US options exchanges appear to be resigned to the fact that
Boston Options Exchange (BOX) will gain SEC approval despite
their best attempts to derail its application.
BOX has drawn heavy criticism from its potential
competitors, who have labelled its market model a mechanism for
internalisation for order flow. However, those same exchanges
now expect BOX to be approved and are likely to introduce their
own versions of the disputed trading practice - what BOX calls
its price improvement period (PIP) - in order to compete.
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