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CBOE Holdings To Transition SPXpm From C2 To Hybrid Trading On CBOE

Stocks in this article: CBOE

CHICAGO, Nov. 29, 2012 /PRNewswire/ -- CBOE Holdings (NASDAQ: CBOE) announced plans today to transition its SPXpm product from the company's all-electronic C2 Options Exchange (C2) to Chicago Board Options Exchange (CBOE), where it will be traded on CBOE's hybrid trading model which incorporates both electronic and open outcry trading.  The transition will consolidate the company's entire S&P 500 options product line on one exchange, CBOE. 

(Logo: http://photos.prnewswire.com/prnh/20100614/CG20953LOGO)

The company's pm-settled SPX options (including SPXpm, SPX Weeklys and SPX Quarterlys) will trade in CBOE's hybrid environment under ticker "SPXPM."  Its flagship SPX option, which is a.m.-settled, will continue to trade in CBOE's open outcry environment under ticker "SPX."  The migration of SPXpm from C2 to CBOE is expected to result in increased access and liquidity by exposing the product to an even broader user base. 

"We are very pleased to respond to the evolving trading needs of our customers by consolidating our entire SPX options product line at CBOE," William J. Brodsky, CBOE Holdings Chairman and CEO, said. "This will enable brokers to efficiently execute spreads among all of our SPX products, including SPX, SPXpm, and SPX Weeklys, which is currently one of our fastest growing products."

"Moving SPXpm to CBOE's hybrid trading environment opens up access to a very active SPX trading crowd on the floor of the CBOE," Brodsky added. "Customers who prefer to trade SPXpm electronically may continue to do so, but will have the added benefit of tapping into the additional liquidity we expect to see from our trading floor." 

CBOE invented the weekly option concept to help customers target opportunities tied to specific market events, such as earnings and government reports.  Thus far in 2012, SPX Weeklys trading is up 53 percent. In October 2012 alone, SPX Weeklys options established a record average daily volume of just under 135,000 contracts. Approximately 35 percent of all SPX Weeklys volume comes from open outcry trading, and 65 percent is conducted electronically.    

The company plans to begin transitioning SPXpm options in the first quarter of 2013, pending regulatory approval. 

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