BOX Options
BOX Options Market LLC is a US-registered options exchange operating an ultra-low latency electronic platform and open outcry floor for trading standardized and FLEX equity options, serving registered broker-dealers, order flow providers, and market makers under joint TMX Group and broker-dealer ownership.
- Company typePrivate
- Founded2004
- HeadquartersChicago, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What BOX Options does
BOX Options Market LLC is a US-registered options exchange founded in 2004, jointly owned by TMX Group and leading broker/dealers. It operates an ultra-low latency electronic matching engine for OCC-issued standardized options on equities and ETFs, hosted at the NY4 Secaucus data center. The platform combines electronic order book trading with a physical open outcry trading floor in Chicago (launched August 2017) and supports multiple auction mechanisms including Price Improvement Period, Facilitation, and Solicitation auctions. Connectivity is delivered via the proprietary SOLA SAIL protocol, an open API, and a standardized FIX interface, with market data distributed through Automated Trade Reporting (ATR) and High Speed Vendor Feed (HSVF) products.
The company expanded its product surface in May 2024 with FLEX Equity Options, allowing customization of exercise style, contract size, expiration date, and strike price, traded as FLEX Open Outcry (FOO) orders on the trading floor. BOX serves registered broker-dealers, order flow providers, and market makers; participation requires SRO registration and a clearing firm relationship, eliminating the seat-purchase model used by legacy exchanges. Cross-margining capability at the Options Clearing Corporation (OCC) provides participants with capital efficiency.
BOX generates revenue primarily through transaction fees on options trades executed on its electronic and open outcry platforms, with tiered QCC Agency Order rebates, and through recurring market data subscriptions (Open-Close Data Reports, HSVF, ATR). The company operates three US locations — Boston (headquarters), Chicago (operations), and Secaucus (NY4 data center) — and is privately held as a Massachusetts LLC. Recent commercial activity includes a QCC rebate repricing effective April 2026, signaling active fee competition in a market where BOX holds approximately 2% share.
BOX Options firmographics
Firmographics- Name
- BOX Options
- Legal name
- BOX Options Market LLC
- Website
- https://boxoptions.com
- Company type
- Private
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- BOX Options Market LLC is a US-registered options exchange operating an ultra-low latency electronic platform and open outcry floor for trading standardized and FLEX equity options, serving registered broker-dealers, order flow providers, and market makers under joint TMX Group and broker-dealer ownership.
- Ownership category
- akta.pro rank
BOX Options industry classification
Industry- Product category
- Equity Options Exchange
- NAICS
- Securities and Commodity Exchanges (523210)
- SIC
- Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Options Exchanges (Listed Options Markets) (FSAFABAK)
Keywords
Where BOX Options is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
BOX Options business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales
Revenue model
- Options Trading Transaction Fees: BOX generates revenue through transaction fees charged on options trades executed on its electronic exchange and open outcry trading floor. Fee structure includes tiered QCC Agency Order rebates.
- Market Data Fees: Revenue from market data products including Open-Close Data Reports, HSVF feeds, and other market data subscriptions sold to participants and non-participants.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | QCC Agency Order Rebate Tiers |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
BOX Options product offering
Product offeringCore offering
BOX Options Market LLC operates a fully automated electronic options exchange with a continuous automated matching function for trading OCC-issued standardized options on equities and ETFs, complemented by a physical open outcry trading floor. The platform supports multiple auction mechanisms (Price Improvement Period, Facilitation, and Solicitation auctions) and is accessed via the proprietary SOLA SAIL protocol, FIX gateway, or open API hosted at the NY4 Secaucus data center. The exchange also offers market data products (Automated Trade Reporting, High Speed Vendor Feed, Open-Close Data Reports) and launched customizable FLEX Equity Options in May 2024.
Product overview
BOX Options operates as a fully automated electronic options exchange offering both electronic and open outcry trading. The core platform features an electronic order book with price-time priority, complex order functionality with fully integrated order books and electronic auctions, and a physical trading floor launched in 2017. Connectivity is provided through the SAIL SOLA protocol for Order Flow Providers and Market Makers, and a FIX gateway for participants using FIX in other markets. Market data products include the Automated Trade Reporting (ATR) real-time feed, High Speed Vendor Feed (HSVF) for market data, and Open-Close Data Reports. FLEX Equity Options launched in May 2024 enable customizable contract terms traded via FLEX Open Outcry Orders on the trading floor.
Differentiator
Problem solved
Functional benefit
Products and services
- Electronic Options Trading Platform Fully automated electronic options exchange with a continuous automated matching function for trading OCC-issued standardized options on equities and ETFs, featuring price-time priority with preference orders, complex order functionality, and integrated electronic auctions. Used by registered broker-dealers, order flow providers, and market makers.
- Open Outcry Trading Floor Physical trading floor located in Chicago, IL for open outcry equity options trading, providing FLEX Open Outcry (FOO) order functionality and an alternative to other established trading floors. Used by registered broker-dealers and market makers.
- FLEX Equity Options Customizable equity options product launched in May 2024, allowing investors to configure exercise style, contract size, expiration date, and strike price according to individual preferences and trading strategies, with trades cleared by OCC.
- SAIL SOLA Protocol Native protocol for SOLA, offering functionalities required by both Order Flow Providers and Market Makers for trading connectivity to BOX Options.
- FIX Gateway Order management protocol interface that allows BOX Options Participants already using FIX protocol for order routing and management to connect to the BOX Options trading engine with minimal effort.
- Automated Trade Reporting (ATR) Real-time feed containing transactions, Give-Ups, and Allocations for execution transactions on BOX Options.
