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FOR IMMEDIATE RELEASE


CBOE And NASDAQ Announce New BuyWrite Index Based On The NASDAQ-100 Index

Chicago, IL and Burgenstock, Switzerland - September 9, 2005 - The Chicago Board Options Exchange® (CBOE) and The Nasdaq Stock Market, Inc. (NASDAQ: NDAQ) announced today that they have signed an agreement for CBOE to calculate and disseminate the CBOE NASDAQ-100 BuyWrite Index (BXN). The new index is calculated using options on the NASDAQ-100 Index® (NDX) - a worldwide benchmark that tracks the performance of some of the largest non-financial companies listed on NASDAQ®.

The new CBOE NASDAQ-100 BuyWrite Index (BXN) is a benchmark index that measures the performance of a theoretical portfolio that sells NASDAQ-100 Index (NDX) call options against a portfolio of the stocks included in the NASDAQ-100 Index. A "buy-write," also called a covered call, generally is considered to be an investment strategy in which an investor buys a stock or a basket of stocks, and also sells ("writes") call options that correspond to the stock or basket of stocks. This strategy can be used to enhance portfolio returns and reduce volatility.

"We are very pleased to partner with NASDAQ in offering this exciting new product," said CBOE Chairman and CEO William J. Brodsky. "The NASDAQ-100 Index is one of the most recognized and widely followed indexes in the world, and by joining it with CBOE's proprietary, buy-write methodology, we have created another tool that will provide portfolio managers and investors of all sizes with an important new benchmark against which to measure the performance of a buy-write strategy or fund."

John Jacobs, Executive Vice President of NASDAQ Financial Products, said, "The CBOE NASDAQ-100 BuyWrite Index will give investors a strategic opportunity to use a product linked to a portfolio of industry-leading companies. This new benchmark has been developed in response to demand from a wide spectrum of industry interests who have a variety of risk preferences and return requirements."

The CBOE NASDAQ-100 BuyWrite Index is jointly owned by CBOE and by NASDAQ. CBOE is now calculating and disseminating the BXN price at the end of each trading day. Historical daily values for the BXN are available dating back to December 30, 1994. For more data and information about BXN and its use as a portfolio management tool, please visit http://www.cboe.com/BXN.

Key points about the new BXN Index and NDX options include the following:
- The BXN Index was set to 100 at its base date of December 30, 1994, and it rose to 318.53 by September 2, 2005, an increase of more than 218%.

- An investor who had engaged in the hypothetical BXN buy-write strategy since year-end 1994 would have written NASDAQ-100 options twelve times per year and would have taken in options premiums at an average rate of approximately 3.3% per month.

- The BXN Index has had less than two-thirds the monthly volatility of the NASDAQ-100 Index; with a buy-write strategy, options premiums can help cushion downside moves, but upside moves can be limited.

- The average daily volume in NASDAQ-100 (NDX) options on the CBOE has risen to more than 23,700 contracts this year (up 400% since 2002).

In addition, CBOE also calculates and disseminates the CBOE NASDAQ Volatility Index (VXN). The VXN volatility index is a risk sentiment indicator for the NASDAQ-100 Index and a key measure of market expectations of near-term volatility conveyed by NASDAQ-100 stock index option prices. For more information on VXN, see http://www.cboe.com/VXN.

CBOE, the world's largest options marketplace and the creator of listed options, is regulated by the SEC. For additional information about the CBOE and its products, access the CBOE website at: http://www.cboe.com/

NASDAQ® is the largest electronic screen-based equity securities market in the United States. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com/ or the NASDAQ Newsroom at http://www.nasdaq.com/newsroom/


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