Box Options wins SEC approval for new floor in Chicago – Finance News

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2 August 2017 | 6:57 pm

Box Options Exchange won approval from federal regulators to open a new trading floor in Chicago, despite opposition from some industry players.

The Chicago company said in a statement today that the nod from the Securities and Exchange Commission today will allow it to launch its new trading floor later this month in the Chicago Board of Trade building in downtown Chicago.

It will be the first new trading floor in decades for a city that was the birthplace of open-outcry trading for futures and options contacts. In recent years, trading has all but shifted to electronic trading platforms, with Chicago Board Options Exchange parent CBOE Holdings closing some of its pits and Chicago futures exchange operator CME Group closing most of its futures pits as well.

Some industry firms, including Chicago Trading, had objected to the new Box trading floor, saying the options market is already so fragmented with a dozen different trading venues driving up costs. Still, Box argued that its new 21st century approach to open outcry will be particularly well suited to large and complex orders. Box CEO Ed Boyle has said the new venue will have the best of both worlds, with electronic advantages incorporated into the floor setting.

“Customers trading in our new open outcry venue will experience enhanced pricing and superior audit trail functionality,” Boyle said in the statement.

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