Seen the latest from IB: ""On January 14, 2004, the SEC approved the Boston Options Exchange (BOX). As you are probably aware, Interactive Brokers Group has been a major sponsor of the Boston Options Exchange (BOX). In addition to being a pure electronic exchange, BOX's major distinguishing feature is the Price Improvement Period (PIP). By using the PIP, an order flow provider such as Interactive Brokers may designate a marketable order for price improvement, which means that the order will be auctioned off among market participants, in pennies, to generate the best price for the order. The execution price will be guaranteed to be better than the best price available at all the other exchanges at that moment (i.e., better than the prevailing "NBBO"). In addition, customers may also participate in the PIP, in direct competition with market makers. You could, for example, tell us that you are bidding $2.20 for a particular option but are willing to go up to $2.22 if a PIP of a sell order in that option takes place. In this case, IB would bid $2.20 and if a PIP started we would match the initial PIP bid price of $2.21. If the bid for the PIP order is raised to $2.22, we would match that bid on your behalf. Alternatively, you could tell us to bid $2.22 in a PIP right from the start, so as to give you time priority. The end result is that you have a chance, for the first time in the U.S. options market, to trade against other orders between the quotes. We think that the introduction of BOX will be of great benefit to public customers because there will be price improvement over the NBBO. Also, because customers may participate on both sides of a PIP, there will be more customer-to-customer trades. We believe that all of this will make the effective spread you pay, and with that your total transaction cost for trading, diminish. It will take some time for BOX to become fully operational. We will issue continuing updates on the Exchange's progress on this platform.