20 години печелим заедно
The Chicago Board Options Exchange was the first U.S. exchange to start trading standardized, listed options on an organized market in 1973. Two years later, CBOE adopted the Nobel Prize-winning Black-Scholes model for pricing options.
A decade later, CBOE, still blazing the innovation trail, launched options on broad-based stock indexes after negotiating exclusive contracts on the S&P 100 Index (OEX) and the S&P 500 Index (SPX). Today, rival options exchanges hope that Standard & Poor’s would not renew exclusive rights to trade those products whenever the current contracts expire.
S&P recently allowed multiple listings of options on the Spiders, the popular exchange-traded fund (ETF) that tracks the S&P 500 index. Without exclusivity on the product, CBOE provided a highly liquid market for the product but faced solid competition from its newest electronic rival, the Boston Options Exchange or BOX.
Although it is the world’s largest floor-based options exchange, the CBOE has long sought to develop trading technology. In 1984, it launched the Retail Automatic Execution System (RAES) to facilitate electronic order execution. A few years later, the exchange introduced EBook, the first electronic customer limit order book for options.
The CBOE’s success spurred competition with the New York Stock Exchange starting to list equity options in 1985. The CBOE also innovated on the product front, launching Long-term Equity AnticiPation Securities in 1990. Known as the LEAPS, these contracts are long-term dated options and give investors more flexibility to manage their portfolios.
The CBOE also introduced sector index trading; FLEX options, which allow investors to create certain specifications on options contracts; and VIX, a market volatility index that gauges investor sentiment and is familiarly known as “fear gauge” or “fear factor.”
CBOE, which had acquired NYSE options trading business in 1997 and continued to experience growth, launched CBOEdirect, a screen-based trading system in 2001. Initially used for extended hours trading, CBOEdirect was an important step toward developing its current Hybrid Trading System that combines the benefits of open outcry and screen-based trading.
CBOE Hybrid made its debut in 2003 with CBOEdirect as its trade engine. Its features include point-and-click execution, streaming quotes for individual market-makers and direct access to the order book.
Capitalizing on the creation of VIX, CBOE launched a new exchange in March 2004, the electronic CBOE Futures Exchange (CFE), which runs on CBOEdirect. The CFE started trading contracts on the VIX but has added other related offerings since.