Regulatory Circulars

To view the text of each regulatory circular, click on the description.

Circular Number	Description
2010-16	Additions to the Penny Pilot Program
2010-15	Additions to the Penny Pilot Program
2010-14	Addition to the Penny Pilot Program
2010-13	Protection Mechanism on Opening of BOX Market
2010-12	Bid/Ask Differentials in Certain High Priced Securities
2010-11	Internet Holders Trust (HHH) Trade Busts on 5/6/2010
2010-10	Equity Market Trade Busts on 5/6/2010
2010-09	Additions to the Penny Pilot Program
2010-08	Modifications to Market Maker Quoting Obligations
2010-07	Modifications to the Price Improvement Process
2010-06	Modifications to the Directed Order Process
2010-05	Market Maker Protection on Open
2010-04	Bid Ask Differentials at the Open
2010-03	Changes to Quoting Increments for IWM and SPY and Additions to the Penny Pilot Program
2010-02	Required Cut-over to the OCC Large Option Positions Report
2010-01	Additions to the Penny Pilot Program
2009-20	Bid/Ask Differentials in Certain High Priced Securities
2009-19	Bid/Ask Differentials for NDX and RUT Options
2009-18	Directed Orders with Fill and Kill Designation
2009-17	Additions to the Penny Pilot Program
2009-16	Third Party Routing
2009-15	Bid Ask Differentials at the Open
2009-14	Web CRD - Registration Fees
2009-13	Elimination of Liquidity Make or Take Pricing
2009-12	Decentralized Linkage
2009-11	Amendments to BOX Fee Schedule
2009-10	Bid Ask Differentials at the Open
2009-09	Option Symbology Compliant Large Option Positions Report (LOPR)
2009-08	Implementation of Change Regarding Zero Bid Orders
2009-07	Zero Bid Order Handling
2009-06	Activation of Entry of Orders Into the PIP at Price Matching NBBO
2009-05	Entry of Orders Into the PIP at Price Matching NBBO
2009-04	Reduction in Certain Order Handling and Exposure Periods on BOX
2009-03	Bid/Ask Differentials in Certain High Priced Securities
2009-02	Protection Mechanism on Opening of BOX Market
2009-01	Amendments to BOX Obvious Error Rule and Catastrophic Errors
2008-28	Bid/Ask Differentials in Certain High-Priced Securities
2008-27	Bid/Ask Differentials for NDX and RUT Options
2008-26	Bid/Ask Differentials for NDX and RUT Options
2008-25	Bid/Ask Differentials in Certain High-Priced Securities
2008-24	Short Sale Rules Issued by the Commission
2008-23	UPDATE TO Regulatory Circular 2008-22 SEC Issues Extension of Emergency Short Sale Order
2008-22	SEC Issues Extension of Emergency Short Sale Order
2008-21	SEC Issues Additional Guidance Regarding New Rules to Protect Investors Against "Naked" Short Selling
2008-20	Bid/Ask Differentials for NDX Options
2008-19	Bid/Ask Differentials for RUT Options
2008-18	Closing Transactions Only Returned to Normal Trading
2008-17	Amendments to Commission's Emergency Orders
2008-16	Notification to OCC of Contrary Exercise Intentions
2008-15	Temporary Restrictions on Short Sales Extended
2008-14	Temporary Restrictions on Short Sales
2008-13	Quote Removal Mechanism
2008-12	Bid Ask Differentials NDX 2008 Q3
2008-11	Bid Ask Differentials RUT 2008 Q3
2008-10	Expiration Automatic Exercise Threshold Reduction
2008-09	Protection Mechanism on Opening of BOX Market
2008-08	BOX Fee Schedule - Tier 1 and Tier 2 Classes
2008-07	Obvious Error
2008-06	Penny Pilot Expansion
2008-05	Bid Ask Differentials at the Open
2008-04	Equity Option Position and Exercise Limit Increase
2008-03	Delta Hedge Exemptions
2008-02	NDX Bid-Ask differentials
2008-01	RUT Bid-Ask differentials
2007-13	Change in Market Closing Time (Retracted by BOXR on 4/2/08)
2007-12	Opening Spreads in NYSE Listed Names
2007-11	Bid/Ask Differentials in Certain High Priced Securities
2007-10	BOX Rule Chapter III Section 5
2007-09	Position Limits
2007-08 Amendment	Supplement for Memo 2007-08 re: Web CRD
2007-08	Web CRD Electronic Procedures for Forms U4 and U5
2007-07	Bid Ask Differentials NDX 2007 Q3
2007-06	Bid Ask Differentials RUT 2007 Q2
2007-05	Bid Ask Differentials NDX 2007Q2
2007-04	Market Maker Activity and Information Barriers
2007-03	Change in Pre-Opening Time
2007-02	New Origin Codes
2007-01	Position Limits for IWM
2006-07	Bid / Ask Differentials for NDX Options
2006-06	Market Maker Quoting Obligations
2006-05	Submission of Improvement Orders During the PIP
2006-04	Order Exposure Time
2006-03	Change of Closing Time for Trading of Options on Individual Stocks On BOX
2006-02	Closing Time for Trading of Options on Individual Stocks On BOX
2006-01	Market Maker Quoting Obligations During Pre-Opening Phase and BOX Market Opening Procedures
2005-06	Gifts and Gratuities Policy Reminder
2005-05	Move Memo
2005-04	Automated Submission of Trade Data - Electronic Blue Sheets
2005-03	BOX PIP Amendment - Eliminate Certain Restrictions
2005-02	Market Maker Quoting Obligations and Pre-opening Requirements
2005-01	Amended Position and Exercise limits
2004-04	$5.00 Spread
2004-03	BOX Rules and Regulatory Action for Trading Through the NBBO
2004-02	Market Maker Quoting Obligations and Pre-opening Requirements
2004-01	BOX Market Opening Rule Change

Investor savings from orders submitted to the PIP have topped a quarter billion dollars

Additional Information

Regulatory Circulars