{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,13]],"date-time":"2026-10-13T09:46:13Z","timestamp":1791884773212,"version":"4.3.4"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":34,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Over 20% of U.S. options volume trades on physical floors, almost exclusively in S&amp;amp;P 500 index options. We exploit the COVID-19 closure of the Cboe floor to identify the impact of floor trading. The floor attracts complex trades, particularly the riskiest trades. During the closure, Cboe activated electronic auctions to execute complex orders. When electronic auctions were withdrawn, the cost of complex trades more than doubles, while costs for simple trades are mostly unchanged. During the closure, the riskiest trades become much less prevalent. The floor facilitates the most difficult trades, but raises the cost of less difficult ones.<\/jats:p>","DOI":"10.2139\/ssrn.6850360","type":"posted-content","created":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T13:41:18Z","timestamp":1785332478000},"source":"Crossref","is-referenced-by-count":0,"title":["Not Dead Yet: Options Trading Floors"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-7662-5152","authenticated-orcid":true,"given":"Luca","family":"Galati","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Terrence J.","family":"Hendershott","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0009-0004-6750-5094","authenticated-orcid":true,"given":"Saad","family":"Khan","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Ryan","family":"Riordan","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"key":"ref1","author":"A Anand","year":"2025","journal-title":"Does Internalization Impact Quote Competition? 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