OneChicago selects CBOEdirect trading platform

OneChicago, the joint venture of Chicago’s three derivatives exchanges created to trade single-stock futures, has selected the Chicago Board Options Exchange’s (CBOE) screen-based system, CBOEdirect, as its trading platform.

OneChicago, a joint venture between the Chicago Mercantile Exchange (CME), the Chicago Board of Trade and CBOE, will operate exclusively as an electronic exchange. Orders can be entered directly through the CBOEdirect electronic platform, or through the CME’s Globex electronic futures trading platform that hooks into CBOEdirect.

The OneChicago venture was conceived to develop electronic trading of single-stock futures, which were banned up until the passing of the Commodity Futures Modernization Act legislation passed by the US Congress in December 2000. Proponents of single-stock futures believe the instruments will bring new efficiencies to securities trading, securities lending and corporate hedging activities.

Related story: CBOE's Walsh emerges as OneChicago ops head.

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