The Chicago Board Options Exchange (CBOE) is the largest U.S. options exchange. CBOE was founded in 1973 as the first U.S. options exchange to offer standardized, listed options on an organized market.
CBOE offers equity, index and ETF options, as well as a number of proprietary products, including S&P 500 options (SPX) and CBOE Volatility Index (VIX) options.
CBOE operates a Hybrid Trading System, combining electronic and open outcry trading. CBOEdirect, CBOE's proprietary, electronic platform, also supports CBOE Futures Exchange (CFE), CBOE Stock Exchange (CBSX) and OneChicago.
An innovator in the industry, CBOE launched options on broad-based stock indexes after negotiating exclusive contracts on the S&P 100 Index (OEX) and the S&P 500 Index (SPX).
CBOE Holdings, Inc. ("CBOE Holdings") is the holding company for the Chicago Board Options Exchange, Incorporated ("CBOE") and other subsidiaries. CBOE Holdings began trading on NASDAQ on June 15, 2010, under the ticker symbol CBOE.
Broker-dealers and market-makers pay fees on either side of trades, while public customers trade without paying fees whether they are adding or removing liquidity.
Products and product innovations from CBOE through the years include: