Cboe, CBSX, & CFE Press Releases



Chicago, December 15, 2008 - Joe Levin, Chicago Board Options Exchange (CBOE) Vice President of Research and Product Development, has received the William F. Sharpe Indexing Lifetime Achievement Award for his work in creating revolutionary products that have defined the market for listed options.The award was presented last week at the Super Bowl of Indexing Conference in Phoenix, Arizona.

A 30-year veteran of CBOE, Levin has led the development of a long list of groundbreaking index products and benchmarks that have cemented CBOE's reputation for product innovation.Throughout his tenure at CBOE, he has overseen the development of many industry "firsts," including the first security index option(S&P 100 Index options - OEX); the first measure of market volatility (CBOE Volatility Index - VIX); the first options strategy-based index (CBOE S&P 500 Buy-Write Index - BXM); and the first tradable volatility products (VIX futures and options).

"I know I speak on behalf of the entire CBOE community in applauding the choice of Joe Levin for this prestigious award.Joe has the rare ability to incorporate the thinking of leading academics with the experience of market practitioners to produce truly revolutionary products," said CBOE Chairman and Chief Executive Officer William J. Brodsky."Joe has led the development and introduction of nearly every major product innovation since the launch of listed options trading. His ongoing contribution to the growth of the options industry is immense."

This is the fifth time in five years that CBOE has received awards at the Super Bowl of Indexing Conference. Past CBOE awards include: in 2004, the CBOE S&P 500 BuyWrite Index (BXM) and in 2007, the CBOE S&P 500 PutWrite Index (PUT), were each named the Most Innovative Benchmark Index; while futures and options on the CBOE Volatility Index (VIX) earned the distinction as the most Innovative Index Derivative Product in 2004 and 2006, respectively.Levin has been integrally involved in the development of each of these and other CBOE contracts.

The awards, recognizing the most important contribution to the industry over the preceding year, are chosen following a rigorous selection process, which begins with hundreds of nominations each year. The finalists are sent to a voting committee comprised of the world's leading academics in the indexing research world, where they cast their ballots and the winners are chosen.

The Super Bowl of Indexing Conference is an annual meeting of the Index Business Association, attended by more than 600 industry professionals and academics that seek in-depth information and analysis on a broad spectrum of financial instruments and concepts.

Chicago Board Options Exchange (CBOE), the largest U.S. options exchange and creator of listed options, 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 barometer for market volatility. Other groundbreaking products engineered by CBOE include equity options, security index options, LEAPS, FLEX options, and benchmark products such as the CBOE BuyWrite Index (BXM). CBOE's Hybrid Trading System incorporates electronic and open-outcry trading, enabling customers to choose their trading method.CBOE's Hybrid is powered by CBOEdirect, a proprietary, state-of-the-art electronic platform that also supports the CBOE Futures Exchange (CFE), CBOE Stock Exchange (CBSX) and OneChicago. CBOE is home to the world-renowned Options Institute and www.cboe.com, named "Best of the Web" for options information and education.

Media contacts:
Gail Osten
(312) 786-7123

Gary Compton
(312) 786-7612

Investor Relations contact:
Debbie Koopman
(312) 786-7136

CBOE®, Chicago Board Options Exchange®, CBSX®, CBOE Stock Exchange®, CFE®, CBOEdirect®, Hybrid®, CBOE Volatility Index®, and VIX® are registered trademarks, and CBOE Futures ExchangeSM and SPXSM are servicemarks of Chicago Board Options Exchange, Incorporated.Standard & Poor's®, S&P®, S&P 100®, S&P 500®, Standard and Poor's Depositary Receipts®, and SPDR® are registered trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Chicago Board Options Exchange, Incorporated.

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