The Boston Options Exchange (BOX) has filed a lawsuit against three other competitors for patent infringement, The Wall Street Journal reports. BOX has accused the CBOE, Nasdaq OMX Group’s PHLX and OMX venues and International Securities Exchange (ISE) of infringing on a patent designed to improve price efficiency.
The price-improvement mechanism is designed to determine whether traders are willing to put forth a better price for a particular trade before it is executed. BOX has estimated that its price improvement process has saved investors more than $335 million since launch.
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