How to Trade a Box Spread Market

It's a way to borrow and lend through the option markets. The rates are just generally better than prime brokers. You might pay $950 and you pay it post up 950 and three months, you're going to get delivered 1000 or you could go sell the box and you could borrow from the option Markets. So yes, there is a different counterparty risk with the box spread. It's OCC. But from any third party perspective, it's basically the same as the US government.