The Chicago Board Options Exchange (CBOE) is one of the world's largest options exchanges with an annual trade of over 15 billion shares of stock options in some 1200 companies. The exchange was established in 1973, by creating and listing standardized stock options.
The CBOE calculates and disseminates the CBOE Volatlity Index (VIX). The Chicago Board Options Exchange Volatility Index (VIX) is a popular measure of the implied volatility of stock index options. ...
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Chicago Board Options Exchange 400 South LaSalle Street Chicago, IL 60605 Phone-1-877-THE-CBOE
The CBOE Hybrid System will enhance the ability of order entry firms to satisfy their due diligence and best-execution obligations by providing them with a trading platform that provides efficient and instantaneous electronic executions when CBOE is the NBBO, along with the opportunity for price improvement.
The Exchange proposes to amend CBOE Rule 8.51(a)(1) to clarify that in Hybrid classes, the market participant who submits a quote that is disseminated shall be the responsible broker or dealer for that quote.
The CBOE Hybrid System will provide investors with deeper and more liquid markets, will provide market participants with substantially enhanced incentives to quote competitively, and will provide order entry firms with a trading platform the exchange believes is most conducive to satisfying their best execution and due diligence obligations.
CBOE has established a $50 million line of credit to be used to purchase the exercise rights.
The CBOE exercise rights, which were granted to full CBOT members at the inception of the CBOE 31 years ago, has caused headaches for CBOE since its separation from the CBOT because the rights dilute the value of CBOE memberships.
Meanwhile, the Chicago Mercantile Exchange's lawsuit against CBOE and its affiliate, the CBOE Futures Exchange (CFE), claiming CBOE's Volatility Index (Vix) and variance futures contracts violated the CME's exclusive license to trade futures based on the S&P 500 stock index was dismissed by an Illinois judge on Sept. 14.
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