Magazine article Modern Trader

CBOE Going Hybrid. (Return Volley)

Magazine article Modern Trader

CBOE Going Hybrid. (Return Volley)

Article excerpt

The International Securities Exchange (ISE) has continually gained market share in its short existence at a time when overall equity option volume has dropped and likes to describe itself as the market leader in equity options. In fact, in early 2003, the ISE has dethroned the Chicago Board Options Exchange (CBOE) as volume leader in individual equity options. But the CBOE is finally answering the challenge with its Hybrid trading system -- expected in May -- that will allow market makers on the trading floor to post bids and offers and reveal the entire pool of liquidity to customers.

"You can hit bids and take offers now, but what is existing now doesn't reflect the total pool," says CBOE Chairman and CEO Bill Brodsky. "In the hybrid you will see the whole size of the crowd. It will be a tighter bid/ask spread and it will be [for] bigger size and orders will be filled automatically. …

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