In the month of August, BOX market share in BOX-traded classes was 4.91%, which represented a gain over the 4.36% reported last month as well as the 4.76% reported for the same period last year. Heavily traded ETFs such as SPY, QQQQ, and IWM continued to be the main growth driver for BOX (9% combined market share in August).
In terms of volume, average daily trading on BOX this month was 597,396 contracts, an 11% gain over the same period last year as well as an 8% improvement on a month-to-month basis.
In addition, price improvement versus the prevailing NBBO for contracts submitted via the BOX’s price improvement auction (‘PIP’*) averaged $2.82 per contract. An average of 39,341 contracts per day received price improvement during the month, saving investors $2.3 million in August. To date, BOX has reached $253 million in savings to investors since inception.
* Patent application pending for BOX Price Improvement Process auction