Chicago Board Options Exchange [SEP] stock exchange
Chicago Board Options Exchange


The Chicago Board Options Exchange (CBOE), located at 400 South LaSalle Street in Chicago, is the largest U.S. options exchange with annual trading volume that hovered around 1.27 billion contracts at the end of 2014. CBOE offers options on over 2,200 companies, 22 stock indices, and 140 exchange-traded funds (ETFs). The Chicago Board of Trade established the Chicago Board Options Exchange in 1973. The first exchange to list standardized, exchange-traded stock options began its first day of trading on April 26, 1973,
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Cboe Global Markets


Cboe Global Markets is an American company that owns the Chicago Board Options Exchange and the stock exchange operator BATS Global Markets. Founded in 1973 by the Chicago Board of Trade and in member owned for several decades, on March 11, 2010 the Chicago Board Options Exchange (CBOE) filed paperwork to launch an initial public offering and began trading on the NASDAQ stock exchange on June 15, 2010. In September 2011, CBOE Stock Exchange (CBSX) entered into an agreement to acquire the National Stock Exchange. The acquisition was completed
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Interactive Brokers


allowed on the trading floor. Timber Hill joined the Options Clearing Corporation in 1984, the New York Futures Exchange in 1985, and the Pacific Stock Exchange and the options division of the NYSE the following year. Also in 1985, the firm joined and began trading on the Chicago Mercantile Exchange, the Chicago Board of Trade and the Chicago Board Options Exchange. In 1986, the company moved its headquarters to the World Trade Center to control activity at multiple exchanges. Peterffy again hired workers to sprint from his offices to the exchanges
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OneChicago


Act of 2000 legalized U.S. trading in single-stock futures, and two exchanges began operations in November 2002. OneChicago began as a joint venture of the Chicago Board Options Exchange, the Chicago Mercantile Exchange, and the Chicago Board of Trade. The other exchange, NQLX (owned by Euronext.liffe), closed in December 2004 and assigned its remaining contracts to OneChicago. In 2006, IB bought 40% of OneChicago, with Chicago Mercantile Exchange and CBOE each retaining 24% and the remainder belonging to the Chicago Board of Trade and
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Single-stock futures


joint venture of three previously-existing Chicago-based exchanges, the Chicago Board Options Exchange, Chicago Mercantile Exchange and the Chicago Board of Trade. In 2006, the brokerage firm Interactive Brokers made an equity investment in OneChicago and is now a part-owner of the exchange. Single stock futures values are priced by the market in accordance with the standard theoretical pricing model for forward and futures contracts, which is: where F is the current (time t) cost of establishing a futures contract, S is the current price
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Midwestern United States


world. The Chicago Board of Trade (established 1848) listed the first ever standardized "exchange traded" forward contracts, which were called futures contracts. As a major world financial center, the city is home to the headquarters of the Federal Reserve Bank of Chicago (the Seventh District of the Federal Reserve). The city is also home to major financial and futures exchanges, including the Chicago Stock Exchange, the Chicago Board Options Exchange (CBOE), and the Chicago Mercantile Exchange (the "Merc"), which
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David Segel


as an options market maker and open outcry trader. Segel has traded as a member of the Coffee Sugar Cocoa Exchange, the Pacific Stock Exchange, the Chicago Board Options Exchange, London International Financial Futures and Options Exchange, and the Eurex Exchange. In 1999 Segel founded a London-based derivatives trading firm Mako Global, a leader in market making of pricing and risk in stocks, bonds, commodities and financial exchange derivatives across major markets. Segel began investing in media interests in 2007, founding Mpower Pictures with Steve McEveety,
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Binary option


the first half of 2017, 697 people reported losses totaling over £18 million. In the United States, the Securities and Exchange Commission approved exchange-traded binary options in 2008. Trading commenced on the American Stock Exchange (AMEX) and the Chicago Board Options Exchange (CBOE) in May and June 2008. AMEX (now NYSE American) offers binary options on some exchange-traded funds and a few highly liquid equities such as Citigroup and Google. On the exchange binary options were called "fixed return options" (
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TradeStation


(DTCC), Options Clearing Corporation (OCC) and the National Futures Association (NFA). It is a licensed securities broker-dealer and a registered futures commission merchant, and is also a member of the Boston Options Exchange, Chicago Board Options Exchange, Chicago Stock Exchange, International Securities Exchange and NASDAQ OMX. The company’s technology subsidiary, TradeStation Technologies, Inc., develops and offers strategy trading software tools and subscription services. Its London-based subsidiary, TradeStation International Ltd, a Financial Services Authority authorized brokerage firm
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Economy of Chicago


Bank of Chicago. The largest banks in the Chicago region (by % of deposits) are: JPMorgan Chase, Bank of America (through its acquisition of LaSalle Bank), BMO Harris Bank (a BMO subsidiary), and Northern Trust. The largest banks headquartered in Chicago are: Northern Trust, BMO Harris Bank, Wintrust Financial, and First Midwest Bank. Many financial institutions are in the Loop. Chicago has five major financial exchanges, including the Chicago Stock Exchange (CHX), the Chicago Board Options Exchange (
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Chicago


Crerar, John Whitfield Bunn, Richard Teller Crane, Marshall Field, John Farwell, Julius Rosenwald and many other commercial visionaries who laid the foundation for Midwestern and global industry. Chicago is a major world financial center, with the second-largest central business district in the United States. The city is the seat of the Federal Reserve Bank of Chicago, the Bank's Seventh District. The city has major financial and futures exchanges, including the Chicago Stock Exchange, the Chicago Board Options Exchange (CBOE), and the Chicago
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London International Financial Futures and Options Exchange


