Difference between revisions of "Chicago Board Options Exchange"

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{{Infobox_Company
 
{{Infobox_Company
 
| company_name = Chicago Board Options Exchange
 
| company_name = Chicago Board Options Exchange
| company_logo = [[Image:cboe_logo.gif]] |
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| company_logo = [[Image:Cboe Global Markets.jpg{{!}}200px]]  
| key_people = [[William Brodsky]], chairman
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| key_people = [[Edward T. Tilly]], CEO; [[Chris Isaacson]], Executive Vice President and COO 
| foundation = 1973
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| location = Chicago, Illinois
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| products = Options on equities, equity indexes, ETFs and interest rate products (+futures and stock exchange)
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| homepage = [http://www.cboe.com/ www.cboe.com]}}
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The Chicago Board Options Exchange ([http://www.cboe.com] was founded in 1973 as the first U.S. [[option]]s exchange trading standardized, [[listed options]]. [[The Options Clearing Corporation]] was formed two years later, and further standardization was made with the addition of the [[Black-Scholes]] pricing model.  
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| foundation = Apr. 26, 1973
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| location = 400 S. LaSalle Street, Chicago, IL 60605
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[[File:CBOE_Chicago_building_map_location.jpg|200px|Image: 200 pixels]]
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| products = Options on equities, equity indexes, ETFs
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| twitter = CBOE
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| linkedin = 8805
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| facebook = CboeGlobalMarkets
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|stocktwits = Cboe
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| homepage = [http://www.cboe.com/ www.cboe.com]
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| press = http://www.cboe.com/AboutCBOE/MediaHub/press-releases.aspx
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}}
  
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<div id="pagefloat">
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<div class="content">
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<div class="headerimage"><imagemap>
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  Image:mrw_links.png‎
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  desc none
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  default [http://marketsreformwiki.com]
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</imagemap></div>
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Designated_Contract_Market_Regulation Designated Contract Market Regulation]</div>
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Swap_Execution_Facilities_Regulation_-_Comment_Letter_-_Chicago_Board_Options_Exchange_(CBOE)_-_April_4,_2011 SEF Regulation Comment Letter - CBOE - April 4, 2011]</div>
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Category:CBOE_Comment_Letters CBOE Comment Letters]</div>
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Derivatives_Clearing_Organizations_Regulation Derivatives Clearing Organizations Regulation]</div>
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</div>
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</div>
  
CBOE today offers options on 1900+ equities, 28 [[broad-based indexes]] and [[sector-based indexes]] and 96 [[ETFs]], and options on four interest rate products. CBOE is regulated by the [[Securities and Exchange Commission]] ([[SEC]]).
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The Chicago Board Options Exchange (Cboe) was founded in April 1973 as the first U.S. [[option]]s [[exchange]] offering standardized, [[listed]] options.  
  
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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 one of six options exchanges in the United States, CBOE is the oldest and largest in total annual trading volume.
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As a division of the parent company [[Cboe Global Markets, Inc.]], Cboe is now referred to as Cboe Options Exchange.
  
--CBOE trading volume in 2006 totaled a record 675 million contracts, a 44% increase over 2005.  
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Cboe Global Markets, Inc. ranked as the world's fifth-largest [[derivatives]] exchange by contract [[volume]] in 2018, according to the 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 contracts 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.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>
  
--Volume on CBOE’s [[equity options]], an area in which CBOE has established a foothold over the years, rose 42%.  
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In February of 2017 Cboe Global Markets acquired a rival, the Kansas-based ECN [[Bats Global Markets]], giving the combined company an estimated $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-cboe-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>
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--The exchange’s most actively traded product is the [[S&P 500 index]] ([[SPX]]), which in 2006 recorded a 104.3-million-contract volume record.  
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== History ==
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As of July 2016, Cboe listed options on more than 3,900 equity and exchange traded products. Its sister exchange, [[C2 Options Exchange]], offers a different pricing model as an all-electronic equity options exchange.
Launched in April 1973, the Chicago Board Options Exchange was conceived of by the [[Chicago Board of Trade]] ([[CBOT]]).  At the time of conception, futures volume was flagging, and the [[CBOT]] looked for new avenues to supplement revenues. [[Exchange-traded options]] was the answer. Shortly after CBOE was launched, grain trading volume took off as grain and oilseed prices rose to record levels on international buying. Were the [[CBOT]] to have known about this eventual extended market rally and subsequent transactional profits, some question whether CBOE would have made it onto the CBOT’s drawing board.
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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. 
  
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As part of the acquisition of Bats Global Markets, Cboe Global Markets 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>
  
According to an article which chronicles the introduction of listed options ([[SFO magazine]][http://www.sfomag.com], April 2003), the “birthing room” for CBOE was in the former smoking lounge of the CBOE, “a windowless, little room at the southeast corner of the then-120-year old grains exchange.
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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> 
  
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== Chicago Board Options Exchange History ==
  
Early trading volume averaged around 1,000 [[call]]s a day, and [[put]]s were not introduced for another four years. A year after launch, CBOE trading volume had grown 40-fold, allowing the exchange to move onto its own trading floor. This was facilitated by double-decking the CBOT trading floor at [[141 West Jackson]], with CBOE on the top floor and [[CBOT]] below.
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In addition to the history snapshot below, Cboe created a video, along with [http://johnlothianproductions.com/production-front-page John Lothian Productions] to celebrate its 40th anniversary in 2013.
  
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{{#ev:youtube|G3nqKM8IsKg}}
  
One of the most crucial advances for CBOE was the launch of [[stock index options]]. In March 1983, CBOE introduced the [[CBOE-100 Index]], later renamed the [[S&P 100 Index]] ([[OEX]]). Four months later, options trading on the [[S&P 500 Index]] ([[SPX]]) was launched.
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===Birth of the first===
  
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In the late 1960s, the [[Chicago Board of Trade]] ([[CBOT]]) sought to diversify its business.  Weather-induced volatility (or the lack thereof) in agricultural commodities led to boom or bust years for the exchange. Looking for more stable annual performance, executives thought of ways to augment their agricultural futures offerings, initially focusing on offering futures on single stocks. But, the [[Securities Exchange Commission]] ([[SEC]]) was adamant the CBOT not pursue futures on stocks.
  
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In 1969, the idea was born to apply the principles of the CBOT's commodity futures markets to securities options, since there was already an [[over-the-counter]] market for stock options, albeit very small. Monthly OTC options volume at the time was in the ballpark of 9,000 contracts a month. 
  
In 1984, CBOE moved into its current ten-story building. Annual volume in that year exceeded 100 million contracts for the first time. Also during the year, CBOE launched its [[Retail Automatic Execution System]] ([[RAES]]) to facilitate electronic order execution.
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"Our dealings with the SEC were totally adversarial. At our first meeting with the SEC people around the beginning of 1969, the senior staff guy told us in no uncertain terms that there were absolutely insurmountable obstacles and that we shouldn't waste a nickel on it," said [[Joe Sullivan]], the first president of the CBOE.  
  
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The original plan for securities options trading was written on the back of a napkin by then-CBOT vice chairman [[Ed O'Connor]] during a dinner with then-Chairman [[Bill Mallers]] and President [[Henry Hall Wilson]]. The SEC objected to a futures exchange listing options, leading to the development of a separate exchange, the CBOE.
  
