# 2026-22756: BOX Exchange Opens Electronic Auctions for Custom Stock Options 2026-22756, Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Rules To Govern the Trading of FLEX Equity Options in Electronic Auctions, is a Federal Register notice from Securities and Exchange Commission published 2026-11-09, effective 2026-10-21; PRIA reads it as touching household money (as of 2026-11-11). - Canonical: https://policyrisk.com/federal-register/2026-22756 - As of: 2026-11-11 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Document number: 2026-22756 - Title: Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Rules To Govern the Trading of FLEX Equity Options in Electronic Auctions - Type: Notice - Agencies: Securities and Exchange Commission - Citation: 91 FR 70943 - Published: 2026-11-09 - Effective: 2026-10-21 - Comments close: not stated - Significant: no - Touches household money: yes - Regulation identifier numbers: none - Last updated: 2026-11-11 ## In one line BOX Exchange Opens Electronic Auctions for Custom Stock Options ## Summary BOX Exchange is rolling out new rules to let investors trade FLEX Equity Options through electronic auctions, making these custom options easier and faster to buy and sell. This change affects traders who want more control over their option contracts and kicks in right away with no extra fees. It’s a smart move to boost flexibility and speed in the options market starting now! ## Effects PRIA read - FLEX Options Now Trade Electronically on BOX: benefit, medium. You can now trade FLEX Equity Options on the BOX electronic market via new rules (7155 and 7275). Previously, FLEX trading on BOX was limited to FLEX Open Outcry (FOO) on the trading floor (Rule 7605(b)); the filing to adopt electronic FLEX auctions was submitted October 21, 2026 and is described a… - New FLEX PIP Auction Rules: benefit, medium. BOX will offer a FLEX Price Improvement Period (FLEX PIP) auction governed by Rule 7155. FLEX PIP orders have no minimum size, must use minimum price increments of $0.01, and an auction duration may be set between 3 seconds and 5 minutes (default 3 seconds). FLEX PIP responses are not disseminated… - FLEX Solicitation Auction Minimum Size and Rules: cost, high. BOX will offer a FLEX Solicitation Auction under Rule 7275 that requires Agency Orders and Solicited Orders to meet a minimum size designated by the Exchange (which may not be less than 500 contracts). Each Agency and Solicited Order is handled all-or-none, prices must be in $0.01 increments, and a… - Order Flow Providers Must Have Letters of Authorization: cost, low. BOX will amend Rule 5055(l) so that a Letter of Authorization from a clearing member organization must be filed with the Exchange for Order Flow Providers as well as Floor Brokers before they effect any FLEX Equity Option transactions. - Fungibility and Closing Rules When Non-FLEX Series Appear: mixed, low. BOX proposes new Rule 5055(f) provisions addressing fungibility: if a Non-FLEX Equity Option series is added intra-day for a component leg of a FLEX Complex or Multi-Leg Order, a holder/writer may close its FLEX position against another closing-only FLEX position for the rest of that trading day. I… - Electronic FLEX Complex and Multi-Leg Order Definitions: benefit, medium. BOX will add defined terms allowing electronic FLEX Complex Orders and FLEX Multi-Leg Orders (proposed Rules 7240(a)(11) and (12)): each leg must be a FLEX Equity Option series authorized for FLEX trading on the same underlying security and each leg must have the same exercise style (American or Eu… ## Related documents - [2026-21037](https://policyrisk.com/federal-register/2026-21037): Investment Company Cross Trading, 2026-10-15 - [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06 - [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21 - [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10 - [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04 - [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21 ## Sources - [2026-22756 on federalregister.gov](https://www.federalregister.gov/documents/2026/11/09/2026-22756/self-regulatory-organizations-box-exchange-llc-notice-of-filing-and-immediate-effectiveness-of) - [2026-22756 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-11-09/pdf/2026-22756.pdf) ## Related - [Previous: 2026-22755, Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Fil…](https://policyrisk.com/federal-register/2026-22755) - [Next: 2026-22757, Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediat…](https://policyrisk.com/federal-register/2026-22757) - [All Federal Register documents](https://policyrisk.com/federal-register) Source: PRIA, https://policyrisk.com/federal-register/2026-22756 (as of 2026-11-11).