Boston Options Exchange

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BOX Options Exchange LLC
Type Stock exchange, futures exchange, market data
Location Boston, Massachusetts, United States
Founded 2002 (2002)
Key people Ed Boyle (CEO, BOX Exchange) Tony McCormick (CEO, BOX Regulation)

BOX Options Exchange, LLC (BOX) is an automated exchange operated by the TMX Group and owned by TMX and a consortium of broker-dealers. As an equity options market, it provides electronic order matching services to stockbrokers and traders.


BOX was founded in February 2002 by Boston Stock Exchange, Bourse de Montréal, and Interactive Brokers. In August 2008 BOX began operations as a subsidiary of the Montreal Exchange, after the technical operator increased its ownership position to the maximum 53.2 percent. Its equity partners include Citigroup, Credit Suisse, Interactive Brokers, JP Morgan, Morgan Stanley, UBS and Citadel Derivatives Group LLC.[1]


The exchange offers options derivatives on approximately 1,500 different securities. It generates fully tradeable orders and provides multiple competing market makers. BOX also provides SOLA, a trading platform which matches or improves option prices and responds to orders in less than 20 milliseconds.[2]

PIP Algorithm[edit]

BOX offers price improvement to traders through its patent-pending Price Improvement Period automated trading mechanism. PIP allows clients with broker guarantees on the first penny of price improvement a small period to improve upon available prices.[3] In June 2007, BOX was named U.S. options exchange of the year by Futures and Options World Magazine. CEO R. Scott Morris attributed BOX's success to the PIP algorithm, noting the "$110 million in savings to investors because of our price improvement model.” [4]


Chief Executive Officer
Edward Boyle
Corporate Secretary and General Counsel
Lisa J. Fall
Senior Vice President of Finance & Administration
Vito Gendusa
Head of Market Operations and Senior Vice President
Patrick Zelinski[5]

See also[edit]