Cboe VIX Options to Trade Electronic-Only on Tuesday Due to Temporary Trading Pit Closure Resulting from Burst Pipe

Rhea-AI Summary

Cboe Global Markets announced that options on the Cboe Volatility Index (VIX) will trade electronically today due to a temporary closure of the VIX trading pit caused by water damage from a burst pipe. The trading floor remains open for all other options, including SPX and SPY products. Plans are in place to relocate the VIX trading pit to allow for floor trading to resume on December 28. A status update will be provided later today regarding the relocation.

Positive

• Cboe trading floor remains operational for all other products, ensuring continuity of services.
• Plans to relocate the VIX trading pit demonstrate proactive risk management.

Negative

• Temporary closure of the VIX pit could disrupt trading activities for VIX options.
• Electronic-only trading may limit market participation and liquidity for VIX options.

• All Cboe Options Exchange Products are Available for Trading Today
• Cboe Trading Floor is Open, With Exception of Cboe Volatility Index Options (VIX) Trading Pit
• VIX and VIXW Options to Trade Electronic-Only on Tuesday  
• Exchange Intends to Relocate VIX Pit to Alternate Space and Re-Open VIX Floor Trading on Wednesday

CHICAGO, Dec. 27, 2022 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, announced that options on the Cboe Volatility Index (VIX) will trade electronic-only today. The transition to electronic-only trading for VIX options is the result of the temporary closure of the VIX pit on the Cboe trading floor due to water damage sustained from a burst pipe above the trading floor. The Cboe trading floor will be open and available for all other Cboe Options Exchange products.

As a result of the temporary pit closure, Cboe Volatility Index options (VIX and VIXW) will be available for trading electronic-only, with no open outcry trading, for at least today. The exchange intends to implement contingency plans to relocate the VIX trading pit to an alternate space on the trading floor so that VIX and VIXW options may re-open for floor trading on Wednesday, December 28, alongside electronic trading. An update on the status of the planned VIX pit re-open will be provided later in the day today.   

All other products and areas of the Cboe trading floor, including the S&P 500 Index (SPX and SPXW), Russell 2000 Index (RUT), SPDR ETF (SPY), and all equity options trading crowd spaces are not impacted and will be available for both their regular electronic and open outcry trading. The Cboe Options Exchange is a hybrid market combining open outcry floor trading with electronic trading.

For additional information and updates, please refer to Cboe Options Exchange System Status Notices on the Cboe website.

About Cboe Global Markets, Inc.

Cboe Global Markets (Cboe: CBOE), a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The company is committed to operating a trusted, inclusive global marketplace, providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe and Asia Pacific. To learn more, visit www.cboe.com.

Media Contacts				Analyst Contact
Angela Tu	Tim Cave				Kenneth Hill, CFA
+1-646-856-8734	+44 (0) 7593-506-719				+1-312-786-7559
atu@cboe.com	tcave@cboe.com				khill@cboe.com

CBOE-OE

Cboe®, Cboe Global Markets®, Cboe Volatility Index®, VIX® and XSP® are registered trademarks and Cboe Futures Exchange^SM is a service mark of Cboe Exchange, Inc. or its affiliates. Standard & Poor's®, S&P®, SPX®, and S&P 500®  are registered trademarks of Standard & Poor's Financial Services, LLC, and have been licensed for use by Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.

 

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SOURCE Cboe Global Markets, Inc.

FAQ

Why are VIX options trading electronically on December 27?

VIX options are trading electronically due to the temporary closure of the VIX trading pit caused by water damage from a burst pipe.

When will VIX floor trading resume?

VIX floor trading is expected to resume on December 28, following the relocation of the trading pit.

Are other Cboe options available for trading despite the VIX pit closure?

Yes, all other Cboe options, including SPX and SPY, remain available for both electronic and open outcry trading.

What caused the temporary closure of the VIX trading pit?

The closure was caused by water damage from a burst pipe above the trading floor.

How can I get updates on the Cboe trading status?

Updates on the Cboe trading status can be found on the Cboe Options Exchange System Status Notices page.