Boston Options Exchange
reception and information session
in London SW1 from 6 p.m. on Monday, June 27, 2005
To reserve, click here. For more information on BOX, click www.bostonoptions.com

 

Due to space limitations, this event is open only to options, securities and derivatives professionals.

 

 
       
BOX Monthly Market Share*
Fully Automated - Fully electronic equity options exchange  
    launched in February 20004.  
       
Growth - In just fifteen months of operations, BOX has already won  
    over 8% market share (in the classes it lists) with average daily  
    volume above 300,000 contracts. BOX lists over 400 options classes  
    with plans to reach 600 by yearend.  
       
Market Quality - BOX "top of the book" price matches or betters  
    the other five exchanges 92% of the time.  
        *measured as a percentage of the US trading volume in the options classes available on BOX
Price and Time Priority - Orders are handled on a strict price  
    price/time priority without a specialist controlling the price. There is no    
    wheel for "allocating" trades that inhibits competition. Traders who    
    improve best price are rewarded with priority.    
       
BOX Monthly Improvement to Customers **
Price Improvement Auctions - BOX includes a unique  
    electronic mini-auction that provides price improvement for  
    orders that would otherwise be executed at NBBO on the other US  
    options exchanges. Roughly half of all customer executable orders are  
    improved over the prevailing best price available at the other five  
    options exchanges ("NBBO") with average improvement consistently  
    above $2 per contract.  
       
Multiple, Competing Market Makers - BOX has no rules  
    limiting the number of market makers who may continuously quote   **when compared to an execution at the best price available at same moment on all US options exchanges
    on a given options class. They compete equally on a price and time  
    basis.  
         
Anonymous - BOX does not provide information on broker    
    identification when an order is displayed in the order book.  
    Furthermore, BOX does not provide counterparty identification for  
    trade executions.    
         
Simple Cost Structure - Traders only pay when they trade, there    
    are no annual fees. There are no trade execution fees for public    
    customer orders.    
         
Transparent - Order book showing five best price limits allows    
    traders to see market depth.    
         

BusinessWeek Online

  
    "[BOX is] the first instance where a full auction process is replicated  
    electronically."    
         

Securities Industry News

 
    "[BOX] will encourage far greater competition and thus result in  
    deeper and tighter markets for all investors."    
         

Dow Jones

 
    "... [BOX] eliminated traditional barriers to entry."  
         

Wall Street & Technology

 
    "... BOX is no clone of the ISE."