BOX Regulation: Customer Cross Orders

BOX Options Exchange (“BOX”) recently filed to expand the execution range for a Customer Cross Order. Under the proposed change, a Customer Cross Order will automatically execute if the execution price is at or between the best bid and offer on BOX, provided that it is not at the same price as a Public Customer Order on the BOX Book. The requirement that the Customer Cross Order not trade through the NBBO will remain the same.

BOX expects to implement the proposed change in the second quarter of 2017 and will provide notice of the exact implementation date, via Circular, prior to implementing the change.

For more information, please see SR-BOX-2017-10.