The technology will be used to support floor-based open auction trading. CBOE will provide support services to CBOT, including software installation and training seminars. The agreement is effective immediately and work to transfer the software has already begun.
"This is an important step forward in the continuing cooperation between our two exchanges. 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," said CBOE Chairman and Chief Executive Officer William J. Brodsky. "This is the first time our two exchanges have agreed to share technological resources. It is a collaboration that benefits both exchanges and, potentially, Chicago's entire trading community."
CBOT Chairman Nickolas J. Neubauer said, "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. Working with the CBOE on this agreement has further solidified the good relationship we have with our sister exchange."
"It is very gratifying to reach this agreement with the Chicago Board of Trade," said CBOE Vice Chairman Mark F. Duffy. "I look forward to additional future cooperative efforts that will make our exchanges stronger."
CBOT President and CEO David J. Vitale added, "We have been working with the CBOE on ways where our two exchanges can collaborate on various business initiatives to the benefit of both exchanges. I believe this agreement is another of such efforts."
CBOE, the world's largest options marketplace and creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, access the CBOE web site at www.cboe.com.
The Chicago Board of Trade provides a diverse mix of more than 60 futures and options contracts for commodity, financial and equity products via both open outcry and electronic trading platforms. For more information on the CBOT's markets and products, go to the CBOT web site at www.cbot.com.