, the Blackstone Group and Battery Ventures invested £44m in Liffe to finance the commercial development of the trading platform so that it could be sold to other exchanges. Liffe went on to sell the technology to three exchanges, TIFFE (now renamed the Tokyo Financial Exchange) (2001), the Chicago Board of Trade (2003) and the Tokyo Stock Exchange (2008). Early in 2001 LIFFE said that it had returned to profit. In September that year the exchange announced that it had received a number of expressions
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Donald Luskin


a market maker on the Chicago Board Options Exchange (where he helped pioneer index options trading, executing the very first OEX contract) and the New York Stock Exchange, where he traded the first option contract in the NYSE's history. In 1984 Luskin joined Jefferies & Co., a brokerage firm. There as senior vice president, he invented POSIT, a crossing network enabling institutional investors to exchange entire portfolios with each other. POSIT was later spun out of Jefferies as a separate publicly traded company, Investment Technology Group. In
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First Options of Chicago, Inc. v. Kaplan


the "working out" of debts to First Options of Chicago, Inc. incurred as a result of the October 1987 stock market crash (and later losses) by Manuel Kaplan, his wife, and his wholly owned investment company, MK Investments, Inc. (MKI). First Options is a firm that clears stock trades on the Philadelphia Stock Exchange. When First Options' demands for payment went unsatisfied, it sought arbitration by a stock exchange panel. MKI, which had signed the only workout document containing an arbitration agreement,
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CBOE DJIA BuyWrite Index


of a strategy in which an investor buys a portfolio of the 30 stocks in the DJIA, and also sells (or writes) covered call options on the DJIA Index. Investors have used exchange-listed options to engage in buy-write strategies since the 1970s, but prior to 2002 there was no major benchmark for buy-write strategies. In 2000 and 2001, options portfolio managers requested that the Chicago Board Options Exchange develop benchmark indexes for buy-write strategies. The CBOE S&P 500 BuyWrite Index (BXM) was
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2010 Flash Crash


Options Exchange sent a message saying that NYSE Arca was "out of NBBO" (National best bid and offer). The Chicago Board Options Exchange, NASDAQ, NASDAQ OMX BX and BATS Exchange all declared self-help against NYSE Arca. SEC Chairwoman Mary Schapiro testified that "stub quotes" may have played a role in certain stocks that traded for 1 cent a share. According to Schapiro: Officials announced that new trading curbs, also known as "circuit breakers", would be tested during a six-month trial
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Dan Dorfman


from his wife Iris, and had one daughter, Leah Dorfman Kelly. His daughter died on November 30, 2008. He remarried, Harriet Kasenetz Dorfman, and until his death resided in New York City. As a CNBC "stock picker" in the mid-1990s, Dorfman's commentaries were closely followed by stock market traders. Stocks would move sharply as soon as a stock pick by Dorfman would be announced on CNBC. The Chicago Board Options Exchange went as far as to instituting a "Dorfman Rule", where exchange authorities
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NYSE Arca


NYSE Arca, previously known as ArcaEx, an abbreviation of Archipelago Exchange, is an exchange on which both stocks and options are traded. It was owned by Intercontinental Exchange. It merged with the New York Stock Exchange in 2006 and now operates as a subsidiary of the NYSE Group, Inc. It is headquartered in Chicago. Early reports indicated that NYSE Arca may have played a role in the 2010 Flash Crash. In November 1994, Stuart Townsend and Gerald Putnam founded TerraNova Trading LLC, an electronic securities exchange, in Chicago.
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CBOE S&P 500 BuyWrite Index


in which an investor buys a portfolio of the S&P 500 stocks, and also sells (or writes) covered call options on the S&P 500 Index. Investors have used exchange-listed options to engage in buy-write strategies since the 1970s, but prior to 2002 there was no major benchmark for buy-write strategies. To develop the CBOE S&P 500 BuyWrite Index (ticker BXM), the Chicago Board Options Exchange commissioned Professor Robert Whaley of Vanderbilt University. In April 2002, the index was announced with the publication of
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Foreign exchange option


the International Securities Exchange, Philadelphia Stock Exchange, or the Chicago Mercantile Exchange for options on futures contracts. The global market for exchange-traded currency options was notionally valued by the Bank for International Settlements at $158.3 trillion in 2005. For example, a GBPUSD contract could give the owner the right to sell £1,000,000 and buy $2,000,000 on December 31. In this case the pre-agreed exchange rate, or strike price, is 2.0000 USD per GBP (or GBP/USD 2.00 as it is typically quoted)
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Chicago Stock Exchange


The Chicago Stock Exchange (CHX) is a stock exchange in Chicago, Illinois. The exchange is a national securities exchange and Self-Regulatory Organization, which operates under the oversight of the U.S. Securities and Exchange Commission (SEC). The Chicago Stock Exchange is currently located at 440 South LaSalle Street (FOUR40). Founded on March 21, 1882, in 1949, the Chicago Stock Exchange merged with the regional stock exchanges St. Louis Stock Exchange, Cleveland Stock Exchange and Minneapolis-St. Paul Stock Exchange to form the
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Charles Henrotin


Company and the Union Stock Yards Company, as well as large financial interests in Europe. He was the principal founder of the Chicago Stock Exchange, and was its president for three terms. Henrotin was one of the founders of the Chicago Stock Exchange, and was also elected its chairman and president the same year he founded it, in 1882. He helped establish the Chicago Board of Trade, and was a director of the World's Fair at Chicago. He became a member of the New York Stock Exchange in 1886.
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BATS Global Markets


Bats Global Markets was a global stock exchange operator based in Lenexa, Kansas, with additional offices in London, New York, Chicago, and Singapore. Bats was founded in June 2005, became operator of a licensed U.S. stock exchange in 2008 and opened its pan-European stock market in October 2008. As of February 2016, it operated four U.S. stock exchanges, two U.S. equity options exchanges, the pan-European stock market, and a global market for the trading of foreign exchange products. Bats is now owned by
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Bill Lipschutz


Exchange Options Group and the New York Foreign Exchange Trading Desk. In 1989 he was named the Managing Director and Global Head of Foreign Exchange. Lipschutz participated in the development of both the exchange-traded and over-the-counter foreign exchange option markets. He has held a number of elected and appointed positions in the foreign exchange industry, including as a member of the Board of Governors of the Philadelphia Stock Exchange, as vice chairman of the Foreign Exchange Options Committee of that exchange, as a member of the Ad Hoc
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New Orleans Stock Exchange


, it was announced that Walter D. Kingston Sr. had been elected president of the New Orleans Stock Exchange. In 1959, the exchange board voted to merge with the Midwest Stock Exchange in Chicago. With the merger, Walter D. Kingston was president of the New Orleans Stock Exchange, with all eligible stocks on the New Orleans exchange transferred to the Midwest exchange. Also, Kingston said that "all transfer agents and registrars [for handling stocks] of New Orleans issues will remain solely in our city, to the benefit of
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Metropolitan Stock Exchange


