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Chicago Board Options Exchange

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/* CBOE Annual Reports and Historical Statistical Data */
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{{Infobox_Company
| company_name = Chicago Board Options Exchange
| foundation = Apr. 26, 1973
| location = 400 S. LaSalle Street, Chicago, IL 60605
[[File:CBOE_Chicago_building_map_location.jpg|200px|Image: 200 pixels]]
| products = Options on equities, equity indexes, ETFs
| twitter = CBOE
Chicago-based Cboe is the third-largest U.S. stock-exchange operator after the NYSE and Nasdaq Inc., as measured by market share.<ref>{{cite web|url=https://www.wsj.com/articles/new-speed-bump-planned-for-u-s-stock-market-1535713321|name=New ‘Speed Bump’ Planned for U.S. Stock Market|org=The Wall Street Journal|date=September 4, 2018}}</ref>
As a division of the parent company [[Cboe Global Markets, Inc.]], the parent company for Cboe, ranked is now referred to as the world's fourth-largest [[derivatives]] exchange by contract [[volume]] in 2017, according to the annual [[Futures Industry Association]]'s survey of the world's leading derivatives exchanges. Cboe Global Markets recorded its 10th straight year of volume over 1 billion contracts in 2017 with 1.8 billion contracts traded on its three exchanges, Cboe, [[C2 Options Exchange]] and [[Cboe Futures Exchange]]. <ref>{{cite web|url=http://www.cboe.com/data/marketstats-2014.pdf|name=2014 CBOE Market Statistics|org=CBOE|date=March 14, 2016}}</ref><ref>{{cite web|url=http://marketvoicemag.org/?q=content/2015-annual-survey-global-derivatives-volume&t=1|name=2015 FIA Annual Volume Survey|org=MarketVoice|date=April 6, 2016}}</ref><ref>{{cite web|url=http://marketvoicemag.org/?q=content/2015-annual-survey-global-derivatives-volume&t=1|name=2015 FIA Annual Volume Survey|org=MarketVoice|date=April 6, 2016}}</ref>
In February of 2017 it acquired a rivalCboe Global Markets, Inc. ranked as the Kansasworld's fifth-based ECN largest [[Bats Global Marketsderivatives]]exchange by contract [[volume]] in 2018, giving according to the combined company an estimated $10 annual [[Futures Industry Association]]'s survey of the world's leading derivatives exchanges. Cboe Global Markets recorded its 11th straight year of volume over 1 billion market capitalizationcontracts in 2018 with 2.05 billion contracts traded on its exchanges: Cboe, BATS Exchange [[C2 Options Exchange]], EDGE Options Exchange and [[Cboe Futures Exchange]].<ref>{{cite web|url=http://www.chicagotribunecboe.com/businessdata/columnists/ctmarketstats-cboe-bats-merger-robert2014.pdf|name=2014 CBOE Market Statistics|org=CBOE|date=March 14, 2016}}</ref><ref>{{cite web|url=http://marketvoicemag.org/?q=content/2015-reedannual-0302survey-bizglobal-20170301derivatives-column.htmlvolume&t=1|name=CBOE reaches for new heights with $3.4 billion deal for Bats Global Markets2015 FIA Annual Volume Survey|org=Chicago TribuneMarketVoice|date=March April 6, 20172016}}</ref> <ref>{{cite web|url=http://irmarketvoicemag.cboe.comorg/press-releases?q=content/2016/092015-26annual-2016survey-123057420.aspxglobal-derivatives-volume&t=1|name=CBOE Holdings Agrees to Acquire Bats Global Markets to Strengthen CBOE Holdings' Global Position in Innovative Tradable Products and Services, and Achieve Meaningful Cost and Operational Efficiencies2015 FIA Annual Volume Survey|org=CBOEMarketVoice|date=October April 6, 2016}}</ref>
