Chicago Board Options Exchange

www.cboe.com
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Chicago Board Options Exchange Reviews

Updated June 14, 2015
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Chicago Board Options Exchange CEO Edward T. Tilly
Edward T. Tilly
1 Rating

44 Employee Reviews

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  1. Helpful (4)

    Great company for men!

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Helpdesk in Chicago, IL
    Former Employee - Helpdesk in Chicago, IL

    I worked at Chicago Board Options Exchange full-time (More than 5 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    great location, lots to do and the trains drops you off right by work. there are so many choices right out front for lunch. Location can't be beat.

    Cons

    There is a lot of shady people that work here. It's completely obvious that most employees do not like working for this company. I can't think of one manager that is actually a decent manager. There are so many managers who scream for really no reason at all. The people who should be managers will never be a manager. You will be be abused and taken advantage of if you work here. If you are a woman be prepared for constant sex jokes. You will just have to deal with it. If you complain to HR they will get rid of you somehow! You will be laid off so just relax and enjoy the culture as I roll my eyes. The HR people are clueless. Never go to them about anything. Like ever!

    Advice to Management

    just like congress - you all should be fired and let true leaders lead!


  2. Helpful (6)

    the best company for baby boomers One Among the Worst Companies to work around in Chicago Area

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Regulatory Engineer in Chicago, IL
    Former Employee - Regulatory Engineer in Chicago, IL

    I worked at Chicago Board Options Exchange full-time (More than a year)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    None about the Company
    1. Downtown Chicago
    2. Lot of Places to eat
    3. After work entertainment

    Cons

    news Facts: 1. The U.S. Securities and Exchange Commission levied its first-ever fine against a stock exchange for oversight issues, docking the Chicago Board Options Exchange $6 million for allegedly failing to enforce or even understand rules designed to prevent illegal short-selling.

    2. CBOE fix for bug that halted trading

    Google above and you will see why its not worth working here.

    1. There is no work culture here to describe. Its like wild west regarding various departments from communication to responsibilities. The older managers are judgmental based on appearance, income , place of living etc. If you have seen movies office space and wolf on wall street this company will resemble a mix of both the movies.
    2. Most Managers and Directors are Yes Men to C level executives to keep their jobs because they can't find anywhere else and will blame it on subordinates and team members. Some managers don't have proper 20th and 21st century social skills and are not fit for hiring at other places.
    3. The average age of employees here is more than 50 years. Mostly Wild west and redneck old boys network. Couple of Managers I heard suffer from psychological disorders, hypertension and will get angry or moody for no reason and will swear a lot. The longer you stay here one get more institutionalized.
    4. People work in Silos here and there are no learning opportunities since most of the technologies haven't changed from late 80's and early 90's. Its harder for current employees to find job outside of their company due to limited exposure.
    5. Only a few managers are educated beyond high school and few directors and executives beyond undergraduate degrees. Few of the Managers , directors and executives have community college degrees. Education is not a requirement but swearing is a must.
    6. There are no software development standards system wide and have been following what was done in early 80's and 90's in mainframe technology. They are more about sticking to the unrealistic timeline for production with no time for testing the products which caused issues like the market halt in 2013
    7. Pay is less than the industry standard in Chicago and there are are no growth opportunities. There are software Engineers with 20+ years here with no changes to title and pay.
    8. Nowadays there is no innovation here and its mostly about keeping the system alive without failures and patch work for keeping it running.
    9. Public has realized about CBOE Shenanigans based on news in Particular and recent recession and trading volume has reduced in their exchanges.
    10. Lot of Ratings Agencies have changed CBOE to sell after their quarterly report

    Runaway from this Hell

    Advice to Management

    Nothing because you cannot teach Old Dog's new Tricks . Time to close CBOE


  3. Helpful (4)

    Go elsewhere

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Chicago, IL
    Former Employee - Anonymous Employee in Chicago, IL

    I worked at Chicago Board Options Exchange full-time (More than a year)

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    Not many pros. Convenient location , nice coworkers

    Cons

    Poor management top to bottom in the regulatory group. Lack of strategy, training. Nothing here to motivate.


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  5. Helpful (4)

    look elsewhere

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Chicago Board Options Exchange full-time (More than 8 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    good location in downtown Chicago

    Cons

    Management is not the best


  6. Its a good place to work if you don't want to work hard.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Manager in Chicago, IL
    Former Employee - Manager in Chicago, IL

    I worked at Chicago Board Options Exchange full-time (More than 3 years)

    Neutral Outlook
    Neutral Outlook

    Pros

    No stress. Its very laid back.

    Cons

    Its hard to get anything accomplished. Systems and procedures are very outdated and no one cares to update them.


  7. Helpful (4)

    Not A Place For Lifetime Career

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Investigator in Chicago, IL
    Former Employee - Investigator in Chicago, IL

    I worked at Chicago Board Options Exchange full-time

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    * Decent work-life balance. Never had to put in overtime (which full time exempt employees wouldn't get paid for anyway) to get additional work done.
    * Fair entry job to get started in the securities regulation industry. But not the type of place where a lifetime career should be considered.