The Metropolitan Stock Exchange (MSE) is one of India's eight stock exchanges recognised by the Securities and Exchange Board of India (SEBI).. It offers an electronic platform for trading in capital market, futures and options, currency derivatives, Interest Rate Futures (IRF) and Debt Market segments. Its current shareholders include Indian public sector banks, private sector banks, investors and domestic financial institutions. The Metropolitan Stock Exchange of India (MSE) (formerly known as MCX Stock Exchange Limited) was recognized by the Securities and
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Terrence A. Duffy


the New York Stock Exchange, the London Stock Exchange and the Hong Kong Exchange. He has served in the chief executive role since November 2016. He joined the CME board in 1995 and has served as chairman since 2002 and as vice chairman from 1998-2002. During his tenure, he led CME Group to become the world's first exchange to demutualize and go public. He also led the company's mergers and acquisitions, most notably when Chicago Mercantile Exchange acquired its cross-town rival Chicago Board of Trade, New
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Alger Chapman Jr.


Alger "Duke" Chapman Jr. was the President and CEO of Shearson, Hammill & Co. and Chairman and CEO of the Chicago Board Options Exchange from 1986 to 1997. Chapman was born to Alger Baldwin Chapman and the former Elizabeth Libby Ives on September 28, 1931, in Portland, Maine. He graduated from Williams College and Columbia University. He worked at the Securities and Exchange Commission and then at the New York Stock Exchange, where he was a Vice President. he then joined Shearson Hammill in 1966. He rose to
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Philadelphia Stock Exchange


Philadelphia-Baltimore-Washington Stock Exchange (often abbreviated as PBW) after those mergers. In 1969, the exchange acquired the Pittsburgh Stock Exchange, and maintained an auxiliary trading floor in Pittsburgh until 1974. On October 22, 1981, trading was halted on both the Chicago Board of Trade and the Philadelphia Stock Exchange after anonymous callers said bombs had been placed in those buildings. In 2005, a number of large financial firms purchased stakes in the exchange as a hedge against growing consolidation of stock trading by the New York Stock
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Owen Graduate School of Management


Symposium in 2008. The research of William G. Christie, Frances Hampton Currey Professor of Management, led to reform of NASDAQ trading practices. Professor Robert E. Whaley is an established expert in derivative contract valuation and risk management, and market operation. He has been a consultant for many major investment houses, security (futures, option and stock) exchanges, governmental agencies, and accounting and law firms. Whaley developed the CBOE Market Volatility Index (i.e., the “VIX”) for the Chicago Board Options Exchange in 1993,
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Implied open


the basis of calculating Implied Open is the price of a "DJX index option futures contract". Note: this is not the same as the price of the DJIA itself. Instead, it is the current ticker price of an option issued by the CBOE Chicago Board Options Exchange. Such an option is a contract that allows purchase or sale of the DJIA at a future date. A theoretical valuation of owning the option, versus outright owning all the stocks in the index. It considers the option price, dividends paid on
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PTI Securities & Futures


using options to lessen the chance of stock investment losses such as the stock market’s major drop in 2008. In the story, Haugh said “… the age of using the option product as an investment risk-management tool is upon us.” Before establishing the firm, Tom and Dan Haugh and their other senior management were traders at the Chicago Board Options Exchange (CBOE). The CBOE lists the company as among Trading Firm Contacts that investors can consider. PTI Securities & Futures is a member of the Securities Investor
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Richard L. Sandor


Lambert, Kidder Peabody and Banque Indosuez. Sandor has served on numerous Exchange committees and boards, including the Chicago Board of Trade (CBOT), the Chicago Mercantile Exchange (CME), IntercontinentalExchange (ICE), London International Financial Futures Exchanges (Liffe) and the International Advisory Board of Marché à Terme International de France (MATIF). Sandor played an advisory role in helping Swiss Options and Financial Futures Exchange (SOFFEX) become the world's first electronic exchange. Teaming up with Boston-based Battery Ventures, Sandor also
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London International Financial Futures and Options Exchange


, but LIFFE remained in the portfolio of the ICE NYSE group under the name ICE Futures Europe. The London International Financial Futures Exchange (LIFFE), established by Sir Brian Williamson started life on 30 September 1982, to take advantage of the removal of currency controls in the UK in 1979. The exchange modelled itself after the Chicago Board of Trade and the Chicago Mercantile Exchange. It initially offered futures contracts and options linked to short-term interest rates. In 1993 LIFFE merged with the "London Traded Options Market" (
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Stock market


countries. Computer systems were upgraded in the stock exchanges to handle larger trading volumes in a more accurate and controlled manner. The SEC modified the margin requirements in an attempt to lower the volatility of common stocks, stock options and the futures market. The New York Stock Exchange and the Chicago Mercantile Exchange introduced the concept of a circuit breaker. The circuit breaker halts trading if the Dow declines a prescribed number of points for a prescribed amount of time. In February 2012, the Investment Industry Regulatory Organization of Canada (IIROC)
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Dan Rostenkowski


Chicago area workers."I make no apology for my efforts to build a stronger Chicago." In the early 1980s Rostenkowski successfully fought off repeated attempts to impose a transaction tax on commodity traders at the Chicago Board of Trade, the Chicago Mercantile Exchange and the Chicago Board of Options Exchange. Such a tax would have been fatal to the exchanges, driving business out of Chicago to overseas markets. Rostenkowski helped secure for the city of Chicago the right to tax passengers flying in and out of its airports. The tax, originally
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Harry Markopolos


he had gathered about Madoff's trades in stocks and options. For instance, he discovered that for Madoff's strategy to work, he would have had to buy more options on the Chicago Board Options Exchange than actually existed. His calculations of Madoff's trades revealed that there was almost no correlation between Madoff's stocks and the S&P 100, as Madoff claimed. Markopolos also couldn't find any evidence the market was responding to any Madoff trades, even though by his estimate Madoff was managing as much as $6 billion –
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John F. Sandner


of the Chicago Board of Trade and the New York Mercantile Exchange. He also served on the Board of the Dubai Mercantile Exchange Under Sandner's leadership, the CME developed: Eurodollar futures contracts, the most actively traded derivatives product in the world; Stock Index futures and options, for which the Merc has become the world trading center; and GLOBEX, the 24/7 global electronic trading system. These products have become central to global finance and have powered global financial markets to new levels. The CME Group trades over $1 quadrillion
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Washington Stock Exchange