As In February of July 2016, 2017 Cboe listed options on more than 3,900 equity and exchange traded products. It's sister exchangeGlobal Markets acquired a rival, the Kansas-based ECN [[C2 Options ExchangeBats Global Markets]], offers a different pricing model as giving the combined company an allestimated $10 billion market capitalization. In September 2019, Cboe's market cap was $13.2 billion.<ref>{{cite web|url=http://www.chicagotribune.com/business/columnists/ct-electronic equity options exchangecboe-bats-merger-robert-reed-0302-biz-20170301-column. html|name=CBOE reaches for new heights with $3.4 billion deal for Bats Global Markets|org=Chicago Tribune|date=March 6, 2017}}</ref> <ref>{{cite web|url=http://ir.cboe.com/press-releases/2016/09-26-2016-123057420.aspx|name=CBOE Holdings Agrees to Acquire Bats Global Markets to Strengthen CBOE Holdings' Global Position in Innovative Tradable Products and Services, and Achieve Meaningful Cost and Operational Efficiencies|org=CBOE|date=October 6, 2016}}</ref>
Trading at Cboe is handled by the exchange's [[Hybrid]] system — powered by the Cboe Command trade engine -- which enables customers to choose whether to have their transactions handled electronically or through [[open outcry]]. About 95 percent As of July 2016, Cboe [[order]]s are traded electronicallylisted options on more than 3, which equates to between 50 900 equity and 60 percent of the exchange's total businesstraded products. The remaining transactionsIts sister exchange, traded via [[open outcryC2 Options Exchange]], typically are large or complex [[institutional]] [[order]]s that use the skills of [[floor broker]]s to "work the order" to gain potential [[price]] improvementoffers a different pricing model as an all-electronic equity options exchange.
Trading at Cboe is handled by the exchange's [[Hybrid]] system, which enables customers to choose whether to have their transactions handled electronically or through [[open outcry]]. About 95 percent of Cboe [[order]]s are traded electronically, which equates to between 50 and 60 percent of the exchange's total business. The remaining transactions, traded via [[open outcry]], typically are large or complex [[institutional]] [[order]]s that use the skills of [[floor broker]]s to "work the order" to gain potential [[price]] improvement.  As part of the acquisition of Bats Global Markets, Cboe Global Markets began migrating migrated trading in all of the company's markets onto a single platform powered by Bats' proprietary trading technology. The CBOE’s Futures Exchange (CFE) successfully migrated to the Bats technology in February of 2018, the first of Cboe's legacy exchanges to do so. It completed the migration of all Cboe exchanges onto BATS technology on October 7, 2019 for all stocks, options and futures markets. <ref>{{cite web|url=http://batsintegration.cboe.com/cfe|name=CFE Integration|org=Cboe Global Markets|date=October 17, 2017}}</ref> <ref>{{cite web|url=https://www.financemagnates.com/institutional-forex/technology/cboe-futures-exchange-migrates-proprietary-bats-technology/|name=CBOE Futures Exchange Migrates to Proprietary BATS Technology|org=Finance Magnates|date=September 4, 2018}}</ref> Cboe also launched its European trading venue in Amsterdam, on October 1, 2019, with all European Union stocks. The move was in response to [[Brexit]], but Cboe will continue to operate its United Kingdom trading venue for UK and European stocks.<ref>{{cite web|url=https://finance.yahoo.com/news/edited-transcript-cboe-earnings-conference-212826582.html|name=Edited Transcript of CBOE earnings conference call or presentation 2-Aug-19 12:30pm GMT|org=Yahoo Finance|date=September 3, 2019}}</ref><ref>{{cite web|url=https://www.thetimes.co.uk/article/cboe-global-markets-picks-amsterdam-for-its-eu-hub-pkfhw7b0g|name=Cboe Global Markets picks Amsterdam for its EU hub|org=The Times|date=September 3, 2019}}</ref><ref>{{cite web|url=https://jlne.ws/2PBxvvC|name=Cboe readies Amsterdam hub despite Brexit uncertainty|org=Financial Times|date=September 3, 2019}}</ref>
