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CBOE History

See "CBOE 40" video:
This video documentary chronicles CBOE's rise from start-up market to leading global exchange, as told through a series of video interviews with CBOE's founders and leaders.

CBOE History


1973

  • CBOE is founded and becomes the first marketplace for trading listed options.

1974

  • New CBOE trading floor opens - a "deck floor" over the main trading floor at the Chicago Board of Trade.

1975

  • CBOE introduces computerized price reporting; CBOE Clearing Corp. becomes The Options Clearing Corporation (OCC), the industry clearinghouse for all U.S. options trades.

1977

  • CBOE adds "put" options; acquires the Midwest Stock Exchange's options business.

1978

  • CBOE introduces Order Support System (OSS), which automates order-routing and limit order book access.

1981

  • CBOE breaks ground on a 350,000-square-foot building, across the street from the Chicago Board of Trade.

1983


1984

  • CBOE moves into its current building in the heart of Chicago's financial district; annual exchange volume tops 100 million contracts for first time.

1985

  • CBOE forms The Options InstituteSM, its educational arm, whose mission is to educate investors around the world about options; introduces the Retail Automatic Execution System (RAES) to facilitate electronic execution of small customer orders.

1986

  • CBOE introduces an Auto Quote system to facilitate firm quotes in less active series.

1987

  • CBOE introduces Electronic Book to provide more timely order execution and fill reports for limit orders.

1988

  • CBOE celebrates its 15th anniversary.

1989

  • Options on interest rates begin trading.

1990

  • CBOE creates LEAPS®, or Long-Term Equity AnticiPation Securities, which feature expirations of up to three years, giving investors the ability to establish long-term positions.

1992

  • Options on sector and international indexes begin trading.

1993

  • CBOE creates the CBOE Volatility Index® (VIX®), which has become the world's barometer of market volatility; CBOE introduces hand-held market-maker terminals; FLexible EXchange® (FLEX®) options, which feature customizable terms, launch.

1994

  • Options on the Nasdaq-100® Index listed; PAR (Public Automated Routing system), a PC-based touchscreen for floor brokers, is introduced.

1997


1998

  • Founding members celebrate CBOE's 25th anniversary.

1999

  • CBOE introduces ROS, the Rapid Opening System, significantly reducing the time traditionally needed to open all options series in a class.

2001

  • CBOE launches CBOEdirect, a state-of-the-art electronic trading platform.

2002

  • CBOE S&P 500 BuyWrite Index (BXM), the first major benchmark for tracking options strategy-based performance, is created.

2003

  • CBOE begins operating a Hybrid trading model that integrates floor and screen-based trading in a single exchange.

2004


2005

  • CBOE creates Weeklys, short-term options with one week until expiration, allowing investors targeted trading strategies around market news and events. Weeklys in SPX and OEX are initial listings.

2006

  • CBOE options contract volume was an all-time record of 674,735,348 contracts (up 44% over the previous year).

2007

  • CBOE introduces CFLEXSM, an Internet-based trading system for FLEX options.

2008

  • Annual exchange volume surpasses one billion contracts for first time.

2010

  • CBOE converts to publicly-traded corporation, CBOE Holdings, with IPO ceremony held on the trading floor; C2SM, an all-electronic exchange, launches.

2011

  • SPXpm, a new, electronic S&P 500 option contract, launches.

2012

  • Annual volume in in VIX options and futures set sixth and third consecutive records, respectively; CBOE CommandSM, a cutting-edge trade engine technology, goes live.

2013

  • New London Hub for European customers becomes operational; preparations begin for launch of 24 hour, 5 day a week trading of VIX futures.

      Visit "Choose CBOE" for additional CBOE historical achievements.