The [[Options Institute]], the educational arm for CBOE, debuted in 1985, to educate investors about options. Over the years, [[Options Institute]] has added comprehensive live and online curricula, taught by trading industry professionals. In 1992, the [[Options Industry Council]] was formed as an industry body devoted to the expansion of investor education, representing all U.S. options exchanges.  Nonetheless, CBOE’s Options Institute continues as a strong source of education.  
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Once it was decided that options on stocks was the way forward, the process of research, regulatory approvals, personnel recruitment and product development began.  
  
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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>
  
Options on interest rate products were added at CBOE in 1989, and the next few years saw more new products and indexing tools, such as [[Long-term Equity AnticiPation Securities]] ([[LEAPS]]) (1990), [[FLEX options]] and the [[[[VIX]] volatility index]] (both in 1993), the [[[[Dow Jones Industrial Average index]] ([[DJX]]]]) in 1997, and the [[VXN Volatility Index]] ([[VXN]]) in 2001. In 2002 the [[CBOE S&P 500]] [[BuyWrite Index]] ([[BXMSM]]) was introduced as the first major benchmark for options performance in a study by a Duke University professor. 
 
  
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<div><ul>
In 1998, its 25-year anniversary, CBOE annual volume surpassed 200 million contracts for the first time. Subsequent years brought more changes in trading technology, such as the [[Designated Primary Market Maker system]], the [[Rapid Opening System]], and [[CBOEdirect]].
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<li style="display: inline-block;"> [[File:CBOE_Building_in_Chicago.jpeg|thumb|none|400px|CBOE Building at 400 S. LaSalle Street, Chicago, IL 60605]] </li>
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<li style="display: inline-block;"> [[File:CBOE_Nameplate_on_the_Chicago_Board_Options_Exchange_Building.jpeg|thumb|none|159px|Nameplate on the CBOE Building ]] </li>
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<li style="display: inline-block;"> [[File:CBOE_construction_at_the_Chicago_Board_Options_Exchange.jpeg|thumb|none|425px|CBOE staff at the construction site for the new building ]] </li>
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</ul></div>
  
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===Doors open, bigger doors follow===
  
In 2003, in response to expanding technology needs of users, CBOE introduced its [[CBOE Hybrid Trading System]] to provide customers a blended solution of both screen-based and open outcry trading models. Also during 2003, CBOE and the other options exchanges successfully completed their [[Option Intermarket Linkage Plan]], the culmination of CBOE’s 2000 proposal to the [[SEC]] to adopt a plan to link U.S. options markets.  
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Four years after the conception of the idea on a napkin, the CBOE launched on April 26, 1973 in a space that used to be the CBOT’s smoking lounge. The first day’s volume was 911 contracts on 16 stocks. They were all calls as the trading of puts would not be approved for another four years.
  
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Of the utmost importance was the effective operation of the CBOE’s clearing house, the [[Chicago Board Options Exchange Clearing Corporation]], under the guidance of [[Wayne P. Luthringshausen]]. The first day was tense, as the clearing software, essentially created pro-bono, was untested and cobbled together. But, everything worked, and after the day's clearing was over, Luthringshausen delivered the good news to an anxious Sullivan at the CBOE’s launch party. 
  
Shifting the emphasis of CBOE’s corporate business model from a membership association to a for-profit model has driven the Exchange to seek new business opportunities. CBOE offers futures through the [[CBOE Futures Exchange]], which opened for trading in 2004, and in 2006 the [[CBOE Stock Exchange]] (CBSX) was launched. Both exchanges are fully electronic.
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For the CBOE to open and eventually expand its standardized listings, the SEC required one clearing corporation for options. The Chicago Board Options Exchange Clearing Corporation would become the [[Options Clearing Corporation]] later in 1973, and the central clearing house for all options markets in 1975.  
  
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While clearing was crucial for the operations of the exchange, growth of the options industry would not have been possible if not for the simultaneous development of the [[Black-Scholes Model]], first published in 1973. The Black-Scholes model was a mathematical formula for pricing an option's [[premium]].
  
Also in 2006, CBOE forged an alliance with [[HedgeStreet]], Inc., an all-electronic futures exchange, for the joint development of new products, sharing of technology services, and marketing and support for HedgeStreet’s binary options and futures products.  
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“In the very earliest days of CBOE, no one really knew what an option was worth. It was just merely supply and demand, but it wasn’t based on any mathematical calculation," said longtime CBOE executive [[Bill Brodsky]].  
  
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“There is no question that without the Black-Scholes model, we wouldn’t be sitting here. It is clearly the most significant formula developed in economics, certainly in my lifetime, and maybe even farther [back],” said [[Gary Lahey]], CBOE vice chairman from 1986-1987.
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During early days of trading, volume averaged about 1,000 calls a day.  In that start-up period, the CBOE’s employees skewed younger as its future as an exchange was uncertain. Even as its clout in the industry grew, that uncertainty forced the exchange to continue the youth trend. A year after launch, CBOE trading volume had grown 40-fold, allowing the exchange to move onto its own larger trading floor directly above the CBOT trading floor.
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Then in 1984, CBOE moved to its current 10-story building at 400 South LaSalle in Chicago — a far cry from its first home in the former CBOT smoking lounge.
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===Product Additions===
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One of the most noteworthy milestones in CBOE's history was the launch of [[stock index options]], which began in March 1983 with the exchange's first proprietary index, the CBOE-100 Index, later renamed the S&P 100 Index ([[OEX]]). The renaming marked the beginning of a long partnership with [[Standard & Poor's]]. Four months later, options trading on the [[S&P 500 Index]] ([[SPX]]) was launched.
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Subsequent years saw creation of more new products and indexing tools, including:
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*[[Long-term Equity AnticiPation Securities]] ([[LEAPS]]) (1990)
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*[[CBOE FLEX options|FLEX options]] (1993)
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*[[CBOE Volatility Index]] ([[VIX]]) (1993)
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*[[Dow Jones Industrial Average]] Index ([[DJX]]) (1997)
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*[[VXN Volatility Index]] ([[VXN]]) (2001)
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*[[CBOE S&P 500 BuyWrite Index]] ([[BXM]]) (2002) - first major benchmark for options performance, stemming from a study by a Duke University professor
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*Weeklys options (2005)
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*[[CBOE S&P 500 PutWrite Index]] (PUT) (2007)
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====Birth of a Rockstar====
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The most ubiquitous of all the CBOE products is the [[VIX]], frequently called the "fear index" or "fear gauge." The VIX was first developed in 1993 by Vanderbilt University finance professor [[Robert Whaley]].<ref>{{cite web|url=http://www.owen.vanderbilt.edu/faculty-and-research/faculty-directory/faculty-profile.cfm?id=191|name=Faculty: Robert E. Whaley|org=Vanderbilt University|date=July 13, 2016}}</ref>
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The VIX measures expectations of market risk through the pricing of S&P 500 stock index options.  At first, the VIX was simply a sentiment indicator that could not be traded. That changed in 2004, when the CBOE introduced futures on the VIX.  VIX options were introduced the following year. <ref>{{cite web|url=http://www.cboe.com/micro/vix/vixintro.aspx|name=CBOE Volatility Index Introduction|org=CBOE|date=July 13, 2016}}</ref> Now, an array of exchange traded products based on the VIX (or its kindred volatility measures) are available to traders.
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=== Cboe's Options Exchanges ===
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*Cboe Options Exchange
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*Cboe [[C2]] Options Exchange
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*Cboe BZX Options Exchange (formerly Bats BZX Options Exchange)
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*Cboe EDGX Options Exchange (formerly Bats EDGX Options Exchange)
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=== Cboe Futures and Securities Exchanges ===
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With multi-asset-class trading/investing an increasing part of the financial world, CBOE introduced affiliated exchanges:
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*[[CBOE Futures Exchange]] ([[CFE]]) (2004)
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*[[CBOE Stock Exchange]] ([[CBSX]]) (2007) (closed)
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=== CBOE Becomes a Publicly Traded Company ===
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The CBOE's parent company, then called [[CBOE Holdings Inc.]], went public on June 15, 2010, at a [[share]] [[price]] of $29.<ref>{{cite web|url=http://www.futuresmag.com/2010/06/15/cboe-goes-public|name=CBOE goes public|org=Futures Magazine|date=January 9, 2014}}</ref>
  
