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The Marketplace for Options

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The Marketplace for Options The Marketplace For Options 2006 Annual Report Chicago Board Options Exchange 2006 was an historic year for CBOE on many levels. The record-setting numbers tell a great story — the leading U.S. options exchange in volume, a third consecutive year of record volume, increased market share and seat prices — but numbers don’t tell the whole story at CBOE. Accept No Substitute. CBOE will embark on a new branding campaign in 2007 in which the Exchange will be communicating to the world that CBOE is a vital necessity in the options marketplace for which there is no substitute. Additional details may be found on page 18 of this Annual Report. Accept No Substitute. Letter from the Office of the Chairman Several long-term initiatives were set in place during 2006 that not only drove our numbers to all-time highs, but also set the stage for CBOE’s future growth. Perhaps most significant was the Exchange’s conversion to a for-profit business model. There are many reasons behind CBOE’s decision to engage in this transformation, but ultimately, changing our business model will enable the Exchange to position itself most-effectively in a rapidly changing business environment. Streamlining the Exchange’s operations, creating new subsidiaries, such as the CBOE Stock Exchange (CBSX) and Market Data Express, and forming new alliances, exemplified by our collaboration with HedgeStreet, illustrate how CBOE has shifted the focus of its business to increasing and maximizing profitability. With the launch of CBSX, CBOE now offers options, futures and stocks — all on a single electronic trading platform. As the regulatory and competitive landscape continues to shift, the Exchange is extremely well positioned for the future as one of a select few exchanges to offer a multi-asset trading platform. Going forward, we expect that the Exchange’s members and customers will be able to realize economies of scale as they manage their cross-asset trading through a single, unified platform at CBOE. Our Hybrid Trading System continues to demonstrate that it is the most unique market model in the industry. In a fiercely competitive environment, the twin functionality of Hybrid — allowing for electronic and open outcry trading — is one of the many ways CBOE differentiates itself from its rivals. The expansion of the Remote Market Maker program furthered the benefits of Hybrid trading by increasing the number of market participants and deepening the liquidity at CBOE. Looking ahead, we expect that the two landmark regulatory initiatives taking effect in 2007 will have a positive impact on CBOE and the financial industry for years to come. The changes to the National Market System embodied in Reg NMS have ushered in a new era of competition in the securities industry, creating opportunities for new market centers such as the CBOE Stock Exchange. CBOE has long worked as a tireless advocate for expanding portfolio margining and the implementation of the new portfolio margining rules is expected to be one of the most significant developments to the securities industry in decades. True risk-based margining will likely free up tremendous amounts of capital, allowing investors to more appropriately allocate assets in their accounts. As the world’s premier options marketplace, CBOE remains committed to growing and advancing our industry. We embrace our role as industry leader and pledge to continue as the stewards for product innovation, investor education and industry advocacy. CBOE is, and will remain, the marketplace for options. William J. Brodsky Edward T. Tilly John E. Smollen Edward J. Joyce Chairman and Executive Vice Chairman President and Chief Executive Officer Vice Chairman Chief Operating Officer 1 CBOE 2006 2 CBOE 2006 U.S. Secretary of the Treasury, Henry M. Paulson, rang the Opening Bell at CBOE on August 11, 2006. Secretary Paulson visited CBOE during his first official visit to Chicago just weeks after being sworn in as the 74th Secretary of the Treasury. Joining the Secretary (front right) on the bell platform were CBOE Chairman and CEO William Brodsky (front left); R. Eden Martin, CBOE Lead Director and President, The Commercial Club of Chicago (back left); and Michael Moskow, President and CEO, Federal Reserve Bank of Chicago (back right). 