CBOE Reports Record Trading Volume and Margins in Q3

The results were driven by increased market volatility and the unique product mix which increased demand in the quarter

The Chicago Board Options Exchange (NASDAQ:CBOE) reported a 6 percent increase in trading volumes for the third quarter of the year, a record-high 335.7 million trades, at an average daily rate of 5.25 million trades, also up 6 percent on the year, the company said in a statement.

Double-Digit Increase

Total operating revenues added 26 percent to reach $187 million, from $148.9 million a year earlier. Operating profit stood at $101.1 million, up 35 percent from the $75.1 million booked for the third quarter of 2014, and net profit totaled $67.5 million, up 39 percent from $48.4 million. Adjusted net profit attributable to shareholders stood at $67.2 million, a 40 percent improvement on the year.

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The operating margin reached a record-high of 54.1% in the reporting period, a 370-basis-point increase from the third quarter of 2014.

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Proprietary products drove growth

CBOE said in its statement that it attributed the strong results to its proprietary products, including S&P 500 Index options, Russell 2000 Index options, and CBOE Volatility Index options. The company added that it had continued to work on developing more new products for its clients during the three months as well as expanding its customer base and making their access to its marketplace easier.

Chief Executive Officer (CEO) Edward T. Tilly said: “As a result, we remain optimistic about our ability to deliver sustainable long-term value to our customers and our shareholders.”

The exchange will distribute a quarterly dividend of $0.23 starting December 18. The ex-dividend date is December 5.

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