CBOE Hybrid, CBOE's hybrid trading system, is designed to provide customers the best of both the electronic and open outcry worlds. By blending CBOE's leading trading floor technology with the state of the art electronic trading platform CBOEdirect, CBOE Hybrid is a composite of the most valuable aspects of screen-based and floor-based trading environments. With CBOE Hybrid, the speed and efficiencies of a screen-based trading environment are melded with the liquidity and price-discovery of a floor-based, open outcry marketplace.

With CBOEdirect as its trade engine, and features such as point & click execution against displayed quotes, enhanced liquidity by remote participants and automated complex order handling, as well as the opportunity for price improvement in both the electronic and open outcry arenas, CBOE Hybrid provides the realization of a "best of both worlds" trading environment.

For trading desks, CBOE is now marketing to its members and their customers a choice of two Hybrid Trading System (HyTS) Terminals: the Belzberg HyTS Terminal and the Nexa HyTS Terminal. A HyTS Terminal is a multifunctional trading solution workstation that offers users connectivity to the CBOE and all other U.S. options exchanges, as well as complete access to options market data, streaming quotes and order management-all on a single screen.

CBOE supports a variety of connectivity options, including FIX protocol 4.2, CBOE's proprietary interface CMi, or the CMS-based COMPASS connection.

Connectivity is also provided by Independent Software Vendors who have written to one of the APIs. CBOE market makers may choose from among the ISVs listed to provide their quoting needs for CBOE Hybrid.

For more information about CBOE Hybrid please contact us.