CBOE Is Split--What Should Be Included In the NBBO?


CHICAGO--The Chicago Board Options Exchange is trying to decide how to best calculate a National Best Bid and Offer (NBBO) for options listings. "We’re having a debate in our own shop as to how to do it," says Tom Knorring, vice president of trade processing at the CBOE.

The US options market is still without a centralized NBBO, although providing that information would be one way to reduce options quote traffic. Vendors could send only the NBBO to those who do not need to see the entire dep

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