Louis, Chicago, Cincinnati, Columbus, and San Francisco. On July 21, 1953, members of the Washington Stock Exchange board unanimously voted to merge with the Philadelphia-Baltimore Stock Exchange. The merger plan had been in negotiations at that point for 22 months under Washington exchange president Fenton Cramer. Cramer asserted that under the agreement, the Washington exchange would become a branch of the other exchange, with little change in actual trading activities expected. He described a major advantage of the merger as the establishment of a modern clearing
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Dubai Gold & Commodities Exchange


futures, and Indian Rupee options. DGCX is the largest global liquidity pool for exchange-traded INR/USD contracts in terms of USD value, ahead of National Stock Exchange of India, Singapore Exchange Limited, Bombay Stock Exchange and the Chicago Mercantile Exchange (CME). DGCX offers precious metals suite consisting of a gold futures contract launched in 2005, India gold quanto futures launched in 2015, and DGCX Shanghai Gold futures, the world’s first offshore Chinese Yuan-linked gold derivative, launched in 2017. In 2018,
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Chicago Stock Exchange


October 29, 1929, the stock market crashed, resulting in a very difficult time period for the Chicago Stock Exchange, and the stock market in general. In 1949, the CHX merged with the exchanges of St. Louis, Cleveland and Minneapolis/St. Paul to form the Midwest Stock Exchange. In 1959, the New Orleans Stock Exchange became part of the Midwest Stock Exchange, and in the early 1960s the Midwest Stock Exchange Service Corporation was established to provide centralized accounting for member firms. In April 1978, the Chicago
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Chicago Stock Exchange


of the exchange and during that year 750 memberships were sold. On May 15, 1882, the Chicago Stock Exchange officially became public and opened its offices, with Henrotin being the first to promote it along with some business associates. In 1894, the Chicago Stock Exchange moved its trading floor to the old Chicago Stock Exchange building, designed by the firm of Adler & Sullivan, which was located at corner of Washington and LaSalle streets. The old Chicago Stock Exchange building was demolished in 1972, but the original trading floor and
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Chicago Stock Exchange


Midwest Stock Exchange. In 1959, the New Orleans Stock Exchange became part of the Midwest Stock Exchange, and in the early 1960s the Midwest Stock Exchange Service Corporation was established to provide centralized accounting for member firms. In 1993 it changed its name back to the Chicago Stock Exchange. The Chicago Stock Exchange was founded in a formal meeting on March 21, 1882. At this time, Charles Henrotin was elected the chairman and president. In April that year, a lease was taken out at 115 Dearborn Street for the location
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Demutualization


profit, shareholder-owned corporation. On November 13, 2000, CME became the first U.S. exchange or commodities exchange to demutualize into a joint stock corporation. The Chicago Mercantile Exchange had its IPO on December 6, 2002. The Chicago Board of Trade similarly carried out an IPO in 2005, having previously been "... a self-governing, self-regulated Delaware not-for-profit, non-stock corporation that serves individuals and member firms." The Hong Kong Exchange underwent similar process of demutualization and was publicly
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CFA Council of India


instruments, the institutional and individual investors, the intermediaries (like investment bankers, brokers, bankers, etc.), the financial analysts, the media, the mutual funds, pension funds, hedge funds, the stock exchanges (like Bombay Stock Exchange, National Stock Exchange, etc.), and the regulators like Securities and Exchange Board of India. The various financial instruments like equity, fixed income securities (like bonds), and derivatives (like options, futures, and swaps) have different risks associated with them
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Rosario Board of Trade


Exchange (ROFEX, ") has traditionally been a futures exchange for commodities and, in more recent times, for financial products such as exchange rate and interest rate options. Its negotiated volume (especially in forward contracts over dollars) makes ROFEX the largest futures market in the country. The Rosario Stock Exchange (', abbreviated MerVaRos) is known as ', after the merger with the Mendoza Stock Exchange. The Rosario Livestock Market ("", abbreviated Rosgan) is an important Argentine livestock auction market, notably for cattle.
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Chicago Mercantile Exchange


Group, a CME/Chicago Board of Trade Company. On January 13, 2008 electronic trading at the Chicago Board of Trade shifted onto CME Globex. On March 17, 2008, the New York Mercantile Exchange (NYMEX) accepted an offer from CME Group, the parent of the Chicago Mercantile Exchange, to purchase NYMEX for $8.9 billion in cash and CME Group Stock. The acquisition was formally completed on August 22, 2008, and the NYMEX systems were fully integrated by September 30, 2009. Agricultural Commodity Contracts include
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Chicago Board of Trade


The Chicago Board of Trade (CBOT), established on April 3, 1848, is one of the world's oldest futures and options exchanges. On July 12, 2007, the CBOT merged with the Chicago Mercantile Exchange (CME) to form CME Group. CBOT and three other exchanges (CME, NYMEX, and COMEX) now operate as designated contract markets (DCM) of the CME Group. The concerns of U.S. merchants to ensure that there were buyers and sellers for commodities have resulted in forward contracts to sell and
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First Business


First Business (full name First Business News) was a nationally syndicated financial news and analysis television program, produced by First Business Network LLC, a subsidiary of Weigel Broadcasting, in Chicago. Anchor Angela Miles, reporters Chuck Coppola and Bill Moller, and executive producer Harvey Moshman brought viewers commentary from the floors of the Chicago Mercantile Exchange and the Chicago Board Options Exchange, as well as from their studios in the West Loop. The program covered the financial and economic markets including equities, futures, options, commodities, foreign exchange
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Philadelphia Stock Exchange


