Document ID: SEC-2022-1448-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: BOX Exchange LLC
Posted Date: 2022-11-09T05:00Z

[Federal Register Volume 87, Number 216 (Wednesday, November 9, 2022)]
[Notices]
[Pages 67731-67735]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-24413]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96225; File No. SR-BOX-2022-27]

Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Allow 
Electronic Multi-Leg Orders on BOX

November 3, 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 October 26, 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.
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    \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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend BOX Rule 7240 (Complex Orders) to 
permit electronic Multi-Leg Orders on BOX. 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 https://rules.boxexchange.com/rulefilings.

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
    Currently, only Multi-Leg Orders defined as ``Complex Orders'' 
trade electronically on BOX.\5\ The Exchange now proposes to allow 
Multi-Leg Orders that are not Complex Orders to trade electronically on 
BOX. As such, the Exchange proposes BOX Rule 7240(a)(10) which states 
that the term ``Multi-Leg Order'' means 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, and for 
the purpose of executing a particular investment strategy, in a ratio 
that is less than one-to-three (.333) or greater than three-to-one 
(3.00). The Exchange notes that similar functionality is currently 
available at another options exchange and on the BOX Trading Floor.\6\ 
Multi-Leg Orders 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.\7\ In particular, Multi-Leg Orders are 
distinguished from Complex Orders by the ratio between each leg of the 
orders. Complex Orders have a ratio between the legs of equal to or 
greater than one-to-three and less than or equal to three-to-one. 
Multi-Leg Orders consist of strategies with ratios greater than three-
to-one or less than one-to-three. Participants may determine that using 
Multi-Leg Orders is appropriate for their investment and hedging 
purposes. The Exchange again notes that multi-leg Qualified Open Outcry 
(``QOO'') Orders may currently be executed on the BOX Trading Floor.\8\
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    \5\ Multi-Leg Orders and Complex Orders are distinguished by the 
ratio between each leg of the orders. Complex Orders have a ratio 
between the legs of equal to or greater than one to three and less 
than or equal to three to one. Multi-Leg Orders for these purposes 
consist of all other ratios between the legs.
    \6\ See Chicago Board of Options Exchange, Inc. (``CBOE'') Rule 
1.1 (stating in the definition of Complex Order that ``the exchange 
determines on a class-by-class basis whether complex orders with 
ratios less than one-to-three (.333) or greater than three-to-one 
(3.00) (except for Index Combo orders) are eligible for electronic 
processing''). The Exchange notes that multi-leg Qualified Open 
Outcry (``QOO'') orders are currently traded on the BOX Trading 
Floor. See BOX Rule 7600(c).
    \7\ See BOX Rule 7600(c).
    \8\ 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 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. 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. Id.

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[[Page 67732]]

