[Federal Register Volume 85, Number 150 (Tuesday, August 4, 2020)]
[Notices]
[Pages 47274-47278]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-16874]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-89422; File No. SR-BOX-2020-29]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee
Schedule on the BOX Options Market LLC Facility To Amend Section IX.C
(Trading Floor Participant Fees) and Remove Section IX.D (Trading Floor
Booth Space Fee)
July 29, 2020.
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 July 16, 2020, BOX Exchange LLC (``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Exchange filed the proposed rule
change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-
4(f)(2) thereunder,\4\ which renders the proposal effective upon filing
with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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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 the
Substance of the Proposed Rule Change
The Exchange is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to amend the Fee Schedule on
the BOX Options Market LLC (``BOX'') 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 website at http://boxexchange.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to modify the Fee Schedule for trading on BOX
to amend Section IX.C. (Trading Floor Permit Fees). The Exchange
launched the BOX Trading Floor in August 2017 and established the
current Trading Floor Permit Fees in conjunction with the launch.\5\ In
February, the Exchange relocated the BOX Trading Floor to a larger
trading facility to accommodate increased interest in the Trading
Floor. Then, as a precautionary measure to prevent the potential spread
of COVID-19, the Exchange temporarily closed the Trading Floor on March
20, 2020. The Trading Floor reopened on Monday, May 4th, 2020 with
social distancing precautions and guidelines in place that have
impacted the space availability for Floor Participants. To encourage
efficient use of space, BOX believes it is appropriate to amend the
Floor Broker Trading Floor Permit Fees to assess fees based on the
space utilized by each firm rather than the number of registered
[[Page 47275]]
permits that each Participant has on the Trading Floor. The Exchange is
also proposing to remove or modify certain terminology in the Trading
Floor Permit Fees section to clarify how these fees are assessed, and
better reflect how space on the Trading Floor is used by each
Participant.
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\5\ See Securities Exchange Act Release No. 81504 (August 30,
2017), 82 FR 42195 (September 6, 2017) (SR-BOX-2017-28).
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First, the Exchange proposes to rename Section IX.C. (Trading Floor
Permit Fees) to Trading Floor Participant Fees.\6\ The Exchange
believes that this will clarify that the fees in this section are
assessed on the Participant firms and not the registered permit holders
that are employed at each firm. The Exchange then proposes to change
the language both subsections (a) and (b) from Participant to ``firm''
to clarify that these fees are assessed on each firm registered to
conduct trading on the BOX Trading Floor; rather than the registered
trading permit holders approved to trade on behalf of these
Participants.
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\6\ The Exchange notes that the Trading Floor Participants apply
in addition to the Participant Fees outlined in Section IX. A
(Initiation Fee) and B (Participant Fees).
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The Exchange then proposes to modify the language in this section
to clarify how space on the Trading Floor is used. The two types of
Floor Participant firms--Floor Brokers and Floor Market Makers--have
different business needs and preferences on the Trading Floor. Floor
Broker firms utilize space adjacent to the Crowd Area (``booth space'')
akin to private office space where employees of the same firm
communicate with customers, receive orders, and coordinate covering the
Trading Floor to announce such orders into the Crowd Area.\7\ A Floor
Broker firm has at least one desk, and may combine multiple, contiguous
desks into a single booth space adjacent to the Crowd Area. By
contrast, Floor Market Making firms operate at the point of sale, which
necessitates that their floor space be integrated in the Crowd Area.
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\7\ See BOX Rule 100(a)(67). The term ``Trading Floor'' or
``Options Floor'' means the physical trading floor of the Exchange
located in Chicago. The Trading Floor shall consist of one ``Crowd
Area'' or ``Pit'' where all option classes will be located. The
Crowd Area or Pit shall be marked with specific visible boundaries
on the Trading Floor, as determined by the Exchange. A Floor Broker
must open outcry an order in the Crowd Area.
