Document ID: SEC-2014-0115-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: BOX Options Exchange, LLC
Posted Date: 2014-01-22T05:00Z

[Federal Register Volume 79, Number 14 (Wednesday, January 22, 2014)]
[Notices]
[Pages 3649-3652]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-01108]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71312; File No. SR-BOX-2014-01]

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 Fees for Complex Order Price 
Improvement Period (``COPIP'') Transactions

January 15, 2014.
    Pursuant to Section 19(b)(1) under the Securities Exchange Act of 
1934 (the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby 
given that on January 9, 2014, BOX Options Exchange LLC (the 
``Exchange'') filed with the Securities and Exchange Commission (the 
``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.
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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)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of 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 fees for Complex Order Price Improvement Period (``COPIP'') 
transactions 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, Proposed Rule Change

 1. Purpose
    The Exchange proposes to amend the Fee Schedule for trading on BOX 
to establish fees for COPIP \5\ transactions. The Exchange recently 
amended its rules to permit Complex Orders \6\ to be submitted to a 
price improvement period auction mechanism similar to the existing 
Price Improvement Period (``PIP'') mechanism for single option series 
on BOX.\7\ The Exchange believes the COPIP will result in more 
efficient transactions, reduced execution risk to BOX Options 
Participants, and greater opportunities for price improvement. The 
Exchange is submitting this filing to describe the fees that are 
applicable to COPIP transactions.
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    \5\ As defined in Rule 7245, the term ``COPIP'' means Complex 
Order Price Improvement Period.
    \6\ As defined in Rule 7240(a)(5), the term ``Complex 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, in a ratio that is equal to or 
greater than one-to-three (.333) and less than or equal to three-to-
one (3.00) and for the purpose of executing a particular investment 
strategy.
    \7\ See Securities Release No. 71148 (December 19, 2013), 78 FR 
78437 (December 26, 2013) (Order Approving SR-BOX-2013-43).
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    Generally, the Exchange proposes to treat COPIP transactions in the 
same manner as PIP transactions within the BOX Fee Schedule. While 
standard Complex Order transactions are subject to the fees and credits 
set forth in Section III (Complex Order Transaction Fees) of the Fee 
Schedule, COPIP transactions will instead be subject to Sections I 
(Exchange Fees) and II (Liquidity Fees and Credits).
    First, the Exchange proposes to add language throughout Section I 
(Exchange Fees) to state that Auction Transactions fees will now 
include those transactions executed through the COPIP and that all 
COPIP transactions will be charged per contract per leg. The Exchange 
currently assesses Exchange Fees based on transaction type and account 
type with distinct fees for Auction Transactions (transactions executed 
through the BOX Price Improvement Period, Solicitation, and 
Facilitation auction mechanisms), and non-Auction Transactions 
(transactions executed on the BOX Book). Specifically, for Public 
Customers the Exchange proposes to assess a $0.00 per contract fee for 
COPIP Orders \8\ and a $0.15 per contract fee for Improvement Orders 
\9\ in the COPIP. For Professional Customers and Broker Dealers, the 
Exchange proposes to assess a $0.37 per contract fee for both COPIP 
Orders and Improvement Orders in the COPIP.
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    \8\ As defined in Rule 7245, the term ``COPIP Order'' means a 
Complex Order designated for the COPIP.
    \9\ As defined in Rule 7245, the term ``Improvement Order'' 
means a competing Complex Order submitted to BOX by an Order Flow 
Provider or Market Maker during a COPIP.
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    The remaining types of Exchange Fees are based upon a Participant's 
monthly average daily volume (``ADV'') in Auction Transactions and Non-
Auction Transactions. The Exchange proposes that Exchange Fees for 
Initiating Participants, regardless of account type, who submit a 
Primary Improvement Order \10\ in the COPIP will be based upon a 
Participants' monthly average daily volume (``ADV'') in all Auction 
Transactions as calculated at the end of each month and detailed in 
Section I.A. For Market Makers, the Exchange proposes to assess a per 
contract, tiered, execution fee on COPIP Orders and Improvement Orders 
in the COPIP under Section I.B that is based on their monthly ADV in 
all transactions executed on BOX, as calculated at the end of each 
month.
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    \10\ As defined in Rule 7245, the term ``Primary Improvement 
Order'' means the matching contra order equal to the full size of 
the corresponding COPIP Order.
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    Second, the Exchange proposes to treat COPIP transactions in the 
same manner as PIP transactions for liquidity fees and credits, which 
are applied in addition to any applicable exchange fees as described in 
Section I of the Fee Schedule. Specifically, the Exchange proposes that 
COPIP Orders (i.e., the agency orders opposite the Primary Improvement 
Order) receive a ``removal'' credit and Improvement Orders in the COPIP 
be charged an ``add'' fee.
    Specifically, the Exchange proposes that COPIP transactions in 
classes where the minimum price variation of $0.01 (i.e., Penny Pilot 
classes where the trade price is less than $3.00 and all series in

