US-based trade venue Chicago Board Options Exchange (CBOE) has stated that its new all-electronic exchange, C2 Options Exchange, will open on Friday, 29 October 2010.
The new platform will employ a maker-taker fee schedule and a modified price-time matching algorithm for non-proprietary classes. Using a measured rollout over a period of several weeks, C2 plans to list all of the most active option classes and series in the penny pilot.
Rollout of additional classes is expected to take place on Tuesdays and Thursdays, with listings for Ford Motor Company, AT&T, Merck & Co, McDonalds, Texas Instruments, Xerox, and the S&P 500 depositary receipts exchange traded fund among those to be added during the first four days of trading. C2 will also be capable of listing CBOE's exclusive products, including S&P 500 Index options, with plans for those products to be confirmed at a later date.
The new exchange will operate under a separate exchange licence from the CBOE's main trading platform, with its own board of directors, rules, connectivity, systems architecture and access structure. According to CBOE Holdings, more than 30 firms have connected or are connecting to C2.