Anthony McCormick – Boston Options Exchange

Anthony (Tony) McCormick is the CEO of the Boston Options Exchange (BOX). He spoke with JLN Options editor Sarah Rudolph about the role of the PIP (Price Improvement Period) in the recent volume growth at BOX, as well as the exchange’s business model and plans for the future. In July, price-improved contracts averaged 320,461 per day, a 60% increase over the same period last year, with a total savings to investors of $3.9 million in July. Overall average daily volume on BOX in July was 587,386, a 50% increase over the same period last year. BOX introduced the Price Improvement Period automated trading mechanism (PIP) in 2004.