Cboe Global Markets, has returned to open cry trading on the same space where it was founded in 1973 as the first listed options exchange in the U.S.
“Today marks a historic occasion for Cboe Global Markets and our entire trading floor community, as we return to the place of our origins where Cboe – and the U.S. listed options market – began,” said Ed Tilly, chairman and chief executive officer of Cboe Global Markets.
He added, “With Cboe’s founding nearly fifty years ago, we created a brand new market that has transformed the way the world manages market volatility and risk. Our trading floor has since symbolized Cboe’s relentlessly innovative and entrepreneurial spirit, and embodied the strength and vigor of Chicago as the financial derivatives capital of the world. We couldn’t be more excited to begin the next chapter in the ongoing story of Cboe, as we open the doors to our new trading floor to begin a new era of open outcry.”
The new floor offers state-of-the-art infrastructure, enhanced technology capabilities, and a flexible, open and dynamic environment to facilitate more seamless and efficient interaction between traders.
“Our customers continue to find value in open outcry trading, especially for executing larger, more complex orders, and rely on the floor for price discovery and the deep liquidity provided by our market-makers and floor brokers,” said Chris Isaacson, executive vice president and chief operating officer of Cboe Global Markets.
He added, “Our new and enhanced trading floor offers a vibrant, technology-driven environment that seamlessly integrates both open outcry and electronic trading mechanisms to provide our customers a truly unrivaled, world-class trading experience. We believe this dynamic new space will serve our customers and investors well – now and for years to come.”
Cboe’s new trading floor houses a total of 10 trading pits, including S&P 500 Index (SPX) options, Cboe Volatility Index (VIX) options, Russell 2000 Index (RUT) and SPDR S&P 500 ETF Trust (SPY) options pits.
The floor also provides market-makers and brokers with more space, including expanded capacity to meet demand from firms looking to support additional floor-based traders. More than 330 individual kiosks, equipped with top-of-the-line technology, are available on the floor to enable traders to plug in and use their devices with greater ease and flexibility.
In addition, the floor features a bell-ringing platform overlooking the trading pits and state-of-the-art media broadcasting capabilities that include a ceiling-mounted camera track system.
Cboe’s first trading floor began in the CBOT’s former smoking lounge, a 4,000 square-foot space located on the fourth floor of the building. Cboe later expanded its trading floor to the seventh floor in response to growing demand for U.S. listed options trading.
The CBOT Building continued to house Cboe’s trading pits in the late ’70s and early ’80s, until Cboe moved its headquarters to 400 S. LaSalle Street in 1984.
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