- High Speed Vendor Feed (HSVF) Protocol for receiving BOX Options market data directly from BOX Options, comprising trades, quotes, market depth, strategies, bulletins, summaries, auctions and other statistics.
- Open-Close Data Report Volume summary file for trading activity on BOX, available as End-of-Day or Intraday subscription, and Ad-hoc requests, with academic discounts available for yearly End-of-Day Ad-hoc requests.
- BOX Extranet Services Approved BOX Options Extranet provider program for providing BOX Options Market Data or connectivity, requiring execution of the BOX Options Extranet Connection Agreement.
Quantifiable outcome
- 2% market share
- +2 more outcomes
Companies that use BOX Options
Customer profileSegments3 records
Ideal customer profiles3 records
BOX Options technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature8 records
BOX Options partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core and minor.
- Options Clearing Corporation (OCC)coreOCC clears all BOX Options trades, significantly reducing counter-party risk. OCC enables cross-margining at BOX, allowing for greater capital efficiency for market participants.
- Third-Party Network ProvidersminorApproved extranet providers offer BOX market data and connectivity services. Vendors must execute the BOX Options Extranet Connection Agreement to become approved providers.
Scale indicators7 records
Recent moves7 records
Expansion highlights4 records
BOX Options competitors and assessment
Company assessmentOthers
- TMX Group: TMX Group is BOX's joint owner and parent operating company, also operating the Toronto Stock Exchange, TSX Venture, and Montreal Exchange. TMX provides strategic and capital backing to BOX and represents a related exchange-operator peer for benchmarking technology and governance.
- Options Clearing Corporation (OCC): OCC is the central counterparty that clears all BOX Options trades and enables BOX's cross-margining capability. While not a competing exchange, OCC is an essential infrastructure partner for BOX and its peers, defining the economics of capital efficiency that all options exchanges rely on.
Emerging players
- MEMX (Members Exchange): MEMX launched MEMX Options in 2022 as a newer, technology-focused US options exchange. Like BOX, it competes on low-latency connectivity and a no-seats model, but it is at an earlier growth stage with smaller share than BOX.
Direct peers
- Miami International Holdings (MIAX): MIAX operates multiple US equity options exchanges (MIAX Options, Pearl, Emerald, Sapphire) and was acquired by ICE in 2024. It is the closest direct competitor to BOX, offering similar electronic options trading with comparable latency, FIX connectivity, and competing for the same broker-dealer and market-maker clients.
- NYSE Amex Options: NYSE Amex Options is an Intercontinental Exchange-owned US equity options exchange offering both electronic and floor-based trading—directly comparable to BOX's hybrid electronic + open outcry model and competing for the same institutional and retail flow.
- Nasdaq ISE / GEMX: Nasdaq operates the ISE Options Exchange and GEMX, competing directly with BOX for the same registered broker-dealer and market-maker participants in US equity and ETF options, with similar electronic matching and FIX gateway connectivity.
Regional players
- Eurex (Deutsche Börse): Eurex is Europe's leading derivatives exchange, operating equity index and single-stock options. It is comparable as an exchange operator with similar electronic infrastructure and market-maker economics, but serves a different geography (Europe) and does not directly compete with BOX in the US.
Broad incumbents
- Cboe Global Markets: Cboe is the dominant US options exchange operator (Cboe Exchange, Cboe EDGX Options, Cboe BZX Options, C2) and the historical home of equity options in the US. BOX directly competes for order flow against Cboe's multiple venues while lacking Cboe's index products, futures, and global derivatives diversification.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
BOX Options social profiles
Digital presenceBOX Options financial estimates
Financial estimateRevenue estimate
Valuation estimate
BOX Options leadership team
Management profileNumber of profiles
Profiles8 records
BOX Options funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BOX Options M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BOX Options
What does BOX Options do?
BOX Options Market LLC operates a fully automated electronic options exchange with a continuous automated matching function for trading OCC-issued standardized options on equities and ETFs, complemented by a physical open outcry trading floor. The platform supports multiple auction mechanisms (Price Improvement Period, Facilitation, and Solicitation auctions) and is accessed via the proprietary SOLA SAIL protocol, FIX gateway, or open API hosted at the NY4 Secaucus data center. The exchange also offers market data products (Automated Trade Reporting, High Speed Vendor Feed, Open-Close Data Reports) and launched customizable FLEX Equity Options in May 2024.
Is BOX Options a public or private company?
BOX Options is a private company. It is classified as corporate owned and is currently operating.
When was BOX Options founded?
BOX Options was founded in 2004. It employs 1 to 10 people.
Where is BOX Options based?
BOX Options is headquartered in Chicago, United States, in the North America region.
How does BOX Options make money?
Two revenue lines are on record. Options Trading Transaction Fees are the primary driver. The others are market Data Fees.
Who are BOX Options's main competitors?
Others on record are TMX Group and Options Clearing Corporation (OCC). MEMX (Members Exchange) is listed as an emerging player. Direct peers are Miami International Holdings (MIAX), NYSE Amex Options and Nasdaq ISE / GEMX. Eurex (Deutsche Börse) is listed as a regional player. Cboe Global Markets is listed as a broad incumbent.
Does BOX Options have an API?
Yes. BOX Options provides an open Application Program Interface (API) and a FIX gateway protocol. The FIX interface allows BOX Options Participants who are already using the FIX protocol for order routing and management to other options markets to connect to the BOX Options trading engine with minimal effort. The open API enables seamless interfacing of BOX Participants' existing order routing and trading systems.
What industry is BOX Options in?
BOX Options's product category is Equity Options Exchange. Its primary akta.pro industry code is FSAFABAK, Options Exchanges (Listed Options Markets). Its NAICS code is 523210 and its SIC code is 6221.