[[Page 3650]]

QQQ, SPY, and IWM) will be assessed a fee for adding liquidity or 
provided a credit for removing liquidity of $0.35, regardless of 
account type. For COPIP transactions where the minimum price variation 
is greater than $0.01 (i.e., all non-Penny Pilot Classes, and Penny 
Pilot Classes where the trade price is equal to or greater than $3.00, 
excluding QQQ, SPY, and IWM), the Exchange proposes a fee for adding 
liquidity or a credit for removing of $0.75, regardless of account 
type. In addition, the Exchange proposes to specify that an Unrelated 
Order \11\ that is not immediately marketable will be charged as an 
Improvement Order when it executes against a COPIP Order.
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    \11\ As defined in Rule 7245, the term ``Unrelated Order'' means 
a non-Improvement Order entered on BOX during a COPIP or BOX Book 
Interest during a COPIP.
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    For Jumbo SPY Option COPIP Transactions, the Exchange proposes to 
treat these transactions in the same manner as Jumbo SPY PIP 
transactions. Specifically, Jumbo SPY Option COPIP Orders will be 
charged a ``removal'' fee of $0.50 and Jumbo SPY Option COPIP 
Improvement Orders will receive an ``add'' credit of $0.30. The 
Exchange also proposes to clarify that this section is not applicable 
to Complex Order transactions in Jumbo SPY Options and that an 
Unrelated Jumbo SPY Option Order that is not immediately marketable 
will receive the ``add'' credit as an Improvement Order when it 
executes against a Jumbo SPY Option COPIP Order.
    Finally, the Exchange proposes to amend Section III (Complex Order 
Transaction Fees) to clarify that the transaction fees and credits set 
forth in this section will apply to executions of Complex Orders; 
except that COPIP transactions will be subject to Sections I (Exchange 
Fees) and II (Liquidity Fees and Credits). The Exchange notes that the 
Options Regulatory Fee \12\ outlined in Section V (Regulatory Fees) 
will apply to all COPIP transactions.
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    \12\ The Options Regulatory Fee is assessed to each BOX Options 
Participant for all options transactions executed or cleared by the 
BOX Options Participant that are cleared by The Options Clearing 
Corporation (OCC) in the customer range regardless of the exchange 
on which the transaction occurs.
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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,\13\ 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.
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    \13\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes that the proposed COPIP transaction fees are 
reasonable, equitable and non-discriminatory. The COPIP is a new 
auction mechanism that allows Participants to submit Complex Orders in 
substantially the same manner as they currently submit orders for 
single option series instruments in the PIP. As such the Exchange 
believes it is reasonable for the COPIP fees to mimic the current PIP 
transaction fees. Additionally, the Exchange believes the proposed 
COPIP fees will allow the Exchange to be competitive with other 
exchanges and to apply fees and credits in a manner that is equitable 
among all BOX Participants. The Exchange operates within a highly 
competitive market in which market participants can readily direct 
order flow to any other competing exchange if they determine fees at a 
particular exchange to be excessive. The COPIP transaction fees are 
intended to attract Complex Orders to the Exchange by offering market 
participants incentives to submit their Complex Orders through the 
COPIP. The Exchange believes it is appropriate to provide incentives 
