OneChicago will operate exclusively as an electronic exchange, and orders may be entered through either the CBOEdirect electronic platform or via connections to CBOEdirect through access points to CME's GLOBEX® electronic trading platform.
"CBOEdirect will provide our members with the most-efficient arena for trading single stock futures, because it was designed to work with a Lead Market Maker system and is scalable to accommodate our future needs," said William J. Rainer, Chairman and Chief Executive Officer of OneChicago. "The combination of this platform's state-of-the-art technology, coupled with the vast number of experienced liquidity providers that the memberships of our three exchanges possess, will create a dynamic trading environment for this new product."
"CME supports OneChicago's choice of CBOEdirect as the match engine for the new exchange to trade single stock futures," said CME President and CEO Jim McNulty, a member of OneChicago's Board of Directors. "The capabilities of CBOEdirect, combined with GLOBEX electronic distribution channels, will facilitate a unique market-making system designed to add liquidity to the market."
"CBOEdirect was designed to handle individual equity products with a lead market maker capability. The unique functionality of the CBOEdirect platform is ideally suited to OneChicago's market model," said CBOE Chairman and CEO William Brodsky.
OneChicago will implement Lead Market Makers (LMMs), who will be responsible for providing continuous, two-sided markets for all products in which they are allocated. CBOEdirect is currently in use at CBOE during extended, pre-opening trading hours.
