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...