The Chicago-based CBOE Futures Exchange LLC (CFE), known by its exchange group operator under the Chicago Board of Options Exchange (CBOE) brand, today announced connectivity to the independent software vendor (ISV) Stellar Trading Systems – which offers a muti-asset trading platform and serves high-frequency trading clients in Europe, Asia and the U.S.
According to the CFE press release, the new connection will enable traders using Stellar Trading Systems’ platform to be able to access CFE’s suite of exchange products such as futures on the CBOE Volatility Index (VIX) which is a popular trading product for trading volatility.
The CFE becomes the nineteenth venue or exchange that Stellar Trading Systems has connected to in the Americas, according to information on the ISV’s website, in addition to twenty venues in other parts of the world that the platform is connected with. The company is also in the process of connecting to the Tokyo Financial Exchange (TFE) and Tokyo Commodities Exchange (TOCOM), as per the information on its website.
Geared for professional traders
Stellar Trading Systems offers an extensive suite of products beyond its trading platform, including an internalisation engine, synthetic spread trading machine, application service provider (ASP) solution, as well as application programming interface (API) for traders to connect their proprietary trading systems, among other solutions for professional futures and options traders.
Steve Thomas, Managing Director, Stellar Trading Systems, commented in the official press release: “CFE is renowned for its innovative futures products. We are delighted to bring our full range of products, including our Quantum Server algorithmic engine, spreadMachine and ultra-low latency ASP and API products to all within the CFE trading community.”
Extended hours in focus
CFE said that in March 2016, the average daily volume (ADV) on VIX futures trading during the extended trading hours was 18,518 contracts and reflected 10 percent of all CFE ADV last month, after the exchange added the extended-hours session in recent years in order to provide international investors in other time zones the ability to trade after the general market session close in the US.
This appears to have been mentioned due to the number of international clients that Stellar Trading Systems has that will be able to trade at the newly connected venue, and that could thus help volumes further during the extended session and overall.
“We are pleased to welcome Stellar Trading Systems and their customers throughout the U.S., Europe and Asia, to the CFE network,” said Andy Lowenthal, Senior Vice President, Business Development, CBOE, commenting in the official press release.
“As interest in CFE’s extended trading hours initiative continues to build, we are seeing a growing number of market participants from outside the U.S. trading VIX futures around the clock. Our connectivity with the Stellar trading community will help enable CFE to expand its reach in these regions and provide even more traders around the world greater efficiency to trade and hedge with CFE’s products, including our flagship product, VIX futures.”
Follows CBOE appointment
The news follows the CBOE announcing earlier this week the appointment of Pamela Culpepper to its management team as Chief Human Resources Officer, replacing Deborah Woods who retired at the end of February after nearly 20 years with the CBOE.
Mrs. Culpepper holds a Bachelor of Arts degree in psychology from the University of Arkansas, and a master’s degree focused on organizational change from California State University. She held prior human resources positions at Wells Fargo Bank, Clorox Company, McKesson Corp. as well as multiple divisions of PepsiCo, and most recently was with communications firms Golin, Inc., according to a CBOE statement.