The Chicago-based exchange is set to go live with Vector on futures first then move to its flagship options markets
The CBOE has been the pre-eminent US
options market for as long as anyone can remember but the
exchange is not resting on its laurels, rather the
Chicago-based group is using a tech upgrade and aggressive
pricing to take the fight to rivals, said its chief operating
Ed Provost, president and COO of CBOE
Holdings, told FOW this year will see the start of a technology
upgrade programme at the firm called Vector, an initiative to
make the group’s various trading platforms the
best on the street.
Provost told FOW CBOE has chosen to manage
the project itself rather than use third party tech firms or
consultants – a common ploy among exchanges –
and this should ultimately give CBOE the edge.
He said: "Vector leverages
CBOE’s in-house trading and technology expertise;
that’s a contrast with the strategy in which an
exchange might choose to buy a platform. To that end, we are
augmenting our in-house segregated Vector development team with
external hires of top developers in that space."
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