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Floor Market Makers
The Exchange first proposes to replace the reference to ``booth
space'' with ``podium'' to more accurately reflect the type of space
used by the Floor Market Making firms on the BOX Trading Floor. The
Exchange notes that this terminology change will not impact the space
currently used by Floor Market Makers; rather it is designed to clarify
the differences in how space is used by Floor Market Makers compared to
the manner in which space is used by Floor Brokers. A podium is the
term used within the industry for the Floor Market Maker work space
located in the middle of the Crowd Area, while a booth space is the
terminology used for the work space adjacent to the Crowd Area where
the Floor Broker firms are located. The Exchange notes that all Market
Maker podiums on the BOX Trading Floor are the same size.
The Exchange currently charges each Floor Market Making firm $5,500
per month for one booth space and three registered permits on the BOX
Trading Floor. Along with replacing the term ``booth space'' with
``podium,'' the Exchange proposes to remove the references to three
registered permits as the Exchange will no longer assess fees based on
the number of registered permits on the Floor. Instead, the Exchange
proposes to add language that states the firm will be entitled to an
unlimited amount of registered trading permits. Registered trading
permits are given to persons employed by or associated with a Floor
Broker or Floor Market Maker who are eligible to effect transactions on
the Trading Floor as a Floor Market Maker or Floor Broker.\8\ The
Exchange notes that under the proposal a Market Maker will now be able
to register an unlimited amount of trading permits for access to the
BOX Trading Floor. Each podium will continue to be limited to one
registered trading permit holder actively trading at any given time, as
is currently the case.
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\8\ Registered Trading Permit holders are not assessed a Badge
Fee. Badge Fees are assessed on persons employed by or associated
with a Participant that are not registered to effect transaction on
the BOX Trading Floor (see BOX Rule 7630).
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Finally, the Exchange proposes to add language to charge Floor
Market Makers who wish to have any additional podiums in the Crowd Area
$1,500 per podium per month. The Exchange notes that this is the same
fee currently assessed on Floor Market Makers who wish to have
additional space on the Trading Floor, under current Section IX.D.
(Trading Floor Booth Space Fee) which the Exchange plans to remove
under this proposal. A Market Maker may elect to have more than one
podium to increase their trading opportunities on the BOX Trading
Floor. As stated above, a Market Maker podium is limited to one
registered trading permit holder actively trading at any given time.
Therefore, if the Market Maker would like to have two registered
trading permit holders actively trading at any given time, they are
required to have two podiums on the BOX Trading Floor.
The Exchange believes that the changes proposed above will have no
impact to Floor Marker Maker fees. Each Floor Market Maker currently
has one podium on the BOX Trading Floor, and would continue to be
charged $5,500 per month for their space. Instead, the proposal now
permits an unlimited number of trading permit holders although each
podium will continue to accommodate only one trading permit holder at
any given time.
Floor Brokers
The Exchange currently charges each Floor Broker firm $500 per
month for three registered permits \9\ and one booth space on the
Trading Floor. The Exchange proposes to remove the references to three
registered permits as the Exchange will no longer assess fees based on
the number of registered trading permits on the Floor. Instead, the
Exchange proposes to add language that states the firm will be entitled
to an unlimited amount of registered trading permits. The Exchange
notes that under the proposal a Floor Broker will now be able to
register an unlimited amount of trading permits for access to the BOX
Trading Floor; however each desk will be limited to one registered
trading permit holder actively trading at any given time.\10\
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\9\ Id.
\10\ The Exchange notes that prior to the closure of the Floor
in March 2020, Floor Brokers were allowed more than one registered
trading permit holder at each desk. However; since reopening the
Trading Floor in May 2020 Floor Brokers have been limited to one
registered trading permit holder per desk.
