BOX Exchange Order And Quote Message Behavior

BOX Exchange LLC (“BOX” or the “Exchange”) is distributing this Regulatory Circular to inform Participants that each order message and quote message that a Participant submits to BOX must contain the minimum information identified in the Exchange’s technical specifications. Intentionally splitting order messages and/or quote messages among multiple packets in an attempt to increase message transmission speed and/or priority may be considered a violation of Exchange Rule 3000 (Just and Equitable Principles of Trade).