2010 Annual Report
  • Chairman Letter
  • Market Leadership
  • Unique Products
  • Trading Technology
  • Industry Advocacy
  • CBOE Holdings
  • Financial Report
CBOE Holdings
CBOE-NASDAQ Bell Ringing Ceremony Photo Gallery


CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board Options Exchange (CBOE), C2 Options Exchange (C2), CBOE Futures Exchange (CFE) and other subsidiaries and holds equity interests in other subsidiaries. CBOE holds an equity interest in the CBOE Stock Exchange (CBSX).

The Company offers trading in all major asset classes—options, futures and equities—on a single platform. Its diverse offerings include the options industry’s broadest and most unique product line, including exclusive and proprietary index options such as the S&P 500 Index (SPX) and the CBOE Volatility Index (VIX).

CBOEdirect, the Company’s state-of-the-art electronic platform, supports trading on CBOE’s Hybrid Trading System, the C2 Options Exchange, the CBOE Futures Exchange, the CBOE Stock Exchange, and OneChicago, the Company’s joint venture exchange for trading single stock futures.



In 2010, CBOE completed its demutualization process, whereby the exchange converted its business model from a member-owned, non-stock corporation, to a new stock corporation, CBOE Holdings, Inc., owned by stockholders. Details pertaining to CBOE’s demutualization were filed with the Securities and Exchange Commission (SEC) in March. On May 21, CBOE’s membership overwhelmingly endorsed the demutualization as 96 percent of the CBOE memberships that cast ballots voted in favor of the plan. The demutualization and initial public offering (IPO) were completed concurrently and CBOE Holdings began trading on the NASDAQ Global Select Market as a publicly-listed company under the ticker symbol “CBOE” on June 15, 2010.

CBOE and NASDAQ partnered to host a special remote bell ringing ceremony from the CBOE trading floor. Hundreds of members, both former and current, along with exchange staff, Directors and customers, participated in the ceremony. Mayor of the City of Chicago, Richard M. Daley; Illinois Governor Pat Quinn; and U.S. Congressman Danny Davis (IL) joined executives from both companies on the platform. Over two dozen members of the press—financial reporters, photographers and local TV stations—covered the event, which was broadcast live on CNBC, Bloomberg and Fox Business television networks.

The Company’s demutualization and IPO provide it with greater strategic flexibility in a dynamic and highly competitive environment.


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