Cboe Global Markets, Inc. (Cboe: CBOE), one of the world’s largest exchange holding companies, today announced it plans to reopen its Cboe Options Exchange (C1) trading floor in Chicago and resume trading operations on the floor in a modified manner on Monday, June 8, 2020.
Trading on C1, Cboe’s hybrid open outcry and electronic exchange, has been available in an electronic-only trading mode since March 16, 2020. The C1 floor reopening plan is designed to accommodate open outcry trading activity, while prioritizing the safety and well-being of the trading floor community, which includes Cboe associates and trading permit holders (TPHs). Upon reopening, the floor will operate under rigorous precautionary measures to limit exposure to the novel coronavirus (COVID-19).
Ed Tilly, Chairman, President and Chief Executive Officer of Cboe Global Markets, said: “A global community of market participants finds tremendous value in our hybrid model, which has always provided best-in-class liquidity and access through open-outcry and electronic trading mechanisms. Since the temporary closure of our floor, the Cboe team has worked tirelessly to provide electronic solutions to replicate the benefits of floor trading. As a result, our markets continued to function well and allowed investors to express their views and manage risk throughout this period of extreme market conditions. Still, customers have awaited a return to hybrid trading at Cboe and all of the unique benefits it provides. We look forward to satisfying that demand and welcoming back our trading floor community.”
Following close consultation with an infectious disease expert, Cboe has developed and will implement extensive health and safety protocols, which currently include, but are not limited to: reconfiguring the trading floor layout to allow for social distancing and capacity limits, the wearing of face coverings, enhancing daily cleaning and sanitizing procedures, conducting medical screenings at entry points of the building, and restricting trading floor access only to trading floor personnel who the TPH organization has notified Cboe of in advance. All individuals on the Cboe trading floor will also be required to comply with new standards of conduct related to COVID-19. Given the safety protocols in place, Cboe expects approximately 50% of the trading floor participants to return on June 8 to the newly reconfigured and larger trading space.
While Cboe’s Chicago trading floor in the 400 South LaSalle Street building will reopen, the Cboe office in Chicago, along with the company’s other locations across the globe, remain closed. All Cboe staff, with the exception of a limited number of essential personnel, is continuing to work remotely. Cboe is closely monitoring developments around COVID-19 and guidance provided by governmental and public health agencies.