    Cons

    * Inefficiency in department operation in terms of how work products are analyzed, processed, etc.
    * Poor overall compensation (base pay, bonus, other incentives, etc.) that is quite below the market value for the similar type of position in the industry. This seems to be due to the fact that CBOE went down the path of quantity over quality when they decided to expand its department (general consensus amongst employees (current and former) at CBOE). Also, because of this method of personnel management, employees do not feel valued whatsoever; many feel that they are treated as disposable individuals rather than invaluable assets that can make a difference at work.
    * Department seems to lack accountability. Most of the times, people do not seem to have the desire to take responsibility for their actions.
    * Severe lack of clarity in the criteria for merit, promotion, etc.
    * Absurd level of "training" that hasn't seemed to provide much benefit to the employees' day-to-day activities at work (general consensus amongst employees (current and former) at CBOE). It feels like these trainings are held simply to fill in the number of required hours. Training should strictly be about things that are pertinent to what their teams respectively do.

    Advice to Management

    Just by looking at the Cons, it should be evident enough on what Management should consider. A lot of the Cons noted are the voices of the majority at CBOE. But the problem is nobody wants to even bother listening. A company that seriously cannot listen to the concerns of its employees do not have a bright long-term future; this applies to any type of company.


  8. Helpful (2)

    Old company with management that is still stuck in the paper and pen technology era.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Chicago, IL
    Former Employee - Anonymous Employee in Chicago, IL

    I worked at Chicago Board Options Exchange full-time (More than a year)

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    Co-workers were good people, Liked chicago. Good food in the surrounding area. Prestigious until you pull back the curtain. Decent benefits but not the best.

    Cons

    Conservative Technologically, for a company that is 99% web based now. (very little in person trading going on) Spaghetti for code because they use too many contractors and nobody knows an upper level view of how the trading platform interacts. They actually were unable to remove features from the code because nobody was able to make heads or tails of where to even start removing the code. One big mess, not using any logical structure to the platform. Tech directors hired from old boy network, with no experience in IT. Paper pushers have less operational knowledge of platform than subordinates. Very little opportunity for advancement or autonomy.

    Advice to Management

    Try hiring tech directors with IT experience.


  9. Helpful (3)

    Engineer

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Engineer in Chicago, IL
    Current Employee - Engineer in Chicago, IL

    I have been working at Chicago Board Options Exchange full-time (More than 10 years)

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    Pros

    Pay is good. Location is good.

    Cons

    Some management levels do not have a proper training to understand how to be a good manager.

    Advice to Management

    Go to a class to learn how to be a good manager.


  10. Great financial company to work for.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Programmer Analyst in Chicago, IL
    Current Employee - Programmer Analyst in Chicago, IL

    I have been working at Chicago Board Options Exchange

    Doesn't Recommend
    No opinion of CEO
    Doesn't Recommend
    No opinion of CEO

    Pros

    Privately owned corporation. Very flexible with hours and work day-to-day tasks. No micromanaging of employees. Tasks are very straightforward and relatively easy to accomplish.

    Cons

    Tasks can be very repetitive and mundane. Not much interaction with direct manager (good or bad). Expectations of role are not clearly defined. Sharing of knowledge is sometimes painful. Career path very unclear.

    Advice to Management

    I would suggest taking advice from other companies in the financial district - keep the employees well informed, make clear career paths and promotion availability. Start to require management to live up to higher expectations and not behave like a "family" business, but more like a "top" business in "grandfathering" in management.


  11. Helpful (2)

    Great place to work for pay and financial possibilities. Lacks in system stability and employer-employee line-of-sight.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Programmer Analyst in Chicago, IL
    Current Employee - Programmer Analyst in Chicago, IL

    I have been working at Chicago Board Options Exchange

    Approves of CEO
    Approves of CEO

    Pros

    Great pay. Fairly low stress. Slow learning curve. Low expectations. Firm is (currently) privately held. Downtown Chicago. Nice employee referral program. Great resume stuffer.

    It's a great "in" if you are in the Financial field or have an interest in Options and/or Stock. Lots of knowledgable people who have been around since the early days of CBOE.

    Cons

    Poor working relationships. Poor direct management supervision. Poor performance planning and management. Poor project management. Poor project execution. Low quality technological system.

    There seem to be serious disconnects between the average employee and the overall direction of the company. Projects are often discombobulated, hard to implement, hard to follow, hard to clean up. With multiple projects being implemented, one on top of the other, the quality of the system would seem to be compromised. The employees that have been here for a while often come across as arrogant and can be difficult to work with, requiring other employees to pry information out of them.

    Advice to Management

    Remember to keep the vision and goals of the organization strong and obvious to all levels of employees at the firm and create employee engagement as well as strong career paths.



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