The Chicago Board Options Exchange (CBOE) and the Philadelphia Stock Exchange (PHLX) are to adapt their market models, following the approval on Wednesday of the Boston Stock Exchange's (BOX) new electronic options market by the Securities and Exchange Commission (SEC).

BOX, a joint venture between the Boston and Montreal stock exchanges and Interactive Brokers, and in which Citigroup, JP Morgan, UBS and Credit Suisse First Boston (CSFB) are also investors is to begin trading before the end of this month.