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CBOE TO LAUNCH



Написано mavery | Mon, Jan 22 at 11:12pm:

FOR IMMEDIATE RELEASE

CBOE TO LAUNCH FIRST NASDAQ VOLATILITY INDEX, "VXN"

CHICAGO, January 22, 2001 - The Chicago Board Options Exchange (CBOE) today
announced that on Tuesday, January 23, it will launch a new volatility
index, the VXN(sm). Similar in structure to CBOE's Market Volatility Index
(VIX(sm)) the widely used benchmark for tracking market volatility, the VXN
will track volatility of options on the Nasdaq-100 Index(r) (NDX(sm)). The
VXN will be calculated using implied volatility of options on the
Nasdaq-100 Index. CBOE developed this new market-tracking index in
response to customer demand for a quantified measure of volatility in
today's tech-heavy marketplace. NDX options are traded exclusively at
CBOE.

CBOE developed the VXN as it became apparent that there was a dramatic
divergence between volatility in the Nasdaq market and the broad market
beginning in early 1999. "This divergence signaled a need for a new
measure of volatility to help investors make more informed trading
decisions," said CBOE Chairman and CEO William J. Brodsky.

CBOE calculated historical prices of the VXN dating back to January 1995.
Thus, CBOE's VXN is the only such index that provides investors with a
historical perspective.

CBOE will calculate and disseminate the new Index continuously throughout
the trading day under the symbol VXN. VXN levels can be accessed through
the CBOE website at www.cboe.com/quotes. By using real-time NDX index
option quotes, the CBOE Nasdaq Market Volatility Index provides a real-time
measure of volatility in the Nasdaq market.

"With the availability of a continuously updated volatility index on the
Nasdaq, we expect the VXN will be the premier benchmark of market sentiment
for Nasdaq-based markets" said Brodsky. CBOE developed and launched the
Market Volatility Index, or CBOE VIX(sm), in January 1993. The VIX was the
first and only measure of market volatility and quickly became the standard
for quoting volatility in the broad market.

In addition to NDX options, CBOE also offers a 1/10th size version of the
NDX, the CBOE Mini-NDX (MNX(sm)) which is suitable for a broad range of
portfolios. The VXN volatility index can also be used as a guide to
assess volatility in the MNX as well as other tech-heavy indexes and
sectors.

CBOE, the world's largest options marketplace and the creator of listed
options, is regulated by the Securities and Exchange Commission (SEC). For
additional information about the CBOE and its products, access the CBOE
site on the World Wide Web at http://www.cboe.com.

Following is a guide for symbols mentioned in this release:
MNX(sm) - CBOE Mini-NDX. A 1/10th size version of the Nasdaq-100 Index(r).
Traded exclusively at CBOE.
NDX(sm) - Options on the Nasdaq-100 Index. Traded exclusively at CBOE.
OEX(r) - Options on the S&P 100 Index. Traded exclusively at CBOE.
VIX(sm)CBOE Market Volatility Index. Launched in January 1993.
VXN(sm) - CBOE Nasdaq Volatility Index.


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