CBOE Introduces The CBOE Mid-Term Volatility Index

              CBOE Introduces The CBOE Mid-Term Volatility Index

- VXMT Measures Six-Month Volatility

- Complements 30-Day VIX, Adds Another Measure to SPX Option Term Structure

PR Newswire

CHICAGO, Nov. 27, 2013

CHICAGO, Nov. 27, 2013 /PRNewswire/ -- Chicago Board Options Exchange,
Incorporated^® (CBOE^®) today announced that it has created a new benchmark
volatility index – the CBOE Mid-Term Volatility Index^SM (ticker: VXMT^SM).
CBOE began disseminating values for the new Mid-Term Volatility Index today.

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

The CBOE Mid-Term Volatility Index is a measure of the expected volatility of
the S&P 500^® Index over a six-month time horizon. The VXMT index is
calculated using the well-known CBOE Volatility Index^® (VIX Index^®)
methodology, applied to S&P 500 Index (SPX) options that expire six to nine
months in the future.

As investors become more sophisticated in their understanding of volatility
and their use of volatility products, the VXMT index offers a "macro" view of
market risk, a view driven more by the perceived risk of broad economic
factors and less by event risk. As a result, the VXMT index tends to move like
the VIX index (0.91 correlation), but with lower volatility (55 percent versus
116 percent since January 2008).

The VXMT index joins CBOE's other S&P 500 Index volatility benchmarks – the
CBOE Short-term Volatility Index^SM (VXST^SM index), which measures nine days;
the VIX index, which measures 30 days; and the CBOE 3-Month Volatility
Index^SM (VXV^SM Index) -- to create a live, streaming representation of
expected volatility at key points along the S&P 500 Index option term
structure.

CBOE is disseminating VXMT Index values generally every 15 seconds during the
trading day. VXMT Index values are available on CBOE's website at
www.cboe.com/VXMT and through quote data vendors.

More information on the VXMT Index can be found at www.cboe.com/VXMT. 

CBOE is the home of volatility trading. An innovator in the volatility space
and leading creator of measures that track market volatility, CBOE currently
publishes data on more than two dozen volatility-related benchmarks and
strategies, including indexes that track broad-based indexes, sector and
commodity-related ETFs, individual equities and others. Additional information
on CBOE's volatility products can be found at www.cboe.com/Volatility.

About CBOE
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-OE

CBOE^®, Chicago Board Options Exchange^®, CFE^®, FLEX^®, LEAPS^®, CBOE
Volatility Index^® and VIX^® are registered trademarks, and BuyWrite^SM,
BXM^SM, CBOE Futures Exchange^SM CBOE Mid-Term Volatility Index^SM, CBOE
Short-Term Volatility Index^SM, CBOE 3-Month Volatility Index^SM, Execute
Success^SM, SPX^SM, The Options Institute^SM, VXST^SM and VXMT^SM are service
marks of Chicago Board Options Exchange, Incorporated (CBOE). 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.

SOURCE CBOE

Website: http://www.cboe.com
Contact: Media, Gail Osten, (312) 786-7123, osten@cboe.com or Gary Compton,
(312) 786-7612, comptong@cboe.com or Analysts, Debbie Koopman, (312) 786-7136,
koopman@cboe.com