CBOE And CFE To Launch Futures And Options On The CBOE Russell 2000 Volatility Index

CBOE And CFE To Launch Futures And Options On The CBOE Russell 2000 Volatility

- New Products Offer Volatility Trading on Premier Measure of Small-Cap U.S.

PR Newswire

CHICAGO, Sept. 30, 2013

CHICAGO, Sept. 30, 2013 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE)
announced today that Chicago Board Options Exchange, Incorporated (CBOE^®) and
CBOE Futures Exchange, LLC (CFE^®) will launch trading on Russell 2000^®
Volatility Index options (RVX) and futures (VU).

(Logo: http://photos.prnewswire.com/prnh/20121022/MM97794LOGO-a)

Trading on Russell 2000 Volatility Index futures will begin on Wednesday,
October 30, with options trading to begin in the weeks that follow, pending
regulatory review.

The Russell 2000^® Index is the premier measure of the performance of
small-capitalization U.S. stocks and an effective gauge and play on the health
of the U.S. economy -- 84 percent of the revenues generated by the companies
in the index come from within the U.S.

Because U.S. small-cap and large-cap indexes are affected by different
economic factors, the implied volatility of one does not always closely
correlate to the other. VU futures and RVX options will allow investors to
hedge volatility of a portfolio of small-cap stocks and to spread the
volatility level of the Russell 2000 against large-cap index volatility to
take advantage of differences between small- and large-cap company dynamics.

"We are excited to expand our partnership with Russell Indexes by adding
volatility futures and options on the definitive vehicle for U.S. small-cap
market exposure - the Russell 2000 Index," said CBOE Holdings Chief Executive
Officer Edward T. Tilly. "Used on their own or in combination with our
flagship CBOE Volatility Index products, Russell Volatility Index products
will allow customers to hedge, diversify or take a directional view on
volatility in the small-cap market sector."

"Extending the ways investors can access and use Russell Indexes is an
important part of our strategy as a leading global index provider," said Ron
Bundy, CEO of Russell Indexes. "CBOE is a pioneer in index options trading,
offers broad reach and liquidity for index investors and traders and is a
leader in options education. These factors are all important to us as we
continue to build out our customer offering and enhance the products and
services we provide to our clients."

The calculation of the CBOE Russell 2000 Volatility Index (RVX Index) is based
on the CBOE Volatility Index^® (VIX^® Index) methodology applied to CBOE
listed options on the Russell 2000 Index (RUT), the third most actively traded
index option at CBOE in the first half of 2013. The RVX Index is an
up-to-the-minute market estimate of the expected 30-day volatility of the RUT
Index, calculated using real-time bid/ask quotes of RUT options that are
listed on CBOE.

Jane Street Capital, LLC will serve as the Designated Primary Market Maker
(DPM) for VU futures traded on CFE, and Group One Trading will serve as the
DPM for the RVX options traded on CBOE.

For more information on the Russell 2000 Volatility Index and products, see
www.cboe.com/RVX. To learn more about CBOE's Volatility Indexes, including
methodology, daily and historical data and charts, contract specifications,
and other information, please visit www.cboe.com/volatility.

About CBOE Holdings, Inc.

CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board
Options Exchange (CBOE), the CBOE Futures Exchange (CFE) and other
subsidiaries. CBOE, the largest U.S. options exchange and creator of listed
options, continues to set the bar for options and volatility trading through
product innovation, trading technology and investor education. CBOE Holdings
offers equity, index and ETP options, including proprietary products, such as
S&P 500 options (SPX), the most active U.S. index option, and options and
futures on the CBOE Volatility Index (the VIX Index). Other products
engineered by CBOE include equity options, security index options, LEAPS
options, FLEX options, and benchmark products such as the CBOE S&P BuyWrite
Index (BXM). CBOE Holdings is home to the world-renowned Options Institute and
www.cboe.com, the go-to place for options and volatility trading resources.


CBOE^®, Chicago Board Options Exchange^®, CFE^®, FLEX^®, LEAPS^®, CBOE
Volatility Index^® and VIX^® are registered trademarks, and BuyWrite^SM,
BXM^SM, SPX^SM, CBOE Futures Exchange^SM, Execute Success^SM, and The Options
Institute are service marks of Chicago Board Options Exchange, Incorporated
(CBOE). Russell 2000® is a registered trademark of Russell Investments, used
under license. Standard & Poor's^®, S&P^® and S&P 500^® are registered
trademarks of Standard & Poor's Financial Services, LLC and have been licensed
for use by CBOE and CFE.

Russell Investment Group is a Washington, USA corporation, which operates
through subsidiaries worldwide, including Russell Investments, and is a
subsidiary of The Northwestern Mutual Life Insurance Company. Russell
Investments is the owner of the trademarks, service marks and copyrights
related to its respective indexes. Russell's indexes are unmanaged and cannot
be invested in directly.

SOURCE Chicago Board Options Exchange

Website: http://www.cboe.com
Contact: CBOE Media Contacts, Gail Osten, (312) 786-7123, osten@cboe.com, or
Gary Compton, (312) 786-7612, comptong@cboe.com; Analyst Contact, Debbie
Koopman, (312) 786-7136, koopman@cboe.com; Russell Investments Media Contact,
Tim Benedict, (212) 702-7823, TBenedict@russell.com
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