Chicago Board Options Exchange Annual Report 2001 - CBOE.com

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EFFORTS TO ATTRACT CUSTOMERS In support, CBOE redoubled its efforts to attract customers and provide members with additional tools to service customer needs. Significant, attractive products were listed, a milestone joint venture was created and sophisticated technological advancements were introduced to facilitate trading. Marketing strategies were devised to provide traders and investors with a broader menu of products and services to suit varying portfolio goals. A Strategic Planning Task Force was formed to examine the competitive landscape, which had already shifted dramatically since the recommendations of CBOE’s last strategic review in 1999 were implemented. As we move forward, it is important to recognize that we have remained the number one options exchange because we have adhered to principles of unwavering commitment to excellence and service, and refused to rest complacently on past achievements. As the premier options exchange in the world, we have unparalleled opportunities, responsibilities and resources. We will continue to stay number one by living up to them all. OPPORTUNITIES In FY 2001, CBOE placed special emphasis on creating opportunities and expanding markets, both for investors and market makers. SINGLE-STOCK FUTURES JOINT VENTURE History was made when Congress, late in 2000, passed legislation allowing for the trading of futures on single stocks. Key issues for which we lobbied were included in the legislation, such as the ability to trade the products either as a security or a future. CBOE, Chicago Mercantile Exchange Inc. and Chicago Board of Trade formed a joint venture to trade single-stock futures contracts. The joint venture will be a for-profit company with its own management and board and will be separately organized as a regulated exchange. On August 29, 2001, the joint venture announced the appointment of William J. Rainer to serve as chairman and chief executive officer. Rainer, former chairman of the Commodity Futures Trading Commission, is a co-founder and former managing director of Greenwich Capital Markets, Inc., a primary dealer of government securities. Single-stock futures provide another opportunity for both our members and customers. We anticipate that members will be able to begin trading single-stock futures contracts through the joint venture early in 2002. 04 CBOE ‘01
2001 2000 Total Volume and Open Interest Fiscal Years 44,947,915 79,769,523 319,081,344 312,182,108 1999 1998 1997 23,668,551 18,368,242 14,135,316 172,275,136 196,304,017 221,256,576 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 Volume Open Interest Average Daily Volume Fiscal Years 2001 1,271,240 2000 1,229,063 1999 878,002 1998 778,984 1997 680,929 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 Total Options Market Share Fiscal Year 2001 ISE 3.9% Equity Options Market Share Fiscal Year 2001 ISE 4.1% Index Options Market Share Fiscal Year 2001 ISE 2.2% PHLX 13.1% PHLX 14.3% PCX 2.9% PCX 14.0% CBOE 40.5% PCX 15.8% CBOE 38.5% PHLX 5.3% CBOE 53.7% AMEX 28.5% AMEX 27.3% AMEX 35.9%
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Page 3 and 4: ONE HAS OPPORTUNITIES The NUMBER ON
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Page 9 and 10: NEW PRODUCTS LISTED MNX SM iSHARES
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Page 19 and 20: CBOE FY 2001: THE NUMBER ONE OPTION
Page 21 and 22: CONSOLIDATED BALANCE SHEETS (CONTIN
Page 23 and 24: NOTES TO THE CONSOLIDATED FINANCIAL
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Page 27 and 28: STANDING COMMITTEES OF THE BOARD AU
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Page 33 and 34: SECURITIES UNDERLYING OPTIONS (CONT
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