In the month of March, price improvement versus the prevailing NBBO for contracts submitted via the Boston Options Exchange’s (“BOX”) price improvement auction (‘PIP’*) averaged $2.83 per contract, a strong level considering March was the first month with full impact from the Penny Pilot Program. An average of 59,123 contracts per day received price improvement during the month. This represented savings to investors of $3.7 million.
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