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Chiicago Board Optiions Exchange Annuall Report 2003 - page 9 / 28

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07

  • CBOE 2003

CBOE TRADING FLOOR

CBOE’s market makers compete aggressively, producing tight, deep markets.

Enhanced Access to CBOE’s Markets An open auction market combined with the benefits of electronic trading provides customers with easy access to CBOE’s deep, transparent markets. Floor brokers can walk into a trading crowd and request markets on their customers’ behalf.

Ultimate Matching Algorithm The CBOEdirect HyTS ultimate matching algorithm retains the priority to public customer orders that CBOE has always afforded. Additionally, participation rights are awarded to other market participants based on a formula that rewards deep liquidity, as well as competitive pricing.

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