of dues, fees and other charges among its 
members and other recipients of Exchange data.
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    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(5).
    \15\ 15 U.S.C. 78f(b)(4).
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    In adopting Regulation NMS, the Commission granted self-regulatory 
organizations (``SROs'') and broker-dealers increased authority and 
flexibility to offer new and unique market data to the public. It was

[[Page 59441]]

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 proposed Open-
Close Data Report would further broaden the availability of U.S. option 
market data to investors consistent with the principles of Regulation 
NMS. The proposal also promotes increased transparency through the 
dissemination of Open-Close Data. The proposed rule change would 
benefit investors by providing access to the Open-Close Data, which as 
noted above, may promote better informed trading, as well as research 
and studies of the options industry. Particularly, information 
regarding opening and closing activity across different option series 
may indicate investor sentiment, which can be helpful research and/or 
trading information. Subscribers to the data may be able to enhance 
their ability to analyze option trade and volume data, and create and 
test trading models and analytical strategies. The Exchange believes 
Open-Close Data Report provides a valuable tool that subscribers can 
use to gain comprehensive insight into the trading activity in a 
particular series, but also emphasizes such data is not necessary for 
trading. Moreover, as discussed herein, other exchanges also offer a 
similar data product.\16\
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    \16\ See Securities Exchange Act Release No. 55062 (January 8, 
2007), 72 FR 2048 (January 17, 2007) (approving SR-CBOE-2006-88); 
See also Securities Exchange Act Release No. 56254 (August 15, 
2007), 72 FR 47104 (August 22, 2007) (SR-ISE-2007-70); See also 
Securities Exchange Act Release No. 87463 (November 5, 2019), 84 FR 
61129 (November 12, 2019) (SR-C2-2019-23).
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    The Exchange notes that it operates in a highly competitive 
environment where there are currently 16 registered options exchanges 
that trade options. 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.'' \17\ 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 or less attractive than the 
competition they can and do switch between similar products. The 
proposed fees are a result of the competitive environment, as the 
Exchange seeks to adopt fees to attract purchasers of the proposed 
Open-Close Data Report product.
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    \17\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting 
Release'').
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    The Exchange believes the proposed fees are reasonable as the 
proposed fees are both modest and similar to the fees assessed by other 
exchanges that provide similar data products.\18\ Proposing fees that 
are excessively higher than established fees for similar data products 
would simply serve to reduce demand for the Exchange's data product, 
which as noted, is entirely optional. Like the Exchange's proposed 
Open-Close Data Report product, other exchanges offer similar data 
products that each provide insight into trading on those markets and 
may likewise aid in assessing investor sentiment. Although each of 
these similar open-close data products provide only proprietary trade 
data and not trade data from other exchanges, it's possible investors 
are still able to gauge overall investor sentiment across different 
option series based on open and closing interest on any one 
exchange.\19\ Similarly, market participants may be able to analyze 
option trade and volume data, and create and test trading models and 
analytical strategies using only open-close data relating to trading 
activity on one or more of the other markets that provide similar data 
products. As such, if a market participant views another exchange's 
open-close data as more attractive than the proposed Open-Close Data 
Report product, then such market participant can merely choose not to 
purchase the Exchange's Open-Close Data Report and instead purchase 
another exchange's open-close data product, which offer similar data 
points, albeit based on that other market's trading activity.
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    \18\ See e.g., Nasdaq ISE, Options 7 Pricing Schedule, Section 
10A., Nasdaq ISE Open/Close Trade Profile End of Day. See also C2 
Options Fees Schedule, Livevol Fees, Open-Close Data.
    \19\ The Exchange notes that its Open-Close Data Report product 
does not include data on any exclusive, singly-listed option series.
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    The Exchange also believes the proposed fees are reasonable as they 
would support the introduction of a new market data product that is 
designed to aid investors by providing insight into trading on BOX. The 
proposed Open-Close Data Report would provide options market 
participants with valuable information about opening and closing 
transactions executed on the Exchange, similar to other historical 
trade data products offered by competing options exchanges. In turn, 
this data would assist market participants in gauging investor 
sentiment and trading activity, resulting in potentially better-
informed trading decisions. As noted above, users may also use such 
data to create and test trading models and analytical strategies.
    Selling historical market data, such as Open-Close Data, is also a 
means by which exchanges compete to attract business. To the extent 
that the Exchange is successful in attracting subscribers for the Open-
Close Data 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.\20\ The Exchange therefore believes that the proposed fees 
for Open-Close Data Report reflect the competitive environment and 
would be properly assessed on Participant or non-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. The Exchange's proposed fees would not 
differentiate between subscribers that purchase Open-Close Data Report 
and are set at a modest level that would allow any interested 
Participant or non-Participant to purchase such data based on their 
business needs.
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    \20\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A., 
Nasdaq ISE Open/Close Trade Profile End of Day. See also Cboe 
Options Fees Schedule, Livevol Fees, Open-Close Data. See also C2 
Options Fees Schedule, Livevol Fees, Open-Close Data.
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    As noted above, the Exchange anticipates a wide variety of market 
participants to purchase Open-Close Data, including but not limited to 
individual customers, buy-side investors, investment banks and academic 
institutions. The Exchange reiterates that the decision as to whether 
or not to purchase the Open-Close Data Report is entirely optional for 
all potential subscribers. Indeed, no market participant is required to 
purchase the Open-Close Data Report, and the Exchange is not required 
to make the Open-Close Data Report available to all investors. Rather, 
the Exchange is voluntarily making the historical Open-Close Data 
Report available, as requested by customers, and market participants 
may choose to receive (and pay for) this data based on their own 
business needs. Potential purchasers may request the data at any time 
if they

