[Federal Register Volume 84, Number 80 (Thursday, April 25, 2019)]
[Notices]
[Pages 17441-17445]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-08331]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85695; File No. SR-BOX-2019-12]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 7130
April 19, 2019.
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 April 9, 2019, BOX Exchange LLC (the ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I and II below, which Items have been
prepared by the Exchange. The Commission is publishing this notice to
solicit comments on the proposed rule from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange proposes to amend Rule 7130. The text of the proposed
rule change is available from the principal office of the Exchange, at
the Commission's Public Reference Room and also on the Exchange's
internet website at http://boxoptions.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
BOX Rule 7130(a)(4) governs the criteria for order matching and
trade execution priority on BOX. BOX Rule 7130(a)(4)(iv), Options
Participant Match Trade Prevention, describes an exception to the order
matching and
[[Page 17442]]
trade priority within that rule. Under this exception, a Participant
may direct that its Market Maker or broker dealer orders entered on BOX
not execute against Market Maker quotes or orders, or broker dealer
orders that originated from such Participant and were resting on the
BOX Book.
The Exchange now proposes to amend Rule 7130 to remove the Options
Participant Match Trade Prevention rule discussed above and adopt three
forms of Self-Trade Prevention modifiers. Specifically, the Exchange
proposes the Cancel Newest, Cancel Oldest, and Cancel Both Self-Trade
Prevention modifiers. Under this proposal, a BOX Participant may elect
for all of its orders to be marked with a Self-Trade modifier.\3\ If a
Participant makes such an election, any order that is submitted will be
prevented from executing against a resting opposite side order or quote
that is labeled as originating from the Same Participant (for purposes
of this rule, orders and quotes originating from the same Participant
ID). A Participant may only elect one of the following: Cancel Newest,
Cancel Oldest, or Cancel Both Self-Prevention options.
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\3\ To elect for all orders to be marked with a Self-Trade
Prevention modifier, Participants must contact the Market Operations
Center (``MOC''). Such election will be effective until the
Participant receives MOC's written confirmation of the Participant's
written discretion to discontinue the effectiveness of the election
for such Participant.
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The Exchange also proposes IM-7130-2(c). This provision states that
Participants who elect for Self-Trade Prevention modifiers may also
elect for all of their resting interest to be ``skipped over.'' \4\ In
choosing to have their resting interest ``skipped over,'' incoming
orders may trade with another eligible order or quote originating from
any origin other than the Same Participant ID (for purposes of this
rule, ``Another Participant ID''). If the Participant elects for
resting interest to be ``skipped over,'' the incoming order may only
trade with another eligible order or quote originating from Another
Participant ID if the other (Another) Participant ID order or quote is
at the price of the order or quote from the Same Participant ID that is
being ``skipped over.'' The resting order or quote that was ``skipped
over'' will remain on the BOX Book with the same priority. This
election will apply to each of the modifiers discussed herein.
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\4\ Similar to the election for Self-Trade Prevention modifiers,
Participants must contact the MOC if they elect for all of their
resting interest to be ``skipped over.'' Such election will be
effective until the Participant receives MOC's written confirmation
of the Participant's written discretion to discontinue the
effectiveness of the election for such Participant.
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Below are examples of each Self-Trade Prevention modifier (some
which include the election for resting interest to be ``skipped
over''):
Cancel Newest
First, the Exchange proposes the STP Cancel Newest (``STPN'')
modifier.\5\ If a Participant chooses this modifier, any incoming order
submitted by a Participant will not execute against opposite side
interest from the Same Participant ID. The incoming order will be
cancelled back to the Participant. The resting order or quote from the
Same Participant will remain on the BOX Book.
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\5\ The Exchange notes that the Cancel Newest modifier is
similar to the functionality of the current Options Participant
Match Trade Prevention.
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STPN Example 1: An order to buy 10 contracts @ $1.00 from a
Participant who has elected for the Cancel Newest Self-Trade Prevention
modifier rests on the BOX Book with no resting interest behind it. An
order to sell 10 contracts @ $1.00 comes in from the Same Participant.
The incoming order to sell 10 contracts @ $1.00 is then cancelled back
to the originating Participant. The resting buy order for 10 contracts
$1.00 remains on the BOX Book.