3 CBOE 2006 2006 Market Share of Total Industry Volume CBOE 33% ISE 29% PHLX 13% AMEX 10% NYSE Arca 10% BOX 5% CBOE Total Volume In Millions 674 700 600 468 500 400 361 284 267 300 200 100 0 2002 2003 2004 2005 2006 Index /ETF Equity Total Open Interest ETF Options Index Options Total Volume Total Volume In Millions, 2005 v. 2006 In Millions, 2005 v. 2006 50 120 +177% +45% 100 40 +20% 80 30 +49% 60 20 40 -10% -8% 10 +101% 20 +12% +22% +98% 0 XLE DIA SPY QQQ IWM 0 RUT DJX NDX OEX SPX 2005 2006 2005 2006 4 CBOE 2006 Record Setting Volume and Increasing Market Share Busiest Year in CBOE History 284.0 million contracts traded, an increase of 48% 2006 was a landmark year for CBOE as trading above 2005’s volume of 192.5 million contracts. At activity soared to new heights and dozens of volume the end of 2006, CBOE listed options on 28 broad- records were established in exchange-wide volume, and sector-based indexes and 96 ETFs, as well as equity options volume, and index/exchange traded options on 4 interest rate products. fund (ETF) options volume. The busiest day in CBOE history occurred on Friday, May 19, 2006 when Notably, six of CBOE’s index and ETF options 5,816,336 contracts traded, while May 2006 was products set individual annual trading records in the busiest month in CBOE history as 70,522,508 2006: S&P 500 Index (SPX), up 45% over 2005 contracts traded.* to 104.3 million contracts; S&P 100 Index with European style exercise (XEO), up 93% to 3.7 In 2006, the busiest twelve months in CBOE’s 33- million; Standard & Poor’s Depositary Receipts/ year history, volume tallied 674.7 million contracts, SPDRs (SPY), up 49% to 24.1 million; Russell 2000 the third consecutive year of record total annual Index (RUT), up 98% to 2.2 million; iShares Russell volume. 2006 totals surpassed 2005’s volume of 2000 Index Fund (IWM), up 177% to 44.9 million; 468.2 million contracts, the previous high mark, and Nasdaq-100 Index (NDX), up 22% to 7.8 million. by 44%. Average daily volume during 2006 was 2,688,189 contracts. At year’s end, Exchange open Rising Market Share interest stood at 226.4 million contracts, 25% above CBOE was the leading U.S. options exchange in the end of 2005. 2006, handling over one-third of all industry volume. CBOE’s market share of 33% was up 2.2 percentage Volume on CBOE’s 1,900+ equity options rose 42% points from 2005, widening the margin between the to 390.7 million contracts in 2006, easily topping Exchange and its nearest competitor. In fact, CBOE the 275.6 million contracts traded in 2005, setting a was one of only two options exchanges to experience new all-time record for total equity options volume in a market share gain of more than two percentage a year. The previous record for equity options annual points for the year. Equity options market share rose volume of 278.9 million contracts was set in 2000. 2 percentage points during 2006 to 26%, ETF The five most actively-traded equity options at options market share rose 2.3 percentage points CBOE in 2006 were: Apple Computer, Inc. (AAPL), to 36%, while market share in cash index options Google, Inc. (GOOG), Altria Group, Inc. (MO), remained unchanged at 85%. General Motors Corporation (GM), and Microsoft Corporation (MSFT). *These records have already been broken in 2007. On February 27, 2007, 6,722,060 contracts traded, a new high for single day volume, while in March 2007, 82,963,812 contracts traded, 2006 marked the sixth consecutive year of volume making it the busiest month in CBOE history. gains in index/ETF options. During 2006, a record Equity Options Volume Index Options Volume In Millions, 2005 v. 2006 In Millions, 2005 v. 2006 40 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 JAN FEBMAR APRMAY JUNJUL AUGSEP OCTNOV DEC 0 JANFEB MARAPR MAYJUN JULAUG SEPOCT NOVDEC 2005 2006 2005 2006 5 CBOE 2006 Trading volume in options on the iShares Russell 2000 Index Fund (IWM) increased significantly during 2006. IWM options became the second largest contract at CBOE as 44,905,725 contracts traded, up 177% over 2005. New all-time records for IWM in single-day, monthly and annual volume were set during 2006. 6 CBOE 2006 7 CBOE 2006 Pursuing a New Business Model Conversion to a For-Profit Business Model S-4 Registration Statement Filed with SEC January 2006 began CBOE’s first year of operation In February 2007, the Exchange filed an S-4 as a for-profit organization. To set the stage for this Registration Statement with the Securities and transition, significant cost-reduction steps were Exchange Commission (SEC) which details the taken, including an 11 percent reduction in staff terms of CBOE’s proposed demutualization. In the and a comprehensive organizational overhaul that conversion, CBOE will become a wholly-owned resulted in the implementation of cost reductions subsidiary of a new holding company, CBOE and greater operational efficiencies throughout Holdings, Inc. CBOE memberships existing at the the Exchange. time of the demutualization will be converted into shares of CBOE Holdings stock. CBOE’s proposed Demutualization Begins demutualization is subject to regulatory approval In September 2006, the CBOE Board of Directors and a vote of the CBOE membership.
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