 
== Products ==
 
== Products ==
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=== Options on Equities ===
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As of July, 2016, Cboe listed more than 3,900 equity and ETF options.<ref>{{cite web|name="Symbols Guide for Equity Options”|url=http://www.cboe.com/TradTool/Symbols/SymbolEquity.aspx|org=www.cboe.com|date=January 18, 2012}}</ref>
  
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=== Index-Related Products ===
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As of January 1, 2014, CBOE listed 14 cash index options for trading. As early as 1983, CBOE began to establish exclusive licensing agreements with [[Standard & Poor's]] to offer [[stock index options]] based on the [[S&P 500]] ([[SPX]]) and S&P 100 ([[OEX]]), and later with [[Dow Jones]] on the [[Dow Jones Industrial Average]]. In addition, the CBOE has created proprietary indexes and index methodologies, e.g., the [[VIX]] and a long list of [[volatility]] products, for tracking market volatility and investor sentiment. The exchange has been recognized for its index product development and as the creator of volatility products.<ref>{{cite web|name=Press Release|url=http://www2.standardandpoors.com/spf/pdf/index/120507_CBOE500_award.pdf|org=www.cboe.com|date=June 4, 2008}}</ref><ref>{{cite web|name=Press Release|url=http://www.cboe.com/AboutCBOE/awards.aspx|org=www.cboe.com|date=June 4, 2008}}</ref><ref> {{cite web|url = http://www.nytimes.com/2009/05/31/your-money/stocks-and-bonds/31fund.html|name = What About the Valley after the Rally?|org = New York Times|date = June 19, 2009}}</ref>
  
[[Category:Exchanges]]
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In March of 2013, CBOE Holdings renewed their exclusive license agreement with S&P Dow Jones Indices to list the S&P 500 index options contract (SPX) until 2031, with non-exclusive listing rights through 2033.<ref>{{cite web|url=http://www.bloomberg.com/article/2013-03-13/awNaZlotSPkQ.html|name=CBOE Holdings And S&P Dow Jones Indices Extend Licensing Agreement Through 2033|org=press release|date=April 4, 2013}}</ref>
[[Category:Option Exchanges]]
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[[Category:North American Exchanges]]
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[[Category: Marketswiki Sponsors]]
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In 1993, CBOE unveiled the [[CBOE Volatility Index]] (VIX). CBOE and the options industry celebrated its 25th anniversary in 1998, followed by the CBOE ADV surpassing one million contracts for the first time in 2000.<ref>{{cite web|url=http://www.cboe.com/AboutCBOE/History.aspx|name=CBOE History|org=CBOE|date=February 9, 2012}}</ref>
  
--Options on 1900+ equities
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On December 10, 2014 CBOE announced it had entered into a licensing agreement with [[MSCI]] Inc. to offer options trading on several MSCI indexes.  Under the agreement, in the U.S., options on the MSCI indexes will be solely listed for trading on the CBOE. The six indexes included in the agreement are the MSCI EAFE Index, MSCI Emerging Markets Index, MSCI ACWI Index, MSCI USA Index, MSCI World Index and the MSCI ACWI ex-USA Index. The exchange plans to offer options trading in the first quarter of 2015, pending regulatory approval, on two of MSCI's best-known indexes: the MSCI EAFE Index and the MSCI Emerging Markets Index; it plans to list options on the four other MSCI Indexes later in 2015.<ref>{{cite web|url=http://ir.cboe.com/press-releases/2014/dec-10-2014.aspx|name=CBOE Enters into Agreement with MSCI Inc. to List Index Options|org=CBOE|date=December 10, 2014}}</ref>
  
--28 [[broad-based index]]es and [[sector-based index]]es and 96 [[ETFs]]
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On February 26, 2015 CBOE announced it had entered into a licensing agreement with the [[London Stock Exchange Group]] (LSEG) to list options based on more than two dozen [[FTSE]] and [[Russell]] indices. Cash-settled options on the indices will be listed on the CBOE. CBOE and LSEG will also collaborate on new index options products and investor education globally.<ref>{{cite web|url=http://ir.cboe.com/press-releases/2015/feb-26-2015.aspx|name=CBOE Holdings Signs Licensing Agreement to List Options on FTSE and Russell Indices|org=CBOE|date=February 26, 2015}}</ref>
  
--Options on four interest rate products
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On May 1, 2015, CBOE Holdings announced plans to list futures and options with weekly expirations on the VIX Index. VIX Weeklys futures began trading at [[CBOE Futures Exchange]] in July 2015.<ref>{{cite web|url=http://www.prnewswire.com/news-releases/cboe-holdings-to-list-vix-weeklys-futures-and-options-300075751.html|name=CBOE Holdings to List VIX "Weeklys" Futures And Options|org=CBOE via PR Newswire|date=May 1, 2015}}</ref>
  
--Created CBOE Futures Exchange
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In July 29, CBOE, in partnership with [[Social Market Analytics]], launched the CBOE-SMA Large-Cap Index (SMLC Index), an index based off of Twitter sentiment.<ref>{{cite web|url=http://www.johnlothiannews.com/2016/08/twitters-new-followers/#.V8dO5K3GCQ8|name=Twitter’s New Followers — CBOE and Social Market Analytics Team Up for New Sentiment Index Based on Social Media Data|org=John Lothian News|date=August 31, 2016}}</ref> 
  
--Created CBOE Stock Exchange
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In February of 2019 Cboe began the rollout of options on 11 Select Sector Indices that make up a sub-index of the S&P 500 Index, further expanding Cboe’s suite of products tied to S&P Indices. The exchange said the new options should have particular utility for investors seeking an alternative to options on exchange-traded funds, including European customers seeking an alternative due to certain European regulations. The Select Sector options are cash settled with European-style exercise, similar to Cboe’s S&P 500 Index (SPX) options. The rollout began with options on the Materials Select Sector Index.
  
