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CBOE SYSTEMS ACRONYM DICTIONARY As of February 10, 2004 ABP (Automated Book Priority) Split Price enables RAES-eligible orders to trade with EBook when RAES is available & when the book is the best price, and fill the remainder of the order against the RAES wheel at the autoquoted price when Autoquote is the next best price. Operative in non-Hybrid classes. API – Application Program Interface: Specifies the communication method and messages for one computer system to communicate with another. AQV - AutoQuote ‘V’, as in version 5.0: This is the first version of Autoquote to run on highly available servers. BART - Booth Automated Routing Terminal: The BART system enables firms to maintain orders in electronic format (rather than printing them at the booth) and to route them electronically 1) via ORS parameters to EBook, the Floor Broker (on PAR) or RAES; 2) a Floor Broker in a crowd; 3) a printer in the booth; or 4) a specific PAR terminal. BERS - Booth Entry Routing System: This booth-based facility allows for phoned-in orders to be manually input and sent to ORS by the member firms in a manner consistent with COATS systemization requirements. BO - Back Office systems: A collection of client/server and mainframe systems that support the pre- and post-trade data requirements. This group of systems includes Membership (including Voting), Badges, Jackets & Coatroom (BJC), Integrated Billing (IB), and Integrated Class & Series (ICS). CBOEdirect® – The trade name for CBOE’s new trade engine. CBOEdirect is the basis for Hybrid, ONE, the new CBOE Futures Exchanges and the new (2004) stock trading system. CFE - The CBOE Futures Exchange is a new futures exchange that is owned by CBOE. CFE is a fully electronic exchange that uses CBOEdirect as its trading platform. CMi – CBOE Market interface: The CBOEdirect interface between the CBOEdirect trade engine and member firms. CMTA – Clearing Member Trading Agreement: Trade Match allows executing firms to have the trade cleared at OCC through another specific clearing firm by providing a CMTA firm’s number on a trade record sent to clearing via CBOE’s Trade Match system. COATS – Consolidated Options Audit Trail System: A system to provide a consolidated daily audit trail of quotes, orders and trades for all multiple -listed products from all options exchanges to the SEC pursuant to an SEC requirement and for use in CBOE surveillance. COMPASS - COMMon PASS-through system: COMPASS supports communications with the member firms for handling wire orders, fill reports and trade match data, as well as fill reports going back to the firms. COPP - CBOE OPRA Participant Processor: COPP sends quotes and last sales from CBOE to OPRA in New York. Current peak daily message traffic through COPP is over 30 million quotes (4/4/2000), with a n average of 14.3 million per day for the last four months of 2002. Also see TSS. CTM - CBOE Trade Match system provides a facility for members and firms to access and maintain their trade data. After all the data has been captured it is matched and sent to clearing at the OCC. CWN – CBOE Wireless Network: The communications network used to support both infrared and radio wireless applications on the trading floor. DB - Database: A computerized facility that holds data in a structure designed for easy access. DM – Display Manager: The application which controls the overhead displays on the trading floor, providing market data, underlying, news and other information. DTCC – Depository Trust & Clearing Corporation: The DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgagebacked securities and over-the-counter credit derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. EB or EBook - Electronic Book ("the book"): EBook supports the order book and interfaces with the other core trading systems (TSS, ORS, and RAES) at CBOE. EBFE - Electronic Book Front End: An enhanced user interface to the Electronic Book. EBFE is a windows based client terminal. e-DPM - Electronic Designated Primary Market Makers are a new class of CBOE members that will stream quotes remotely into CBOE’s hybrid market to enhance the liquidity base provided by Designated Primary Market Makers (DPMs). eMM - Electronic Market Maker are floor-based CBOE Market Makers that will be enabled to stream quotes into CBOE while they are away from the floor. ETH – Extended Trading Hours: Trading befo re or after regular (daytime) trading hours. ETN – Electronic Trade Notification: A message sent to a given Handheld indicating that a trade has been done on RAES on behalf of the trader, pending his/her acceptance. FBW - Floor Broker Workstation has functionality to enter, capture and maintain all types of orders from a Booth and Crowd in compliance with COATS systemization requirements. FBW also provides derived order functionality in support of order handling and trading in Hybrid classes. This system is currently provided by a vendor. FIX – Financial Information EXchange: A standard set of messages for communicating orders, fills, quotes and other market data between financial market participants. This standard is maintained by the International FIX organization with a website at www.fixprotocol.org. FLEX – Flexible Options contracts: variable term contracts for which the specifications and trading procedures are provided under Chapter 24A of CBOE Rules. FLEX are traded on a stand-alone system that is not linked to the other floor-trading systems. GUI – Graphical User Interface: The windowed information screens accessed by users