CBOE Wins: ISE Prohibited From Trading "ISE Max Spy Index" Options

November 2, 2012

CBOE Holdings

Chicago, IL - November 2, 2012 - The Chicago Board Options Exchange (CBOE) announced today that the Illinois Court has ruled in favor of CBOE and McGraw-Hill and entered an order that the International Securities Exchange (ISE) would violate a previously-issued injunction if it listed and traded options that ISE calls ""ISE Max SPY Index"" options. The court ruled that these options would constitute options on the S&P 500 Index and would violate the court's earlier injunction that had prevented ISE from listing or providing a market for S&P 500 Index options. CBOE holds the exclusive right to provide a market for options on that index.

""We are pleased that the court correctly prevented ISE from inappropriately introducing a product for which they have no rights to list or trade,"" CBOE Holdings Chairman and CEO William J. Brodsky said. ""This decision short-circuits ISE's ongoing attempts to gain access to CBOE's exclusive products by misappropriating McGraw-Hill's intellectual property. We will continue to vigorously defend against any and all unlawful intrusions of our rights.""

About CBOE:
CBOE, the largest U.S. options exchange and creator of listed options, continues to set the bar for options and volatility trading through product innovation, trading technology and investor education. CBOE offers equity, index and ETF options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options and futures on the CBOE Volatility Index (the VIX Index). Other products engineered by CBOE include equity options, security index options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P 500 BuyWrite Index (BXM). CBOE is home to the world-renowned Options Institute and www.cboe.com, the go-to place for options and volatility trading resources. CBOE is regulated by the Securities and Exchange Commission (SEC), with all trades cleared by the OCC.

Media Contacts:
Gail Osten
(312) 786-7123
osten@cboe.com

Gary Compton
(312) 786-7612
comptong@cboe.com

Analyst Contact:
Debbie Koopman
(312) 786-7136
koopman@cboe.com

CBOE®, Chicago Board Options Exchange®, FLEX®, LEAPS®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWriteSM, BXMSM, SPXSM, and The Options Institute are service marks of Chicago Board Options Exchange, Incorporated (CBOE). Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services, LLC and have been licensed for use by CBOE .

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