Cboe Global Markets (CBOE) 10-Q 6 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	6 Months Ended
	Jun. 30, 2014	Jul. 30, 2014
Entity [Abstract]	'	'
Entity Registrant Name	'CBOE Holdings, Inc.	'
Entity Central Index Key	'0001374310	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	85,209,664
Entity Current Reporting Status	'Yes	'

Condensed_Consolidated_Stateme

Condensed Consolidated Statement of Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating Revenues:	'	'	'	'
Transaction fees	$97,932	$106,094	$210,722	$205,239
Access fees	14,875	15,026	30,107	30,680
Exchange services and other fees	9,676	9,315	19,168	18,403
Market data fees	7,815	5,729	14,973	11,266
Regulatory fees	9,744	10,439	19,601	20,139
Other revenue	3,900	4,169	7,256	7,750
Total Operating Revenues	143,942	150,772	301,827	293,477
Operating Expenses:	'	'	'	'
Employee costs	30,306	31,237	63,680	62,074
Depreciation and amortization	9,895	8,622	18,499	16,904
Data processing	4,783	4,545	9,504	9,061
Outside services	7,855	9,633	15,233	20,668
Royalty fees	14,707	14,518	30,609	27,687
Trading volume incentives	1,120	908	2,246	1,921
Travel and promotional expenses	2,446	2,594	4,433	4,658
Facilities costs	1,590	1,247	2,903	2,500
Other expenses	1,524	2,110	2,966	3,216
Total Operating Expenses	74,226	75,414	150,073	148,689
Operating Income	69,716	75,358	151,754	144,788
Other Income/(Expense):	'	'	'	'
Investment income	12	18	26	22
Net loss from investment in affiliates	-333	-491	-842	-1,217
Total Other Expense	-321	-473	-816	-1,195
Income Before Income Taxes	69,395	74,885	150,938	143,593
Income tax provision	26,414	28,724	58,933	55,060
Net Income	42,981	46,161	92,005	88,533
Net Income allocated to participating securities	-383	-684	-879	-1,268
Net Income Allocated to Common Stockholders	$42,598	$45,477	$91,126	$87,265
Net income per share (Note 4):	'	'	'	'
Basic (in dollars per share)	$0.50	$0.52	$1.06	$1
Diluted (in dollars per share)	$0.50	$0.52	$1.06	$1
Weighted average shares used in computing income per share:	'	'	'	'
Weighted Average Number of Shares Outstanding, Basic	85,831	87,341	86,140	87,307
Weighted Average Number of Shares Outstanding, Diluted (in shares)	85,831	87,341	86,140	87,307

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net income	$42,981	$46,161	$92,005	$88,533
Post-retirement benefit obligation	23	17	338	-191
Comprehensive Income	43,004	46,178	92,343	88,342
Comprehensive income allocated to participating securities	-383	-684	-879	-1,268
Comprehensive Income allocated to common stockholders	$42,621	$45,494	$91,464	$87,074

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current Assets:	'	'
Cash and cash equivalents	$145,111	$221,341
Accounts receivable—net allowances of $291 and $266	55,474	49,888
Marketing fee receivable	8,977	8,869
Income taxes receivable	23,261	22,039
Other prepaid expenses	9,611	4,007
Other current assets	1,501	2,717
Total Current Assets	243,935	308,861
Investments in Affiliates	14,711	14,581
Land	4,914	4,914
Property and Equipment:	'	'
Construction in progress	0	23
Building	67,896	65,448
Furniture and equipment	279,628	271,437
Less accumulated depreciation and amortization	-277,296	-269,614
Total Property and Equipment—Net	70,228	67,294
Other Assets:	'	'
Software development work in progress	13,101	7,853
Data processing software and other assets (less accumulated amortization—2014, $155,017; 2013, $147,322)	38,892	38,086
Total Other Assets—Net	51,993	45,939
Total	385,781	441,589
Current Liabilities:	'	'
Accounts payable and accrued liabilities	47,809	52,958
Dividends Payable, Current	0	43,831
Marketing fee payable	9,455	9,442
Deferred revenue and other liabilities	11,712	1,100
Post-retirement benefit obligation - current	53	127
Total Current Liabilities	69,029	107,458
Long-term Liabilities:	'	'
Post-retirement benefit obligation - long-term	1,674	2,110
Income tax liability	33,718	29,903
Other long-term liabilities	3,967	3,856
Deferred income taxes	13,502	13,745
Total Long-term Liabilities	52,861	49,614
Commitments and Contingencies	'	'
Total Liabilities	121,890	157,072
Stockholders’ Equity:	'	'
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at June 30, 2014 or December 31, 2013	0	0
Additional paid-in-capital	105,879	90,985
Retained earnings	409,988	349,290
Treasury stock at cost – 6,950,718 shares at June 30, 2014 and 5,074,755 shares at December 31, 2013	-252,190	-155,627
Accumulated other comprehensive loss	-712	-1,050
Total Stockholders’ Equity	263,891	284,517
Total	385,781	441,589
Unrestricted Common Stock	'	'
Stockholders’ Equity:	'	'
Unrestricted common stock, $0.01 par value: 325,000,000 shares authorized; 92,565,682 issued and 85,614,964 outstanding at June 30, 2014; 91,845,492 issued and 86,770,737 outstanding at December 31, 2013	$926	$919

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets Parenthetical (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Allowance for Doubtful Accounts Receivable, Current	$291	$266
Finite-Lived Intangible Assets, Accumulated Amortization	$155,017	$147,322
Preferred Stock, Par or Stated Value Per Share	$0.01	$0.01
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$0.01	$0.01
Common Stock, Shares Authorized	325,000,000	325,000,000
Common Stock, Shares, Issued	92,565,682	91,845,492
Common Stock, Shares, Outstanding	85,614,964	86,770,737
Treasury Stock, Shares	6,950,718	5,074,755