STPN Example 2: An order to buy 10 contracts @ $1.00 from a
Participant who has elected for the Cancel Newest Self-Trade Prevention
modifier (and has elected for its resting orders to be ``skipped
over'') rests on the BOX Book with another order to buy 10 contracts @
$1.00 from Another Participant resting behind it. An order to sell 10
contracts @ $1.00 comes in from the Same Participant. The incoming sell
order for 10 contracts @ $1.00 would not trade with the order to buy 10
contracts @ $1.00 from the Same Participant, but would trade with the
order to buy 10 contracts @ $1.00 from the other Participant resting
behind the buy order from the Same Participant because the price is at
the Same Participant buy order.\6\ The resting buy order for 10
contracts @ $1.00 from the Same Participant will remain on the BOX Book
because the Participant elected for its resting orders to be ``skipped
over.''
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\6\ The Exchange notes that the incoming order would have been
cancelled had the Participant not elected for its resting interest
to be ``skipped over.''
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STPN Example 3: An order to buy 10 contracts @ $1.00 from a
Participant who has elected for the Cancel Newest Self-Trade Prevention
modifier (and has not elected for its resting orders to the ``skipped
over'') rests on the BOX Book with another order to buy 10 contracts @
$1.00 from Another Participant resting behind it. An order to sell 10
contracts @ $1.00 comes in from the Same Participant. The incoming sell
order for 10 contracts @ $1.00 from the Same Participant is cancelled
back to the Same Participant (because the Participant did not elect for
its resting orders to be ``skipped over''). The resting sell order for
10 contracts @ $1.00 from the Same Participant will remain on the BOX
Book.
STPN Example 4: An order to buy 10 contracts @ $1.00 from a
Participant who has elected for the Cancel Newest Self-Trade Prevention
modifier (and has elected for its resting interest to be ``skipped
over'') rests on the BOX Book with another order to buy 10 contracts @
$0.99 from Another Participant resting behind it. An order to sell 10
contracts @ $1.00 comes in from the Same Participant. The incoming sell
order for 10 contracts would not trade with the order to buy 10
contracts @ $1.00 from the Same Participant and would also not trade
with the order to buy 10 contracts @ $0.99 from Another Participant
resting behind the buy order from the Same Participant.\7\ The incoming
sell order for 10 contracts is then cancelled back to the originating
Participant. The resting buy order for 10 contracts @ $1.00 from the
Same Participant remains on the BOX Book.
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\7\ This is because the price of the eligible order from Another
Participant ID is not at the same price level as the resting order
on the BOX Book. As such, the incoming order is cancelled back to
the Participant.
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Cancel Oldest
Next, the Exchange proposes the STP Cancel Oldest (``STPO'')
modifier. If a Participant chooses this modifier, any incoming order
submitted by a Participant will not execute against opposite side
resting interest from the same Participant ID. When a Participant
submits an incoming order that would trade against opposite side
resting interest from the same Participant ID, the opposite side
interest will be cancelled back to the Participant.
STPO Example 1: An order to buy 10 contracts @ $1.00 from a
Participant who has elected for the Cancel Oldest Self-Trade Prevention
modifier rests on the BOX Book with no resting interest behind it. An
order to sell 10 contracts @ $1.00 comes in from the Same Participant.
The resting buy order for 10 contracts @ $1.00 is then cancelled back
to the originating Participant. The incoming sell order for 10
contracts @ $1.00 is entered into the BOX Book.\8\
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\8\ In this example, regardless of whether the Participant
elected for its resting interest to be ``skipped over,'' the result
would be the same because there is no resting interest behind the
resting Participant order.
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[[Page 17443]]
STPO Example 2: An order to buy 10 contracts @ $1.00 from a
Participant who has elected for the Cancel Oldest Self-Trade Prevention
modifier (and has elected for its resting interest to be ``skipped
over'') rests on the BOX Book with another order to buy 10 contracts @
$1.00 from Another Participant resting behind it. An order to sell 10
contracts @ $1.00 comes in from the Same Participant. The incoming sell
order for 10 contracts @ $1.00 would trade with the order to buy 10
contracts @ $1.00 from the other (Another) Participant resting behind
the buy order from the Same Participant. The resting buy order from the
Same Participant will remain on the BOX Book.
STPO Example 3: An order to buy 10 contracts @ $1.00 from a
Participant who has elected for the Cancel Oldest Self-Trade Prevention
modifier (and has not elected for its resting interest to be ``skipped
over'') rests on the BOX Book with another order to buy 10 contracts @
$1.00 from Another Participant resting behind it. An order to sell 10
contracts at $1.00 comes in from the Same Participant. The resting buy
order for 10 contracts @ $1.00 from the Same Participant is cancelled
back to the Same Participant. The incoming sell order for 10 contracts
@ $1.00 would trade with the order to buy 10 contracts @ $1.00 from the
other (Another) Participant resting behind the buy order from the Same
Participant.
