CBOE Stock Exchange
- 09:30am - 4:00pm ET for Stocks
- 09:30am - 4:15pm ET for ETFs
The CBOE Stock Exchange formed in 2007 through a partnership between CBOE and four liquidity-providing firms.
CBSX is a fully electronic, multi-asset exchange powered by CBOE's internally developed trade engine, CBOEdirect.
CBSX originally operated a strict price-time priority matching algorithm with high-liquidity rebates for dedicated liquidity providers. In 2010 the exchange inverted its traditional maker/taker pay model designed to attract greater broker-dealer order flow:
- Charges fees to liquidity providers
- Pays rebates to liquidity takers