CBOE Holdings, Inc. operates as the holding company for Chicago Board Options Exchange (CBOE), which is an options exchange which operates as an organized marketplace for the trade of standardized, listed options on equity securities. CBOE offers equity, index and ETF options, including proprietary products, such as S&P 500 options (SPX), and options on the CBOE Volatility Index (VIX). Other products engineered by the Company include equity options, security index options, LEAPS options, FLEX options, and CBOE S&P 500 BuyWrite Index (BXM). Its Hybrid Trading System incorporates electronic and open outcry trading, enabling customers to choose their trading method. CBOE's Hybrid is powered by CBOEdirect, a proprietary, state-of-the-art electronic platform that also supports the CBOE Futures Exchange (CFE), CBOE Stock Exchange (CBSX) and OneChicago. CBOE Holdings, Inc. is based in Chicago, Illinois.