CBOE
2010 Annual Report
  • Chairman Letter
  • Market Leadership
  • Unique Products
  • Trading Technology
  • Industry Advocacy
  • CBOE Holdings
  • Financial Report
Trading Tools Image of Trading Pit

Market participants rely on our technology and infrastructure to provide a high level of performance and reliability—elements conducive to superior trade execution and efficiency—and we continue to commit substantial resources towards advancing our technological capabilities.

In January 2011, Market Data Express, LLC, a subsidiary of CBOE Holdings, launched CBOE Streaming Markets, a new market data service that provides three separate, direct data feeds of real-time quotations and trade information from CBOE, C2 and CBSX.

CBOE Streaming Markets offers subscribers direct access to uncompressed top-of-the-order-book details, regular options or stocks trade information, as well as data on more complex strategies such as spreads, straddles and buy-writes. Users enjoy more streamlined access to market data from liquidity providers than is currently available, with the added benefits of furnishing quotes with reduced latency and enhanced information not available elsewhere.

In September 2010, we introduced the next generation of trader workstation technology. The PULSe trader workstation is a multi-asset, front-end trade management system that offers complete access to real-time market data, streaming quotes and trade management, as well as to CBOE’s Complex Order Book (COB)—all on a single screen. Settings and features such as charting, price data and order logs can be personalized. And perhaps most significantly, users can “point and click” to send their orders to the trading systems of CBOE, C2 Options Exchange (C2), CBOE Stock Exchange (CBSX), and eventually CBOE Futures Exchange (CFE), as well as to other U.S. options and stock exchanges.

The PULSe workstation also provides enhanced customization functionality and is better able to keep pace with the changing nuances in market structure, which vary substantially among the U.S. options exchanges. PULSe is made available through Signal Trading Systems, LLC (STS), which is jointly owned by CBOE and Flex Trade Systems, Inc, a technology services provider known for its strength in designing algorithmic trading systems.

In the world of trading technology, the march of progress never halts. We continually seek advances to make trading more efficient, striving to provide our customers with the most current and comprehensive menu of trading tools and services.

 

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