New Morningstar Analyst Report for CBOE Holdings Inc

In its first day of trading in 1973, CBOE saw just 911 contracts trade; now millions change hands daily. CBOE's growth mirrored the evolution of the investing public's interest in options--what was once an outpost of the securities business is now a huge magnet for trading appetite. Although the trading environment remains uncertain, we think that interest in trading options, especially lucrative index products, will continue to propel CBOE's earnings growth. We also expect continued growth in the company's newer futures exchange, powered by the continued appeal of CBOE's volatility methodology.