BOX Exchange

__NOTOC__
BOX Exchange LLC is a national securities exchange registered with the U.S. Securities and Exchange Commission (SEC) under Section 6 of the Securities Exchange Act of 1934. Established in 2012, BOX Exchange is owned by a consortium of firms and operates as an automated exchange for equity options trading.
== Overview ==
BOX Exchange LLC oversees the BOX Options Market LLC (BOX Market), which serves as a facility for trading equity options. The exchange offers both electronic and open outcry trading venues for equity options. BOX Exchange is responsible for regulating and monitoring activities on its facilities to ensure compliance with exchange rules and federal securities laws.
== Ownership and Structure ==
BOX Exchange is part of a larger corporate structure that includes:
* BOX Holdings Group LLC: The parent holding company
* BOX Options Market LLC: The equity options trading facility
* BOX Digital Markets LLC: A subsidiary focused on developing markets for trading digital assets in a regulated environment
The exchange is jointly owned by the TMX Group and a group of broker-dealers.
== Services and Features ==
BOX Exchange offers options derivatives on approximately 1,500 different securities. Key features of the exchange include:
* SOLA Trading Platform: A high-speed trading system that matches or improves option prices and responds to orders in less than 20 milliseconds
* Price Improvement Period (PIP): A patent-pending automated trading mechanism that allows for price improvement on trades
* Multiple Competing Market Makers: The exchange generates fully tradeable orders and provides a competitive market-making environment
==Key People==
File:Tony-Mccormick.png|Tony McCormick, Chief Executive Officer
File:Lisa-fall.png|Lisa J. Fall, Esq., President
File:Chris Zaremba.png|Chris Zaremba, Esq., General Counsel
File:R.-Hadley.png|Richard Hadley, Chief Financial Officer
File:M.-Donovan.png|Marguerite Donovan, Chief Market Supervision Officer
===Others===
*Bruce Goodhue, Chief Regulatory Officer
*Jamie Alano, Chief Risk Officer & Chief Information Security Officer
*Jason Mandryk, Chief Technology Officer
== Recognition ==
In June 2007, BOX was named U.S. options exchange of the year by Futures and Options World Magazine. The exchange's success was attributed to its Price Improvement Period (PIP) algorithm, which reportedly resulted in significant savings for investors.
== Regulation ==
As a national securities exchange, BOX Exchange operates under the oversight of the SEC and must comply with federal securities laws, including the Securities Exchange Act of 1934. The exchange is responsible for self-regulation, monitoring trading activities, and ensuring compliance with its own rules and federal regulations.
BOX Exchange plays a role in the broader U.S. financial market ecosystem, providing an alternative venue for options trading and contributing to market liquidity and price discovery in the equity options space.
==History==
BOX was approved by the SEC in April 2012 to act as its own self-regulatory organization. It had previously been regulated by Nasdaq OMX, a rival exchange operator. As part of this restructuring, TMX Group (owner of the Montreal Exchange) took a 40 percent economic interest and a 20 percent voting interest in the new SRO. TMX maintains its ownership through its 53.8 percent stake in BOX Holdings Group LLC, which owns and operates the options trading platform. 
== References ==
Category:Exchanges
Category:North American Exchanges
Category:Options Exchanges
Category:MarketsWiki Page of the Day