Cboe, CBSX, & CFE Press Releases



CHICAGO, June 11, 2007 - CBOE Futures Exchange (CFE) today announced that it will launch two new volatility index futures contracts on the CBOE Nasdaq-100 Volatility Index (ticker symbol VXN, futures symbol VN) and the CBOE Russell 2000 Volatility Index (ticker symbol RVX, futures symbol VR) beginning July 6, 2007, under licensing agreements with The Nasdaq Stock Market, Inc. and The Russell Investment Group.

These new contracts expand the suite of volatility contracts offered exclusively at Chicago Board Options Exchange (CBOE) and CFE, which includes options and futures on the CBOE Volatility Index (VIX), futures on the CBOE DJIA Volatility Index (VXD), CBOE S&P 500 3-month Variance (VT) futures and CBOE S&P 500 12-month Variance (VA) futures.

"Volatility is now widely recognized as an independent asset class, and we are extremely pleased to offer volatility contracts on the four most widely-followed benchmarks," said CBOE Chairman and CEO William J. Brodsky. "By working with the index providers, we are able to offer investors and portfolio managers a wide range of volatility trading opportunities and the ability to manage risk of specific portfolios."

"CFE has quickly become known as the Volatility Exchange, and we are excited to further expand our product line-up with these important indexes," said CFE Managing Director Andrew Lowenthal. "All of CFE's Volatility and Variance products offer the convenience and ease of execution that exchange-traded products provide, including transparency, standardized terms, and the backing of a triple-A rated clearing house, improving the ability of all investors to effectively trade and manage volatility risk."

CBOE Volatility Indexes are designed to reflect investors' consensus view of expected volatility over the next 30 days in the respective underlying indexes, and as such, can be used as a benchmark of investor sentiment. CBOE Volatility Indexes are derived from options prices of each index traded at CBOE. For more information on methodology, historical data and charts, please visit www.cboe.com/IndexSites or www.cboe.com/VIX.

CBOE Futures Exchange is a wholly-owned subsidiary of Chicago Board Options Exchange, Incorporated, offering an all-electronic exchange, open access market model, with traders providing liquidity and making markets. Currently, CFE lists five futures contracts, including futures on the CBOE Volatility Index, "VIX," CBOE S&P 500 BuyWrite Index (BXM) futures, and VXD, VA and VT futures. CFE is regulated by the Commodity Futures Trading Commission (CFTC). More information on CFE and its products, including contract specifications, can be found at: www.cboe.com/CFE.

CBOE, the largest U.S. options marketplace 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: http://www.cboe.com/.

CBOE Volatility Index related to:
Underlying Index Options
Volatility Index

CFE Futures Ticker Symbol
CBOE Options Ticker Symbol
S&P 500 Index
Dow Jones Industrial Average
Nasdaq-100 Index
Russell 2000 Index

Lynne Howard-Reed
(312) 786-7123

Gary Compton
(312) 786-7612

CBOE® and Chicago Board Options Exchange® are registered trademarks of Chicago Board Options Exchange, Incorporated. CBOE®, Chicago Board Options Exchange®, CBOE Volatility Index®and VIX® are registered trademarks of Chicago Board Options Exchange, Incorporated. The methodology of the CBOE Volatility Indexes (VIX, VXD, VXN, RVX) is owned by CBOE and may be covered by one or more patents or pending patent applications. CFE® is a registered trademark and CBOE Futures Exchange is a service mark of CBOE Futures Exchange, LLC.SPXSM is a service mark of Chicago Board Options Exchange, Incorporated. Dow Jones® and DJIA® are registered trademarks of Dow Jones & Company, Inc. Dow Jones Industrial AverageSM and Options on the DowSM are service marks of Dow Jones & Company. CBOE's Options on the Dow based on the Dow Jones Industrial Average and financial products based on the CBOE DJIA Volatility Index are not sponsored, endorsed, marketed or promoted by Dow Jones and Dow Jones makes no representations regarding the advisability of investing in such products. Nasdaq®, Nasdaq-100® and Nasdaq-100 Index® are trademarks of The Nasdaq Stock Market, Inc. (with which its affiliates are the "Corporations"). These marks are licensed for use by CBOE in connection with the trading of products based on the Nasdaq-100 Index. The products have not been passed on by the Corporations as to their legality or suitability. The products are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S). The Russell 2000® Index is a registered trademark of Russell Investment Group used under license. S&P® and S&P 500® are registered trademarks of the McGraw-Hill Companies, Inc. and are licensed for use by the Chicago Board Options Exchange, Incorporated pursuant to a License Agreement.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

In connection with the proposed restructuring transaction, CBOE Holdings, Inc. ("CBOE Holdings") has filed certain relevant materials with the United States Securities and Exchange Commission (SEC), including a registration statement on Form S-4. Members are encouraged to read the registration statement, including the proxy statement/prospectus that are a part of the registration statement, because it contains important information about the proposed transaction. Members are able to obtain a free copy of the proxy statement/prospectus, as well as the other filings containing information about CBOE Holdings and the Chicago Board Options Exchange, Incorporated ("CBOE"), without charge, at the SEC's Web site, http://www.sec.gov/, and the companies' website, http://www.cboe.com/. In addition, CBOE members may obtain free copies of the proxy statement/prospectus and other documents filed by CBOE Holdings or the CBOE from CBOE Holdings by directing a request to the Office of the Secretary, CBOE Holdings, Inc., 400 South LaSalle Street, Chicago, Illinois 60605.

CBOE Holdings, the CBOE and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of CBOE Holdings and of the CBOE is available in the prospectus/proxy statement.

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