CBOE Reaches Half-Way Mark in Implementing New Hybrid Trading System, CBOEdirect HyTS
27 October 2003 - 5:50PM
PR Newswire (US)
CBOE Reaches Half-Way Mark in Implementing New Hybrid Trading
System, CBOEdirect HyTS CHICAGO, IL, Oct. 27 /PRNewswire-FirstCall/
-- The Chicago Board Options Exchange (CBOE), the world's largest
options exchange, today announced a milestone in the roll-out of
its Hybrid Trading System, CBOEdirect HyTS. There are now 141
active options classes available for trading via CBOEdirect HyTS,
representing approximately 50% of U.S. equity options trading
volume. By November 30, 2003, CBOE expects to have more than 300
option classes available on the system, and more than 500 classes,
representing 90% of U.S. equity options volume, available by
year-end. "The Hybrid Trading System so far has met our
expectations in every way. Preliminary results show that
disseminated bid-ask spreads have tightened, displayed sizes have
increased, while customers continue to benefit from the advantage
of open outcry price discovery," commented William J. Brodsky,
Chairman and CEO, Chicago Board Options Exchange. "Our data shows
that in CBOE classes trading via HyTS, the average displayed size
available for trading has more than tripled." CBOE developed the
Hybrid Trading System, CBOEdirect HyTS, in an effort to further
blend the speed and efficiency of electronic trading with the
benefits of a floor-based, auction market. Many customers prefer
the deep liquidity and opportunity for price improvement available
in an open outcry environment. Answering the demand for the best of
both worlds, CBOE launched CBOEdirect HyTS on June 12, 2003,
creating a unique trading model unlike that of any other options
exchange. CBOE also offers customers a universal access trading
workstation, the CBOE HyTS Terminal, to interface with this
revolutionary trading environment. The HyTS Terminal, developed in
conjunction with Belzberg Technologies, provides customers with
point-and-click electronic access and order routing to CBOE, as
well as other options, futures, and stock exchanges -- all on a
single screen. "The CBOE HyTS Terminal represents a quantum leap in
customer service and is a main portal to CBOE's next generation
trading platform," said CBOE Executive Vice President Edward
Provost. "Demand for this state-of-the-art trading solution has
been overwhelming as customers look to take advantage of a new
level of access to the U.S. financial markets." More information
about CBOEdirect HyTS, including the roll-out schedule, can be
found on a special section of CBOE's website at:
http://www.cboe.com/CBOEdirectHyTS CBOE, regulated by the
Securities and Exchange Commission (SEC), is the creator of listed
options, and the world's largest options marketplace. For
additional information about the CBOE and its products, visit the
CBOE website at http://www.cboe.com/. Belzberg Technologies Inc.
provides the software and networks that enable global, direct
access routing and execution of trades for financial institutions
in the United States, Canada and Europe. Using Belzberg's suite of
integrated trading tools and network connectivity, Belzberg's
customers have direct access to all North American equities and
options markets, as well as major European stock exchanges. The
firm's client-base includes over 125 leading U.S and international
brokerage houses and financial institutions. DATASOURCE: Belzberg
Technologies Inc. CONTACT: Steve Wilson, Chief Financial Officer,
(416) 360-2920
Copyright