CBOE, CBSX, & CFE Press Releases

FOR IMMEDIATE RELEASE


CBOE RECORDS MOST ACTIVE MONTHEVER: AVERAGE DAILY VOLUME OF 6.1 MILLION CONTRACTS ON 127.2 MILLION SEPTEMBER VOLUME


CHICAGO, October 1, 2008 - The Chicago Board Options Exchange (CBOE) today announced that September was its most active month ever as 127.2 million contracts changed hands, with an average daily volume (ADV) of 6.1 million contracts. CBOE's September volume edged out the previous monthly record set in July 2008 when 126.2 million contracts were traded. September trading volume also was 89 percent greater than September 2007 volume of 67.2 million contracts.

CBOE's year-to-date volume totaled 899.6 million contracts, up 31 percent from January through September 2007 volume of 686.0 million. Daily trading volume averaged 4.8 million contracts through September 2008.

ETF and Cash Index Records. During September, new CBOE monthly volume records were established both in options on ETFs and cash indexes. ETF option volume reached a record 39.9 million contracts (1.9 million contracts ADV), surpassing the July 2008 record of 34.4 million contracts.Cash index options volume, with a record 29.2 million contracts (1.4 million contracts ADV), beat the August 2007 record of 27.7 million contracts. In addition, ETF options and cash index options volume was 159 percent and 69 percent higher, respectively, than September 2007 volume. Four individual ETF and cash index options also set monthly volume records - options on S&P Depositary Receipts - SPDRs (SPY), iShares MSCI Emerging Markets Index (EEM), S&P 500 Index (SPX), and Russell 2000 Index (RUT).

Equity Option Volume Up. Trading volume in equity options during September totaled 58.0 million contracts (ADV of 2.8 million contracts), a 68-percent increase over September 2007 volume of 34.5 million contracts.

	September 2008 Volume (21 days)	% Change vs September 2007 (19 days)	% Change vs. August 2008 (21 days)	Year-To-Date Volume (189 days)	% Change vs. 2007 (187 days)
Industry Total	374,531,673	+84%	+42%	2,740,387,966	+35%
CBOE Total	127,163,539	+89%	+44%	899,573,197	+31%
CBOE Total ADV	6,055,407	+71%	+44%	4,759,647	+30%
Equity	58,012,402	+68%	+28%	463,710,159	+28%
Equity ADV	2,762,495	+52%	+28%	2,453,493	+26%
Cash-Settled Index	29,181,217	+69%	+55%	187,947,350	+9%
Cash-Settled Index ADV	1,389,582	+53%	+55%	994,430	+8%
ETF Options	39,929,196	+159%	+64%	247,798,127	+64%
ETF Options ADV	1,901,390	+134%	+64%	1,311,101	+62%
Exchange Open Interest	290,744,777	+10%	-2%	---	---

CBOE's September Market Share at 34 Percent Leads Industry

In September, CBOE's market share of total industry volume was 34 percent, up 0.9 percentage points from September 2007 and up 0.4 percentage points from August 2008.CBOE's market share for equity options was 27.8 percent, up two percentage points from a year ago. CBOE also accounted for 89.6 percent of September's industry-wide volume in singly and multi-listed index options combined, up 4.3 percentage points from September 2007.

CBOE Market Share	Sep 2008 Market Share	% Change vs Sep 2007	% Change vs Aug 2008	Year-To-Date Market Share	% Change vs 2007
Exchange	34.0%	+0.9%	+0.4%	32.8%	-1.1%
Equity	27.8%	+2.0%	+0.5%	26.9%	+0.7%
Index	89.6%	+4.3%	+1.7%	87.6%	+1.5%
ETF	29.9%	-1.1%	-2.0%	30.9%	-3.8%

September Highlights:

- The top five most actively traded equity options at CBOE during September were Citigroup, Inc. (C), General Electric (GE), Apple (AAPL), Lehman Brothers (LEH), and Wachovia (WB).

- The top five most actively traded index and ETF options at CBOE during September were S&P 500 Index (SPX), Standard & Poor's Depositary Receipts (SPY), iShares Russell 2000 Index Fund (IWM), PowerShares QQQ Trust (QQQQ), and Financial Select SPDR (XLF). Expanded information on September volume for Index options and ETF options is available at http://www.cboe.com/data/monthlyvolume.aspx.

- Daily/weekly records: Four days during September placed in the top ten volume days during CBOE's 35-year history. The week of September 15 was the busiest ever at CBOE as more than 42 million contracts changed hands; it topped the previous all-time weekly high of 36 million contracts set during the week of July 14, 2008.September 17 and 18 set consecutive all-time, single-day volume records with 9,745,622 and 9,975,464 contracts traded, respectively.Other daily volume records included 426,661 VIX options contracts traded on September 16, and 3,362,681 ETF options contracts traded on September 17.

- On September 17, CBOE's membership voted by an overwhelming margin of 779 to 70 to approve the definitive agreement to settle the Exercise Right litigation between CBOE and CBOT exercise right holders. The agreement is subject to a final review by the Delaware Court, expected to occur in December.

- On September 25, CBOE released a Web page (http://www.cboe.com/ShortSale) that lists recent restrictions involving short sales and how they affect options market participants. The site links to both relevant SEC regulatory changes and CBOE information documenting the various restrictions.

- During the month, CBOE announced introductions of two new options products and one benchmark index:
- CBOE S&P 500 BuyWrite Index Options (BXO), which began trading on September 23, are based on 1/10th the value of the BXM.The CBOE S&P 500 BuyWrite Index (BXM), on which the BXO is based, is a broad-based benchmark index that tracks the performance of a hypothetical BuyWrite (covered call) strategy against a long portfolio of stocks in the S&P 500 Index. For more information, see www.cboe.com/BXM.
- S&P 500 Three-Month Realized Volatility Options (RUH), which will expand opportunities to trade realized volatility measures (as opposed to implied volatility with CBOE Volatility Index options) are expected to begin trading on October 21.Additional details can be found at www.cboe.com/RUH.
- CBOE S&P 500 95-110 Collar Index (CLL), now being distributed through major vendors, is a new benchmark index designed to provide investors with insights on how one might protect an investment in S&P 500 stocks against market declines.Refer to www.cboe.com/CLL for a complete overview.

- On September 23, CBOE added puts for binary options contracts on the S&P 500 Index (SPX) and on the CBOE Volatility Index (VIX). When these contracts were introduced on July 1, only calls were available. Binary options have just two possible outcomes - a payoff of a set amount or nothing at all.

- Year-to-date volume at the CBOE Futures Exchange (CFE) was 26 percent ahead of 2007 with more than 942,000 contracts traded from January through September. CFE volume of 149,418 contracts in September was up 76 percent compared with the September 2007 volume of 84,680 contracts.

- CBOE Stock Exchange (CBSX) recorded its best month ever in September with 378 million shares (ADV of 18 million shares), surpassing the previous July 2008 record of 350 million shares. September's share volume was up 279 percent over September 2007 volume of 90.8 million shares.

- During September, 11 CBOE memberships changed hands - the highest at $2.825 million. From January through September, 100 CBOE seats have been sold.

CBOE, the largest options marketplace in the U.S. and the creator of listed options, is regulated by the Securities and Exchange Commission (SEC).For additional information about the CBOE and its products, access the CBOE website at: www.cboe.com.


CBOE 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


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