Philadelphia Stock Exchange (PHLX), now known as NASDAQ OMX PHLX, is the oldest stock exchange in the United States. It is now owned by Nasdaq Inc. Founded in 1790, the exchange was originally named the Board of Brokers of Philadelphia, also referred to as the Philadelphia Board of Brokers. In 1875, the Board of Brokers changed its name to the Philadelphia Stock Exchange. The exchange merged with the Baltimore Stock Exchange in 1949 and was named the Philadelphia-Baltimore Stock Exchange. It merged with the Washington Stock Exchange
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Badla (stock trading)


Badla was an indigenous carry-forward system invented on the Bombay Stock Exchange as a solution to the perpetual lack of liquidity in the secondary market. "Badla" were banned by the Securities and Exchange Board of India (SEBI) in 1993, effective March 1994, amid complaints from foreign investors, with the expectation that it would be replaced by a futures-and-options exchange. Such an exchange was not established and "badla" were legalized again in 1996 (with a carry-forward limit of Rs 200 million
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Mortimer Wagar


firm Wagar and Moore, with Wagar taking the side of the business focused on the Consolidated Stock Exchange. By early June 1900, Wagar was a member of the Consolidated Stock Exchange, the Chicago Board of Trade, and the New York Produce Exchange, where he maintained an affiliation until his death. At the annual election for the presidency of the Consolidated Stock and Petroleum Exchange on June 11, 1900, Wagar defeated Charles G. Wilson, who had held the role for fifteen years. According to "The New York Times"
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Interactive Brokers


In 1983, Peterffy sought to computerize the options market, and he first targeted the Chicago Board Options Exchange (CBOE). At the time, brokers still used fair value pricing sheets, which were by then updated once or twice a day. In 1983, Timber Hill created the first handheld computers used for trading. As Peterffy explained in a 2016 interview, the battery-powered units had touch screens for the user to input a stock price and it would produce the recommended option prices, and it also tracked positions and
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Regional stock exchange


New Orleans Stock Exchange, the Richmond Stock Exchange, the San Francisco Curb Exchange, the San Francisco Mining Exchange, and the St. Louis Stock Exchange. Ten stock exchanges closed after the SEC was created, including the Boston Curb Market, the Buffalo Stock Exchange, the Chicago Curb Exchange, the Denver Stock Market, the Hartford Stock Market, the Milwaukee Grain and Stock Exchange, the New York Mining Exchange, the New York Real Estate Securities Exchange, the Seattle Stock Exchange, and the Wheeling Stock Exchange. The New York
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OneChicago


OneChicago is a US-based all-electronic futures exchange with headquarters in Chicago, Illinois. The exchange offers approximately 12,509 single-stock futures (SSF) products with names such as IBM, Apple and Google. All trading is cleared through Options Clearing Corporation (OCC). The exchange is owned jointly by IB Exchange Group (IB), CBOE Holdings, and CME Group. It is a privately held company that is regulated by both the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Commodity Futures Modernization
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Pacific Exchange


Exchange and it began trading options three years later in 1976. In 1999, the exchange became the first U.S. stock exchange to demutualize. The trading floor in Los Angeles was closed in 2001, followed by the floor in San Francisco a year later. 2003 saw the exchange launch PCX Plus, an electronic options trading platform. By 2005, the Pacific Exchange was bought by the owner of the ArcaEx platform, Archipelago Holdings, which then merged with the New York Stock Exchange in 2006. The New York Stock Exchange conducts no
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Budapest Stock Exchange


. Independent market surveillance is made by Hungarian National Bank’s Market Supervision Board. It holds primary responsibility for enforcing the securities laws, proposing securities rules, and regulating the securities industry, the country's stock and options exchanges, and other activities and organizations, including the electronic securities markets in Hungary. With a view to improving the continuity of prices and to avoid mistrades, several protective mechanisms are in place for the trading venues Xetra and Budapest Stock Exchange. These include volatility interruption, market order interruption, and liquidity interruption measures
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VIX


The CBOE Volatility Index, known by its ticker symbol VIX, is a popular measure of the stock market's expectation of volatility implied by S&P 500 index options. It is calculated and disseminated on a real-time basis by the Chicago Board Options Exchange (CBOE), and is commonly referred to as the "fear index" or the "fear gauge." The VIX traces its origin to the financial economics research of Profs. Menachem Brenner and Dan Galai. In 1989, Profs. Brenner and Galai proposed the creation
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Consolidated Stock Exchange of New York


Exchange, which had been operating for around fifteen months. In 1883 the Mining Stock Exchange and the National Petroleum Exchange were consolidated, becoming the New-York Mining Stock and National Petroleum Exchange. On March 24, 1883, the New-York Mining and National Petroleum Exchange had a membership of 479. The exchange also absorbed the competing organizations Miscellaneous Security Board and the New York Petroleum Exchange and Stock Board. The New-York Mining and National Petroleum Exchange merged with the New-York Petroleum Exchange and Stock Board on February
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David Lockton


Docket 82-536) for the real time broadcast of digital data. He successfully negotiated with the Boards of Governors of the New York Stock Exchange, the NASDAQ, and Amex exchanges as well as the Chicago Board of Trade and Commodities Exchange Center to create a low cost “non professional” fee structure for their real time trading information, thereby pioneering a consumer market for real time stock and futures trading. The first nationwide real time wireless data network he created supported the QuoTrek and Signal services which won numerous awards. With
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Santiago Stock Exchange


The Santiago Stock Exchange (SSE) (), founded on November 27, 1893, is Chile's dominant stock exchange, and the third largest stock exchange in Latin America, behind Brazil's BM&F Bovespa, and the Bolsa Mexicana de Valores in Mexico. On December 5, 2014, the Santiago Stock Exchange announced it was joining the United Nations Sustainable Stock Exchanges (SSE) initiative, becoming the 17th Partner Exchange of the initiative. The exchange trades in stocks, bonds, investment funds, stock options, futures, gold
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Philadelphia Stock Exchange


early 2008. On July 24, 2008, the acquisition was completed, creating the third-largest options market in the U.S. As of 2014, the exchange handles trades for approximately 3,600 equity options, 15 index options, and a number of FX options. The PHLX has more than 16% of United States market share in exchange-listed stock and ETF options trading. The exchange's normal trading sessions are from 9:30 am to 4:00 pm on all days of the week except Saturdays, Sundays and holidays declared by the exchange
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CME Group