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The Exchange then proposes to establish a flat Floor Broker Trading
Floor Participant Fee of $5,000 per month as well as a $5,000 Trading
Floor Credit that will be applied if a Floor Broker firm executes a
trade on 50% or more of trading days in a given month. For example, for
June 2020, in order to avail themselves of the Trading Floor Credit, a
Floor Broker must execute a trade on the BOX Trading Floor on at least
11 days of June (22 trading days in June 2020). The Exchange believes
this fee/credit structure will encourage Floor Broker firms to more
actively participate on the BOX Trading Floor as well as encourage the
efficient use of Floor Space. The Exchange believes that most, if not
all, of the current Floor Brokers will easily meet this threshold based
on trading activity for the six weeks prior to the closure of the BOX
Trading Floor on March 20, 2020 and therefore will
[[Page 47276]]
only be charged for the space that each Floor Broker utilizes on the
Trading Floor under the proposed Desk Fee as described below.
Finally, the Exchange proposes to establish a $350 per month desk
fee for Floor Brokers within their booth space, as well as specify that
a Floor Broker must have at least one desk. Depending on their business
model a Floor Broker may opt to have only one desk in its booth space,
or opt for a larger footprint on the Floor and combine several desks
into the booth space adjacent to the Crowd Area. The Exchange believes
charging per desk will offer flexibility to Floor Broker firms to
customize the precise amount of floor space needed, while ensuring that
Floor Brokers are charged equitably for the floor space they utilize.
The Exchange believes these proposed changes will result in Floor
Brokers being charged appropriately for their space on the BOX Trading
Floor. Prior to the closure of the BOX Floor in March 2020, Floor
Brokers had from one to six permit holders actively trading in their
booth space on the BOX Floor at any given time. Under the current fee
structure, a Floor Broker firm with one active trading permit holder
occupying a booth space on the BOX Trading Floor was charged $500 per
month, a Floor Broker firm with four active trading permit holders was
charged $1000 per month, and a Floor Broker firm with six active
trading permit holders was charged $1000 per month. Under the proposed
fee structure, assuming that none of the Floor Brokers change their
practices, these same Floor Brokers would be charged between $350 and
$2,100 per month.
Specifically, a Floor Broker firm with one active trading permit
holder occupying one desk would now be charged a Trading Floor
Participant Fee of $5,000 per month (with the opportunity to earn a
$5,000 per month Trading Floor Credit for a net Trading Floor
Participant Fee of $0.00) and $350 per month Desk Fee. Therefore the
firm's monthly anticipated Trading Floor Participant Fee would drop
from $500 per month to $350 per month (assuming they qualify for the
Trading Floor Credit).
The Floor Broker with four active trading permit holders would be
charged $1000 per month under the current fee schedule ($500 for the
first three registered trading permits and an additional $500 for the
one registered trading permit). Under the proposed changes that same
Floor Broker firm would be charged a Trading Floor Participant Fee of
$5,000 per month with the opportunity to earn a $5,000 per month
Trading Floor Credit, as well $1,400 per month for the four desks the
Floor Broker occupies within its booth space. Therefore the firm's
monthly anticipated Trading Floor Participant Fee would rise from $1000
per month to $1400 per month (assuming they qualify for the Trading
Floor Credit).
In comparison, the Floor Broker firm with the largest presence
would be charged $1000 per month for its six active trading permit
holders ($500 for the first three registered trading permits and an
additional $500 for the additional three registered trading permits).
Under the proposed changes that same Floor Broker firm would be charged
a Trading Floor Participant Fee of $5,000 per month with the
opportunity to earn a $5,000 per month Trading Floor Credit, as well
$2,100 per month for the six desks the Floor Broker occupies within its
booth space. This firm would see the largest increase in its Trading
Floor Participant Fees, which would rise from $1,000 per month to
$2,100 per month.
Lastly, the Exchange proposes to delete Section IX.D, Trading Floor
Booth Space Fee. With the changes proposed above that will charge
Participants based on space utilization, the Exchange believes that a
separate Trading Floor Booth Space Fee is no longer appropriate.
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,\11\ 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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\11\ 15 U.S.C. 78f(b)(4) and (5).
