Cboe, CBSX, & CFE Press Releases



November Trading Increases 303% Over Year-Ago, Year-To-Date Volume Surpasses One Million Contract Mark For First Time

CHICAGO, December 3, 2007 - The CBOE Futures Exchange, LLC (CFE) announced today that trading volume during November 2007 totaled 189,408 contracts, an increase of 303% over November 2006's volume of 47,037 contracts. November's average daily volume was 9,019 contracts, compared to the year-ago average daily volume of 2,240 contracts. November 2007 was the busiest month on record at CFE -- surpassing the previous high of 183,173 contracts traded in August 2007 -- and marked the third time in the last five months that trading activity at CFE has set a new all-time record for monthly volume.

Monthly volume in VIX futures, which are based on the CBOE Volatility Index (ticker VX), totaled a new record of 173,864 contracts, a 305% rise over the same time period last year with a volume of 42,959 contracts. November's record volume topped the previous high of 163,079 VIX futures contracts traded in August 2007. Average daily volume in VIX futures during November was 8,279 contracts, versus the 2,046 contracts from November 2006.

Volume in futures on the CBOE DJIA Volatility Index (ticker DV) totaled 9,113 contracts traded during November, increasing 160% over the year-ago total of 3,501 contracts. Trading activity in the CBOE Russell 2000 Volatility Index futures, RVX, (ticker VR) totaled 5,382 contracts, up 12% over October 2007's trading volume of 4,804 contracts. VR futures were launched on July 6, 2007.

CBOE Futures Exchange
November 2007 Volume Summary

November 2007 Volume
% Change vs
Nov 2006
% Change vs
Oct 2007
% Change vs 2006
Average Daily Volume
Open Interest

For the first time ever, CFE's total year-to-date volume has exceeded the one million contracts traded benchmark as 1,043,652 contracts have traded through the end of November 2007. CFE's record year-to-date volume in 2007 is up 140% from November 2006's year-to-date volume of 435,166 contracts. Open interest stood at 65,305 contracts at the end of November, 56% ahead of November 2006.

CFE currently offers futures on seven different contracts, including: the CBOE Volatility Index (VIX), CBOE DJIA Volatility Index (VXD), CBOE NASDAQ-100 Volatility Index (VXN), CBOE Russell 2000 Volatility Index (RVX), CBOE S&P 500 3-Month and 12-Month Variance (VT and VA, respectively), and the CBOE S&P 500 BuyWrite Index (BXM).

CFE, launched in March 2004, is a wholly-owned subsidiary of Chicago Board Options Exchange, Incorporated, offering an all-electronic, open access market model, with traders providing liquidity and making markets. CFE trades are cleared by triple-A rated Options Clearing Corporation (OCC). CBOE Futures Exchange 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 Media Contacts:
Debbie Baratz
(312) 786-7123

Gary Compton
(312) 786-7612

Analyst Contact:
Debbie Koopman
(312) 786-7136

CFE® is a registered trademark and CBOE Futures Exchange is a service mark of CBOE Futures Exchange, LLC. 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. BXM, VXD, VXN, RVX and SPX are service marks 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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