CHICAGO, May 23 (Reuters) - CBOE Holdings Inc will expand trading hours for futures on the CBOE Volatility Index later this year, after a technical glitch delayed the change, the company’s incoming chief executive said on Thursday.
“We are committed to completing that very important project later this year,” incoming CEO Ed Tilly told the company’s annual shareholders’ meeting in Chicago.
CBOE, operator of the Chicago Board Options Exchange, earlier this month said it was indefinitely deferring plans to increase trading hours.
CBOE had planned to start extending the hours for the contracts at the end of this month, eventually offering nearly around-the-clock trading in its proprietary futures and options to get more business overseas.
However, a half-day outage at the Chicago Board Options Exchange in April and another more limited outage exposed software problems that came about as it prepared for the longer trading day.
Tilly on Thursday said CBOE was “proud of our trading systems.”
CBOE’s proprietary products, led by futures and options on the VIX and the Standard & Poor’s 500 Index, are a centerpiece of the exchange operator’s strategy.