Cbot licenses floor trading technology from Chicago options exchange

Cbot licenses floor trading technology from Chicago options exchange

The Chicago Board Options Exchange (CBOE) is to supply technology to support floor-based open auction trading at the Chicago Board of Trade (Cbot).

Under the agreement, CBOE will provide support services to Cbot, including software installation and training seminars. The two exchanges say work to transfer the software has already begun.

CBOT chairman Nickolas Neubauer says: "The technology we are acquiring from the CBOE will add to the efficiency of the handheld devices we currently employ in our open auction marketplace."

The deal is significant, in that it is the first time the two exchanges have agreed to share technological resources.

CBOE chairman and chief executive officer William Brodsky, describes the arrangement as an "important step forward" in the continuing co-operation between the two exchanges.

He adds: "The new agreement will provide CBOT with the technology to take their floor-based trading to another level, while enabling CBOE to offset the cost of developing these new technologies."

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