CBOE Holdings Reports May 2014 Trading Volume

June 2, 2014

Year-To-Date ADV 17% Ahead of 2013

CHICAGO, IL - June 2, 2014 - CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that May 2014 trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures ExchangeSM (CFE®) totaled 97.08 million contracts. Average daily volume (ADV) was 4.62 million contracts, a five-percent decrease from May 2013 and a nine-percent decrease from April 2014.

CBOE Holdings

CBOE Holdings' year-to-date ADV through May was 5.31 million contracts, an increase of 17 percent from the same period one year ago.

CBOE Holdings Reports May 2014 Trading Volume

CBOE Trading Volume and Market Share

    CBOE Trading Volume:

  • CBOE's May ADV was 4.21 million contracts, a three-percent decrease from May 2013 and a nine-percent decrease from April 2014.

  • Index options ADV was 1.46 million contracts, a five-percent decrease from May 2013 and even with April 2014.

  • Equity options ADV was 1.68 million contracts, a six-percent increase from May 2013 and an 11-percent decrease from April 2014.

  • Exchange traded product (ETP) options ADV was 1.08 million contracts, an 11-percent decrease from May 2013 and a 16-percent decrease from April 2014.

  • The five most actively traded index and ETP options at CBOE in May were S&P 500® Index (SPX), CBOE Volatility Index® (VIX Index®), Standard & Poor's Depositary Receipt (SPY), iShares Trust - Russell 2000® Index Fund (IWM) and PowerShares QQQ Trust (QQQ).

CBOE Trading Volume and Market Share

Expanded May 2014 and year-to-date volume information for CBOE index and ETP options is available at: www.cboe.com/data/monthlyvolume.aspx.

CBOE Market Share:
CBOE's market share of total U.S. options industry volume was 28.0 percent in May 2014, an increase of 3.4 percentage points from May 2013 and an increase of 0.8 of a percentage point from April 2014.

CBOE Market Share

C2 Trading Volume and Market Share

C2 Trading Volume:
C2's May trading volume totaled 5.62 million contracts. ADV was 267,600 contracts, a 32-percent decrease from May 2013 and a 14-percent decrease from April 2014.

C2 Trading Volume and Market Share

*Russell 2000 Index options began trading on C2 on September 3, 2013. Prior period and year-to-date index options include SPXpmSM, which was moved to CBOE from C2 on February 17, 2013.

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C2 Market Share:
C2 market share of total industry volume in May 2014 was 1.8 percent, a 0.6-percentage-point decrease from May 2013 and even with April 2014.

C2 Market Share

*Russell 2000 Index options began trading on C2 on September 3, 2013. Prior period and year-to-date index options include SPXpmSM, which was moved to CBOE from C2 on February 17, 2013.

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CFE Trading Volume and Highlights

  • VIX futures volume during May totaled 3.02 million contracts.

  • VIX futures ADV was 143,946 contracts, a one-percent decrease from May 2013 and a 19-percent decrease from April 2014.

  • Year-to-date through May, VIX futures total volume of 19.14 million contracts is 16 percent ahead of the prior year period, and ADV of 185,837 contracts per day is 17 percent ahead of the prior year period.

  • CFE plans to expand VIX futures trading hours to nearly 24 hours a day, five days a week, beginning Sunday, June 22, 2014, pending regulatory review. The trading week for VIX futures at CFE will begin each Sunday at 5:00 p.m. CT and end on Friday at 3:15 p.m. CT. CFE will close for 15 minutes between 3:15 p.m. CT and 3:30 p.m. CT on Monday through Thursday, when no trading will be transacted. The new trading day on those days will then begin at 3:30 p.m. CT.

CBOE Holdings Average Revenue Per Contract

The following represents the average revenue per contract based on a three-month rolling average, reported on a one-month lag. The average revenue per contract represents total transaction fees for CBOE, C2 and CFE recognized for the period divided by total contracts traded on all three exchanges during the period. Average revenue per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.

 CBOE Holdings Average Revenue Per Contract

About CBOE Holdings
CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board Options Exchange, Incorporated (CBOE), CBOE Futures Exchange, LLC (CFE) and other subsidiaries. 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, Weeklys options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P 500 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