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First, the Exchange believes the proposal to remove or modify
certain terminology in the Section IX.C. of the BOX Fee Schedule
(Trading Floor Participant Fees) is reasonable, equitable and not
unfairly discriminatory. The changes proposed are meant to clarify how
these fees are assessed and better reflect how space on the Trading
Floor is used by each Participant; which will alleviate potential
confusion and result in a Fee Schedule that is clearer and easier to
follow, thereby removing impediments to and perfecting the mechanism of
a free and open market and a national market system, and, in general,
protecting investors and the public interest. The Exchange also
believes the proposed changes are reasonable as they do not impact the
fees assessed on Trading Floor Participants.
The Exchange believes that the proposed changes to the Floor Market
Maker Participant Fees are reasonable, equitable and not unfairly
discriminatory. As stated above, the changes proposed will have no
impact to Floor Market Maker fees. Instead, the proposed change to
include one podium--instead of one booth space--in the Floor Market
Maker Trading Floor Participant Fee is reasonable and appropriate as it
better reflects the Floor Market Maker's use of space on the BOX
Trading Floor. Further, the change to remove references to three
registered permits is reasonable as the Floor Market Makers will
continue to be limited to one active registered trading permit on each
podium at any given time. Finally, the Exchange believes the proposed
additional podium fee of $1,500 per month is reasonable as the Exchange
previously assessed a $1,500 per month Trading Floor Booth Space
Fee.\12\ The proposed changes to the Floor Market Maker Participant
Fees are equitable and not unfairly discriminatory as they apply
equally to all Floor Market Makers on the BOX Trading Floor.
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\12\ The Exchange notes that this is in line with a similar fee
charged at another exchange with a physical trading floor. See Cboe
Exchange Inc. (``Cboe'') Fee Schedule. Cboe charges a $1,250 per
month fee for a Non-Standard Booth Rental plus $1.70 per square
foot, determined based on the size of the booth. At Cboe, the term
``non-standard booth'' generally refers to space on the trading
floor on the Exchange that is set off from a trading crowd, which
may be rented for whatever support, office, back-office, or any
other business-related activities for which Cboe members may choose
to use. The Exchange notes that the ``non-standard booth'' at Cboe
is similar to the proposed Trading Floor Booth discussed herein, as
the additional podium is a general space on the trading floor. See
Securities Exchange Release No. 78741 (August 31, 2017), 81 FR 61727
(SR-CBOE-2016-063).
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The Exchange believes the proposed changes to the Floor Broker
Participant Fees are reasonable, equitable and not unfairly
discriminatory. The purpose of these changes is to structure Floor
Broker Participant fees so that these firms are charged for the space
they utilize and are incentivized to use their space efficiently. Floor
Brokers utilize their booth space, which could be comprised of one desk
or multiple desks, as private office space, out of which they
communicate with customers, take orders, and coordinate covering the
Trading Floor to announce such orders into the Crowd Area. Thus, the
Exchange believes the proposed changes to how it will charge Floor
Brokers for space utilized is reasonable and equitable because it is
designed to
[[Page 47277]]
reflect the differing business needs of each Floor Broker while
offering the firm some flexibility in setting up their booth space
consistent with their particular business models/commercial
preferences.
Next, the Exchange believes the proposed change to increase the
Floor Broker Trading Floor Participant Fee from $500 to $5,000 is
reasonable and appropriate as the proposed fee is comparable to other
Floor Broker Participant Fees at another exchange with a trading
floor.\13\ Further, the Exchange notes that the purpose of this change,
coupled with the Floor Broker Trading Floor Credit discussed above, is
to incentivize Floor Participants to actively trade on the BOX Trading
Floor and ensure the efficient use of space on the BOX Trading Floor.
