CBOE sells equities and options execution platform

CBOE’s Livevol X platform has been acquired by Sterling Trading Tech.

CBOE will sell its trade execution platform for US equities and options, Livevol X, to equities and futures technology provider, Sterling Trading Tech (STT). 

The Livevol X platform carries out complex orders through the use of algorithms and supports risk analysis for portfolios. 

The platform will be renamed Sterling VolTrader and STT plans to improve its features through further investment.

CBOE will continue to host the Livevol X platform during the transition period to ensure the continuity of service for current clients, although STT is already able to onboard new clients.

Farid Naib, CEO at STT, explained while the firm has a number of trading platforms which offer option capabilities, “Livevol X represents a more powerful, analytics-based, option trading system that considerably broadens our offerings for advanced option traders.”

Jim Nevotti, president of STT, added: “Our intent is to continue to develop and evolve the platform to better serve existing and future clients.”

CBOE completed its acquisition of Bats Global Markets for over $3 billion earlier this year, as it looks to branch out into the European equities and ETF market.

At the time of the announcement, CEO at the exchange operator, Edward Tilly, explained: “Bats' market data expertise will allow CBOE Holdings to develop new products using the company's index calculation capabilities."