CME Group Inc. (Chicago Mercantile Exchange & Chicago Board of Trade) is a global markets company. It owns large derivatives, options and futures exchanges in Chicago and New York City using its CME Globex trading platforms. It also owns CME Clearing which provides settlement and clearing of exchange trades. CME Group offers the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. It has been described by "The Economist" as "The
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Julian Knight (executive)


Group. Before joining Man, Julian was Head of Foreign Exchange and Global Head of Sales for Fimat Banque, a wholly owned derivatives subsidiary of French bank Société Générale, where he led a team, irresponsible for producing over US$50million of gross revenue annually, while also becoming the key architect of a number of Futures and Options Exchanges and complex Index Option Currency contracts for the Chicago Mercantile Exchange. He also served as one of the youngest ever Directors of the Board of Advisers of the New York Board of Trade. In addition
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Brian Stutland


he successfully traded options on Enron during the company's rapid collapse. In 2002, he found the floor trading company Stutland Equities LLC. Stutland Equities became one of the first market makers on the Chicago Board Options Exchange. He successfully traded an entire portfolio of stocks, generating returns in excess of 100% on his capital. He became one of the first to trade VIX Volatility futures and options Stutland Equities generated returns in excess of 1% (post winsorization using 95/5 rule) on capital during the market's high volatility during
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Clayton Yeutter


Tokyo Stock Exchange index for futures and options trading. He also encouraged European investors to invest in currency futures and options at the Chicago Mercantile Exchange. More than 400 visits to the Exchange by members of Congress during Yeutter's tenure provided him with political experience that which would become especially valuable when he worked directly with Congress between 1985 and 1993. After working for eight years in the private sector Yeutter returned to public office in July 1985. After Reagan's nomination Yeutter was confirmed by the Senate as U.S. Trade Representative on June 28
18314168
Euronext


would be appropriately filed and a "buyer" or "seller" would be found. Throughout the 17th century, investors increasingly sought experienced brokers to seek information about a potential counterparty. The European Options Exchange (EOE) was founded in 1978 in Amsterdam as a futures and options exchange. In 1983 it started a stock market index, called the EOE index, consisting of the 25 largest companies that trade on the stock exchange. Forward contracts, options, and other sophisticated instruments were traded on the Amsterdam Stock Exchange well before
19733290
S&P 100


and represent about 63% of the market capitalization of the S&P 500 and almost 51% of the market capitalization of the U.S. equity markets as of January 2017. The stocks in the S&P 100 tend to be the largest and most established companies in the S&P 500. The index was started on June 15, 1983. In 1983, the CBOE created the first index options, based on its own index, the CBOE 100. In 1993, CBOE created the Chicago Board Options Exchange Market Volatility Index (VIX), which
12390149
Chicago Stock Exchange


main entrance can now be found at the Art Institute of Chicago. The exchange began to flourish significantly in the late 1880s, with the rate of transactions of stocks and bonds increasing and earning them big profits. In July 1914, the Exchange closed as a result of World War I, and remained closed until December 11. In October 1915, the basis of quoting and trading in stocks changed from percent to par value to dollars. On April 26, 1920, the Chicago Stock Exchange Stock Clearing Corporation was established. On
7551674
Chicago Stock Exchange


Stock Exchange launched an Intermarket Trading System (ITS), a system that allowed orders to be sent from one exchange to another to ensure that customers received the best execution available. In the 1980s, the Chicago Stock Exchange made several technological advancements to improve trading. In 1982, the CHX launched the MAX system, which allowed CHX to be one of the first stock exchanges to provide fully automated order execution. In 1987, the CHX implemented programs to trade Nasdaq securities. In the 1990s, the Exchange had a rebirth,
7551676
Boston Stock Exchange


The Boston Stock Exchange (now NASDAQ OMX BX, formerly "BSE") is a regional stock exchange located in Boston, Massachusetts. The third-oldest stock exchange in the United States, it was founded in 1834. On October 2, 2007, NASDAQ agreed to acquire BSE for $61 million. The Boston Stock Exchange was founded in 1834. In 2002, the BSE co-founded with the Montreal Exchange (MX), a derivatives exchange and Interactive Brokers, a discount brokerage, the Boston Options Exchange (
7551693
New-York Petroleum Exchange and Stock Board


The New-York Petroleum Exchange and Stock Board was a resource and stock exchange in New York City. Founded as the New-York Petroleum Exchange, in 1884 the exchange reported oil clearances amounting to 2,373,582,000 barrels, averaging 7,782,000 barrels per day. That year the exchange also began trading in stocks, bonds, and other securities. The institution merged with the competing exchange New-York Mining and National Petroleum Exchange on February 28, 1885, forming the Consolidated Stock and Petroleum Exchange. By December 1883, the "New York
18567573
Commodity market


market transactions. The U.S. Securities and Exchange Commission ordered U.S. stock markets to convert from the fractional system to a decimal system by April 2001. Metrification, conversion from the imperial system of measurement to the metrical, increased throughout the 20th century. Eventually FIX-compliant interfaces were adopted globally by commodity exchanges using the FIX Protocol. In 2001 the Chicago Board of Trade and the Chicago Mercantile Exchange (later merged into the CME group, the world's largest futures exchange company) launched their FIX-compliant interface. By 2011,
3809829
Joe Ritchie


floor of the CBOE. Later, in his book "Chasing the Wind", Fossett attributed his success as a trader to Ritchie. Ritchie left the Chicago Board Options Exchange (CBOE) in 1976, and returned to trading futures at the Chicago Board of Trade (CBOT). Ritchie continued trading futures when he started Chicago Research and Trading (CRT). CRT returned to the options business when the CBOT started trading options on futures. Chicago Research and Trading (CRT) is an options and futures trading firm founded in
10906940
Chicago Stock Exchange


and in 1993 changed its name back to the Chicago Stock Exchange, reflecting its roots and identity within the Chicago financial community. In 1997 the Chicago Stock Exchange began trading exchange-traded funds (ETFs). At the beginning of the new millennium, several major changes occurred. In 2005, the SEC approved a change of the ownership structure of the CHX from a not-for-profit, member-owned company to a for-profit, stockholder-owned corporation. The CHX now operates as a direct and wholly
7551677
St. Louis Stock Exchange


