OneChicago, the joint venture created to trade single stock futures by Chicago Mercantile Exchange (CME), Chicago Board Options Exchange (CBOE), and Chicago Board of Trade (CBOT), has selected CBOE's screen-based dealing system, CBOEdirect, as its matching engine.
OneChicago will operate exclusively as an electronic exchange, and orders may be entered through either the CBOEdirect electronic platform or via connections to CBOEdirect through access points to CME's Globex electronic trading platform.
William Rainer, chairman and chief executive officer of OneChicago, says: "CBOEdirect will provide our members with the most-efficient arena for trading single stock futures, because it was designed to work with a lead market maker system and is scalable to accommodate our future needs."
The new exchange will implement lead market makers, who will be responsible for providing continuous, two-sided markets for all products in which they are allocated.
CBOEdirect is currently in use at CBOE during extended, pre-opening trading hours.