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{| class="wikitable collapsible collapsed" align="left" valign="text-top" style="text-align:left; width:100%; vertical-align:text-top; padding:5px; margin:0 0 1px 0; border:none;"
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! colspan="4" style="text-align:left; background-color:#EEE; font-size:14px; border:none; padding:5px;"| Large-cap indexes
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|-style="text-align:left; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #CCC; border-top:1px solid #999;"
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|-style="text-align:left; background-color:#FFF; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #999;"
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|style="padding:5px; border:none;"|
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*[[CBOE Options on S&P 500 Index]] ([[SPX]])
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*[[Options on S&P 100 Index]] ([[OEX]])
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*[[Options on Dow Jones Industrial Average]] ([[DJX]])
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*[[Options on NASDAQ-100 Index]] ([[NDX]])
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|}
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{| class="wikitable collapsible collapsed" align="left" valign="text-top" style="text-align:left; width:100%; vertical-align:text-top; padding:5px; margin:0 0 1px 0; border:none;"
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! colspan="4" style="text-align:left; background-color:#EEE; font-size:14px; border:none; padding:5px;"| Small-cap indexes
 +
|-style="text-align:left; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #CCC; border-top:1px solid #999;"
 +
|-style="text-align:left; background-color:#FFF; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #999;"
 +
|style="padding:5px; border:none;"|
 +
*Options on Russell 1000 Index ([[RUI]]) 
 +
*Options on Russell 2000 Index ([[RUT]])
 +
|}
 +
{| class="wikitable collapsible collapsed" align="left" valign="text-top" style="text-align:left; width:100%; vertical-align:text-top; padding:5px; margin:0 0 1px 0; border:none;"
 +
! colspan="4" style="text-align:left; background-color:#EEE; font-size:14px; border:none; padding:5px;"| Micro-cap indexes
 +
|-style="text-align:left; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #CCC; border-top:1px solid #999;"
 +
|-style="text-align:left; background-color:#FFF; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #999;"
 +
|style="padding:5px; border:none;"|
 +
*Options on iShares Russell 2000 Index Fund ([[IWM]]) 
 +
*Options on iShares Russell Microcap
 +
|}
 +
{| class="wikitable collapsible collapsed" align="left" valign="text-top" style="text-align:left; width:100%; vertical-align:text-top; padding:5px; margin:0 0 1px 0; border:none;"
 +
! colspan="4" style="text-align:left; background-color:#EEE; font-size:14px; border:none; padding:5px;"| Volatility indexes
 +
|-style="text-align:left; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #CCC; border-top:1px solid #999;"
 +
|-style="text-align:left; background-color:#FFF; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #999;"
 +
|style="padding:5px; border:none;"|
 +
*[[CBOE Volatility Index]] ([[VIX]])
 +
*CBOE DJIA Volatility Index (VXD)
 +
*[[CBOE NASDAQ Volatility Index]] (VXN)
 +
*CBOE Russell 2000 Volatility Index (RVX)
 +
*[[CBOE S&P 100 Volatility Index]] - (VXO)
 +
*CBOE Short-Term Volatility Index (VXST)
 +
*CBOE 3-Month Volatility Index (VXV)
 +
*CBOE Mid-Term Volatility Index (VXMT)
 +
*[[CBOE VVIX Index]] - ([[VVIX]])
 +
*CBOE S&P 500 SKEW Index (SKEW)
 +
*[[CBOE Options on the iPath S&P 500 VIX Short-Term Futures Index ETN]] - ([[VXX]])
 +
*[[CBOE Options on iPath S&P 500 VIX Mid-Term Futures Index ETN]] - ([[VXZ]])
 +
|}
 +
{| class="wikitable collapsible collapsed" align="left" valign="text-top" style="text-align:left; width:100%; vertical-align:text-top; padding:5px; margin:0 0 1px 0; border:none;"
 +
! colspan="4" style="text-align:left; background-color:#EEE; font-size:14px; border:none; padding:5px;"| Additional Products
 +
|-style="text-align:left; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #CCC; border-top:1px solid #999;"
 +
|-style="text-align:left; background-color:#FFF; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #999;"
 +
|style="padding:5px; border:none;"|
 +
*[[CBOE interest rate products]]
 +
|}
 +
{| class="wikitable collapsible collapsed" align="left" valign="text-top" style="text-align:left; width:100%; vertical-align:text-top; padding:5px; margin:0 0 1px 0; border:none;"
 +
! colspan="4" style="text-align:left; background-color:#EEE; font-size:14px; border:none; padding:5px;"| Benchmarks Calculated by CBOE
 +
|-style="text-align:left; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #CCC; border-top:1px solid #999;"
 +
|-style="text-align:left; background-color:#FFF; vertical-align:text-top; font-size:12px; line-height:14px; border-bottom:1px solid #999;"
 +
|style="padding:5px; border:none;"|CBOE calculates a number of proprietary indexes, including the indexes in the list below. CBOE has won numerous [http://www.cboe.com/awards innovation awards] stemming from the development and application of many of these indexes: 
 +
*[[CBOE Volatility Index]] ([[VIX]])
 +
*[[CBOE S&P 100 Volatility Index]] (VXO)
 +
*[[CBOE S&P 500 BuyWrite Index]] ([[BXM]])
 +
*CBOE S&P 500 Conditional BuyWrite Index (BXMC)
 +
*CBOE S&P 500 30-Delta BuyWrite Index (BXMD)
 +
*CBOE S&P 500 Multi-Week BuyWrite Index (BXMW)
 +
*CBOE S&P 500 3-Month Volatility Index (VXV) 
 +
*CBOE S&P 500 2% OTM BuyWrite Index (BXY)
 +
*CBOE S&P 500 VARB-XTM Strategy Benchmark (VTY)
 +
*CBOE DJIA Volatility Index (VXD) 
 +
*CBOE DJIA BuyWrite Index (BXD)
 +
*CBOE NASDAQ-100 Volatility Index (VXN)
 +
*CBOE NASDAQ-100 BuyWrite Index (BXN)
 +
*CBOE Russell 2000 BuyWrite Index (BXR)
 +
*CBOE Russell 2000 Conditional BuyWrite Index (BXRC)
 +
*CBOE Russell 2000 30-Delta BuyWrite Index (BXRD)
 +
*CBOE Russell 2000 Volatility Index (RVX) 
 +
*[[CBOE S&P 500 PutWrite Index]] (PUT)
 +
*CBOE Russell PutWrite Index (PUTR)
 +
*CBOE S&P 500 One-Week PutWrite Index (WPUT)
 +
*CBOE Russell 2000 One-Week PutWrite Index (WPTR)
 +
*CBOE S&P 500 Covered Combo Index (CMBO)
 +
*CBOE S&P 500 Iron Butterfly Index (BFLY)
 +
*CBOE S&P 500 Iron Condor Index (CNDR)
 +
*CBOE S&P 500 95-110 Collar Index (CLL)
 +
*CBOE Russell 2000 Zero-Cost Put Spread Collar Index (CLLR)
 +
*CBOE S&P 500 Zero-Cost Put Spread Collar (CLLZ)
 +
*CBOE S&P 500 5% Put Protection Index (PPUT)
 +
*CBOE S&P 500 Risk Reversal Index (RXM)
 +
*[[CBOE VIX Premium Strategy Index]] (VPD) 
 +
*[[CBOE Capped VIX Premium Strategy Index]] (VPN) 
 +
*CBOE VIX Tail Hedge Index (VXTH)
 +
*CBOE Low Volatility Index (LOVOL)
 +
*CBOE VIX Strangle Index (VSTG)
 +
*CBOE S&P 500 Buffer Protect Index Balanced Series (SPRO)
 +
*CBOE S&P 500 Enhanced Growth Index Balanced Series (SPEN)
 +
|}
  