The St. Louis Stock Exchange was a regional stock exchange located in St. Louis, Missouri. Opened in 1899, in September 1949, the St. Louis Stock Exchange was acquired by the Chicago Stock Exchange, and renamed the Midwest Stock Exchange. The St. Louis Stock Exchange opened in 1899. Trade volume peaked a year later with $44 million. In April 1902, St. Louis Stock Exchange president Alfred H. Bauer announced that committees had been elected to serve for one year terms. The constitution and bylaws of the new exchange were adopted
2003902
Option symbol


An option symbol is a code by which options are identified on an options exchange or a futures exchange. Before 2010 the ticker (trading) symbols for US options typically looked like this: "IBMAF". This consisted of a "root symbol" ('IBM') + "month code" ('A') + "strike price" code ('F'). The root symbol is the symbol of the stock on the stock exchange. After this comes the month code, A-L mean
9223158
New Orleans Stock Exchange


securities laws. The exchange representatives, Fred N. Ogden and Robert R. Wolfe, both attended the conference on April 28, 1941 to discuss proposed amendments to the Securities Act to be presented to Congress that May. In November 1948, the New Orleans Stock Exchange was invited to take part in meetings concerning the formation of a new Consolidated Regional Exchange, along with representatives from the Cleveland Stock Exchange, Cincinnati Stock Exchange, St. Louis Stock Exchange, Minneapolis-St. Paul Stock Exchange and Chicago Stock Exchange. On January 30, 1958
19521884
T+2


trades on a stock exchange, and any other conditions need to be handled on an "off-market" basis. The two-day settlement period applies to most security transactions, including stocks, bonds, municipal securities, mutual funds traded through a brokerage firm, and limited partnerships that trade on an exchange. Two-day settlement has also been the convention in the off-exchange foreign exchange market well before exchanges moved to this convention. Government securities, stock options, and options on futures contracts settle on the next
16151012
Market maker


an exchange to guarantee that they will take a position in a particular assigned security, option or option index. Most foreign exchange trading firms are market makers and so are many banks. The market maker both sells to and also buys from its clients and is compensated by means of price differentials for the service of providing liquidity, reducing transaction costs and facilitating trade. Market makers that stand ready to buy and sell stocks listed on an exchange, such as the New York Stock Exchange or the London Stock Exchange, are called "
6732754
Kennedy Mitchell


, Triumvirate Capital, began to work with financial vehicles specifically dedicated to single-stock futures. He currently serves as the Founder and Chief Investment Officer of the Bedford Investment Group LLC. Mitchell also introduced new option trading strategies based on the VIX Volatility Index, published by the Chicago Board Options Exchange (CBOE), that were featured in numerous "Barron's Magazine" articles. These articles popularized his trading approach and resulted in the index value being published in every subsequent version of the magazine. Mitchell is the great-grandson
3698849
Pacific Exchange


Archipelago Holdings in 2005, which merged with the New York Stock Exchange in 2006. Pacific Exchange equities and options trading now takes place exclusively through the NYSE Arca platform. Its history began with the founding of the San Francisco Stock and Bond Exchange in 1882 and the Los Angeles Oil Exchange in 1899. In 1956, the San Francisco Stock and Bond Exchange and the Los Angeles Oil Exchange merged to create the Pacific Coast Stock Exchange, though trading floors were maintained in both cities. In 1973, it was renamed the Pacific Stock
7322379
Baltimore Stock Exchange


destroyed by the Great Baltimore Fire. In 1906, exchange member Edwin S. Zell filed suit against the Baltimore Stock Exchange in an appeal concerning whether exchange members were allowed to sell their memberships to others. During a financial crisis, on August 5, 1914, the "New York Times" reported that the New York Stock Exchange and all regional exchanges had voted to close, including Baltimore, the Boston Stock Exchange, the Philadelphia Stock Exchange, the Pittsburgh Stock Exchange, and others for Detroit, St. Louis, Chicago, Cincinnati
20497749
National Stock Exchange (Jersey City, New Jersey)


The National Stock Exchange (NSX) is an electronic stock exchange based in Jersey City, New Jersey. It was founded March 1885 in Cincinnati, Ohio, as the Cincinnati Stock Exchange. In 1995 it moved headquarters to Chicago, Illinois, and it was renamed the National Stock Exchange in 2003. After demutualizing in 2006, it moved headquarters to Jersey City. In 2011, CBOE Stock Exchange acquired the National Stock Exchange, with both exchanges operating under separate names. The NSX ceased trading operations on February 1, 2017,
10106905
Option (finance)


(bought back) at specified prices at the issuer's option. Mortgage borrowers have long had the option to repay the loan early, which corresponds to a callable bond option. Options contracts have been known for decades. The Chicago Board Options Exchange was established in 1973, which set up a regime using standardized forms and terms and trade through a guaranteed clearing house. Trading activity and academic interest has increased since then. Today, many options are created in a standardized form and traded through clearing houses on regulated options exchanges,
13409549
Futures exchange


Amsterdam-Brussels-Lisbon-Paris Exchanges "Euronext" electronic exchange to form the first transcontinental futures and options exchange. These two developments as well as the sharp growth of internet futures trading platforms developed by a number of trading companies clearly points to a race to total internet trading of futures and options in the coming years. In terms of trading volume, the National Stock Exchange of India in Mumbai is the largest stock futures trading exchange in the world, followed by JSE Limited in Sandton, Gauteng, South Africa. Exchange
11757107
Coimbatore Stock Exchange


Coimbatore Stock Exchange Limited, (CSE) is a defunct stock exchange in Coimbatore, India. It was granted recognition as a stock exchange by the Securities and Exchange Board of India (SEBI) in 1991. In 1999, the exchange had refrained from restraining its members from furnishing unlimited personal guarantee to other exchanges. The Exchange had failed to renew its licence with the SEBI in 2006, and in 2009, it made a formal request to the board to exit the trading business in 2009. Prior to it becoming defunct,
19157869
San Francisco Stock and Bond Exchange


talks to have the SF Stock Exchange be named the San Francisco Curb Exchange or Association, with the name 'San Francisco Stock Exchange' to become the property of the Stock and Bond Exchange. Upon the ratification of the agreement, there would be ninety days for corporations with stocks "on the unlisted board [of the San Francisco Stock and Bond Exchange] to meet listing requirements or to be transferred to the Curb board, where "another probationary period will ensue in which Curb requirements may be met." It was said
734164
Chicago Stock Exchange


