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The Boston Options Exchange Group, LLC (BOX) announced today it provided $8.8 million in price improvement to customer orders in October 2010 – which is more than double BOX’s 2010 year-to-date average.
“The BOX market model was built with the customer in mind and incentivizes the use of price improvement,” said Tony McCormick, BOX CEO. “Since inception, customers have realized savings of over $300 million with almost $9 million in savings during the month of October.”
Additionally, the BOX market model offers:- Execution Transparency
- No upfront fees or seat leases
- No mark-ups on data center access
- No message cancellation or application process fees
- Actual transactions are BOX’s sole source of revenue
- Customer Control
- Flexibility to chose central limit order book or price improvement auction
- Ability to receive rebate when removing liquidity
“We are seeing more of a focus on ‘all in cost’ execution of which BOX delivers significant advantages with its competitive and advantageous fee structure, and ease of access,” continued McCormick. “The benefits of our model are driving more flow to BOX as evident in the growth of the use of our PIP (price improvement period).”
BOX also announced in November 2010 it has renewed its commitment to a significant presence in downtown Boston with a new 5-year lease. The new site provides a state-of-the-art facility for the Market Operations Center (MOC) as well as dedicated office space for its staff. This follows the launch of BOX’s new operations platform in May 2010 with its ultra-fast matching engine.
