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Chiicago Board Optiions Exchange Annuall Report 2003 - page 5 / 28

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03

  • CBOE 2003

C B O E H yTS T E R M I N A L

CBOE partnered with Belzberg Technologies, Inc. to co-brand the CBOE Hybrid Trading System (HyTS) Terminal, a universal access, multifunctional, trading solution workstation. The HyTS Terminal serves as an order management tool, and provides CBOE customers with immediate point-and-click access to CBOE markets.

Increased Efficiency and Speed CBOEdirect HyTS offers powerful new features which provide customers with efficiency, speed and market quality unparalleled in the options industry.

Individual Market Makers’ Streaming Quotes CBOEdirect HyTS allows in-crowd market makers to input real-time, streaming quotes into CBOEdirect, the system’s trade engine. CBOE disseminates the resulting, composite best bid and offer, including the total size available at the best price. Customers benefit from tight, guaranteed markets that can be immediately accessed electronically.

The ability for market makers to stream live quotes, to post “quotes with size” and to more quickly execute orders allows CBOE market makers to better show- case the quality of markets found at CBOE.

Point-and-Click Execution for Customers The HyTS Terminal is a universal access, multifunctional workstation that provides electronic access and order routing to U.S. options exchanges, as well as complete access to market data, real-time quotes and order management—all on a single screen. Terminal users may also obtain similar functionality for futures and stock exchanges. Additionally, the CBOE HyTS Terminal serves as a portal into the CBOE Hybrid Trading System.

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