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Chiicago Board Optiions Exchange Annuall Report 2003 - page 14 / 28

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14 / 28

CBOE 33.0%

CBOE 55.7%

CBOE 25.8%

ISE 23.4%

ISE 7.3%

ISE 28.5%

AMEX 21.9%

AMEX 20.2%

AMEX 22.4%

PHLX 11.6%

PHLX 8.6%

PHLX 12.5%

PCX 10.1%

PCX 8.2%

PCX 10.8%

TOTAL OPTIONS MARKET SHARE

INDEX OPTIONS MARKET SHARE

EQUITY OPTIONS MARKET SHARE

FISCAL YEAR 2003

FISCAL YEAR 2003

FISCAL YEAR 2003

our trading crowds. Those assets, combined with the Exchange’s ongoing commitment to enhance the trading process through technological innovation, led to the creation of this new business model.

CBOEdirect HyTS provides market makers with cutting-edge technology to display their markets in order to compete more aggressively with both screen- and floor-based competitors. We believe that CBOEdirect HyTS, with its unique marriage of traders and technology, has the capability to revolutionize the industry and change the way options are traded.

The conversion to Hybrid is ongoing as individual classes continue to be phased-in throughout the remainder of 2003. By year-end, the top classes, which account for approximately 90% of the national volume in equity options, will be traded on the Hybrid.

The emergence of CBOEdirect HyTS onto the competitive landscape significantly alters the options marketplace. Additionally, because CBOE both built and owns the highly-flexible technology used to power CBOEdirect HyTS, it can be easily adapted to future customer needs.

It is fitting, in our 30th anniversary year, for CBOE to punctuate its great tradition of leader- ship in customer service and technological innovation with the unveiling of CBOEdirect HyTS, the trading model of tomorrow. Through the continued dedication and skilled efforts of our members and staff, we look forward to an even more productive and successful future.

Sincerely,

William J. Brodsky Chairman and CEO

Mark F. Duffy Vice Chairman

Edward J. Joyce President and COO

12

  • CBOE 2003

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