Chicago Board Options Exchange (CBOE)
The Chicago Board Options Exchange (CBOE) revolutionized options trading by creating standardized, listed options in 1973. Before 1973, options were individually tailored and traded over-the-counter by a few put/call dealers. CBOE established a secondary market where options could be traded. The growth in the use of options propelled CBOE to become the world's largest options exchange, and the second largest securities exchange in the U.S. Today, CBOE captures the largest share of the U.S. options market by trading approximately 700,000 option contracts daily, accounting for over 47 percent of trading in equity options, over 95 percent of index options trading and over 65 percent of all options trading.