[[Category:Exchanges]]
+
-
[[Category:Option Exchanges]]
+
[[Category:North American Exchanges]]
+
[[Category: Marketswiki Sponsors]]
+
  
 +
=== 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 bitcoin on 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>
  
== References ==
+
The exchange announced in March 2019 that it would not add XBT futures contracts for trading that month, 14-months after it listed them. The exchange’s last registered contract, expired in June 2019.<ref>{{cite web|url=https://www.newsbtc.com/2019/03/15/why-bitcoin-market-may-be-better-without-cboe-futures-contracts/|name=Why Bitcoin Market May Be Better Without Cboe Futures Contracts|org=NewsBTC|date=March 18, 2019}}</ref>
  
Chicago Board Options Exchange
+
=== Bitcoin ETF ===
  
[[Chicago Board of Trade]]
+
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 SEF ===
 +
On December 8, 2017, Cboe launched trading on the Cboe SEF, its new swap facility. The launch gave market participants the ability to trade non-deliverable FX forwards on emerging markets currencies for the first time on proprietary Cboe technology.<ref>{{cite web|url=http://ir.cboe.com/~/media/Files/C/CBOE-IR-V2/press-release/2017/cboe-fx-sef.pdf|name=Cboe Launches Non-Deliverable FX Forwards Trading on Cboe SEF|org=Cboe|date=December 11, 2017}}</ref>
 +
 
 +
== Cboe Executives ==
 +
 
 +
<gallery>
 +
File:Edward_Tilly_Chairman_President_and_Chief_Executive_Officer.jpg|[[Edward T. Tilly]], Chairman, President and CEO
 +
File:Chris_Isaacson_CBOE_profile_picture.jpg|[[Chris Isaacson]], EVP and COO
 +
</gallery>
 +
 
 +
== Technology ==
 +
In 2003, CBOE introduced the [[CBOE Hybrid Trading System]]. The practical philosophy behind Hybrid was that customers should be allowed to choose whether their orders are represented in the face-to-face [[open outcry]] marketplace or submitted to the electronic environment. In the electronic environment, CBOE [[Hybrid]] also can provide price improvement opportunities through features like [[Automated Improvement Mechanism]] (AIM) and [[Complex Order Auction]] (COA).
 +
 
 +
CBOE Hybrid lets market makers submit real-time, streaming quotes reflecting their individualized trading interest. CBOE disseminates the best [[bid]] and [[offer]] from all market participants, resulting in tighter, deeper markets that can be accessed electronically by customers. According to the exchange,<ref>{{cite web|name=Press Release|url=http://www.cboe.com/AboutCBOE/ShowDocument.aspx?DIR=ACNews&FILE=cboe_cfe_cbsx_20080303.doc&CreateDate=05.03.2008|org=cboe.com|date=June 4, 2008}}</ref> liquidity is enhanced by remote participants - Electronic Designated Primary Market Makers (e-DPMs) and Remote Market Makers (RMMs) - as these market participants are allowed to stream [[quotes]] and trade electronically from remote locations.
 +
 
 +
Before the advent of the [[Hybrid]] System, CBOE introduced other technological solutions, including:
 +
<br>
 +
*1984 - Launch of [[Retail Automatic Execution System]] (RAES) to facilitate electronic order execution;
 +
*1989 - Introduction of EBook, the first electronic customer limit [[order book]];
 +
*1993 - Market makers on the CBOE trading floor use electronic, hand-held terminals;
 +
*1999 - Introduction of ROS, the Rapid Opening System, to shorten the time taken for the opening rotation;
 +
*2001 - Launch of CBOEdirect; the exchange's screen-based trading system, initially used for extended hours trading;
 +
*2010 - CBOE introduces its new front end, Pulse. The technology is the first product to emerge from Signal Trading Systems, a joint venture between CBOE and [[FlexTrade Systems]].<ref>{{cite web|url=http://www.tradersmagazine.com/issues/23_313/cboe-flex-front-end-106239-1.html|name=CBOE Unveils New Front End|org=Traders Magazine|date=August 18, 2010}}</ref>
 +
*2012 - Launch of [[CBOE Command]], CBOE's new-generation trading system, which powers CBOE, C2 Options Exchange, CBOE Futures Exchange, CBOE Stock Exchange and OneChicago.
 +
*2016 - Announcement of Vector as next trade engine.
 +
 
 +
On August 7, 2015, CBOE Holdings acquired the market data services and trading analytics platforms of [[Livevol, Inc.]], a provider of equity and index options technology and market data services.<ref>{{cite web|url=http://ir.cboe.com/press-releases/2015/07-08-2015.aspx|name=CBOE Holdings Completes Acquisition of Livevol Data, Analytics Platforms|org=CBOE|date=August 10, 2015}}</ref>
 +
 
 +
On February 28, 2018, Cboe announced the successful migration of [[Cboe Futures Exchange]] to its Bats proprietary technology platform.
 +
 
 +
== Cboe Educational Efforts ==
 +
The [[Options Institute]] is the educational arm of Cboe.  The Options Institute debuted in 1985 to educate investors about options. Each year, hundreds of seminars are held in the U.S. and internationally, aimed at individual and institutional investors, market regulators and others. Curricula are produced and courses are taught by Cboe trading industry professionals.
 +
 
 +
With the advent of technology and on-demand education, the [[Options Institute]] has added a comprehensive listing of online curricula to its live seminar lineup. These educational efforts are sponsored both by Cboe and by options-related firms to give investors and [[institutions]] an increased appreciation for options strategies and how they can be used in various portfolios to manage risk/maximize profit.
 +
 
 +
Cboe also hosts [[Cboe TV]], which features an extensive list of online programs and podcasts on daily market developments, options products and practical strategies.
 +
 
 +
== CBOE Annual Contract Volumes ==
 +
{| cellpadding="5" cellspacing="1" style="background:#FFFFFF;"
 +
|- align="left" style="background:#CCCCCC;"
 +
| '''Year'''
 +
|'''Total Annual Volume'''*
 +
|'''Percent Change'''
 +
|- align="left" style="background:#EEEEEE;"
 +
|2017
 +
|1,810,195,197
 +
|10.9%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2015
 +
|1,043,031,630
 +
| -12.6%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2014
 +
|1,193,388,385
 +
|11.4%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2013
 +
|1,070,865,472
 +
|1.1%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2012
 +
|1,059,404,089
 +
| -8.0%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2011
 +
|1,152,063,397
 +
| 3.3%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2010
 +
|1,115,491,922
 +
| - -
 +
|}
 +
 