of a system, as contrasted with a character-based terminal typical of older technologies. HOSS – Hybrid Opening System: A subset of the Hybrid Trading System used to rapidly open all series in a class simultaneously using both quotes from market participants and resting orders in the book. NonHybrid classes use a similar opening system, or ROS. Hybrid – The trading system is the synthesis of open outcry and electronic trading. Hybrid classes use the CBOEdirect trade engine instead of RAES and EBook. ROS, ABP & LOU are not used with Hybrid. Members send in competitive quotes or ICM orders to participate in trading orders remaining in CBOEdirect or with each other. Open outcry trading continues to be used to address orders routed to PAR or to consummate market-maker to market-maker trades. HyTS Terminal - Belzberg Technologies developed an external terminal used to access the CBOE Hybrid Trading System. IB - Integrated Billing: An application that receives billing feeds for various trading and non-trading transactions and creates the reports and statements used by Accounting to bill members firms. ICM - In Crowd Market Makers are floor-based CBOE Market Makers that can stream quotes or ICM orders into CBOE while they are standing in the trading pit. ICM Orders - Orders sent by ICMs that function as one-sided quotes. Also known as I-orders. ICS - Integrated Class & Series: ICS is a back office system that is used to define all the options products currently being traded at CBOE. ICT – Integrated Case Tracking: The regulatory application and repository that tracks Regulatory Services Division examinations, surveillance, investigations and related information. ILX - ILX is a market data vendor that supplies market data to PCs located on the trading floor. IQOD – Inquiry Order Display: A subsystem of TPF that allows queries to be made on the status of an order submitted to ORS. Use o f this system requires an ORS identification number for each order. HAPS – High Availability Printer System: This system controls the new network-based printers that are being rolled out the trading floor. LAN - Local Area Network: The system of wiring, cables and software that interconnect various computers. LANs provide the linkage for communications between computers. Linkage - (Intermarket Options Linkage Plan): The registered U.S. options markets are linked together on a real-time basis through a network capable of transporting orders and messages to and from each market. The linkage is expected to increase market efficiency, enhance competition, facilitate the offsetting of investor’s orders, and contribute to the best execution of such orders. Linkage is governed by the Options Linkage Authority (OLA) under the conditions set forth by "the Plan" approved by the US Securities and Exchange Commission (SEC). MDH – Market Data Retrieval in Hybrid (i.e. MDR for Hybrid classes) MDR - Market Data Retrieval: MDR contains all reported quotes and last sales in time sequence. It is an audit trail of trading floor transactions. This data is maintained in the TSS system on TPF and then passed to an Oracle database for storage of MDR history. MMHH or MMT - Market Maker Hand Held or Terminal system: Market maker handheld terminals are the end -user devices in the MMT system. The handheld trading devices are touch-screen PCs that connect via wireless communication links or via tethered network connections to application servers (APs), which in turn, connect to the rest of CBOE systems. Mobile PAR - Mobile PAR provides the same functionality as PAR, except it uses mobile terminals that employ RF (radio frequency) wireless communications. Mo-PAR is typically used by non-DPM floor brokers. MSS - Market Surveillance Systems: Systems Development group that supports the Regulatory Division. MVS - Multiple Virtual Storage: An older IBM mainframe operating system. CBOE’s older Back Office systems are built on an MVS platform. NASDAQ - NASDAQ is the largest electronic screen-based equity securities market in the United States. NBBO – National Best Bid and Offer NCC – Non CBOE Computer: The application program interface used between third party software vendors and CBOE systems. NCC is used for MMT, SEF, ROS, and Vendor Quote. NMCB – Non-Member Customer Business: NMS - National Market System OLA - Options Linkage Authority: Five options exchanges formed this group to oversee the Options industry linkage plan. The OCC is the OLA Facilities Manager and BOX is also a member. ONE/OneChicago - The futures exchange that is co-owned by CBOE, CME, and CBOT. OneChicago is a fully electronic exchange that uses CBOEdirect as its trading platform. OO - Object Oriented: A newer development technology that combines data with the rules and methods to access and use the data. This combination of data with rules and methods is known as an object. OPRA – Options Price Reporting Authority: OPRA is a national market system plan that governs the process by which options market data are collected from participant exchanges, consolidated, and disseminated. Consolidated data help ensure that broker-dealers, markets, and investors have the best prices available for an option, from all markets trading that option class. It assists customers in setting the terms of their orders and in monitoring how well their brokers execute their orders. Consolidated data also assist brokers and markets in providing the best execution possible for an order. ORS - Order Routing System: This TPF system handles options orders from member firms that come into CBOE via COMPASS, BERS, FIX/ORS