The Famous American Options Markets

The largest US options market is the ISE (International Securities Exchange) which offers equity, ETF and index options. ISE also offers a range of FX options, primary market maker Timber Hill. There are various levels of membership on the ISE. These range from humble exchange participant (EAMs), to primary market makers (PMMs) and competitive market makers (CMMs). A PMM is assigned to each trading "bin" plus up to 16 CMMs.

FXCMMs have similar duties to CMMs for equity and index markets. FXCMMs may only make markets in FX options. An FXCMM must purchase a license from the exchange via a "Dutch" auction process (starting with a high price that is lowered until some participant says "mine!").

Another famous US option market is the CBOE (Volatility == Opportunity).

Here you can buy:

S&P 500 Index Options (symbol SPX). European options on MAR quarterly cycle (Mar,Jun,Sep,Dec). Expiration date: Saturday following 3rd Friday of expiration month. But can only exercise on last business day before expiration. Strikes are at 5-point intervals, and 25 points for far months.

Last Trading Day:
"Trading in SPX options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated."

Mini S&P Index Options (symbol XSP). European options, Mar cycle. Mini-SPX is 1/10th value of SP index. Strike price min increment is 1 point.

CBOE VIX Index. European options trade on Feb quarterly cycle (Feb, May, Aug, Nov). It is a "market estimate of expected volatility that is calculated by using real-time S&P 500Index (SPX) option bid/ask quotes".

The options trade between 8.30am and 3.15pm Central Time (Chicago time). CDT (Central Daylight time) is 1 hour behind NY. In winter CDT -> CST (central standard time).

The Energy Trading Software Space

olf.com is the home of OpenLink software, an energy trading software firm, founded in 1992 by Coleman Fung. Dallas-based allegro also provides an interesting platform. SunGard EAS also provide commodity-specific screens for power, gas, crude and emission contracts.

Sales managers of such platforms are in demand, such roles require strong sales experience and capability, knowledge of energy and commodity markets and relevant technical or business degree.