Boston Options Exchange
|Type||Stock exchange, futures exchange, market data|
|Location||Boston, Massachusetts, United States|
|Key people||Ed Boyle (CEO, BOX Exchange) Tony McCormick (CEO, BOX Regulation)|
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.
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.
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. 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.” 
- 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