Boston Options Exchange (BOX)'s comment period with US
regulators ended with a flurry of support for its approval and
some accusations from competing exchanges that the new options
market is an internalisation mechanism.
BOX officials are hopeful that, in the aftermath of 221
comment letters to the Securities and Exchange Commission
(SEC), the regulator will give the options exchange the green
light in the coming weeks. Of the letters sent to SEC, BOX
officials said 209 were considered positive and 13 were
negative. Several of the comments opposing BOX were directed at
its three-second auction called the Price Improvement Period
(PIP). Competing exchanges also say BOX, which is owned by
Boston Stock Exchange, Montreal Exchange and several large
institutions, ultimately is a place for firms to internalise
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