    The Exchange now proposes BOX Rule 7240(b)(2)(iii) to detail the 
trading priority requirements for Multi-Leg Orders. Proposed BOX Rule 
7240(b)(2)(iii) provides that each component leg of a Multi-Leg Order 
will be required to trade (A) at or between the NBBO, and (B) at a 
price that is at least $0.01 better than any Public Customer order on 
the BOX Book.\9\ The Exchange notes that the proposed trading priority 
for Multi-Leg Orders is similar to the priority for multi-leg QOO 
Orders on the BOX Trading Floor in that the priority rules for both 
order types are designed to protect Public Customer interest on the BOX 
Book.\10\
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    \9\ Proposed BOX Rule 7240(b)(1) states that the minimum 
increment for bids and offers on Multi-Leg Orders, with a ratio 
between the legs of less than one-to-three or greater than three-to-
one, is $0.01 and the leg(s) of a Multi-Leg Order may be executed in 
one cent increments, regardless of the minimum increments otherwise 
applicable to the individual legs of the order.
    \10\ See BOX Rule 7600(c). The priority rules of multi-leg QOO 
Orders and electronic Multi-Leg Orders differ in that a component 
leg of a multi-leg QOO Order must trade against any Public Customer 
interest and any non-Public Customer interest ranked equal to or 
better than the Public Customer interest at the same price as the 
contra side of the multi-leg QOO order, whereas each component leg 
of an electronic Multi-Leg Order must improve any Public Customer 
order on the BOX Book or the order will be rejected. The proposed 
electronic Multi-Leg Order priority is designed to be consistent 
with other electronic order types on BOX. See BOX Rule 7110.
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    The following example illustrates the execution of a Multi-Leg 
Order:
    Example 1--Execution of a Multi-Leg Order
    BOX Leg A Book: 6.00--6.60 (no Public Customer interest)
    BOX Leg B Book: 3.00--3.30 (no Public Customer interest)
    Leg A NBBO: 6.00--6.60
    Leg B NBBO: 3.00--3.30
    Strategy: Buy 4 A Calls, Sell 1 B Call
    The Exchange receives a Multi-Leg Order for the purchase of the 
strategy at a net price of 22.80, buying 4 A Calls and selling 1 B 
Call. Since the order can be executed at a price that is at or between 
the NBBO for each component series, and at a price that is at least 
$0.01 better than any Public Customer order on the BOX Book, the legs 
of the Multi-Leg Order will be executed at 6.45 for leg A and 3.00 for 
leg B to achieve the net price of 22.80 (6.45 times 4 equals 25.80 less 
3.00 equals 22.80).
    Example 2--Execution of a Multi-Leg Order
    BOX Leg A Book: 6.00--6.60 (no Public Customer interest)
    BOX Leg B Book: 3.00--3.30 (Public Customer to sell at 3.30)
    Leg A NBBO: 6.00--6.60
    Leg B NBBO: 3.00--3.30
    Strategy: Buy 4 A Calls, Sell 1 B Call
    The Exchange receives a Multi-Leg Order for the purchase of the 
strategy at a net price of 20.70, buying 4 A Calls and selling 1 B 
Call. Since there is a Public Customer Order on the BOX Book for Leg B 
to sell at 3.30 and the Multi-Leg Order can only be purchased at a net 
price of 20.70 if leg A is purchased at 6.00 (6.00 times 4 equals 
24.00) and leg B is sold at 3.30 (24.00 less 20.70 equals 3.30), the 
Multi-Leg Order will be rejected.
    The Exchange proposes further, in proposed Rule 7240(b)(1), that 
the minimum increment for bids and offers on electronic Multi-Leg 
Orders will be $0.01 and each leg of an electronic Multi-Leg Order may 
be executed in one cent increments, regardless of the minimum 
increments otherwise applicable to the individual legs of the 
order.\11\ The Exchange notes that electronic trading of Multi-Leg 
Orders in one cent increments was recently established on another 
exchange.\12\ Further, the Exchange notes that Complex Orders are 
currently traded electronically in one cent increments on BOX \13\ and 
the proposed change will allow electronic trading of Multi-Leg Orders 
in one cent increments that merely have a different ratio between the 
legs as compared to Complex Orders. The Exchange notes it is not 
proposing to extend the Complex Order priority afforded to Complex 
Orders to the proposed Multi-Leg Orders.\14\ As discussed above, 
proposed Rule 7240(b)(2)(iii) will require that each component leg 
execute at or between the NBBO, and at a price that is least $0.01 
better than any Public Customer order on the BOX Book.
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    \11\ See proposed Rule 7240(b)(1).
    \12\ See Securities Exchange Act Release No. 94204 (February 9, 
2022), 87 FR 8625 (February 15, 2022) (SR-CBOE-2021-046).
    \13\ See BOX Rule 7240(b)(1).
    \14\ See BOX Rule 7240(b)(2). The Exchange also notes that it 
will not generate Legging Orders for Multi-Leg Orders. Legging 
Orders are only generated on BOX for Complex Orders with two legs 
and with a ratio of one-to-one. See BOX Rule 7240(c)(1).
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    The Exchange understands that there may be some concerns that if 
the ratios of multi-legged strategies, where each component leg is 
allowed to trade in one cent increments, 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. 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 and because it is unlikely 
that other market participants would be willing to execute against an 
order that is not a bona-fide trading strategy. Further, the Exchange 
notes that all option series traded on BOX can currently trade in penny 
increments in the Price Improvement Period (``PIP'') regardless of the 
minimum increment otherwise applicable.\15\ Lastly, the Exchange notes 
that pursuant to BOX Rule 3000(a), no Participant shall engage in acts 
or practices inconsistent with just and equitable principles of trade 
and non-bona-fide trading strategies may constitute acts or practices 
inconsistent with just and equitable principles of trade.
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    \15\ See BOX Rules 7150(f)(2) and 7150(k).
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    The Exchange will announce the implementation of Multi-Leg Orders 
by Informational Circular at least 48 hours prior to deployment of this 
functionality, as the Exchange believes that 48 hours of notice is 
adequate for Participants.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Securities Exchange Act of 1934 (the ``Act'') and the rules and 
regulations thereunder applicable to the Exchange and, in particular, 
the requirements of Section 6(b) of the Act.\16\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \17\ 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

