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The image below shows part of the list of equities whose options trade on the CBOE (link). I understand the first three columns (DPM in the third column stands for "Designated Primary Market-Maker"). But what does the last column, "POST/STATION", mean? What is a "post/station"? Why do some entries have it and others don't?

I also noticed that all entries with a DPM have a "post/station", but not all entries with a "post/station" have a DPM. Why is that?

CBOE list of optionable equities

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  • I think it has to do with the location of the specialist on the exchange floor, called a trading post. Around it are station locations and securities trade in open outcry at that location.
    – Bob Baerker
    Commented Apr 29, 2020 at 14:02

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CBOE is one of the few exchanges that still has a trading floor (the options exchanges began to go electronic in 2000) and CBOE themselves went electronic in 2006 with their "Hybrid" trading system, combining electronic and floor trading.

The posts are remnants of the physical trading floor, where a market maker would stand at his 'post' or booth and floor brokers would walk over to the market maker's booth to buy and sell options. However the floor activity is minimal so some firms don't maintain a floor presence. Many firms (including DPMs) only trade electronically.

When I was last at the CBOE trading floor, there was only any significant activity in the SPX options pit and the VIX pit (called "the library" as it is so quiet compared to the SPX pit). SPX options are still exclusively floor traded.

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  • Some options have a post but no DPM (e.g. QCRH in the image above). Why is that?
    – Flux
    Commented Apr 30, 2020 at 6:15
  • There does not have to be a DPM, there may be a competitive market maker (CMM) i.e. another market maker that doesn't want to take on the higher responsibilities of a DPM (e.g. quoting 99% of the time, while a CMM only needs to quote 60% of the time).
    – xirt
    Commented May 2, 2020 at 18:29

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