Cboe to offer optionsXpress' virtual trading platform
19 July 2006 | 1567 views | 0
OptionsXpress Holdings, Inc. (Nasdaq: OXPS) and the Chicago Board Options Exchange, Incorporated (CBOE) today announced an agreement to offer optionsXpress' comprehensive virtual trading platform to the approximately one million investors who utilize the Exchange's award-winning website, CBOE.com, each month.
This agreement offers self-directed investors of all experience levels the ability to learn more about options by using actual market data to execute virtual trades without risking real capital. Features include the ability to view and monitor virtual order status and quotes, and to generate option chains for more complex strategies such as covered calls, vertical spreads, calendar spreads, straddles and strangles.
The platform also allows users to analyze their virtual trading performance and to experiment with advanced order entry types, including Triggers, One Cancels Other (OCO), One Triggers Other (OTO), Trailing Stops and Contingent Orders. This unique service is being offered by CBOE free of charge to registered users through the "Trading Tools" section of CBOE.com.
CBOE's decision to add optionsXpress' virtual trading platform to its website was a result of the exchange's commitment to educate retail investors about the use of options in portfolio management.
"There is no better way to learn than through hands-on experience, and the optionsXpress virtual trading platform is an invaluable tool for putting theory to practice and testing investing strategies," said CBOE Executive Vice President of Business Development, Edward Provost. "This state-of-the-art simulated trading system significantly enhances the learning experience and takes CBOE's investor education offerings to a new level."
Lou Friedmann, Executive Vice President of Marketing for optionsXpress, said that virtual trading has been one of the brokerage's most popular educational offerings, used by many of its 189,700 customers.
"When we created virtual trading at optionsXpress, we knew the experience had to duplicate the real-world investing experience or else it simply wouldn't be effective," said Friedmann. "Individuals who use CBOE.com can now practice with our virtual trading service as a complement to the CBOE's outstanding tools and information."