The chief executive of the BOX Options Exchange said the company was on track to end 2011 in the black, with profits in the range of $10 million to $50 million.

The Chicago-based options exchange, which had the second-smallest market share in U.S. options trading last month, "saw a nice uptick" starting in July 2010 that began a string of consecutive profitable months for the privately held exchange, Chief Executive Tony McCormick told Dow Jones Newswires Tuesday.

McCormick declined to give a specific figure but added that the company saw "record" first-quarter profit.

BOX last year sought equity-stake partners among retail brokerages to bring in more business as it struggled for market share. A long-planned ownership reshuffling for NYSE Euronext's (NYX) Amex options trading venue was a headwind for those efforts, McCormick said.

McCormick said BOX has reinstituted discussions with Knight Capital Group Inc. (KCG) and TD Ameritrade (AMTD).

Nine exchanges vie for volume in the intensely competitive U.S. options market, with strong growth over the last decade luring entrants like BATS Options and more recently the Chicago Board Options Exchange's electronic venue C2.

-By Brendan Conway, Dow Jones Newswires; (212) 416-2670; brendan.conway@dowjones.com

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