== Chicago Board Options Exchange History ==
Up until the development and debut of the CBOE, securities options prices were usually obtained by word of mouth or from the newspapers. The put-call ratio was first developed by looking at volumes of ads for contracts in Barron’s.<ref>{{cite web|url=http://www.barrons.com/articles/SB50001424052748703889404578438860106833412|name=40 Years Later, CBOE Is Thriving|org=Barron's|date=July 13, 2016}}</ref>
 <div><ul> <li style="display: inline-block;"> [[File:CBOE_Building_in_Chicago.jpeg|thumb|none|400px|Image: CBOE Building at 400 pixelsS. LaSalle Street, Chicago, IL 60605]] </li><li style="display: inline-block;"> [[File:CBOE_Nameplate_on_the_Chicago_Board_Options_Exchange_Building.jpeg|160pxthumb|Image: 160 pixelsnone|159px|Nameplate on the CBOE Building ]] </li><li style="display: inline-block;"> [[File:CBOE_construction_at_the_Chicago_Board_Options_Exchange.jpeg|410pxthumb|Image: 410 pixelsnone|425px|CBOE staff at the construction site for the new building ]]</li></ul></div>
===Doors open, bigger doors follow===
=== Bitcoin Derivatives ===
Cboe entered into an agreement in the summer of 2017 with Cameron and Tyler Winklevoss (aka "the Winklevoss twins") to use [[bitcoin]] market data generated by their virtual-currency exchange [[Gemini Trust]], paving the way for Cboe to list derivatives on bitcoinon its [[Cboe Futures Exchange]].<ref>{{cite web|url=https://www.wsj.com/articles/cboe-teams-up-with-winklevoss-twins-for-bitcoin-data-1501675200|name=CBOE Teams Up With Winklevoss Twins for Bitcoin Data|org=The Wall Street Journal|date=August 3, 2017}}</ref> Cboe launched the first bitcoin futures (symbol XBT) on December 10, 2017, trading a reported 4,127 contracts in their first day of trading, with nearly 20 trading firms participating. Cboe waived transaction fees on XBT throughout that month.<ref>{{cite web|url=http://ir.cboe.com/~/media/Files/C/CBOE-IR-V2/press-release/2017/cboe-bitcoin-futures-post-strong-debut-v2.pdf|name=Cboe bitcoin futures post strong debut|org=Cboe|date=December 11, 2017}}</ref> <ref>{{cite web|url=https://mail.google.com/mail/u/0/#inbox/16047b8e01fefb6a?compose=160475da1fb56894&projector=1|name=Cboe Bitcoin Futures (XBT) Close First Day of Trading; Post Volume of More Than 4,000 Contracts|org=Cboe|date=December 11, 2017}}</ref>
Cboe filed with the SEC The exchange announced in mid-December 2017 to list multiple bitcoin March 2019 that it would not add XBT futures ETFscontracts for trading that month, including: the First Trust Bitcoin Strategy ETF14-months after it listed them. The exchange’s last registered contract, the First Trust Inverse Bitcoin Strategy ETF, the GraniteShares Bitcoin ETF, the GraniteShares Short Bitcoin ETF, the REX Bitcoin Strategy ETF and the REX Short Bitcoin Strategy ETFexpired in June 2019.<ref>{{cite web|url=https://www.coindesknewsbtc.com/futures-firm-cboe-filed-for-6-bitcoin-etfs-this-week/|name=Futures Firm Cboe Filed for 6 Bitcoin ETFs This Week|org=Coindesk|date=December 27, 2017}}</ref> <ref>{{cite web|url=https://www.bloomberg.com2019/news03/articles15/2017why-11-07/bitcoin-etfsmarket-aremay-likelybe-tobetter-follow-futureswithout-cboe-presidentfutures-sayscontracts/|name=bitcoin ETFs Are Likely to Follow Why Bitcoin Market May Be Better Without Cboe Futures, Cboe President SaysContracts|org=Bloomberg NewsNewsBTC|date=November 7March 18, 20172019}}</ref>
=== Bitcoin ETF ===
 
