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The Chicago Board Options Exchange and Market Efficiency

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  • Finnerty, Joseph E.

Abstract

Since call option trading started on the Chicago Board Options Exchange (CBOE) in April 1973, the interest shown by both the investment and academic communities has grown as rapidly as the volume of option trading. In May 1973, the first full month of trading on the CBOE, a total of 34,599 contracts were traded; during 1976, the monthly volume reached 1.5 million contracts on the CBOE and 800,000 contracts on the American Stock Exchange. At present the New York Stock Exchange and certain regional exchanges are evaluating the feasibility of adapting option trading for their respective exchanges.

Suggested Citation

  • Finnerty, Joseph E., 1978. "The Chicago Board Options Exchange and Market Efficiency," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 13(1), pages 29-38, March.
    • Handle: RePEc:cup:jfinqa:v:13:y:1978:i:01:p:29-38_00
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    Cited by:

    1. Alan L. Tucker, 1985. "Empirical Tests Of The Efficiency Of The Currency Option Market," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 8(4), pages 275-285, December.
    2. Michael T. Belongia & Thomas H. Gregory, 1984. "Are options on treasury bond futures price efficiently?," Review, Federal Reserve Bank of St. Louis, vol. 66(Jan), pages 5-13.
    3. Howard Chan, 1997. "The effect of volatility estimates in the valuation of underwritten rights issues," Applied Financial Economics, Taylor & Francis Journals, vol. 7(5), pages 473-480.

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