CBOE MAKES MARKETS
CBOE’s trading floor houses the most traders and the greatest pool of liquidity of any options exchange. Within this highly-liquid marketplace, opportunities for price improvement are plentiful.
Potential for Price Improvement CBOE believes in the inherent value of the face-to-face, open outcry marketplace and also recognizes the beneficial features of electronic trading. The Hybrid Trading System, CBOEdirect HyTS, is more than just the sum of its parts. The system offers customers synergistic benefits by uniting the advantages of both types of marketplaces. With nearly 1,400 well- capitalized market makers, CBOE features more options traders in one place than any other exchange. This vast pool of expertise and liquidity creates deep markets where abundant opportunities for price discovery allow for price improvement.
Open Access to the Limit Order Book Because individual market makers now have electronic quoting capability, CBOE, for the first time, allows for the “opening of the Limit Order Book” to customer, firm and Broker/Dealer orders. Orders entered in the Book are afforded priority according to price and are eligible for electronic matching. Customer priority is retained.
HyTS Terminal Member Firm Systems
KEY BART–Booth Automated Routing Terminal BERS–Booth Entry Routing System DPM–Designated Primary Market Maker FBW–Floor Broker Workstation ORS–Order Routing System PAR–Public Automated Routing System