Cboe filed with the SEC in mid-December 2017 to list multiple bitcoin futures ETFs, including: the First Trust Bitcoin Strategy ETF, the First Trust Inverse Bitcoin Strategy ETF, the GraniteShares Bitcoin ETF, the GraniteShares Short Bitcoin ETF, the REX Bitcoin Strategy ETF and the REX Short Bitcoin Strategy ETF.<ref>{{cite web|url=https://www.coindesk.com/futures-firm-cboe-filed-for-6-bitcoin-etfs-this-week/|name=Futures Firm Cboe Filed for 6 Bitcoin ETFs This Week|org=Coindesk|date=December 27, 2017}}</ref> <ref>{{cite web|url=https://www.bloomberg.com/news/articles/2017-11-07/bitcoin-etfs-are-likely-to-follow-futures-cboe-president-says|name=bitcoin ETFs Are Likely to Follow Futures, Cboe President Says|org=Bloomberg News|date=November 7, 2017}}</ref>
On January 23, 2019, the United States [[Securities and Exchange Commission]] (SEC) announced that Cboe had withdrawn its proposal for a rule change that would have allowed it to list and trade shares of a bitcoin [[ETF]] - specifically, the VanEck SolidX Bitcoin Trust. Cboe said in an email statement that the plan was related to the effects of the U.S. government shutdown occurring at the time. Cboe also said that the company planned on refiling a similar proposal at a later date with the SEC.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2019-01-23/cboe-bitcoin-etf-application-pulled-after-repeated-sec-delays?srnd=premium-europe|name=Cboe’s Bitcoin ETF Application Pulled After Repeated SEC Delays|org=Bloomberg|date=January 24, 2019}}</ref><ref>{{cite web|url=https://www.sec.gov/rules/sro/cboebzx/2019/34-84988.pdf|name=SECURITIES AND EXCHANGE COMMISSION (Release No. 34-84988 ; File No. SR-CboeBZX-2018-040)|org=SEC|date=January 24, 2019}}</ref>
== Cboe Executives ==
<div><ulgallery> <li style="display: inline-block;"> [[File:Edward_Tilly_Chairman_President_and_Chief_Executive_Officer.jpg|thumb|none|200px|[[Edward T. Tilly]], Chairman, President and Chief Executive Officer]] </li>CEO<li style="display: inline-block;"> [[File:Chris_Isaacson_CBOE_profile_picture.jpg|thumb|none|200px|[[Chris Isaacson]], Executive Vice President EVP and COO ]] </li><li style="display: inline-block;"> [[File:AlanDean.jpg|thumb|none|170px|[[Alan J. Dean]], CFO and Treasurer ]] </li><li style="display: inline-block;"> [[File:GeraldO'Connell.jpg|thumb|none|210px|[[Gerald T. O’Connell]], EVP/CIO]] </li></ul></div> *[[Todd Furney]], Chief Risk Officer  [[File:Billbrodsky2.jpg|100px|Image: 100 pixels]]*Former Cboe Chairman and CEO [[William J. Brodsky]] assumed the new position of executive chairman of the board in May 2013 after stepping down from his post as CEO. In May 2016, Brodsky announced he would step down as chairman in 2017.<ref>{{cite web|url=http://www.bloomberg.com/news/articles/2016-05-19/brodsky-cboe-chairman-who-took-exchange-public-to-retire|name= Brodsky, CBOE Chairman Who Took Exchange Public, to Resign|org=Bloomberg|date=June 8, 2016}}</refgallery>
== Technology ==
== CBOE Annual Reports and Historical Statistical Data==
*[http://www.cboe.com/aboutcboe/annualreportarchive/annual-report-2018.pdf CBOE 2018 Annual Report] ]
*[http://www.cboe.com/aboutcboe/annualreportarchive/annual-report-2017.pdf CBOE 2017 Annual Report]
*[http://www.cboe.com/aboutcboe/annualreportarchive/annual-report-2016.pdf CBOE 2016 Annual Report]
*[http://www.cboe.com/aboutcboe/annualreportarchive/annual-report-2015.pdf CBOE 2015 Annual Report]
*[http://www.cboe.com/aboutcboe/annualreportarchive/annualreport2014.pdf CBOE 2014 Annual Report]
*[http://www.cboe.com/aboutcboe/AnnualReportArchive/AnnualReport2003.pdf CBOE 2002 Annual Report]
*[http://www.cboe.com/aboutcboe/AnnualReportArchive/AnnualReport2001.pdf CBOE 2001 Annual Report]
 