for market participants to submit orders to the COPIP, resulting in 
greater liquidity and ultimately benefiting all Participants trading on 
the Exchange.
Exchange Fees
    The Exchange believes it is equitable and not unfairly 
discriminatory that Public Customers be charged lower Exchange Fees in 
COPIP transactions than Professionals, Broker-Dealers and Market 
Markers on BOX. 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 customer 
benefit. As such, the Exchange believes the proposed fees for Public 
Customer transactions in COPIP transactions are reasonable and not 
unfairly discriminatory. The Exchange believes it promotes the best 
interests of investors to have lower transaction costs for Public 
Customers, and that lower COPIP transaction fees will attract Public 
Customer order flow to BOX.
    Moreover, the Exchange believes that assessing Professionals and 
Broker-Dealers a higher Exchange fee than Public Customers for COPIP 
transactions is reasonable, equitable and not unfairly discriminatory 
because these types of Participants are more sophisticated and have 
higher levels of order flow activity and system usage. This level of 
trading activity draws on a greater amount of BOX system resources than 
that of Public Customers, and thus, generates greater ongoing BOX 
operational costs. Further, the Exchange believes that charging 
Professionals and Broker-Dealers the same fee for all COPIP 
transactions is not unfairly discriminatory as the fees will apply to 
all Professionals and Broker-Dealers equally. Professionals and Broker-
Dealers remain free to change the manner in which they access BOX.
    The Exchange believes its proposal to charge Initiating 
Participants in COPIP transactions based on the Participant's ADV in 
all Auction Transactions, including COPIP transactions, is reasonable. 
The Exchange believes that providing a volume discount to Options 
Participants that initiate auctions on Customer orders incentivizes 
these Participants to submit their customer orders to the COPIP for 
potential price improvement. Additionally, the Exchange believes it is 
reasonable for Participants initiating a COPIP to be assessed a lower 
fee than those providing responses. Initiating Participants guarantee 
the COPIP Order, and are subject to market risk during the time period 
the COPIP Order is exposed to other BOX Participants. While other COPIP 
Participants are also subject to market risk, those providing responses 
in the COPIP through Primary Improvement Orders are not permitted to 
cancel their orders and may only modify their Primary Improvement 
Order, including reducing their order quantity, by providing a better 
price. The Exchange believes that the Initiating Participant acts in a 
critical role in the COPIP as their willingness to guarantee the 
customer COPIP Order is the keystone to the customer order gaining the 
opportunity for price improvement.
    Further, the Exchange believes it is equitable and not unfairly 
discriminatory to provide Initiating Participants a tiered fee 
structure related to their participation in Auction Transactions, 
including COPIP transactions. The proposed fee structure for Primary 
Improvement Orders in the COPIP is related to trading activity in BOX 
Auction Transactions and is available to all BOX Options Participants; 
they may choose to trade on BOX to take advantage of the discounted 
fees for doing so, or not. Participants will benefit from the 
opportunity to aggregate their trading in the BOX auction mechanisms to 
more easily attain a discounted fee tier. The tiered fee structure in 
the BOX auction mechanisms aims to attract order flow to BOX, providing 
greater potential liquidity within the overall BOX market

[[Page 3651]]

