CBOE Enables SPX Variance Strips Trading
The Chicago Board Options Exchange (CBOE) has introduced a process for trading Standard & Poor 500 Index (SPX) variance strips.
The strips are designed to enable the electronic trading of large and complex SPX portfolios in a single transaction.
After execution, CBOE will send strips to its ‘BasketWeaver' post-trade system, which will break up the contracts before clearing through the Options Clearing Corporation (OCC).
"Our SPX Variance Strip process is expressly aimed at qualified professionals, including over-the-counter users," says CBOE chairman and CEO William Brodsky. "The new technology we designed to trade 'V-Strips'─ called 'BasketWeaver'─ is a prime example of how systems' development can be leveraged to power product innovation."
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