An electronic system for trading flex options, or options that do not possess standard conditions and, instead, allow clients and brokers to negotiate the terms, such as the strike price and expiration date. Introduced by the Chicago Board of Options (CBOE), CFLEX gives traders all the freedoms and advantages of exchange-traded FLEX options on a low-cost, internet-based, stand-alone, browser-based platform.
Unveiled in 1993, FLEX options were created by CBOE. They began to lose popularity, however, as online trading of other types of options became commonplace, yet FLEX options still required manual servicing. With the introduction of CFLEX, CBOE aims to create a more popular marketplace for its FLEX options