Chicago Board of Options Exchange
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| Type | Options exchange |
|---|---|
| Location | Chicago, IL, United States |
| Founded | 1973 |
| Owner | CBOE Holdings |
| Currency | United States dollar |
| Website | www |
The Chicago Board Options Exchange, located at 400 South LaSalle Street in Chicago, is the largest U.S. options exchange with annual trading volume that hovered around 1.27 billion contracts at the end of 2014. CBOE offers options on over 2,200 companies, 22 , and 140 exchange-traded funds (ETFs).
The Chicago Board of Trade established the Chicago Board Options Exchange in 1973. The first exchange to list standardized, exchange-traded stock options began its first day of trading on April 26, 1973, in a celebration of the 125th birthday of the Chicago Board of Trade. The CBOE is regulated by the Securities and Exchange Commission and owned by CBOE Holdings.
In 2004, CBOE opened trading on the CBOE Futures Exchange (CFE) for volatility and variance contracts. In 2007, CBOE launched a Reg NMS-compliant called the CBOE Stock Exchange (CBSX) to compete with the NYSE, Nasdaq, and other regional exchanges.; the CBOE Stock Exchange ceased its trading operations on April 30, 2014.
Trading at CBOE is carried out by way of the exchange's Hybrid system, which enables customers to trade – either 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.
On March 11, 2010 CBOE filed paperwork to launch an initial public offering and began trading on the NASDAQ stock exchange on June 15, 2010.
In September 2011, CBOE Stock Exchange (CBSX) entered into an agreement to acquire the . The acquisition was completed on December 30, 2011 with both exchanges to operate under separate names. The National Stock Exchange continued to be based in Jersey City. In May 2014, the ceased trading operations on May 30, 2014. The closure brought the number of active stock exchanges in the United States to 11, as the had closed the month prior. Wrote Bloomberg, that left "just one public exchange, Chicago Stock Exchange Inc., that isn’t owned Bats, Nasdaq OMX Group Inc. or IntercontinentalExchange Group Inc."
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