CBOE, NDAQ, whose the third one? LSE?
We're reaching the point where the exchanges will start to make more money in options than in cash equities. Stocks are a crowded, competitive business. Options are the opposite - the top 3 exchanges control 85% of the market.
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Nasdaq holds ~35% CBOE holds ~30% NYSE holds ~18% MIAX and BOX hold the rest.
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Very interesting observation but 1/slightly US centric if I may say so and 2/ US option model is the 'exception that proves the rule' because the higher value clearing revenue flows to OCC, not the exchange. Options (and futures) model v diff in Europe and elsewhere, obvs.
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Good points, very different landscape in Europe.
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Options were traded OTC and not on a regulated exchange until 1973 when CBOE was founded. There were betting shops for stocks that looked like options, but the modern options market didn't form until the 70s.
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