CBOE Statement On Today's Court Ruling In Favor Of CBOE In ISE Patent Litigation

April 7, 2014

Chicago Board Options Exchange (CBOE) logo

CHICAGO, IL - April 7, 2014 -- The Chicago Board Options Exchange, Incorporated® (CBOE®) announced today the United States Court of Appeals for the Federal Circuit ruled in its favor in a seven-year-old patent litigation with the International Securities Exchange (ISE), in which ISE claimed that CBOE's Hybrid system infringed ISE's patent for an automated exchange.

"CBOE is pleased that the Court has concluded what we always knew to be true - CBOE does not infringe ISE's asserted patent. Our unique Hybrid trading system, which combines the best features of electronic and open outcry trading, is just one of the many innovations that have made CBOE the leader in the options industry," CBOE Holdings CEO Edward T. Tilly said.

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 Holdings offers equity, index and ETP 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 BuyWrite Index (BXM). CBOE Holdings is home to the world-renowned Options Institute and www.cboe.com, the go-to place for options and volatility trading resources.

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, Execute SuccessSM, SPXSM, The Options InstituteSM, 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.