 +
'''Cboe trading volume since its inception in 1973 can be found [http://www.cboe.com/AboutCBOE/MediaHub/volume.aspx here].
 +
 
 +
== Regulation ==
 +
Cboe is regulated by the Securities and Exchange Commission (SEC).
 +
 
 +
In December 2014 CBOE announced they would cede their self-regulatory duties to the [[Financial Industry Regulatory Authority]] (FINRA) starting Jan. 1, 2015. CBOE also hired FINRA to take over its regulatory duties for the [[Options Regulatory Surveillance Authority]] (ORSA), which the U.S. options exchanges established in 2006 to collaborate on insider trading surveillance and investigations. Cboe employees continue to oversee the Cboe Futures Exchange.<ref>{{cite web|url=http://www.reuters.com/article/2014/12/22/cboe-regulation-finra-idUSL1N0U61J920141222|name=CBOE to pass regulatory duties to FINRA|org=Reuters|date=December 23, 2014}}</ref>
 +
 
 +
== 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/annualreport2013.pdf CBOE 2013 Annual Report]
 +
*[http://www.cboe.com/aboutcboe/annualreportarchive/annualreport2012.pdf CBOE 2012 Annual Report]
 +
*[http://www.cboe.com/AboutCBOE/AnnualReportArchive/AnnualReport2011.pdf CBOE 2011 Annual Report]
 +
*[http://www.cboe.com/AboutCBOE/AnnualReport2010/ CBOE 2010 Annual Report]
 +
*[http://www.cboe.com/AboutCBOE/AnnualReportArchive/AnnualReport2009.pdf CBOE 2009 Annual Report]
 +
*[http://www.cboe.com/AboutCBOE/AnnualReportArchive/AnnualReport2008.pdf CBOE 2008 Annual Report]
 +
*[http://www.cboe.com/AboutCBOE/AnnualReportArchive/AnnualReport2007.pdf CBOE 2007 Annual Report]
 +
*[http://www.cboe.com/AboutCBOE/AnnualReportArchive/AnnualReport2006.pdf CBOE 2006 Annual Report]
 +
*[http://www.cboe.com/aboutcboe/AnnualReportArchive/AnnualReport2005.pdf CBOE 2005 Annual Report]
 +
*[http://www.cboe.com/aboutcboe/AnnualReportArchive/AnnualReport2004.pdf CBOE 2004 Annual Report]
 +
*[http://www.cboe.com/aboutcboe/AnnualReports.aspx CBOE 2003 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 ==
 +
*[http://www.cboe.com/AboutCBOE/AnnualReportArchive/AnnualReport2009.pdf CBOE Annual Report]
 +
*[http://www.cboe.com/LearnCenter/OptionsInstitute1.aspx CBOE Options Institute]
 +
*[http://www.cboe.com/tradtool/webcast.aspx CBOE TV]
 +
*[http://www.cboe.com/LearnCenter/Glossary.aspx CBOE Options Dictionary]
 +
 
 +
== Additional 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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[[SFO Magazine]], "Three Decades of Options." Gail Osten. (April 2003)
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Latest revision as of 15:36, 11 February 2020

Chicago Board Options Exchange
Cboe Global Markets.jpg
Founded Apr. 26, 1973
Headquarters 400 S. LaSalle Street, Chicago, IL 60605

Image: 200 pixels

Key People Edward T. Tilly, CEO; Chris Isaacson, Executive Vice President and COO
Products Options on equities, equity indexes, ETFs
Twitter @CBOE
StockTwits Cboe
LinkedIn Profile
Facebook Page
Website www.cboe.com
Releases Company News

The Chicago Board Options Exchange (Cboe) was founded in April 1973 as the first U.S. options exchange offering standardized, listed options.

Chicago-based Cboe is the third-largest U.S. stock-exchange operator after the NYSE and Nasdaq Inc., as measured by market share.[1]

As a division of the parent company Cboe Global Markets, Inc., Cboe is now referred to as Cboe Options Exchange.

Cboe Global Markets, Inc. ranked as the world's fifth-largest derivatives exchange by contract volume in 2018, according to the 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 contracts in 2018 with 2.05 billion contracts traded on its exchanges: Cboe, BATS Exchange C2 Options Exchange, EDGE Options Exchange and Cboe Futures Exchange. [2][3][4]

In February of 2017 Cboe Global Markets acquired a rival, the Kansas-based ECN Bats Global Markets, giving the combined company an estimated $10 billion market capitalization. In September 2019, Cboe's market cap was $13.2 billion.[5] [6]

As of July 2016, Cboe listed options on more than 3,900 equity and exchange traded products. Its sister exchange, C2 Options Exchange, offers 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 orders 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 orders that use the skills of floor brokers to "work the order" to gain potential price improvement.

As part of the acquisition of Bats Global Markets, Cboe Global Markets 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. [7] [8]

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.[9][10][11]

Chicago Board Options Exchange History

In addition to the history snapshot below, Cboe created a video, along with John Lothian Productions to celebrate its 40th anniversary in 2013.

Birth of the first

In the late 1960s, the Chicago Board of Trade (CBOT) sought to diversify its business. Weather-induced volatility (or the lack thereof) in agricultural commodities led to boom or bust years for the exchange. Looking for more stable annual performance, executives thought of ways to augment their agricultural futures offerings, initially focusing on offering futures on single stocks. But, the Securities Exchange Commission (SEC) was adamant the CBOT not pursue futures on stocks.

In 1969, the idea was born to apply the principles of the CBOT's commodity futures markets to securities options, since there was already an over-the-counter market for stock options, albeit very small. Monthly OTC options volume at the time was in the ballpark of 9,000 contracts a month.

"Our dealings with the SEC were totally adversarial. At our first meeting with the SEC people around the beginning of 1969, the senior staff guy told us in no uncertain terms that there were absolutely insurmountable obstacles and that we shouldn't waste a nickel on it," said Joe Sullivan, the first president of the CBOE.

The original plan for securities options trading was written on the back of a napkin by then-CBOT vice chairman Ed O'Connor during a dinner with then-Chairman Bill Mallers and President Henry Hall Wilson. The SEC objected to a futures exchange listing options, leading to the development of a separate exchange, the CBOE.

Once it was decided that options on stocks was the way forward, the process of research, regulatory approvals, personnel recruitment and product development began.

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.[12]


  • CBOE Building at 400 S. LaSalle Street, Chicago, IL 60605
  • Nameplate on the CBOE Building
  • CBOE staff at the construction site for the new building

Doors open, bigger doors follow

Four years after the conception of the idea on a napkin, the CBOE launched on April 26, 1973 in a space that used to be the CBOT’s smoking lounge. The first day’s volume was 911 contracts on 16 stocks. They were all calls as the trading of puts would not be approved for another four years.

Of the utmost importance was the effective operation of the CBOE’s clearing house, the Chicago Board Options Exchange Clearing Corporation, under the guidance of Wayne P. Luthringshausen. The first day was tense, as the clearing software, essentially created pro-bono, was untested and cobbled together. But, everything worked, and after the day's clearing was over, Luthringshausen delivered the good news to an anxious Sullivan at the CBOE’s launch party.

