Source: Boston Options Exchange
The Boston Options Exchange (BOX) announced that it has saved investors $6.1 million with its price improvement auction (PIP), averaging $3.48 per contract over the prevailing national best bid and offer (NBBO) price.
BOX also hit records for July in trading volume which helped it realize a significant increase in market share to 6.00% in classes traded, an impressive improvement over June's 4.98%.
"The options market has been witnessing dramatic changes and we are proud that we are being seen as a destination of choice as proven by our July record-breaking numbers," said Scott Morris, Boston Options Exchange's chief executive officer (CEO). "Against strong industry opposition, BOX was built for the penny environment which has proven to be what is best for investors as seen in our over $6 million of investor savings."
July proved to be the best month in BOX's history, witnessing new daily, weekly, and monthly volume records. BOX saw its best single day on July 26, with 1,223,666 contracts executed, reaching the 1 million mark for the first time. BOX delivered its best week during July 23 through 27 with an average daily volume of 882,400 contracts executed. And, for monthly results, July was BOX's best month since inception with an average daily volume of 636,550 contracts executed, which represents a 65% increase over the same period last year as well as a 45% increase on a month-to-month basis.
"Our technical platform (SOLA) has proven its value to the trading community with reliability, stability and price improvement," continue Morris. "We expect to continue to gain market share as we deliver on our reputation as an innovator in the industry."