Chicago Options Exchange launches virtual currency

CBOE has launched a total of 52 index option contracts< On March 11, 1983, CBOE launched S & amp; P100 index option (code oex) is the first broad based stock index option, and it is also the American option contract with the largest trading volume in the world. After that, CBOE launched S & amp; P500 index option (SPX) is one of the most active European option contracts in the world
in 1992, CBOE launched three new index options: Bio tech index (code bgx), Russell 2000 index (code rut) and ft-se100 index (code FSX). The constituent stocks of biochemical technology index are composed of small and medium-sized biochemical technology companies. Russell 2000 index is composed of 2000 small listed companies with smaller capital among the top 3000 large listed companies of NYSE, AMEX and Nasdaq, so it is an index of small and medium-sized stocks. The financial times 100 index is composed of the top 100 listed companies on the British stock exchange< In 1994, CBOE launched the Nasdaq 100 index option (code NDX). The index is composed of 100 non-financial listed companies in Nasdaq. In addition, CBOE also launched the option of sector indexes in October of the same year, with underlying assets covering many important instries. In 1994, CBOE launched Mexico index options, Nikkei 300 stock index options and Israel stock index options to enable investors to avoid the risks of overseas emerging markets< In addition, CBOE was authorized by Dow Jones on June 5, 1997 to launch Dow Jones Instrial Average (DJIA, code DJX), Dow Jones Transportation Average (DJTA, code DTX) and Dow Jones Utility Average (Dow Jones Utility Average, code DTX) on October 6, 1997, DJUA, code Dux). This is also a historic initiative for CBOE to combine with the world's most important blue chip index since it launched index options in 1983. DJX set 24700 contracts on the first day of its launch, which is the most successful new proct since the establishment of CBOE. In just three months, DJX has reached 1750485 contracts
in August 2000, CBOE launched the mini Nasdaq-100 index option (Mini NDX, code mnx), whose contract value is one tenth of the Nasdaq 100 index. After the launch of mini Nasdaq-100, it has quickly become the third largest index option in CBOE trading and is one of the most successful index options
in addition to the above indexes, CBOE also cooperates with Goldman Sachs and Morgan Stanley to launch the index options of Goldman Sachs technology and Morgan Stanley. In addition, CBOE also compiles stock index and international stock index according to customer demand. In 1990, CBOE launched a medium and long-term indivial stock and index option contract called leaps (long term equity intervention securities). Like general options, leaps can be divided into call option and put option. The biggest difference is that the contract term of leaps can be up to 3 years, which aims to encourage investors to hold indivial stocks for the purpose of long-term investment. By the end of 2002, there were 450 stocks and 10 stock index leaps

The Chicago Board Options Exchange (CBOE) was established on April 26, 1973 by members of the Chicago Board of trade (CBOT). Before that, options were only traded over the counter among a few dealers in the United States. CBOE has established the option trading market and launched standardized contracts, which has brought about revolutionary changes in option trading. The formal establishment of Chicago Options Exchange marks that options trading has entered a new stage of standardization. Call options and put options have been successfully launched by the Chicago Board of options exchange

Although CBOE adopts open bidding system, its process is similar to that of electronic transaction. CBOE also uses many advanced electronic equipment to deal with the work of data collection and transmission, so as to make its order process faster and the open bidding system more efficient
the order placing process of CBOE is different from that of other exchanges. 85% of the consignments are entered into CBOE's ors (order routing system) system through brokers, and the other 15% are entered through telephone orders. After receiving the delegation data, ORS will decide the processing method of the delegation according to different conditions and parameters, which can be divided into the following seven kinds:
Raes
(retail automated execution system): it is specialized in small amount delegation. These orders are matched through the electronic trading system at the current market price. It takes only a few seconds from the transaction to the return
FBR
(floor broker routing): the entrustment meeting the specific conditions will be directly sent to the trading hall, which will be matched by the floor broker through public bidding. The transaction information will be returned to the broker through ors
counter of member company
(member fiber booth): conditional entrustment or other entrustment requiring special treatment will be sent to the counter of member company on the floor manually, and will be matched by the traders on the floor through public bidding
ebook
(electronic book): the entrustment that is too far from the current market quotation will be sent and stored in the ebook system first. EBook only includes limit orders and orders entered before opening, and has priority over orders with the same conditions in the trading hall. At present, about 34% of the total turnover is matched by ebook
Bart
(booth automated routing): Bart can be regarded as an electronic runner to provide a better order function. Bart allows the floor brokers to set relevant parameters, filter the qualified orders on ors and send them to the trading counters of the floor brokers. The floor brokers can see the qualified orders on the screen of Bart on their counters< MMT (the market maker hand held terminal): a personal computer system for market makers. There are two kinds of NCCs, one is developed by CBOE, the other is developed by non CBOE computer. At present, MMT handles about 93% of the trading volume of market makers. MMT mainly provides three main functional interfaces: Raes (retail automatic execution interface): when a market maker is designated as a market maker of a certain proct market, Raes will automatically send the delegation to the MMT of the market maker in real time; Stock order routing system: through MMT, market makers can buy and sell options in the trading pool of CBOE through handheld screen; Electronic trade notification (ETN): it is a newly developed function. Floor brokers or order book administrators can input their trading information into ETN, and ETN will automatically transmit it to MMT of market makers. After market makers see the trading information, they can easily click to accept or reject the transaction on the screen, Speed up trading and rece errors
CBOE hybrid trading system
(CBOE direct hyts): a multi-functional trading system jointly launched by CBOE and belzberg technologies, Inc., CBOE was officially launched on June 12, 2003. Its function features are: to provide the maximum speed and efficiency of market transaction information transmission
indivial and multiple quotations: provide indivial real-time and continuous quotations of market makers; For customers, they can also get more in-depth quotation information
simple operation: it provides multiple functions and automatic operation mode
open e-entrustment: it provides an open entrustment book. For non market maker's entrustment, it can be automatically added to the electronic entrustment book to participate in automatic matchmaking. In addition, hyts's open environment allows many independent software vendors to freely develop program interfaces and provide users and members with access to hyts
unique matchmaking system: CBOE divides the bidding entrustment into two categories: order and quotation. Because of their different nature, the matching logic of their trading system is also different. Hyts has set up many special designs for quotation, such as automatic quotation, risk control mechanism, class quote cancel, etc. The order of quotations in the order book is inferior to that of general orders, and quotations of different market makers will not trade with each other
improvement of price discovery function: different from the past manual bidding method, it can provide more flexible price space for plex or other entrustment, which has far-reaching value and significance. In addition, hyts's public disclosure of the order book only covers the price and volume of the best sale. More detailed information of the Commission book is only provided to the authorized person (such as the designated market maker DPM)
decision of opening price: hyts replaces CBOE's original opening system (ROS). However, similar to the original operation, hyts also uses rotations to determine the opening price. During the bidding cycle (at least 15 seconds), hyts makes a false match every three seconds and discloses the expected opening price and quantity to the public. The market maker can revise the quotation accordingly so as to make an appropriate opening price
after CBOE hybrid trading system goes online, the original Raes, Lou, ebook, trigger, automatic quotation / seller's quotation, ROS, vtats and manual quotation will be replaced by the new system one after another. Since July 21, 2004, CBOE has introced hybrid 2.0 (referred to as H2O). Its main function is e-dpms, which provides a more convenient quotation environment for designated primary market makers; In addition, CBOE also provides the terminal function of trading members (called hyts terminal). The system provides trading members to participate in CBOE market trading through window click, and even trade other options, stocks or futures exchange procts