For the CBOE to open and eventually expand its standardized listings, the SEC required one clearing corporation for options. The Chicago Board Options Exchange Clearing Corporation would become the Options Clearing Corporation later in 1973, and the central clearing house for all options markets in 1975.

While clearing was crucial for the operations of the exchange, growth of the options industry would not have been possible if not for the simultaneous development of the Black-Scholes Model, first published in 1973. The Black-Scholes model was a mathematical formula for pricing an option's premium.

“In the very earliest days of CBOE, no one really knew what an option was worth. It was just merely supply and demand, but it wasn’t based on any mathematical calculation," said longtime CBOE executive Bill Brodsky.

“There is no question that without the Black-Scholes model, we wouldn’t be sitting here. It is clearly the most significant formula developed in economics, certainly in my lifetime, and maybe even farther [back],” said Gary Lahey, CBOE vice chairman from 1986-1987.

During early days of trading, volume averaged about 1,000 calls a day. In that start-up period, the CBOE’s employees skewed younger as its future as an exchange was uncertain. Even as its clout in the industry grew, that uncertainty forced the exchange to continue the youth trend. A year after launch, CBOE trading volume had grown 40-fold, allowing the exchange to move onto its own larger trading floor directly above the CBOT trading floor.

Then in 1984, CBOE moved to its current 10-story building at 400 South LaSalle in Chicago — a far cry from its first home in the former CBOT smoking lounge.

Product Additions

One of the most noteworthy milestones in CBOE's history was the launch of stock index options, which began in March 1983 with the exchange's first proprietary index, the CBOE-100 Index, later renamed the S&P 100 Index (OEX). The renaming marked the beginning of a long partnership with Standard & Poor's. Four months later, options trading on the S&P 500 Index (SPX) was launched.

Subsequent years saw creation of more new products and indexing tools, including:

Birth of a Rockstar

The most ubiquitous of all the CBOE products is the VIX, frequently called the "fear index" or "fear gauge." The VIX was first developed in 1993 by Vanderbilt University finance professor Robert Whaley.[13]

The VIX measures expectations of market risk through the pricing of S&P 500 stock index options. At first, the VIX was simply a sentiment indicator that could not be traded. That changed in 2004, when the CBOE introduced futures on the VIX. VIX options were introduced the following year. [14] Now, an array of exchange traded products based on the VIX (or its kindred volatility measures) are available to traders.

Cboe's Options Exchanges

  • Cboe Options Exchange
  • Cboe C2 Options Exchange
  • Cboe BZX Options Exchange (formerly Bats BZX Options Exchange)
  • Cboe EDGX Options Exchange (formerly Bats EDGX Options Exchange)

Cboe Futures and Securities Exchanges

With multi-asset-class trading/investing an increasing part of the financial world, CBOE introduced affiliated exchanges:

CBOE Becomes a Publicly Traded Company

The CBOE's parent company, then called CBOE Holdings Inc., went public on June 15, 2010, at a share price of $29.[15]

Products

Options on Equities

As of July, 2016, Cboe listed more than 3,900 equity and ETF options.[16]

Index-Related Products

As of January 1, 2014, CBOE listed 14 cash index options for trading. As early as 1983, CBOE began to establish exclusive licensing agreements with Standard & Poor's to offer stock index options based on the S&P 500 (SPX) and S&P 100 (OEX), and later with Dow Jones on the Dow Jones Industrial Average. In addition, the CBOE has created proprietary indexes and index methodologies, e.g., the VIX and a long list of volatility products, for tracking market volatility and investor sentiment. The exchange has been recognized for its index product development and as the creator of volatility products.[17][18][19]

In March of 2013, CBOE Holdings renewed their exclusive license agreement with S&P Dow Jones Indices to list the S&P 500 index options contract (SPX) until 2031, with non-exclusive listing rights through 2033.[20]

In 1993, CBOE unveiled the CBOE Volatility Index (VIX). CBOE and the options industry celebrated its 25th anniversary in 1998, followed by the CBOE ADV surpassing one million contracts for the first time in 2000.[21]

On December 10, 2014 CBOE announced it had entered into a licensing agreement with MSCI Inc. to offer options trading on several MSCI indexes. Under the agreement, in the U.S., options on the MSCI indexes will be solely listed for trading on the CBOE. The six indexes included in the agreement are the MSCI EAFE Index, MSCI Emerging Markets Index, MSCI ACWI Index, MSCI USA Index, MSCI World Index and the MSCI ACWI ex-USA Index. The exchange plans to offer options trading in the first quarter of 2015, pending regulatory approval, on two of MSCI's best-known indexes: the MSCI EAFE Index and the MSCI Emerging Markets Index; it plans to list options on the four other MSCI Indexes later in 2015.[22]

On February 26, 2015 CBOE announced it had entered into a licensing agreement with the London Stock Exchange Group (LSEG) to list options based on more than two dozen FTSE and Russell indices. Cash-settled options on the indices will be listed on the CBOE. CBOE and LSEG will also collaborate on new index options products and investor education globally.[23]

On May 1, 2015, CBOE Holdings announced plans to list futures and options with weekly expirations on the VIX Index. VIX Weeklys futures began trading at CBOE Futures Exchange in July 2015.[24]

In July 29, CBOE, in partnership with Social Market Analytics, launched the CBOE-SMA Large-Cap Index (SMLC Index), an index based off of Twitter sentiment.[25]

In February of 2019 Cboe began the rollout of options on 11 Select Sector Indices that make up a sub-index of the S&P 500 Index, further expanding Cboe’s suite of products tied to S&P Indices. The exchange said the new options should have particular utility for investors seeking an alternative to options on exchange-traded funds, including European customers seeking an alternative due to certain European regulations. The Select Sector options are cash settled with European-style exercise, similar to Cboe’s S&P 500 Index (SPX) options. The rollout began with options on the Materials Select Sector Index.

-

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 bitcoin on its Cboe Futures Exchange.[26] 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.[27] [28]

The exchange announced in March 2019 that it would not add XBT futures contracts for trading that month, 14-months after it listed them. The exchange’s last registered contract, expired in June 2019.[29]

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.[30] [31]

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.[32][33]

Cboe SEF

On December 8, 2017, Cboe launched trading on the Cboe SEF, its new swap facility. The launch gave market participants the ability to trade non-deliverable FX forwards on emerging markets currencies for the first time on proprietary Cboe technology.[34]

Cboe Executives

Technology

In 2003, CBOE introduced the CBOE Hybrid Trading System. The practical philosophy behind Hybrid was that customers should be allowed to choose whether their orders are represented in the face-to-face open outcry marketplace or submitted to the electronic environment. In the electronic environment, CBOE Hybrid also can provide price improvement opportunities through features like Automated Improvement Mechanism (AIM) and Complex Order Auction (COA).

CBOE Hybrid lets market makers submit real-time, streaming quotes reflecting their individualized trading interest. CBOE disseminates the best bid and offer from all market participants, resulting in tighter, deeper markets that can be accessed electronically by customers. According to the exchange,[35] liquidity is enhanced by remote participants - Electronic Designated Primary Market Makers (e-DPMs) and Remote Market Makers (RMMs) - as these market participants are allowed to stream quotes and trade electronically from remote locations.

