TORONTO, May 1, 2012 /CNW/ - TMX Group Inc. welcomed the recent decision by the U.S. Securities Exchange Commission to grant BOX Options Exchange LLC (BOX) a national securities exchange license. The license enables BOX to act as its own self-regulatory organization (SRO), which it expects to begin doing in mid-May.
"We are very pleased with this important development at BOX, which allows them to compete, build their business and manage their growth more independently and effectively," said Alain Miquelon, President and CEO, Montréal Exchange. "We offer our congratulations to the BOX team."
Montréal Exchange Inc., a wholly-owned subsidiary of TMX Group Inc., will maintain its interest in the BOX options trading platform through a 53.8% stake in BOX Holdings Group LLC, which will own and operate the options trading platform. In addition, as part of the organizational restructuring in connection with the exchange approval, TMX Group Inc. will take a 40% economic interest and a 20% voting interest in the new SRO.
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