[[Page 59442]]

believe it to be valuable or may decline to purchase such data.
    The Exchange also believes that the proposed free trial for any 
Participant or non-Participant who has not previously purchased End-of-
Day Open-Close Data Report is reasonable because such users would not 
be subject to fees for 3 months' worth of End-of-Day Open-Close Data. 
The Exchange believes the proposed free trial is also reasonable and 
not unfairly discriminatory as it will give potential subscribers the 
ability to use and test the End-of-Day Open-Close Data Report prior to 
purchasing additional months and will therefore encourage and promote 
new users to purchase the End-of-Day Open-Close Data Report. The 
Exchange believes it is reasonable to only offer the free trial for 
End-of-Day subscription requests and not ad-hoc requests because the 
opportunity to use and test the End-of-Day Open-Close Data Report is 
not necessary for ad-hoc requests. The purpose of the proposed free 
trial period is to allow new users to test the product and incentivize 
Participants and non-Participants to subscribe to additional months. 
However, when a Participant or non-Participant makes an ad-hoc request 
for End-of-Day Open-Close data, they are merely making a one-time 
request for a discrete period of data. The Exchange believes that the 
proposed discount is equitable and not unfairly discriminatory because 
it will apply equally to all Participants and non-Participants who have 
not previously purchased End-of-Day Open-Close data. Similar to the 
proposed change, another exchange offers a one-month free trial for 
their End-of-Day Open/Close Trade Profile subscription for members and 
non-members who have not previously subscribed to the offering, but not 
for the intraday product or ad-hoc requests.\21\ Lastly, the purchase 
of this data product is discretionary and not compulsory.
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    \21\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A., 
Nasdaq ISE Open/Close Trade Profile End of Day.
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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. In this regard and as indicated 
above, the Exchange notes that similar products and fees are offered at 
another exchange.\22\ The Exchange believes that the proposal will 
promote competition by permitting the Exchange to introduce and sell a 
data product similar to those offered by other competitor options 
exchanges.\23\ The Exchange is proposing to introduce the Open-Close 
Data Report in order to keep pace with changes in the industry and 
evolving customer needs and believes this proposed rule change would 
contribute to robust competition among national securities exchanges. 
As noted, at least three other U.S. options exchanges offer a market 
data product that is substantially similar to the Open-Close Data 
Report product discussed herein. As a result, the Exchange believes 
this proposed rule change permits fair competition among national 
securities exchanges.
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    \22\ See supra note 3 [sic].
    \23\ See supra note 19 [sic].
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    Furthermore, the Exchange operates in a highly competitive 
environment, and its ability to price the proposed data product is 
constrained by competition among exchanges that offer similar data 
products to their customers. As discussed, there are currently a number 
of similar products available to market participants and investors. At 
least three other U.S. options exchanges offer a market data product 
that is substantially similar to the Open-Close Data Report discussed 
herein, which the Exchange must consider in its pricing discipline in 
order to compete for the market data.\24\ For example, proposing fees 
that are excessively higher than established fees for similar data 
products would simply serve to reduce demand for the Exchange's data 
product, 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.
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    \24\ See e.g., Cboe Options Fees Schedule, Livevol Fees, Open-
Close Data. See also C2 Options Fees Schedule, Livevol Fees, Open-