[[Page 67733]]

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.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(5).
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    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 another exchange has established 
both electronic and open outcry execution of Multi-Leg Orders, 
regardless of ratio.\18\ The Exchange believes that, with the proposed 
changes discussed herein, market participants will no longer have to 
trade Multi-Leg Orders electronically on the one other exchange that 
offers this functionality and could instead select the exchange that is 
most convenient, offers the best fees, and/or provides better trade 
execution services. Further, the Exchange believes that market 
participants may find it more convenient or cost effective to access 
one exchange over another and may choose to concentrate their volume at 
a particular exchange in order to maximize the impact of volume-based 
incentive programs. As such, the Exchange believes that the proposed 
change removes impediments to and perfects the mechanism of a free and 
open market and benefits investors.
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    \18\ See supra, note 10. [sic]
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    The Exchange believes that the proposed change perfects the 
mechanism of a free and open market and protects investors and the 
public interest by continuing to protect the priority of Public 
Customers as evidenced by the requirements detailed in proposed Rule 
7240(b)(2)(iii). In particular, the execution of each leg of a Multi-
Leg Order (i) will be at a price that is at least $0.01 better than any 
Public Customer order on the BOX Book; and (ii) will be at or between 
the NBBO. The Exchange notes that another exchange has established 
multi-leg electronic trading, regardless of the ratios between the 
component legs. Therefore, the proposed rules perfect the mechanism of 
a free and open market and protect investor and the public interest by 
increasing efficiency and competitive pricing by establishing Multi-Leg 
Orders on BOX which creates intermarket competition between exchanges.
    The Exchange also believes that establishing electronic Multi-Leg 
Orders benefits investors and provides a means for market participants 
to execute Multi-Leg Orders outside of the BOX Trading Floor, as multi-
leg QOO Orders are currently the only way to execute Multi-Leg Orders 
on BOX. Participants may find it more convenient and efficient to 
execute Multi-Leg Orders electronically because they do not require 
manual handling or the services of a Floor Broker.
    Additionally, the Exchange believes that electronic trading of 
Multi-Leg Orders in one cent increments will remove impediments to and 
perfect the mechanism of a free and open market and benefit investors, 
because it will provide Participants with the same pricing flexibility 
with respect to all of their Multi-Leg Orders on BOX (i.e. each 
component leg of Complex Orders already trades in one cent increments). 
Participants may determine that investment and hedging strategies 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 Participants if they have additional flexibility to price 
their investment and hedging strategies to achieve their desired 
investment results. Further, the Exchange believes that the proposed 
change with respect to the minimum increment requirement may enable 
Participants to execute their customers' Multi-Leg Orders at better 
prices, rather than executing at prices that fit within the confines of 
a larger increment. The Exchange also believes that allowing the legs 
of Multi-Leg Orders to trade in one cent increments will help protect 
investors by allowing Participants to receive better execution prices 
and improve their ability to execute at or within the NBBO. Further, 
the Exchange believes that requiring each leg of a Multi-Leg Order to 
execute at a price that is at least $0.01 better than any Public 
Customer order on the BOX Book continues to protect Public Customer 
interest and thus perfects the mechanism of a free and open market and 
protects investors and the public interest.
    The Exchange believes the proposed changes will increase 
opportunities for execution of Multi-Leg Orders and lead to tighter 
spreads on BOX, which will benefit investors. The Exchange also 
believes that the proposed rule change is designed to not permit unfair 
discrimination among market participants, as all market participants 
may trade electronic Multi-Leg Orders, and the priority requirements 
apply to electronic Multi-Leg Orders of all market participants.
    Lastly, the Exchange notes that the proposed changes discussed 
herein are not novel. The trading of multi-leg QOO orders in one cent 
increments was recently adopted by BOX.\19\ Further, as noted herein, 
another exchange has established both electronic and open outcry 
execution of all Multi-Leg Orders, regardless of ratio, and the 
execution of these Multi-Leg Orders in one cent increments.\20\
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    \19\ See Securities Exchange Act Release No. 95173 (June 28, 
2022), 87 FR 39880 (July 5, 2022) (SR-BOX-2022-21).
    \20\ See supra, note 10. [sic]
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B. Self-Regulatory Organization's Statement on Burden on Competition