and its auction mechanisms, to the benefit of all BOX market 
participants.
    Finally, the Exchange believes it is equitable and not unfairly 
discriminatory for BOX Market Makers to have the opportunity to benefit 
from lower COPIP transaction fees than the fees charged to other 
Participants. Generally, Market Makers have obligations on BOX that 
other Participants do not. They must maintain active two-sided markets 
in the classes in which they are appointed, and must meet certain 
minimum quoting requirements. Market Makers also provide significant 
contributions to overall market quality. Specifically, Market Makers 
can provide high volumes of liquidity and lowering their COPIP 
transaction fees will help attract a higher level of Market Maker order 
flow and create liquidity, which the Exchange believes will ultimately 
benefit all Participants trading on BOX. As such, the Exchange believes 
it is appropriate that Market Makers be charged lower COPIP transaction 
fees on BOX.
    The Exchange believes that the proposed tiered and discounted COPIP 
transaction fees for Market Makers that, on a daily basis, trade an 
average daily volume (as calculated at the end of the month) of 5,001 
contracts or more on BOX represent a fair and equitable allocation of 
reasonable dues, fees, and other charges as they are aimed at 
incentivizing these Participants to provide a greater volume of 
liquidity. The Exchange believes that giving incentives for this 
activity results in increased volume on BOX, which benefits all 
Participants.
    The Exchange also believes it is reasonable, equitable and not 
unfairly discriminatory to include COPIP transactions to calculate the 
tier a Market Maker has reached because doing so will provide the 
Market Maker with an opportunity to qualify for increased rebates and, 
therefore, incentivize these Participants to trade more of such order 
flow on the Exchange.
    The Exchange believes that the proposed COPIP transaction fees will 
keep BOX competitive with other exchanges as well as be applied in such 
a manner so as to be equitable among all BOX Participants. The Exchange 
believes the proposed fees are fair and reasonable and must be 
competitive with fees in place on other exchanges. Further, the 
Exchange believes that this competitive marketplace impacts the fees 
proposed for BOX.
Liquidity Fees and Credits
    The Exchange believes it is equitable and not unfairly 
discriminatory to assess the proposed fees for COPIP transactions 
because the proposed fee for adding liquidity and credit for removing 
liquidity will apply uniformly to all categories of participants, 
across all account types. The Exchange also believes the proposed 
liquidity fees and credits for COPIP transactions to be reasonable. The 
proposed fee structure aims to attract order flow to the COPIP, 
potentially providing greater liquidity within the overall BOX market 
to the benefit of all BOX market participants. The Exchange notes that 
the proposed fees and credits for transactions on BOX offset one 
another in any particular transaction. The result is that BOX will 
collect a fee from Participants that add liquidity on BOX and credit 
another Participant an equal amount for removing liquidity. Stated 
otherwise, the collection of these liquidity fees will not directly 
result in revenue to BOX, but will simply allow BOX to provide the 
credit incentive to Participants in order to attract order flow. The 
Exchange believes it is appropriate to provide incentives to market 
participants to direct order flow to remove liquidity from BOX, similar 
to various and widely-used exchange-sponsored payment for order flow 
programs. Further, the Exchange believes that fees for adding liquidity 
on BOX will not deter Participants from seeking to add liquidity to the 
BOX market so that they may interact with those participants seeking to 
remove liquidity.
    The Exchange believes it is reasonable to assess the proposed COPIP 
liquidity fees and credits at a lower rate ($0.35) in classes with a 
minimum price variation of $0.01 (i.e., Penny Pilot classes where trade 
price is less than $3.00, and all series in QQQ, SPY and IWM); compared 
to a higher rate ($0.75) in classes with a minimum price variation of 
greater than $0.01 (i.e., all Non-Penny Pilot classes and Penny Pilot 
classes where trade price is equal to or greater than $3.00, excluding 
QQQ, SPY & IWM that trade in increments of $0.05 or more). The Exchange 
believes that options which trade at these wider spreads merit offering 
greater inducement for market participants. In particular, within the 
PIP, minimum increments of $.05 or $.10 provide greater opportunity for 
market participants to offer price improvement. As such, BOX believes 
that the opportunity for additional price improvement provided by these 
wider spreads again merits offering greater incentive for Participants 
to increase the potential price improvement for customer orders in 
these PIP transactions.
    The Exchange believes it is reasonable and equitable to treat a 
non-immediately marketable Unrelated Order that executes against a 
COPIP Order as an Improvement Order for purposes of the Exchange's 
liquidity fees. The COPIP liquidity fees and credits are intended to 
attract order flow to the Exchange by offering incentives to all market 
participants to participate in the COPIP. The COPIP Unrelated Order is 
either a non-Improvement Order entered on BOX during a COPIP or BOX 
Book Interest during a COPIP. Currently, a Participant that submits a 
non-Improvement Order, which then executes against a COPIP Order, 
receives the same trading benefit as a Participant who submits an 
Improvement Order. While these Unrelated Orders are not typically 
submitted on the opposite side of a COPIP Order, they should be charged 
the appropriate ``add'' fee once they execute against a COPIP Order. 
Further, the Exchange believes it is reasonable and equitable for a 
Participant that has submitted the BOX Book Interest to be charged the 
``add'' fee when that order executes against a COPIP Order. The 
Participant receives the benefit of a COPIP execution and would already 
expect to be charged a fee for adding liquidity under Section II.C. of 
the Fee Schedule. Therefore the fee would be no different than the fee 
the Participant was expecting to pay. The Exchange believes that 
treating non-immediately marketable Unrelated Orders as Improvement 
Orders is equitable and not unfairly discriminatory because the 
applicable liquidity fees will apply uniformly to all categories of 
participants, across all account types.
Complex Order Transaction Fees
    As stated above, the Exchange believes treating COPIP transactions 
in the same manner as PIP transactions for purposes of the BOX Fee 
Schedule is appropriate. The Exchange proposes to clarify this approach 
by stating that unlike Complex Orders, COPIP transactions will not be 
subject to this section.
Regulatory Fees
    Finally, the Exchange believes that charging the standard ORF for 
COPIP transactions is reasonable, equitable and not unfairly 
discriminatory since the costs to the Exchange to process quotes, 
orders, trades and implement the necessary regulatory surveillance 
programs and procedures for these

