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October 18, 2010

Non-Members Get Raw CBOE Feed

By Peter Chapman

Lime Brokerage now offers its customers raw feeds from all eight options exchanges. Since November, the firm had been redistributing the feeds of every exchange except the Chicago Board Options Exchange. It recently got the go-ahead from the CBOE to include its feed, as well. Heretofore, CBOE had limited distribution of its feed to its members.

"With our new relationship with the CBOE, our offering in options market data is now complete," said Lime president and chief executive Jeff Wecker.

Many of Lime's high-speed customers want to take in their options data faster than the consolidated feed is output by the Options Price Reporting Authority, Wecker said. OPRA's feed tends to be slower than the raw feeds coming out of the individual exchanges; it sometimes falls behind in its redistribution of those feeds, he noted. The exec sees value in the raw feeds for "anyone trading significant volume in options that are looking for ways to speed up their algorithms or decision-making capability." That includes traders making markets or working on volatility strategies, statistical arbitrage or general high-frequency trading.

The new feed includes all quotes and trades, as well as other data.


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