actant, the leading independent software vendor (ISV) on the Chicago Board Options Exchange, today announced the launch of its index options product on CBOE.
The exchange plans a rolling conversion of all its index products, including the blockbuster S&P 100 (OEX) index, to CBOE Hybrid in the same way that it converted its equity options products in the last twelve months. CBOE holds the largest market share of index options products in US with nearly 70 million contracts trading in the first half – almost all by open outcry.
The transfer to online trading of CBOE's complete suite of index contracts is likely to follow the successful migration earlier this year of the Russell 2000 index (RUT), the first of the CBOE's index product to convert to Hybrid, the exchange's electronic quoting and trading system. CBOE Hybrid has been strongly supported by actant software, with over 160 traders and market makers now actively using the company's AQTOR mass quoting software.
Urs Rutschmann, ceo of actant, said, "After the massive success of our equity options product on CBOE, it made sense to adapt AQTOR to work for CBOE index products, as the exchange converts them to the Hybrid system. We expect the same level of success for index options, as we invest in providing our users the best products and the best support available in the industry."
Separately, actant today announced the opening of a new office in Philadelphia. The office will act as the support base for actant's customers on the Philadelphia Stock Exchange (PHLX) and extends actant's US network of offices in Chicago, New York and San Francisco.
The Philadelphia Exchange's new online trading system, called PHLX XL, is ready for launch, pending approval by the SEC. PHLX XL will enable market makers to electronically deliver streaming quotes producing tighter, deeper markets and allow electronic access to market makers on and off the floor. PHLX has signed an agreement with actant to buy, initially, a minimum of 20 licenses for actant's AQTOR mass quoting system, which they will make available to their members for the first six months of live operation.
Joshua Hodge, managing director of actant North America commented, "We have already received considerable commitment from PHLX members to use AQTOR for PHLX XL, and it has therefore become vital for us to have experienced actant staff on hand to support these users as they make this transition and develop the new business."