Beginning September 18, 2020, BOX Exchange LLC (“BOX” or the “Exchange”) will offer new price protections for Complex Limit Orders executed on BOX. The Exchange will offer the following protections:

• Debit/Credit Check Protection - the debit/credit check is designed to prevent the execution of Complex Orders at erroneous prices. Specifically, the system will reject a Complex Limit Order for a credit strategy with a net debit price, or a Complex Limit Order for a debit strategy with a net credit price.

• Maximum Price Protection - If a Complex Limit Order passes the debit/credit check, the system will then calculate a maximum price for true butterfly spread, vertical spread, and box spread Complex Orders. After calculating the maximum price, the system will reject the Complex Limit Order if the absolute value of the Complex Order’s limit price is greater than the maximum price.

The above price protections apply to auctions (COPIP, Facilitation, and Solicitation), Complex QCC Orders, Complex Customer Cross Orders, and Complex QOO Orders in the same manner as simple Complex Orders.

For more information, please see IM-7240-1 in the BOX Rulebook and SR-BOX-2018-13.