== Office Locations ==
 
[[File:CBOE_Global_Office_Locations_Map.jpg|550px|CBOE Global Office Locations Map]]
 
'''Cboe Chicago:'''<br/>
400 South LaSalle Street, Chicago, IL 60605<br/>
1.877.THE.CBOE (1.877.843.2263) <br/>
 
'''Cboe New York:'''<br/>
17 State Street, 31st Floor, New York, NY 10004<br/>
212.378.8520 <br/>
 
'''Cboe London:'''<br/>
The Monument Building<br/>
11 Monument Street, 5th Floor, London EC3R 8AF UK<br/>
+44 20 7131 3458 <br/>
 
'''Cboe Hong Kong:'''<br/>
Cboe Hong Kong Limited<br/>
66/F The Center, 99 Queen’s Road Central<br/>
+852 3965 3018‬<br/>
== Resources ==
The '''[[CBOE Media Hub]]'''<ref>{{cite web|url=http://www.cboe.com/AboutCBOE/PR/prPage.aspx?url=http%3A//cboenews.cboe.com/|name=CBOE Media Hub|org=CBOE|date=May 22, 2010}}</ref>
was designed to meet the informational needs of the working press. Much of the information is organized by topics on which [[CBOE]] offers expertise, including market volatility. CBOE "Quick Links" include all CBOE press releases, bios/photos of CBOE executives, exchange communications, historical trading volume, CBOE history, op-eds/articles, press kits and a link to [[CBOE-TV]].
 
== John Lothian News Interviews ==
 
'''[http://johnlothiannews.com/the-need-for-a-better-dialogue-with-regulators-ed-tilly-cboe/ The Need for a Better Dialogue with Regulators - Ed Tilly, Cboe]'''
 
In this video from JLN’s Industry Leader Series, Cboe Global Markets Chairman, President and CEO Ed Tilly talks about why the Transaction Fee Pilot is a misguided effort in search of a problem, specifically raising the issue of why such a plan does not address the boom in dark pool trading. Tilly also addresses Cboe nearing the end of the Bats technology integration and gives an outlook for the exchange’s asset classes in 2019.
 
{{#ev:youtube|IEiRubLn3NM}}<br/><br/>
 
'''[http://www.johnlothiannews.com/2013/10/ed-tilly-cboe-ceo/#embed Taking the Reins: CBOE’s Ed Tilly Makes The Transition to CEO]'''
 
It has been half a year since Ed Tilly took over as CEO of the [[CBOE]] from [[Bill Brodsky]], who moved to the newly created role of executive chairman.
 
With six months under his belt, [[John Lothian News]] Publisher [[John Lothian]] sat down with him to talk about his new job, new initiatives from the CBOE and the challenges facing the industry.<ref>{{cite web|url=http://www.johnlothiannews.com/2013/10/ed-tilly-cboe-ceo/#embed|name=Taking the Reins: CBOE’s Ed Tilly Makes The Transition to CEO|org=John Lothian News|date=October 29, 2013}}</ref>
{{Video | type=Vimeo | id=78010339 | mobileID=8NYrN0olVUo?rel=0&vq=hd720}}<br/>
 
'''[http://www.johnlothiannews.com/2013/10/cboe-short-term-vix-industry-taxes/#embed Getting Shorter: CBOE’s Ed Tilly Introduces Short-term VIX and Industry Taxes]'''
 
In Part 2 of this interview, Tilly talks about the CBOE extending the [[VIX]] trading hours to access trading from European traders and how he expects the VIX will someday be open the same hours as the CME’s [[Globex]] [[S&P 500 futures]].
 
He also talked about the CBOE’s new VXST short-term VIX contract, which will offer traders a much more sensitive instrument to be able to trade short-term events.
 
He spoke about the meeting the industry had with the chairman of the [[SEC]] about problems that have plagued the markets in recent months.
 
Lastly, he spoke about the impact of the Camp Proposal, a piece of proposed legislation from Rep. Dave Camp (R-MI), a member of the House Committee on Ways & Means, that could have a big impact on the options business and its customers. Camp’s proposal includes several provisions that would change the tax treatment for strategies used in options trading. Some believe it could severely harm the listed options business in the United States.<ref>{{cite web|url=http://www.johnlothiannews.com/2013/10/cboe-short-term-vix-industry-taxes/#embed|name=Getting Shorter: CBOE’s Ed Tilly Introduces Short-term VIX and Industry Taxes|org=John Lothian News|date=October 29, 2013}}</ref>
{{Video | type=Vimeo | id=78015000 | mobileID=U3vr2Wdbr2w}}
== References ==
<references />
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[[Category:Exchanges]]
[[Category:Options Exchanges]]