What is the meaning of Box?

Has two primary meanings. It can refer to an options strategy or an operations term. For the later, it is the safe, cabinet, or other physical depository for securities which is located in the back office. When' Box' refers to an to an options strategy it is the placement of both a bull and a bear spread. One spread is comprised of puts and the other is comprised of calls. Both spreads have the same expiration. It is an arbitrage technique which self-liquidates at expiration. Boxes can be executed as either debit or credit strategies.