(Reuters) — CBOE Holdings Inc. will defer the planned launch of a longer trading day for one of its most lucrative and popular products after software changes led to two outages in recent weeks.
CBOE CEO William Brodsky, speaking to analysts after the company reported first-quarter results, gave no indication of how long the review of its systems would take. CBOE had expected to begin to phase in a longer day for trading of futures on the CBOE Volatility Index at the end of this month, and eventually had expected to add trading hours for its main stock-options exchange as well.
Brodsky also said the exchange is working on plans to get its backup system up and running more quickly. Last Thursday CBOE failed to open for half a day because of a software bug that turned up after the exchange had begun preparing for the longer trading hours.
A week later CBOE had to delay the open in a subset of options for about 10 minutes, again blaming problems related to preparations for the longer day.
Brodsky said today that the delay in allowing investors the ability to trade its products was "unacceptable."
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