The BOX Options Exchange (‘BOX’) announced today the issuance of US Patent No. 7,941,364. The patent specifically relates to price improvement auctions for electronic trading of financial instruments. BOX launched its price improvement auction, the Price Improvement Period (‘PIP’), when it commenced trading in 2004.
“Receipt of this patent solidifies BOX’s position as the recognized innovator of price improvement in the electronic marketplace,” said Tony McCormick, BOX CEO. “BOX has always been a pioneer in price improvement and will continue to seek opportunities to provide customers with the best possible price.”
To date, BOX has saved investors over $335M through price improvement via its PIP.
To protect the interest of its stakeholders, BOX has filed a patent infringement lawsuit against CBOE, ISE, and NASDAQ OMX PHLX in the US District Court for the District of Massachusetts. “BOX is committed to price improvement and is willing to engage in discussions in order to ensure that price improvement is available to all segments of the marketplace,” said Mr. McCormick.