Before the advent of the Hybrid System, CBOE introduced other technological solutions, including:

  • 1984 - Launch of Retail Automatic Execution System (RAES) to facilitate electronic order execution;
  • 1989 - Introduction of EBook, the first electronic customer limit order book;
  • 1993 - Market makers on the CBOE trading floor use electronic, hand-held terminals;
  • 1999 - Introduction of ROS, the Rapid Opening System, to shorten the time taken for the opening rotation;
  • 2001 - Launch of CBOEdirect; the exchange's screen-based trading system, initially used for extended hours trading;
  • 2010 - CBOE introduces its new front end, Pulse. The technology is the first product to emerge from Signal Trading Systems, a joint venture between CBOE and FlexTrade Systems.[36]
  • 2012 - Launch of CBOE Command, CBOE's new-generation trading system, which powers CBOE, C2 Options Exchange, CBOE Futures Exchange, CBOE Stock Exchange and OneChicago.
  • 2016 - Announcement of Vector as next trade engine.

On August 7, 2015, CBOE Holdings acquired the market data services and trading analytics platforms of Livevol, Inc., a provider of equity and index options technology and market data services.[37]

On February 28, 2018, Cboe announced the successful migration of Cboe Futures Exchange to its Bats proprietary technology platform.

Cboe Educational Efforts

The Options Institute is the educational arm of Cboe. The Options Institute debuted in 1985 to educate investors about options. Each year, hundreds of seminars are held in the U.S. and internationally, aimed at individual and institutional investors, market regulators and others. Curricula are produced and courses are taught by Cboe trading industry professionals.

With the advent of technology and on-demand education, the Options Institute has added a comprehensive listing of online curricula to its live seminar lineup. These educational efforts are sponsored both by Cboe and by options-related firms to give investors and institutions an increased appreciation for options strategies and how they can be used in various portfolios to manage risk/maximize profit.

Cboe also hosts Cboe TV, which features an extensive list of online programs and podcasts on daily market developments, options products and practical strategies.

CBOE Annual Contract Volumes

Year Total Annual Volume* Percent Change
2017 1,810,195,197 10.9%
2015 1,043,031,630 -12.6%
2014 1,193,388,385 11.4%
2013 1,070,865,472 1.1%
2012 1,059,404,089 -8.0%
2011 1,152,063,397 3.3%
2010 1,115,491,922 - -

Cboe trading volume since its inception in 1973 can be found here.

Regulation

Cboe is regulated by the Securities and Exchange Commission (SEC).

In December 2014 CBOE announced they would cede their self-regulatory duties to the Financial Industry Regulatory Authority (FINRA) starting Jan. 1, 2015. CBOE also hired FINRA to take over its regulatory duties for the Options Regulatory Surveillance Authority (ORSA), which the U.S. options exchanges established in 2006 to collaborate on insider trading surveillance and investigations. Cboe employees continue to oversee the Cboe Futures Exchange.[38]

CBOE Annual Reports and Historical Statistical Data

Office Locations

CBOE Global Office Locations Map

Cboe Chicago:
400 South LaSalle Street, Chicago, IL 60605
1.877.THE.CBOE (1.877.843.2263)

Cboe New York:
17 State Street, 31st Floor, New York, NY 10004
212.378.8520

Cboe London:
The Monument Building
11 Monument Street, 5th Floor, London EC3R 8AF UK
+44 20 7131 3458

Cboe Hong Kong:
Cboe Hong Kong Limited
66/F The Center, 99 Queen’s Road Central
+852 3965 3018‬

Resources

Additional Resources

The CBOE Media Hub[39] 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

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.



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.[40]


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.[41]

References

  1. New ‘Speed Bump’ Planned for U.S. Stock Market. The Wall Street Journal.
  2. 2014 CBOE Market Statistics. CBOE.
  3. 2015 FIA Annual Volume Survey. MarketVoice.
  4. 2015 FIA Annual Volume Survey. MarketVoice.
  5. CBOE reaches for new heights with $3.4 billion deal for Bats Global Markets. Chicago Tribune.
  6. 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. CBOE.
  7. CFE Integration. Cboe Global Markets.
  8. CBOE Futures Exchange Migrates to Proprietary BATS Technology. Finance Magnates.
  9. Edited Transcript of CBOE earnings conference call or presentation 2-Aug-19 12:30pm GMT. Yahoo Finance.
  10. Cboe Global Markets picks Amsterdam for its EU hub. The Times.
  11. Cboe readies Amsterdam hub despite Brexit uncertainty. Financial Times.
  12. 40 Years Later, CBOE Is Thriving. Barron's.
  13. Faculty: Robert E. Whaley. Vanderbilt University.
  14. CBOE Volatility Index Introduction. CBOE.
  15. CBOE goes public. Futures Magazine.
  16. "Symbols Guide for Equity Options”. www.cboe.com.
  17. Press Release. www.cboe.com.
  18. Press Release. www.cboe.com.
  19. What About the Valley after the Rally?. New York Times.
  20. CBOE Holdings And S&P Dow Jones Indices Extend Licensing Agreement Through 2033. press release.
  21. CBOE History. CBOE.
  22. CBOE Enters into Agreement with MSCI Inc. to List Index Options. CBOE.
  23. CBOE Holdings Signs Licensing Agreement to List Options on FTSE and Russell Indices. CBOE.
  24. CBOE Holdings to List VIX "Weeklys" Futures And Options. CBOE via PR Newswire.
  25. Twitter’s New Followers — CBOE and Social Market Analytics Team Up for New Sentiment Index Based on Social Media Data. John Lothian News.
  26. CBOE Teams Up With Winklevoss Twins for Bitcoin Data. The Wall Street Journal.
  27. Cboe bitcoin futures post strong debut. Cboe.
  28. Cboe Bitcoin Futures (XBT) Close First Day of Trading; Post Volume of More Than 4,000 Contracts. Cboe.
  29. Why Bitcoin Market May Be Better Without Cboe Futures Contracts. NewsBTC.
  30. Futures Firm Cboe Filed for 6 Bitcoin ETFs This Week. Coindesk.
  31. bitcoin ETFs Are Likely to Follow Futures, Cboe President Says. Bloomberg News.
  32. Cboe’s Bitcoin ETF Application Pulled After Repeated SEC Delays. Bloomberg.
  33. SECURITIES AND EXCHANGE COMMISSION (Release No. 34-84988 ; File No. SR-CboeBZX-2018-040). SEC.
  34. Cboe Launches Non-Deliverable FX Forwards Trading on Cboe SEF. Cboe.
  35. Press Release. cboe.com.
  36. CBOE Unveils New Front End. Traders Magazine.
  37. CBOE Holdings Completes Acquisition of Livevol Data, Analytics Platforms. CBOE.
  38. CBOE to pass regulatory duties to FINRA. Reuters.
  39. CBOE Media Hub. CBOE.
  40. Taking the Reins: CBOE’s Ed Tilly Makes The Transition to CEO. John Lothian News.
  41. Getting Shorter: CBOE’s Ed Tilly Introduces Short-term VIX and Industry Taxes. John Lothian News.