2010 Annual Report
  • Chairman Letter
  • Market Leadership
  • Unique Products
  • Trading Technology
  • Industry Advocacy
  • CBOE Holdings
  • Financial Report
CBOE Holdings, Inc.:


Chicago Board Options Exchange


Chicago Board Options Exchange (CBOE) is a subsidiary of CBOE Holdings. CBOE, the largest U.S. options exchange and creator of the listed options market, continues to set the bar for options trading through product innovation, trading technology and investor education.

CBOE offers equity, index and ETF options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options on the CBOE Volatility Index (VIX), the world’s premier measure of market volatility. Other products engineered by CBOE include equity options, security index options, LEAPS options, FLEX options and benchmark products such as the CBOE S&P 500 BuyWrite Index (BXM).

The exchange provides trading choice and different ways to access CBOE’s products through the Hybrid Trading System, which blends the best of both electronic and open-outcry trading.

CBOE is home to the world-renowned Options Institute, a leading provider of options training and education, and cboe.com, the premier online source for options news and information.



2010 was a year of continued growth and evolution for CBOE. The exchange traded over one billion contracts for a third consecutive year and garnered 28.6 percent of all U.S. options industry volume. Market leading trading at CBOE was paced by 21 percent growth in its index options complex, namely SPX and VIX options.

During the year, CBOE expanded its stable of unique product offerings by introducing new contracts, adding to its suite of innovative volatility products and refining several of its existing products to create new opportunities amidst changing market dynamics.

The exchange’s cutting-edge trading technology is among the most robust in the industry and features CBOE's Hybrid Trading System, which combines floor and screen-based trading into one environment.

CBOE has a long-standing commitment to advancing the options industry through its investor advocacy and education initiatives. CBOE’s work in this regard was vitally important in 2010 as the exchange worked closely with policy makers on financial regulatory reform and numerous market structure issues.


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CBOE Total Options Volume
In Millions

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