The Chicago Board Options Exchange (CBOE) has launched a new Large Order Utility (LOU) system enabling the instantaneous execution of large-sized orders that previously were not eligible for electronic execution.
William Brodsky, CBOE chairman and CEO, says: "Electronic executions on any size order, combined with the opportunity for price improvement that LOU provides will be a tremendous benefit for our customers."
LOU is one of a number of new trading systems which are the building blocks of the exchange's new 'hybrid' trading system.
In May 2002, CBOE implemented new Dynamic Quotes with Size technology to enable investors to see in real-time the minimum number of contracts that are available to be traded electronically at a given price.