[[Page 3652]]

transactions remain the same. The ORF is in place to help the Exchange 
offset regulatory expenses and the Exchange's cost of supervising and 
regulating Participants, including performing routine surveillances, 
and policy, rulemaking, interpretive, and enforcement activities 
remains the same for COPIP transactions.

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 change is designed 
to provide greater specificity and precision within the Fee Schedule 
with respect to the fees that will be applicable to COPIP transactions.
    The Exchange believes that adopting COPIP Fees will not impose a 
burden on competition among various Exchange Participants. The fees 
proposed are meant to mimic the fees currently assessed on a 
substantially similar auction mechanism on BOX. Submitting a COPIP is 
entirely voluntary and Participants can determine which type of order 
they wish to submit, if any, to the Exchange.
    Further, the Exchange believes that the proposed COPIP fees will 
enhance competition between exchanges because it is designed to allow 
the Exchange to better compete with other exchanges for Complex Order 
flow. In this regard, the COPIP is a new mechanism being introduced by 
the Exchange and BOX is unable to absolutely determine the impact that 
the COPIP fees proposed herein will have on trading. That said, 
however, the Exchange believes that the proposed COPIP fees would not 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.
    The Exchange does not believe that the proposed liquidity fees and 
credits burden competition by creating such a disparity between the 
fees an Initiating Participant in the COPIP pays and the fees a 
competitive responder pays that would result in certain participants 
being unable to compete with initiators. These fees and credits are 
identical to those for the PIP auction mechanism, which have not had a 
negative impact on competition. BOX notes that its market model and 
fees are generally intended to benefit retail customers by providing 
incentives for Participants to submit their customer order flow to BOX, 
particularly the PIP and now the COPIP. In fact, the Exchange believes 
that these changes will not impede these Participants from adding 
liquidity and competing in the COPIP and will help promote competition 
by providing 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.
    Finally, the Exchange notes that it operates in a highly 
competitive market in which market participants can readily favor 
competing exchanges. In such an environment, the Exchange must 
continually review, and consider adjusting, its fees and credits to 
remain competitive with other exchanges. For the reasons described 
above, the Exchange believes that the proposed rule change reflects 
this competitive environment.

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.
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    \14\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \15\ 17 CFR 240.19b-4(f)(2).
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    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-2014-01 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-BOX-2014-01. 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-2014-01 and should be 
submitted on or before February 12, 2014.
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    \16\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-01108 Filed 1-21-14; 8:45 am]
BILLING CODE 8011-01-P