STPO Example 4: An order to buy 10 contracts @ $1.00 from a
Participant who has elected for the Cancel Oldest Self-Trade Prevention
modifier rests on the BOX Book with another order to buy 10 contracts @
$0.99 from Another Participant resting behind it. An order to sell 10
contracts comes in from the Same Participant. The resting buy order for
10 contracts @ $1.00 is cancelled back to the originating Participant.
The incoming sell order for 10 contracts would trade with the order to
buy 10 contracts @ $0.99 from Another Participant that had been resting
behind the buy order from the Same Participant (since the resting buy
order from the Same Participant was cancelled).\9\
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\9\ In this example, the resting order will be cancelled back to
the Participant regardless of whether the Participant has elected to
allow for the resting order to be skipped because the buy order for
10 contracts @ $0.99 is at a different price behind the resting
order.
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Cancel Both
Lastly, the Exchange proposes the STP Cancel Both (``STPC'')
modifier. If a Participant chooses this modifier, any incoming order
submitted by a Participant will not execute against opposite side
resting interest from the same Participant ID. When a Participant
submits an incoming order that would trade against opposite side
resting interest from the same Participant ID, the entire size of both
orders (or order and resting quote) will be cancelled back to the
originating Participant ID.
STPC Example 1: An order to buy 10 contracts @ $1.00 from a
Participant who has elected for the Cancel Both Self-Trade Prevention
modifier rests on the BOX Book with no resting interest behind it. An
order to sell 10 contracts @ 1.00 comes in from the Same Participant.
Both orders would be cancelled back to the Participant.\10\
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\10\ In this example, regardless of whether the Participant
elected for its resting interest to be ``skipped over,'' the result
would be the same.
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STPC Example 2: An order to buy 10 contracts @ $1.00 from a
Participant who has elected for the Cancel Both Self-Trade Prevention
modifier (and has elected for its resting interest to be ``skipped
over'') rests on the BOX Book with another order to buy 10 contracts @
$1.00 from Another Participant resting behind it. An order to sell 10
contracts @ $1.00 comes in from the Same Participant. The incoming
order would trade with the order to buy 10 contracts @ $1.00 from the
other (Another) Participant resting behind the order from the Same
Participant. The resting order will remain on the BOX Book.
As explained above, orders may skip over orders or quotes from the
Same Participant ID and trade against eligible orders or quotes with
lower priority that originate from Another Participant, provided the
prices are the same. Therefore, the Exchange proposes to add IM-7130-
2(d) to provide that in instances in which the Self-Trade Prevention
modifiers are implicated, the Self-Trade Prevention modifier rules will
supersede other allocation methods only for the purpose of preventing
self-trades as described in the Self-Trade Prevention modifier rule.
The Exchange notes that this rule is similar to another rule that was
in place at another exchange.\11\
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\11\ See Securities Exchange Act Release No. 67152 (June 7,
2012), 77 FR 35448 (June 13, 2012) (Order Approving SR-CBOE-2012-
013). While this rule previously applied to Cboe's equities market,
the Exchange believes that it should be permitted on the options
market as it allows for increased executions without taking
liquidity from the BOX Book which benefits all market participants.
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Additional Discussion
The Exchange notes that the proposed modifiers discussed herein are
similar to modifiers used at other options exchanges.\12\ The Exchange
believes that the proposed changes will allow BOX Participants to
better manage order flow and prevent undesirable or unexpected
executions with themselves. Given enhancements in technology in today's
trading environment, Participants often have multiple connections into
the Exchange. Orders, for example, routed by the Same Participant via
different connections may, in certain circumstances, trade against each
other. The proposed STP modifiers would
[[Page 17444]]
provide Participants the opportunity to prevent these potentially
undesirable interactions occurring under the same Participant ID on
both the buy and sell side of an execution.
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\12\ See Cboe BZX Exchange, Inc. (``Cboe BZX'') Rule 21.1(g).
