The CBOE Stock Exchange, a facility of the Chicago Board Options Exchange (CBOE), announced today that it will postpone its February 5th launch date to March 5, 2007 in conjunction with the rescheduling of the Securities and Exchange Commission's Regulation NMS (Reg NMS) Trading Phase Compliance date. CBSX is designed to be fully compliant with Reg NMS rules, so is therefore scheduling its launch date to coincide with the new March 5th effective date.
CBSX plans an aggressive roll-out schedule, and by year-end plans to list the 2800 most actively traded New York Stock Exchange, NASDAQ Stock Market, and American Stock Exchange listed securities as well as Exchange Traded Funds (ETFs) and other listed securities.
CBSX is a fully electronic, Reg NMS compliant marketplace offering strict price-time priority for all participants. Liquidity will be provided by Designated Primary Market Makers (DPMs) and Remote Market Makers (RMMs) with stringent quoting standards to create competitive and deep markets for execution of large-sized orders at the best available price. All market participants will receive industry-leading liquidity and market data rebates, with DPMs and RMMs receiving the highest rebates.Other liquidity providing market participants will be competing on equal footing with DPMs for liquidity and market data rebates. Price-setting competition between CBSX liquidity providers will ensure the market's success as an electronic trading center.
The CBOE Stock Exchange, LLC (CBSX) is a newly created stock trading facility of the Chicago Board Options Exchange, Incorporated (CBOE) and will employ the CBOEdirect trade engine, which currently is used by CBOE and the CBOE Futures Exchange (CFE).