The Exchange believes that most, if not all, of the current Floor
Brokers will easily meet this threshold based on previous trading
activity and thus have a net Floor Broker Trading Floor Participant Fee
of $0.00 in addition to any applicable desk fee. BOX believes that
increasing the Floor Broker Trading Floor Participant Fee, coupled with
the Floor Broker Trading Floor Credit--which may offset the Floor
Broker Trading Floor Participant Fee entirely (notwithstanding any
applicable desk fees)--will incentivize Floor Participants to actively
trade on the BOX Trading Floor, and further, makes certain that BOX
resources are not spent supporting a firm who is not actively trading
on the BOX Trading Floor but is taking up valuable space. The Exchange
believes that the proposed increase is equitable and not unfairly
discriminatory because it applies to all Floor Brokers on the BOX
Trading Floor.
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\13\ See Nasdaq Phlx Fee Schedule. On Phlx, Floor Brokers are
assessed a $4,000 per month flat fee.
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The Exchange believes that the proposed Floor Broker Trading Floor
Credit is reasonable, equitable, and not unfairly discriminatory. Floor
Brokers play a critical role in bringing liquidity to the BOX Trading
Floor by acting as an agent on behalf of their retail and institutional
customers. As discussed above, the purpose of the credit is to
incentivize Floor Brokers to actively trade on the Exchange for a
certain number of days in a given month which in turn maximizes the
efficient use of space on the BOX Trading Floor. Orders brought to the
Trading Floor by Floor Brokers benefit all Floor Participants by
providing more trading opportunities, which attracts Market Makers,
Customers and other market participants. An increase in activity, in
turn, facilities tighter spreads, which may result in corresponding
increase in order flow from all market participants. The Exchange notes
that another exchange offers Floor Brokers a rebate on their Floor
Broker Permit Fee.\14\ The Exchange believes that the proposed change
is equitable and not unfairly discriminatory as all Floor Brokers on
the BOX Trading Floor are eligible to receive the Floor Broker Trading
Floor Credit. Further, the Exchange believes it is equitable and not
unfairly discriminatory to offer a Trading Floor Credit to Floor
Brokers and not Floor Market Makers. As discussed above, Floor Brokers
act as the agent on behalf of their retail and institutional customers
to bring order flow to the BOX Trading Floor. Floor Market Makers then
benefit from the access they have to interact with orders which are
made available in open outcry on the Trading Floor. Further, in order
to obtain the Trading Floor Credit, Floor Brokers must actively trade
on 50% or more of the trading days in a given month.
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\14\ On Cboe, Floor Broker Trading Permit Fees will be eligible
for rebates based on the average customer (``C'') open-outcry
contracts executed per day (``ADV'') over the course of a calendar
month in all underlying symbols. The tiered rebates on Cboe are as
follows: 0 to 99,999 ADV is 0% reduced from the Permit Fee; 100,000
to 174,999 is 15% reduced from the Permit Fee; and greater than
174,999 is 25% reduced from the Permit Fee. For example, on Cboe, a
Floor Broker with 1 permit pays a $7,500 monthly Permit Fee. If that
Floor Broker executes more than 174,999 ADV in a given month, the
Floor Broker Permit Fee will be discounted by 25%. In total, that
Floor Broker would be charged $5,625 ($7,500-($7,500 x 0.25)) for
the Floor Broker Trading Permit. BOX is not proposing a volume based
rebate. Under this proposal, BOX is simply seeking for a Floor
Broker to execute a trade on 50% of the calendar days in a given
month.
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The Exchange recognizes the value that Floor Brokers bring to the
Trading Floor elsewhere in its Fee Schedule. For example, the Exchange
has in place certain fee caps and rebates to the benefit of Floor
Brokers, in order to incentivize Floor Brokers to continue bringing
their customer order flow to the Floor.\15\ As such, the Exchange
believes that offering Floor Brokers the potential to earn a credit to
offset their Trading Floor Participant Fee is reasonable and
appropriate.
