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Total revenue for the third quarter of 2006 was $63.4 million compared to $51.6 million in the same period a year ago. The increased revenue was driven by a significant increase in trading volume at the Exchange. Average daily volume of 2.54 million contracts during the third quarter was 37% higher than the 1.85 million contracts traded per day in the third quarter of 2005. Total volume for the three-month period was 160.2 million contracts. Per contract fees were lower compared to the same period a year ago. Transaction fees averaged 28.2 cents per contract, compared to 30.4 cents a year ago.
|
|
Quarter Ended |
Year-To-Date |
||
|---|---|---|---|---|
|
(In thousands) |
9/30/06 |
9/30/05 |
9/30/06 |
9/30/05 |
|
Total Revenues |
$63,425 |
$51,628 |
$193,085 |
$148,804 |
|
Operating Expenses |
$46,651 |
$46,126 |
$140,718 |
$133,952 |
|
Income Before Taxes |
$16,290 |
$5,515 |
$48,314 |
$14,191 |
|
After-Tax Profit |
$9,105 |
$3,309 |
$28,323 |
$10,601 |
Third quarter operating expenses totaled $46.6 million and other non-cash expenses amounted to $0.5 million. Year-to-date, working capital stands at $85.4 million compared to $56.2 million at the end of September 2005. Total members' equity also increased to $170.3 million versus $138.5 million at the end of September 2005. A more detailed report is available at: IC06-148 on http://www.cboe.org/Legal/crclInfo.aspx.
The most recent membership, or seat, on the Exchange traded for a price of $1.55 million on Tuesday, October 24, 2006, setting a new all-time record at CBOE.
During the third quarter of 2006 CBOE made the following announcements:
* On July 27, 2006, CBOE announced that it has partnered with four firms, Interactive Brokers Group, LLC; LaBranche & Co Inc.; Susquehanna International Group, LLP; and VDM Specialists, LLC, to launch a new stock exchange, the CBOE Stock Exchange, LLC (CBSX). CBSX is expected to launch in the first quarter of 2007, and plans to list the 2500 most actively traded NYSE, NASDQ and AMEX stocks.
* CBOE announced that its newly created subsidiary, Market Data Express, LLC (MDX), launched a new fee-based market data service that delivers the most comprehensive historical market data in the options industry.
* CBOE launched several new products, including options on the CBOE Exchange Index (EXQ) and Quarterly options, (with expirations at the end of each quarter), based on five popular Exchange Traded Funds (ETFs).
* The CBOE Board of Directors voted to extend William J. Brodsky's contract for an additional two years, to December 2009, as CBOE Chairman and Chief Executive Officer. Brodsky has served as CBOE Chairman and CEO since February 1997.
* The CBOE Futures Exchange (CFE) announced the creation of futures on the CBOE S&P 500 BuyWrite Index, "BXM." This innovative new contract launched on October 2, 2006.
In January 2006, CBOE began the process of converting CBOE to a for-profit stock corporation.
CBOE, the largest options marketplace in the U.S. and the creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, visit the CBOE website at: www.cboe.com.