The Exchange notes a few minor differences between Cboe BZX's rule
and BOX's proposed rule. First, the Exchange notes that it is not
copying Cboe BZX Rule 21.1(g)(3) and (5). These rules detail two
modifiers that BOX does not wish to offer on the Exchange at this
time. Second, the Exchange notes that it is not copying certain
language in Cboe BZX Rule 21.1(g) that states that the ``modifier on
the incoming order controls the interaction between two orders
marked with modifiers.'' Under the Proposal, if a Participant elects
for its orders to be marked with one of the three proposed
modifiers, all orders will be marked with the elected modifier, not
on an order-by-order basis. Third, the Exchange notes that proposed
IM-7130-2(c) differs from the Cboe BZX rule. As proposed,
Participants who elect for Self-Trade Prevention modifiers may also
elect for resting interest to be ``skipped over.'' Participants may
elect for their resting interest to be ``skipped over'' so incoming
orders may trade with another eligible order or quote originating
from any origin other than the Same Participant ID (for purposes of
this rule, ``Another Participant ID''). If the Participant elects
for resting interest to be ``skipped over,'' the incoming order may
only trade with another eligible order or quote originating from
Another Participant ID if the other (Another) Participant ID order
or quote is at the price of the order or quote from the Same
Participant ID that is being ``skipped over.'' The resting order or
quote that was ``skipped over'' will remain on the BOX Book. The
Exchange notes that allowing Participants to elect whether its
resting interest can be ``skipped over'' is reasonable and non-
controversial as it will allow the incoming order to execute against
the next resting order or quote on the BOX Book (as long as the next
resting order or quote from Another Participant ID is at the price
of the resting order or quote from the Same Participant that is
being ``skipped over'') and allow the resting interest to remain on
the BOX Book. The Exchange further notes that similar functionality
was previously available at Cboe Exchange Inc (``Cboe'') for their
Cancel Newest modifier. See Securities Exchange Act Release No.
67152 (June 7, 2012), 77 FR 35448 (June 13, 2012) (Order Approving
SR-CBOE-2012-013). Further, the Exchange proposes to allow similar
functionality discussed above in all proposed modifiers and not just
the Cancel Newest modifier. Specifically, the Exchange proposes to
allow Participants the ability to elect for their resting interest
to be ``skipped over'' at the same price for both the STPO and STPC
modifiers. The Exchange believes that this is reasonable and non-
controversial as it will allow incoming orders to execute against
the next resting order or quote on the BOX Book (as long as the next
resting order or quote from Another Participant ID is at the price
of the resting order or quote from the Same Participant ID) and
allow the resting order from the Same Participant ID to remain on
the BOX Book. As such, the Exchange believes that this
functionality, while similar to the Cancel Newest modifier
previously available at Cboe, should be applied to all of the
proposed modifiers. The functionality will result in increased
executions without taking liquidity from the BOX Book.
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As proposed, the STP modifiers would not be applicable to Qualified
Contingent Cross (``QCC'') Orders, auctions (COPIP, Facilitation and
Solicitation) and Qualified Open Outcry (``QOO'') Orders. Both QCC
Orders and auctions are paired orders intended to serve a particular
investment purpose that are contingent on the execution of the options
legs, in the case of a QCC Order, and the execution of both sides of an
auction order. Because the non-execution of a leg of a QCC Order or an
auction order is contrary to the investment purpose of such orders, the
Exchange has determined not to apply the STP modifiers in a manner that
would prevent the execution of a QCC Order or an auction. Similarly,
QOO Orders on the BOX Trading Floor are paired orders. The Exchange has
determined not to apply the STP modifiers in a manner that would
prevent the execution of such orders.
Implementation
The Exchange anticipates implementing the proposed change during
the second quarter of 2019. The Exchange will provide notice of the
exact implementation date, via Circular, prior to implementing the
proposed change.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\13\ in general, and Section
6(b)(5) of the Act,\14\ in particular, that the rules of an exchange be
designed to promote just and equitable principles of trade, to prevent
fraudulent and manipulative acts, to remove impediments to and to
perfect the mechanism for a free and open market and a national market
system, and, in general, to protect investors and the public interest.