(the CHX Matching System). The National Stock Exchange ceased trading operations on May 30, 2014, bringing the number of active stock exchanges in the United States to 11. Wrote "Bloomberg", that left "just one public exchange, Chicago Stock Exchange Inc., that isn't owned Bats, Nasdaq OMX Group or IntercontinentalExchange Group Inc." On February 5, 2016, Chongqing Casin Enterprise Group, a Chinese led investment group, entered into a definitive agreement to acquire CHX Holdings, Inc., the parent corporation of the
7551679
Thomas Peterffy


privately held company that is regulated by both the Securities and Exchange Commission and the Commodity Futures Trading Commission. The OneChicago corporate headquarters is located in the Chicago Board of Trade Building in Chicago's financial district. OneChicago offers approximately 2,272 single-stock futures (SSF) products with names such as IBM, Apple and Google. All trading is cleared through Options Clearing Corporation (OCC). OneChicago currently operates the only U.S. based securities futures marketplace. Peterffy owns 75% of Interactive Brokers and his net worth is estimated at $19.5
21094389
New-York Petroleum Exchange and Stock Board


join the National Exchange. The "Times" reported on August 8, 1884 that "An animated meeting of the New-York Petroleum Exchange was held yesterday afternoon for the purpose of considering the subject of amending the constitution of that Exchange so as to permit the members to trade in stocks, bonds, and other securities." On September 24, 1884, the Governing Committee of the New York Stock Exchange (NYSE) sent notices to Stock Exchange members who were also New-York Petroleum Exchange and Stock Board members,
18567576
Robert D. Arnott


: A Better Way to Invest", and co-editor of three other books relating to asset allocation and equity market investing. Arnott has also served as a Visiting Professor of Finance at the UCLA Anderson School of Management, on the editorial board of the "Journal of Portfolio Management", the product advisory board of the Chicago Mercantile Exchange, and the Chicago Board Options Exchange. He previously served as Chairman of First Quadrant, LP, as global equity strategist at Salomon (now Salomon Smith Barney), president of TSA
6344329
San Francisco Mining Exchange


The San Francisco Mining Exchange was a regional stock exchange in San Francisco. Formed in 1862 to facilitate the trading of mining stocks as the San Francisco Stock Exchange, the "Chicago Tribune" described the exchange as "once the West's most flamboyant financial institution." It sold the name San Francisco Stock Exchange to the San Francisco Stock and Bond Exchange in December 1927 and was renamed the San Francisco Mining Exchange. The exchange agreed to deal solely in mining securities as part of the same deal, and also sold its building
8149233
Swap (finance)


Most swaps are traded over-the-counter (OTC), "tailor-made" for the counterparties. Some types of swaps are also exchanged on futures markets such as the Chicago Mercantile Exchange, the largest U.S. futures market, the Chicago Board Options Exchange, IntercontinentalExchange and Frankfurt-based Eurex AG. The Bank for International Settlements (BIS) publishes statistics on the notional amounts outstanding in the OTC derivatives market. At the end of 2006, this was USD 415.2 trillion, more than 8.5 times the 2006 gross world
19428890
Bernie Madoff


hedge his stock purchases. At least as early as 2001, Harry Markopolos discovered that for Madoff's strategy to be legitimate, he would have had to buy more options on the Chicago Board Options Exchange than actually existed. Additionally, at least one hedge fund manager revealed that she balked at investing with Madoff because she didn't believe there was enough volume to support his purported trading activity. Madoff admitted during his March 2009 guilty plea that the essence of his scheme was to deposit client money into a Chase account, rather than
15684475
Mexican Derivatives Exchange


The Mexican Derivatives Exchange (MexDer) is an futures and options exchange in Mexico, located in the same building as the Mexican Stock Exchange and a subsidiary of the same owning group. MexDer claims that its formation was first formally discussed in 1994. It actually began operations December 15th, 1998. In September 1999, the Board of Directors of MexDer approved a project to create an electronic trading system. Before that time it had been operating as an open-outcry market. The new system, "SENTRA-DERIVADOS,"
10224348
Barbados Stock Exchange


a Board of Directors, which is chaired by the General Manager. The Barbados Stock Exchange is among the four major regional Caribbean stock exchanges. The other three being the Jamaica Stock Exchange, the Eastern Caribbean Securities Exchange, and Trinidad and Tobago Stock Exchange. The BSE is the third largest stock exchange in the Caribbean region. The BSE along with officials from Jamaica and Trinidad and Tobago are working to integrate these stock exchanges into a single unit known as the Caribbean Exchange Network (CXN) The Trinidad and Tobago exchange has mooted
2654100
S&P 500 Index


full-sized contract and /ES for the E-mini contract that is one-fifth the size of /SP) that track the index and trade on the exchange floor in an open outcry auction, or on CME's Globex platform, and are the exchange's most popular product. Additionally, the Chicago Board Options Exchange (CBOE) offers options on the S&P 500 as well as S&P 500 ETFs, inverse ETFs and leveraged ETFs. On October 11, 2007, S&P index set a milestone with its all-time intraday
7215828
Kansas City Board of Trade


's soft red winter wheat. The exchange facilitated the transfer of ownership of the futures and options contracts through the open outcry system. In 1982, the exchange introduced Value Line futures, making it the first exchange offering a stock index futures contract. Options on Value Line futures were introduced in 1992. As of December 12, 2004, the Value Line futures began trade solely through an electronic trading platform. Value line futures have since been de-listed. Tours, available by appointment on trading-day mornings, enabled visitors
8782178
EDX London


EDX London was a derivatives exchange managed by the London Stock Exchange that was absorbed into the Turquoise trading platform in 2011. The market was set up in 2003 to combine the liquidity and expertise of the LSE with advanced derivatives technology offered by Sweden's OMX AB. Members of EDX could trade either standardised or flexible futures and options on indices or single stocks. Trading took place on the three Scandinavian linked exchanges, the Stockholm Stock Exchange, Copenhagen Stock Exchange, and Oslo Børs as well as some Russian stocks. The exchange utilised
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