January 2, 2008

2007 IS BUSIEST YEAR YET FOR CBOE FUTURES EXCHANGE; Trading Tops One Million Contract Mark For The First Time, Year-End Volume Increases 138% Over Year-Ago

CHICAGO, January 2, 2008 - The CBOE Futures Exchange, LLC (CFE) announced today that 2007 was the busiest year in CFE's four-year history as volume totaled 1,136,295 contracts traded, an increase of 138% over 2006's volume of 478,424 contracts, which was the previous high for annual trading volume. The 1.1 million contracts traded during 2007 was the first time that CFE's annual volume exceeded the one million contracts traded mark. Average daily volume during 2007 was 4,527 contracts, compared to the year-ago average daily volume of 1,906 contracts. At year's end, total exchange open interest stood at 59,131 contracts, up 65% over the 35,751 contracts at the end of 2006.

Volume in CFE's flagship product, VIX futures, which are based on the CBOE Volatility Index (ticker VX), totaled a new record of 1,046,475 contracts in 2007, a 141% rise over the 434,478 contracts traded in 2006. Average daily volume in VIX futures was 4,169 contracts, versus the 1,731 contracts per day from 2006.

Volume in futures on the CBOE DJIA Volatility Index, VXD (ticker DV), totaled 43,555 contracts traded during 2007, increasing 14% over the year-ago total of 38,238 contracts. Trading activity in the CBOE Russell 2000 Volatility Index futures, RVX (ticker VR), totaled 30,011 contracts, while volume in futures on the CBOE NASDAQ-100 Volatility Index, VXN (ticker VN), totaled 3,164 contracts. VR and VN futures were launched on July 6, 2007.

CBOE Futures Exchange
December and Year-End

2007 Volume Summary

December 2007 Volume

% Change vs
Dec 2006
% Change vs

Nov 2007
2007 Total

% Change vs 2006


Average Daily Volume


Open Interest



In December, CFE volume was 92,643 contracts, up 114% from December 2006's volume of 43,258 contracts. Monthly volume in VIX futures totaled 85,565 contracts, a 110% rise over December 2006's volume of 40,739 contracts. Volume in futures on the CBOE DJIA Volatility Index totaled 3,460 contracts traded during December, increasing 68% over the year-ago total of 2,059 contracts. Trading activity in the CBOE Russell 2000 Volatility Index futures totaled 2,979 contracts, while volume in the CBOE NASDAQ-100 Volatility Index futures totaled 326 contracts traded during December.

CFE currently offers futures on seven different contracts, including: the CBOE Volatility Index (VIX), CBOE DJIA Volatility Index (VXD), CBOE NASDAQ-100 Volatility Index (VXN), CBOE Russell 2000 Volatility Index (RVX), CBOE S&P 500 3-Month and 12-Month Variance (VT and VA, respectively), and the CBOE S&P 500 BuyWrite Index (BXM).

CFE, launched in March 2004, is a wholly-owned subsidiary of Chicago Board Options Exchange, Incorporated, offering an all-electronic, open access market model, with traders providing liquidity and making markets. CFE trades are cleared by triple-A rated Options Clearing Corporation (OCC). CBOE Futures Exchange is regulated by the Commodity Futures Trading Commission (CFTC). More information on CFE and its products, including contract specifications, can be found at: www.cboe.com/CFE.

CBOE Media Contacts:

Debbie Baratz
(312) 786-7123

Gary Compton

(312) 786-7612

Analyst Contact:
Debbie Koopman

(312) 786-7136

CFE® is a registered trademark and CBOE Futures Exchange is a service mark of CBOE Futures Exchange, LLC. CBOE®, Chicago Board Options Exchange®, CBOE Volatility Index® and VIX® are registered trademarks of Chicago Board Options Exchange, Incorporated. The methodology of the CBOE Volatility Indexes (VIX, VXD, VXN, RVX) is owned by CBOE and may be covered by one or more patents or pending patent applications. BXM, VXD, VXN, RVX and SPX are service marks of Chicago Board Options Exchange, Incorporated. Dow Jones® and DJIA® are registered trademarks of Dow Jones & Company, Inc. Dow Jones Industrial AverageSM and Options on the DowSM are service marks of Dow Jones & Company. CBOE's Options on the Dow based on the Dow Jones Industrial Average and financial products based on the CBOE DJIA Volatility Index are not sponsored, endorsed, marketed or promoted by Dow Jones and Dow Jones makes no representations regarding the advisability of investing in such products. Nasdaq®, Nasdaq-100® and Nasdaq-100 Index® are trademarks of The Nasdaq Stock Market, Inc. (with which its affiliates are the "Corporations"). These marks are licensed for use by CBOE in connection with the trading of products based on the Nasdaq-100 Index. The products have not been passed on by the Corporations as to their legality or suitability. The products are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S). The Russell 2000® Index is a registered trademark of Russell Investment Group used under license. S&P® and S&P 500® are registered trademarks of the McGraw-Hill Companies, Inc. and are licensed for use by the Chicago Board Options Exchange, Incorporated pursuant to a License Agreement.

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