The proposed rule change advances these objectives by making available
to all Participants (not just Market Makers as the current rule
provides) order modifiers that will assist them in preventing unwanted
executions against themselves. Allowing all Participants to prevent
unwanted executions against themselves removes impediments to and
perfects the mechanism for a free and open market by allowing market
participants to better manage order flow and prevent undesirable or
unexpected executions with themselves. Further, the Exchange believes
that expanding self-trade prevention to all Participants is reasonable
and appropriate as similar functionality is available at other options
exchanges in the industry.\15\ Further, the Exchange notes that current
rule 7130(a)(4)(iv) (Options Participant Match Trade Prevention)
functions similar to the proposed Cancel Newest modifier. The Exchange
believes that expanding self-trade prevention by adding Cancel Oldest
and Cancel Both modifiers is reasonable as they exist at other options
exchanges in the industry.\16\ Further, as discussed herein, the
Exchange believes that all proposed modifiers will allow Participants
to better manage their order flow and prevent undesirable or unexpected
executions with themselves.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
\15\ See supra note 12. See also Cboe EDGX Exchange, Inc.
(``EDGX'') On EDGX, Match Trade Prevention (``MTP'') modifiers are
available to all users, and not just Market Makers. The Exchange
believes that expanding functionality to all Participants is
appropriate as it will allow for all options market participants to
better manage their order flow and prevent undesirable or unexpected
executions with themselves.
\16\ See Cboe BZX Exchange, Inc. (``Cboe BZX'') Rule 21.1(g).
The Exchange again notes it is not proposing to include the
modifiers codified in CboeBZX Rule 21.1(g)(3) and (5).
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The Exchange believes that proposed IM-7130-2(c) is reasonable as a
similar rule was in place at another exchange.\17\ As discussed above,
the functionality that was previously available at Cboe was available
on their equities market. The Exchange believes that the proposed
functionality is appropriate and should be applied to the options
market because it will allow increased executions on the Exchange
without taking liquidity from the BOX Book, thus benefitting all market
participants. Further, the Exchange notes that the proposed
functionality was only available on Cboe's Cancel Newest STP modifier.
The Exchange believes that expanding this functionality to all proposed
modifiers is appropriate as it will allow increased executions,
regardless of what modifier the Participant elects to use on its
orders. For example, Participant A has elected for the Cancel Oldest
Self-Trade Prevention modifier to be applied to all of their orders and
has also elected for its resting interest to be ``skipped over.'' \18\
Participant A has an order to buy 10 contracts @ $1.00 resting on the
BOX Book with a Participant B buy order for 10 contracts $1.00 resting
behind it. An order to sell 10 contracts @ $1.00 comes in from
Participant A. Based on Participant A's elections, the incoming sell
order for 10 contracts @ $1.00 would trade with Participant B's buy
order for 10 contracts @ $1.00 and Participant A's resting buy order
would remain on the BOX Book. Because Participant A elected for the
skip over functionality, their resting buy order will be permitted to
stay on the BOX Book despite their election of the STPO modifier. This
election will, in turn, allow Participant A's resting interest the
ability to stay on the BOX Book and potentially execute with another
incoming sell order instead of being cancelled back to Participant A,
thus potentially resulting in an execution that otherwise would not
have occurred.
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\17\ See Securities Exchange Act Release No. 67152 (June 7,
2012), 77 FR 35448 (June 13, 2012) (Order Approving SR-CBOE-2012-
013).
\18\ The Exchange again notes that these voluntary
functionalities (the STP modifiers and the ``skip over'' election)
are applied to all orders by the Market Operations Center at the
request of the BOX Participant.
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Further, the Exchange believes that adding proposed IM-7130-2(d) to
provide that, in instances in which the Self-Trade Prevention modifiers
are implicated, the Self-Trade Prevention modifier rules will supersede
other allocation methods only for the purposes of preventing self-
trades, as described in the proposed rule perfects the mechanism for a
free and open national market system and protects investors and the
public interest by removing any potential confusion regarding priority
and allocation methods.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule will impose
any burden on competition not necessary or appropriate in furtherance
of the purposes of the Act. The proposed rule change is designed to
enhance the Exchange's current Match Trade Prevention rule and will
benefit Participants that wish to protect their orders and quotes
against trading with other orders that originate from the same
Participant ID. This new functionality, which is similar to
functionality offered on other Exchanges, is also voluntary and the
Exchange therefore does not believe that providing an enhanced offering
to prevent against self-trading will have any significant impact on
competition. The Exchange believes the proposed rule change is evidence
of the competitive environment in the options industry where exchanges
must continually improve their offerings to maintain competitive
standing.
[[Page 17445]]
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: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \19\ and Rule 19b-
4(f)(6) thereunder.\20\
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\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 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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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-2019-12 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-2019-12. 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-2019-12 and should be submitted on
or before May 16, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-08331 Filed 4-24-19; 8:45 am]
BILLING CODE 8011-01-P