CBOE profits skyrocket

The Chicago Board Options Exchange Inc. reported a 251% increase in net income during the first quarter on stronger trading volume.
The exchange said net income rose to $17.6 million, compared with $5 million during the year-ago period.
The CBOE, which is restructuring into a for-profit company, said volume grew during the quarter produced significant gains in exchange traded fund option products.
Average daily trading volume in the first quarter rose to 3.4 million contracts, up from 2.5 million contracts traded in the year-ago quarter.
The increase in revenues was fueled by a $17.5 million gain in transaction fees, the exchange said.