Ashleigh Rogers
Long/short equity, growth at reasonable price, value, banks

CBOE Holdings: Great Growth But Very Expensive

CBOE Holdings (NASDAQ:CBOE) is an interesting stock from my point of view. The company operates the primary market for exchange-traded options including index options and ETF options (market share over the last few years has been around 30% of all options traded on exchanges). This market has been a very consistent high growth area for years now as evidenced by the January 2, 2014 announcement from the company that 2013 was its second highest year of average daily trading volume ever (up 4% over 2012) with record volume in S&P 500 index options and volatility options. As a result of this operational success the firm has steadily increased profits and revenues for years. And yet this kind of...

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