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Chicago was the birthplace of the open-outcry trading floor, which has faded out of the picture in the age of electronic trading. But prepare to welcome the model back. An all-electronic equity options firm received Securities and Exchange Commission approval to open the city's first open-outcry trading floor in decades. Box Options Exchange will open the trading floor in space the company is leasing inside the Board of Trade Building, according to Bloomberg.
When electronic trading launched a decade ago there were 32 trading floors across the country. Today, there are nine. But Box Options believes its customers will get the best of both worlds with the new pit. CEO Ed Boyle said customers can expect enhanced pricing and better audit trail functionality.
Box's move to open a new trading floor met some resistance from other industry groups that argued the fragmented nature of the options market and the range of trading venues are driving up costs. Box Option expects to open its trading floor later this month.
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