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\15\ Specifically, the Exchange currently offers Floor Brokers
fee caps on manual transaction fees of $75,000 per month; QOO Order
Rebates of $0.075 and $0.05 exclusively for Floor Brokers depending
on the type of order executed on the Trading Floor; and finally the
Strategy QOO Order Fee Cap and Rebate which allows Floor Brokers the
opportunity to receive a $500 rebate for presenting certain Strategy
QOO Orders to the Trading Floor.
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The Exchange believes the proposed Floor Broker Desk Fee is
reasonable and appropriate as similar fees are assessed at other
exchanges with physical trading floors.\16\ Further, the Exchange
believes that the proposed Floor Broker Desk Fee more equitably
allocates fees on the BOX Trading Floor. Prior to the COVID-19 social
distancing precautions and guidelines that impacted the space
availability on the Floor, Floor Brokers were assessed fees based on
the number of registered trading permits on the BOX Floor. With the
current space constraints the Exchange believes it is more equitable to
instead assess fees on the space utilized by each Floor Broker. Under
the proposed structure a Floor Broker firm utilizing only one desk
would be charged less than a Floor Broker firm utilizing three desks.
The Floor Broker Desk Fee is also intended to fairly allocate costs
related to providing Floor Brokers the space necessary to conduct
business on the BOX Trading Floor. Finally, the Exchange believes the
proposed Floor Broker Desk Fee is equitable and not unfairly
discriminatory as such fee will be applied to all Floor Brokers.
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\16\ The Phlx assessed a similar fee to the one proposed. In
2011, Phlx charged a flat $300 per month fee for Trading/
Administrative Booth paid by floor brokers and clearing firms. See
SR-Phlx-2011-181 at http://nasdaqphlx.cchwallstreet.com/NASDAQPHLX/pdf/phlx-filings/2011/SR-Phlx-2011-181.pdf. In 2013, Phlx eliminated
the Trading/Administrative Booth Fees but increased the Floor
Facility Fee and assessed this fee to Clerks, Inactive Nominees and
Floor Brokers in addition to the previously charged ROTs and
individual Specialists. As such, the Exchange believes that the
proposed Floor Broker Desk Fee is reasonable and appropriate as a
similar fee (Floor Facility Fee) currently exists to cover similar
costs on Phlx. See Securities Exchange Act Release No. 69672 (May
30, 2013), 78 FR 33873 (June 5, 2013) (SR-Phlx-2013-58). See Phlx
Fee Schedule Options 7, Section 9A.
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Lastly, the Exchange believes the proposed change to delete
references to Trading Floor Booth Space Fee is reasonable and
appropriate. With the changes proposed above that will charge
Participants based on space utilization, this section is no longer
necessary.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
that the proposed rule changes will impose any burden on intramarket
competition because the proposed changes adjust the Trading Floor
Permit Fees to instead assess fees based on the space utilized by both
Floor Market Makers and Floor Brokers. The Exchange believes that the
proposed fees will encourage fair and efficient use of the BOX Trading
Floor.
[[Page 47278]]
If this result is achieved, the proposed fees may increase both inter-
market and intra-market competition by incenting off-Floor participants
to direct their orders to the Exchange, which would enhance the quality
of quoting and may increase the volume of contracts traded on the
Exchange.
The Exchange does not believe that the proposed change will impair
the ability of any market participants or competing order execution
venues to maintain their competitive standing in the financial markets.
Further, the proposed Floor Fees would be applied to all similarly
situated participants (i.e., Floor Brokers and Floor Market Makers),
and, as such, the proposed change would not impose a disparate burden
on competition either among or between classes of market participants.
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 \17\ and Rule 19b-4(f)(2)
thereunder,\18\ because it establishes or changes a due, or fee.
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\17\ 15 U.S.C. 78s(b)(3)(A)(ii).
\18\ 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 [email protected]. Please include
File Number SR-BOX-2020-29 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-2020-29. 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 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. 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-2020-29, and should be submitted on
or before August 25, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-16874 Filed 8-3-20; 8:45 am]
BILLING CODE 8011-01-P