The Boston Options Exchange (BOX) will re-focus its efforts on retail options traders after a two-year effort to court high-frequency algorithmic traders failed, Tony McCormick, the company’s new chief executive, said on Tuesday.

The all-electronic BOX is one of the US’s smaller options trading platforms, with less than 5 per cent of overall market volume. Founded in 2004, the trading platform gained almost 6 per cent of options volumes by the following year, but since then its growth has stagnated.