CBOE announces solid second quarter 2009 financial results
CBOE Announces Solid Second Quarter 2009 Financial Results - Revenues, Net Income Rise 12% And 11%, Respectively, As CBOE Continues To Fund Growth Initiatives
The Chicago Board Options Exchange (CBOE) today announced financial results for the three months and six months ended June 30, 2009. Total revenues for the second quarter of 2009 rose 12 percent to $109.4 million from $97.6 million in second-quarter 2008, and net income rose 11 percent to $28.1 million versus $25.4 million in second-quarter 2008.CBOE's financial results for the second quarter of 2009 included $8.3 million of revenue recognized for access fees assessed to certain temporary members for the first six months of 2009.
The increase in total revenues for the quarter was primarily attributable to a $9.6-million increase in other member fees, which mainly reflects the recognition of $8.3 million in temporary member access fees, and a $4.2-million increase in volume-related transaction fees, mainly driven by higher trading volume.
"We are pleased that CBOE achieved year-over-year growth in earnings and revenues in the second quarter of what remains a challenging economic period," said CBOE Chairman and CEO William J. Brodsky."CBOE's top strategic priority remains building the strong fundamentals of our core business, and we are totally focused on investing prudently in growth initiatives that leverage CBOE's existing infrastructure and expertise.In addition, we have intensified our longstanding commitment to options advocacy by working closely with regulators and policy makers who are currently shaping regulatory reforms that will have long-term implications for our customers, our exchange and the industry."