Close Data. See also Nasdaq ISE Options 7 Pricing Schedule, Section 
10.A.
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    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 
and lower their prices to better compete with the Exchange's offering. 
The Exchange does not believe the proposed rule change would cause any 
unnecessary or inappropriate burden on intramarket competition. 
Particularly, the proposed product and fees apply uniformly to any 
purchaser, in that it does not differentiate between subscribers that 
purchase Open-Close Data. The proposed fees are set at a modest level 
that would allow any interested Participants or non-Participants to 
purchase such data based on their business needs.
    The Exchange also does not believe that the proposed rule change 
relating to the free trial will impose any burden on intramarket 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act because the proposed rule change will apply to all 
Participants and non-Participants who have never made request to 
purchase the End-of-Day Open-Close Data Report. Moreover, purchase of 
Open-Close Data Report is discretionary and not compulsory.
    The Exchange also 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 
proposed change applies only to the Exchange. Furthermore, other 
exchanges currently offer a similar free-trial period for similar 
data.\25\
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    \25\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A., 
Nasdaq ISE Open/Close Trade Profile End of Day. See also Cboe 
Options Fees Schedule, Livevol Fees, Open-Close Data. See also C2 
Options Fees Schedule, Livevol Fees, Open-Close Data.
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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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A) of the Act \26\ and Rule 19b-4(f)(6) \27\ thereunder. 
Because the foregoing proposed rule change does not: (i) Significantly 
affect the protection of investors or the public interest; (ii) impose 
any significant burden on competition; and (iii) 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 \28\ and Rule 19b-4(f)(6) \29\ 
thereunder.
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    \26\ 15 U.S.C. 78(b)(3)(A).
    \27\ 17 CFR 240.19b-4(f)(6).
    \28\ 15 U.S.C. 78s(b)(3)(A).
    \29\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this requirement.

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[[Page 59443]]

    A proposed rule change filed under Rule 19b-4(f)(6) \30\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\31\ the Commission 
may designate a shorter time if such action is consistent with 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that it may 
become operative immediately upon filing to allow the Exchange to 
compete with exchanges that already have substantially similar products 
in place and to allow potential subscribers to use and test the data 
before purchasing the Open-Close Data Report. The Commission believes 
that, as described above, the Exchange's proposal does not raise any 
new or novel issues. Therefore, the Commission believes that waving the 
30-day operative delay is consistent with the protection of investors 
and the public interest. Accordingly, the Commission designates the 
proposed rule change to be operative upon filing.\32\
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    \30\ 17 CFR 240.19b-4(f)(6).
    \31\ 17 CFR 240.19b-4(f)(6).
    \32\ For purposes only of waiving the 30-day operative delay, 
the Commission also has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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.

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 [email protected]. Please include 
File Number SR-BOX-2021-24 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-2021-24. 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-2021-24 and should be submitted on 
or before November 17, 2021.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\33\
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    \33\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-23343 Filed 10-26-21; 8:45 am]
BILLING CODE 8011-01-P