BOX Options Market LLC

BOX Options Market LLC is a U.S. equity options exchange that operates as a facility of BOX Exchange LLC, a national securities exchange registered with the U.S. Securities and Exchange Commission (SEC). Established in 2012, BOX Options Market provides a venue for trading equity options and is known for its innovative trading mechanisms and competitive market structure.{{cite web|url=https://boxoptions.com/about/|name=About|org=BOX Market|date=July 18, 2024}
==Overview==
BOX Options Market operates an automated trading platform for equity options, offering both electronic and open outcry trading. The exchange is designed to provide a competitive and efficient marketplace for options trading, serving various market participants including retail and institutional investors, market makers, and broker-dealers.
== Ownership and Structure ==
BOX Options Market is part of a larger corporate structure that includes:
* BOX Holdings Group LLC: The parent holding company
* BOX Exchange LLC: The registered national securities exchange that oversees BOX Options Market
* BOX Digital Markets LLC: A subsidiary focused on digital asset markets
 
The exchange is jointly owned by the TMX Group and a consortium of broker-dealers, which provides a diverse ownership structure that aligns with the interests of various market participants.
== Trading Platform and Technology ==
BOX Options Market utilizes the SOLA Trading Platform, a high-speed trading system known for its efficiency and responsiveness. Key features of the platform include:
* Rapid order processing: The system can respond to orders in less than 20 milliseconds
* Price matching and improvement: SOLA is designed to match or improve option prices
* Scalability: The platform can handle high volumes of trades and quote updates
== Innovative Trading Mechanisms ==
One of BOX Options Market's distinguishing features is its Price Improvement Period (PIP), a patent-pending automated trading mechanism. The PIP allows for:
* Price improvement opportunities: Enabling traders to potentially receive better prices than the prevailing market quotes
* Enhanced liquidity: Attracting additional order flow and encouraging competitive pricing
== Market Structure ==
BOX Options Market employs a structure that promotes competition and liquidity:
* Multiple Competing Market Makers: The exchange generates fully tradeable orders and fosters a competitive market-making environment
* Open access: Provides fair and equal access to all qualified market participants
== Regulation and Compliance ==
As a facility of BOX Exchange LLC, BOX Options Market operates under the regulatory oversight of the SEC. The exchange must comply with:
* Federal securities laws, including the Securities Exchange Act of 1934 
* BOX Exchange rules and regulations 
* Industry-wide standards and best practices 
* BOX Exchange LLC is responsible for monitoring trading activities on BOX Options Market to ensure compliance and maintain market 
integrity.
== Recognition ==
The innovative features of BOX Options Market, particularly its Price Improvement Period, have garnered industry recognition. In June 2007, BOX was named U.S. options exchange of the year by Futures and Options World Magazine, highlighting the exchange's contribution to investor savings through its price improvement mechanisms.
== Key People ==
File:Patrick-Zielinskir.png|Patrick Zielinski, Chief Executive Officer
File:Kris-Lynn.png|Kristofer Lynn, Vice President of Market Operations
File:Lisa-Ruggiero.png|File:Lisa-Ruggiero.png|Lisa Ruggiero, General Counsel
File:Patty-Schuler.png|Patty Schuler, Senior Vice President of Client Communications & Marketing
File:Patty-Schuler.png|Sean Truett, Business Strategy/Development
File:Grant-Walker.png|Grant Walker, Director, Data Analytics
File:Drew-Haney.png|Drew Haney, Senior Vice President, Finance and Administration
File:Shaw-Saw.png|Shaw Saw, Vice President, Finance and Administration
== References ==
Category:Exchanges
Category:Options Exchanges
Category:Options