    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. The Exchange notes that 
all Participants, regardless of account type, will have the ability to 
submit electronic Multi-Leg Orders with any ratio in the increments 
permitted by the proposed rule change. Further, the proposed rule 
change will provide all Participants with an additional means for 
trading Multi-Leg Orders on BOX. The Exchange believes the proposed 
rule change does not impose any undue burden on intermarket competition 
and may, on the contrary, promote competition, as another exchange 
currently offers the proposed functionality.\21\ As discussed herein, 
trading the legs of Multi-Leg Orders in one cent increments is 
currently allowed for multi-leg QOO orders on the BOX Trading Floor. 
Lastly, the Exchange notes that the remaining exchanges are free to 
adopt similar rules to those proposed here. 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.
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    \21\ Id. See also CBOE Rules 1.1 and 5.33(f).
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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

    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

[[Page 67734]]

19(b)(3)(A) of the Act \22\ and Rule 19b-4(f)(6) thereunder.\23\
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    \22\ 15 U.S.C. 78s(b)(3)(A).
    \23\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its 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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    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative prior to 30 days after the date of the filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\24\ 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 because multi-leg orders with a ratio less than one-to-three or 
greater than three-to-one currently may trade electronically in $0.01 
increments on another exchange, waiver of the operative delay will 
allow the Exchange to immediately offer market participants the choice 
of another execution venue for the electronic trading of Multi-Leg 
Orders. The Exchange states that market participants may find it more 
convenient and efficient to execute Multi-Leg Orders electronically 
because they do not require manual handling or the services of a Floor 
Broker. The Exchange further states that the proposal will protect the 
priority of Public Customer orders by requiring each component leg of 
an electronically traded Multi-Leg Order to trade at a price that is at 
least $0.01 better than any Public Customer order on the BOX Book, in 
addition to trading at a price that is at or between the NBBO for the 
series. In addition, the Exchange states that allowing electronically 
traded Multi-Leg Orders to trade in $0.01 increments will provide 
market participants with additional flexibility in pricing their 
investment and hedging strategies to achieve their desired investment 
results.
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    \24\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Commission finds that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest. 
The proposal will provide investors with an additional venue for 
electronically trading complex orders with a ratio less than one-to-
three or greater than three-to-one. The Commission believes that 
proposal does not raise new or novel regulatory issues because another 
options exchange currently provides for the electronic trading of 
complex orders with a ratio less than one-to-three or greater than 
three-to-one.\25\ The proposal protects the priority of resting Public 
Customer orders by requiring each component leg of a Multi-Leg Order to 
be executed at a price that is at least $0.01 better than any Public 
Customer Order on the BOX Book.\26\ This requirement is consistent with 
the rules of another options exchange.\27\ In addition, as discussed 
above, the Exchange states that it is highly unlikely that a market 
participant would submit a complex order with a ratio less than one-to-
three or greater than three-to-one that is not a bona fide trading 
strategy solely for the purpose of trading in $0.01 increments. The 
Exchange believes that there would be reduced execution opportunities 
for such an order because it is unlikely that other market participants 
would be willing to trade against an order that is not a bona-fide 
trading strategy. In addition, the Exchange states that all option 
series may trade in $0.01 increments in the PIP auction.\28\ The 
Exchange further states that submitting an order that is not a bona-
fide trading strategy may constitute an act or practice inconsistent 
with just and equitable principles of trade, in violation of Exchange 
Rule 3000(a). For these reasons, the Commission designates the proposal 
operative upon filing.\29\
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    \25\ See Securities Exchange Act Release No. 94204 (February 9, 
2022), 87 FR 8625 (February 15, 2022) (order approving File No. SR-
CBOE-2021-046). See also Cboe Rules 1.1 (stating, in the definition 
of complex order, that ``the Exchange determines on a class-by-class 
basis whether complex orders with ratios less than one-to-three 
(.333) or greater than three-to-one (3.00) (except for Index Combo 
orders) are eligible for electronic processing'').
    \26\ See proposed Exchange Rule 7240(b)(2)(iii).
    \27\ See Cboe Rule 5.33(f)(2)(iv)(b) (stating that if a complex 
order has a ratio less than one-to-three (.333) or greater than 
three-to-one (3.00), the component(s) of the complex order for the 
leg(s) with a Priority Customer order at the BBO must execute at a 
price that improves the price of that Priority Customer order(s) on 
the Simple Book by at least one minimum increment).
    \28\ See BOX Rules 7150(f)(2) and 7150(k).
    \29\ For 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).
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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 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 [email protected]. Please include 
File Number SR-BOX-2022-27.

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-2022-27. 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-2022-27, and should be submitted on 
or before November 30, 2022.

[[Page 67735]]

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-24413 Filed 11-8-22; 8:45 am]
BILLING CODE 8011-01-P