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sd-10-EFTA01365049Dept. of Justice

EFTA Document EFTA01365049

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The CBOE has data on each option trade and designates the buyer and seller of options as either "customer" or "firm". We attribute "customer" transactions to directional retail investors, and "firm" transactions to hedged market participants The dataset has certain limitations: - The CBOE is only one of several exchanges that list options (with -20% of total volume) - Market maker trades are excluded - The data does not have time stamps (which would have allowed us to see wh

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Dept. of Justice
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sd-10-EFTA01365049
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