CBOE Floor Closure and Related Rule Changes
March 16th | 2020
CBOE announced that it will temporarily close its options trading floor to prevent the potential spread of COVID-19. This means that until the floor closure ceases on May 15, all CBOE activity will be all electronic.
A related rule filing announced three measures intended to ensure an orderly transition from on-floor to all-electronic operations. First, the scope of price improvement auctions has been expanded to approximate the on-floor trading activity in the electronic trading environment. Second, on floor market makers who ordinarily would not have an electronic quoting requirement have been granted relief from such quoting requirements in the electronic environment. The third modification allows the CBOE to make the changes necessary so that certain, traditionally floor-oriented complex order types can function similarly in the electronic environment.
The CBOE floor closure and related modifications are effective Monday, March 16, 2020 and will run through May 15, 2020.