CNBC @ Cboe: Live from Chicago 6/25/26

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**Kelly Evans** (0:54)
You're listening to The Exchange. Here's today's show.
Thank you very much, Scott. And live from the iconic city of Chicago, from the Cboe trading floor, home of market makers and traders carrying on a tradition here that has lasted for more than five decades, and is now where we see some of the most innovative products in the market. I'm Kelly Evans, along with Brian Sullivan. He's way behind me back there in the pits with the traders. Brian, we'll see you in a second. We're all glad to be here. What better welcome for CNBC, by the way, than this Wrigley Field, home of the Cubs.
Thank you for this incredible welcome to the city of Chicago. We'll talk more about their city's whole array of sports teams, Brian, later this hour.

**Brian Sullivan** (1:45)
Yeah, it's amazing. And you know, Kelly, I'm married to a Chicagoan, so that Wrigley Field sign, I love it very much. So look at all these people back here. This is still a massive part of the trading process. One of the most important exchanges in the entire world. A lot of the stuff you may buy or sell or want to buy or sell comes through here. And we have got a huge show coming up from Chicago over the next two hours. Look at this lineup. Chicago Fed President, Austin Goolsbee, John Rogers, Ariel Investments, the CBO CEO, Craig Donohue. Hey, this is his house. So everybody back there, you better behave.
Michael O'Grady, CEO of Northern Trust, Bill Nygren of Oakmark Funds, and maybe a few surprises all along the way.
It is going to be a fun and big two hours. All right, so we know this. The CBO formally welcomed CNBC to their trading floor earlier this year because we got this tall drink of water here from Virginia. Oliver Renick, he has been part of the action since day one. Here he is.

**Oliver Renick** (2:48)
Great to have you guys.

**Brian Sullivan** (2:49)
We got, by the way, three high school Virginians here.

**Oliver Renick** (2:52)
That's right.

**Brian Sullivan** (2:53)
Winchester.

**Oliver Renick** (2:54)
Yeah.

**Brian Sullivan** (2:54)
Warrington and Lexington.

**Oliver Renick** (2:56)
The 5-4-0 party, another way to put it.

**Brian Sullivan** (2:58)
So first, before we get into all the day's action today, we got Mike, we got a lot of stuff going on. What's it like being here? Because this is so critical, the men and women that are here, this is still so critical to the way the financial markets operate.

**Oliver Renick** (3:10)
Yeah, it's amazing. The first thing that you realize is that there's no other place like it in the world, literally. This is the last standing bastion of physical trading in a world that generally people think has been taken over by algos. But, as you can see, it's not the case. The best way to think about this floor is something between a giant and very loud insurance market and a big poker room. Most of what's happening behind you is big institutional market makers generating income by selling options. Now, as we know, the price of insurance, though, can change very quickly. Like today, we talked about Wendy's. People know about what happened with GameStop.

**Brian Sullivan** (3:45)
It's all the Reddit thing. I mean, Wendys is now the Wall Street Fed stock.

**Oliver Renick** (3:50)
That's right. Save the spicy, baby.

**Brian Sullivan** (3:52)
They didn't get a frosty reception.

**Oliver Renick** (3:55)
What's amazing about it is that people think some of that stuff sounds far-fetched, but really what people have done, retail traders, they're using the options market as a big GoFundMe basically. That's what they do with GameStop. And if you think it sounds wild, Micron this morning is right now up 15%.
The pricing of the options last night going into that report, we're looking for 10%. These are the smartest guys in the business and they were looking for a 10% move. We went double that.