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  • 29 Apr 2013 at 6:11 PM

Misplaced Confidence At The CBOE

CBOE Holdings Inc. technology staff knew of software issues in the hours before the largest U.S. options exchange suffered a three-hour outage, according to people briefed on discussions among CBOE officials.

Staffers at the company, which operates the Chicago Board Options Exchange, were confident they could fix the issues, CBOE executives have told colleagues and others outside the company. One area of focus by CBOE Thursday and Friday has been whether the exchange should have moved to a backup system to be safe, the people briefed on the discussions said….

The CBOE suffered a drop in its market share in some contracts Friday. One trader likened the volume drop to the company being sent to the “penalty box.” Read more »