or CBOEdirect. ORS then routes these orders to the appropriate location. ORS offers various parameters to each firm for determining how their orders will be routed. These parameters include marketability, size, contingency information, and market conditions. Destinations include: RAES, PAR, EBook, BART, or crowd printers. In Hybrid trading the CBOEdirect book is used instead of RAES or EBook. OSF – Order Service Firm P – abbreviation for a Principal order in Linkage PA – abbreviation for a Principal-acting-as-Agent order in Linkage PAR - Public Automated Routing system: This system is used by floorbrokers to receive and trade orders. The se orders are delivered electronically by ORS, based on CBOE and member firm routing parameters. PDS - Post Data Server: This server is used for market data distribution and class/series information by various display and processing systems on the trading floor. It is part of the PSP architecture and is considered part of a POD. PSP - Post Support POD: The PSP architecture uses a cluster (POD) of highly available servers at each post to support MMT and PAR. Pulse – An Internet-based alternative to OPRA for members and member firms to get real-time market and other data for CBOE. QRM – Quote Risk Monitor RAES - Retail Automatic Execution System: RAES is operable only in non-Hybrid classes. This system allows eligible retail market (or marketable upon receipt) orders to be executed automatically against a rotating list of market makers or against Ebook (see ABP). The orders are sent in by the member firms through ORS. RCN - Reconfigurable Control Node: The RCN system utilizes market data servers and reconfigurable display systems to provide market data to the overhead monitors in each crowd. RFQ – Request For Quote: A message generated by both the FLEX and SBT systems to obtain a quote for a participant when there is no quote in the market for a particular product. RJE – Remote Job Entry: an older, proprietary (IBM) communication technology, used by CBOE to transmit data and reports between CBOE and member firms. ROS - Rapid Opening System: This subsystem of EBook (operable only in non-Hybrid classes) rapidly opens all series in a class simultaneously using autoquoted prices in combination with orders resting in EBook. The system resides mainly on the TPF mainframe and uses a workstation client for input. A similar opening system (HOSS) is used in Hybrid classes. RMM - Remote Market Makers are a new class of CBOE members that will stream quotes into CBOE to enhance the liquidity base provided by market makers. RTH – Regular Trading Hours S – abbreviation for a Satisfaction order in Linkage. SEF – Stock Execution Firm: A firm connected to CBOE that executes stock orders sent to it by members on the floor from their handheld terminals. SEMS – Stock Exchange Management System: CBOE’s structured products and stock trading system. SEMS will be replaced in 2004 by stock trading on CBOEdirect. SIAC – Securities Industry Automation Corporation: SIAC runs the computer systems and communications networks that power the two exchanges NYSE and Amex and disseminate U.S. equities market data worldwide. SNA – System Network Architecture: an older, proprietary (IBM) network communication protocol. CBOE is in the process of replacing this with TCP/IP. TAT - Trade Acknowledgement Tickets are produced by the ORS/RAES systems as an order is filled. The information is associated with a RAES trade where the trader was the contra. TCP/IP – Transmission Control Protocol / Internet Protocol: The standard protocol used for communication over the Internet and many other networks. TIPS - TIcker Plant System: This system is used to receive and distribute the various outside data feeds (underlying security prices, options quotes, etc.) necessary for maintaining accurate displays on the trading floor. Also calculates selected proprietary index values. TNT – The New Terminal: A Windows workstation that debuted with the start of Decimal trading. TNT supports the following functions: Class Display Update and Market Indicator Update, Fill Reporting, IQOD, BERS, MN - Maintenance, CR - Cancel Report, and CX - Cancel Request. TPF - Transaction Pro cessing Facility: An IBM operating system for mainframe computers designed for high performance. CBOE’s current trade engine for non-Hybrid classes (ROS, ORS, RAES, EBook, TSS, and MDR) is built on the TPF platform. TSS - Trade Support System: TSS holds the product database (class/series), handles the Quote Reporting and Price Reporting functions, and maintains the MDR audit trail. In addition, it is responsible for disseminating all market activity to all internal systems, as well as to the outside world, through COPP. TTT – Trade Through Tickets: Potential NBBO trade -throughs, Firm Quote and Book Priority alerts are reported and printed on tickets for regulatory review. TTTs are handled by Trading Floor Liaisons from Market Regulation. UMA (Ultimate Matching Algorithm) - UMA is the new matching algorithm used for Hybrid trades in the CBOEdirect book. UMA allocates an incoming order to participants based on the number of participants and the size each participant represents. VIC - Volatility Index Calculator calculates and distributes the volatility indices for index options (OEX and SPX). VTATS – Visual Trade Acknowledgement System: A display board or terminal in the Index pits that show RAES trades as they occurred. WAQ – Windows-based AutoQuote: The Windows replacement for the old DOS-based Autoquote Modeler terminals operable in non-Hybrid classes.