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Stockholders’ Equity (USD $)	Total	Preferred Stock	Unrestricted Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
In Thousands
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Beginning of Period at Dec. 31, 2013	$284,517	$0	$919	$90,985	$349,290	($155,627)	($1,050)
Cash dividends on common stock	-31,307	'	'	'	-31,307	'	'
Share-based Compensation	11,370	'	'	11,370	'	'	'
Excess Tax Benefit from Share-based Compensation, Financing Activities	3,531	'	'	3,531	'	'	'
Issuance of vested restricted stock granted to employees	0	'	7	-7	'	'	'
Purchase of unrestricted common stock from employees to fulfill employee tax obligations	-8,291	'	'	'	'	-8,291	'
Purchase Of Unrestricted Common Stock	-88,272	'	'	'	'	-88,272	'
Net income	92,005	'	'	'	92,005	'	'
Post-retirement benefit obligation adjustment—net of tax	338	'	'	'	'	'	338
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest End of Period at Jun. 30, 2014	$263,891	$0	$926	$105,879	$409,988	($252,190)	($712)

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash Flows from Operating Activities:	'	'
Net income	$92,005	$88,533
Adjustments to reconcile net income to net cash flows from operating activities:	'	'
Depreciation and amortization	18,499	16,904
Other amortization	49	58
Provision for deferred income taxes	-451	-1,506
Stock-based compensation	11,370	12,949
Loss on disposition of property	533	0
Loss on investment in affiliate	842	972
Impairment of investment in affiliate	0	245
Changes in assets and liabilities:	'	'
Accounts receivable	-5,586	-10,067
Marketing fee receivable	-108	-3,722
Income taxes receivable	-1,222	-3,723
Prepaid expenses	-5,604	-4,088
Other current assets	1,216	3
Accounts payable and accrued expenses	-4,844	-2,211
Marketing fee payable	13	3,650
Deferred revenue and other liabilities	10,723	15,511
Post-retirement benefit obligations	-14	-18
Income tax liability	3,815	3,370
Net Cash Flows provided by Operating Activities	121,236	116,860
Net Cash Provided by (Used in) Investing Activities [Abstract]	'	'
Capital and other assets expenditures	-28,326	-13,072
Investment in Affiliates	-973	-1,120
Other	3	8
Net Cash Flows used in Investing Activities	-29,296	-14,184
Payment of quarterly dividends	-31,307	-26,604
Excess tax benefit from stock-based compensation	3,531	2,206
Purchase of unrestricted stock from employees	-8,291	-6,109
Purchase of unrestricted common stock under announced program	-88,272	0
Payment of special dividend	-43,831	0
Net Cash Flows used in Financing Activities	-168,170	-30,507
Net Increase (Decrease) in Cash and Cash Equivalents	-76,230	72,169
Cash and Cash Equivalents at Beginning of Period	221,341	135,597
Cash and Cash Equivalents at End of Period	145,111	207,766
Supplemental Disclosure of Cash Flow Information	'	'
Cash paid for income taxes	53,530	54,730
Non-cash activities:	'	'
Unpaid liability to acquire equipment and software	$2,745	$1,929

Description_of_Business

Description of Business	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Description Of Business	'
	DESCRIPTION OF BUSINESS
	CBOE Holdings, Inc. is the holding company for Chicago Board Options Exchange, Incorporated, CBOE Futures Exchange, LLC, C2 Options Exchange, Incorporated and other subsidiaries.
	The primary business of the Company is the operation of markets for the trading of listed, or exchange-traded, derivatives contracts on four broad product categories: 1) options on various market indexes (index options), 2) futures on the VIX Index and other products, 3) options on the stocks of individual corporations (equity options) and 4) options on other exchange-traded products (ETP options), such as exchange-traded funds (ETF options) and exchange-traded notes (ETN options).
	The Company owns and operates three stand-alone exchanges, but reports the results of its operations in one reporting segment. CBOE is our primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on our trading floor in Chicago. This integration of electronic trading and traditional open outcry trading into a single exchange is known as our Hybrid trading model. CFE, our all-electronic futures exchange, offers trading of futures on the VIX Index and other products. C2 is our all-electronic exchange that also offers trading for listed options, but with a different market model and fee structure than CBOE. All of our exchanges operate on our proprietary technology platform known as CBOE Command.

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	BASIS OF PRESENTATION
	These interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities and reported amounts of operating revenues and expenses. On an ongoing basis, management evaluates its estimates, including those related to matters that require a significant level of judgment or are otherwise subject to an inherent degree of uncertainty. These estimates are based on management’s knowledge and judgments, historical experience and observance of trends, information available from outside sources and various other assumptions that are believed to be reasonable under the circumstances.
	In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included.
	The results of operations for interim periods are not necessarily indicative of the results of operations for the full year.

Share_Repurchase_Program

Share Repurchase Program	6 Months Ended
	Jun. 30, 2014
Share Repurchase Program [Abstract]	'
Share Repurchase Program	'
	SHARE REPURCHASE PROGRAM
	In 2011, the board of directors approved an initial authorization for the Company to repurchase shares of its outstanding unrestricted common stock of $100 million and approved additional authorizations in 2012 of $100 million and 2013 of $100 million. The program permits the Company to purchase shares through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation.
	For the six months ended June 30, 2014, the Company repurchased 1,712,046 shares of unrestricted common stock at an average cost per share of $51.56 totaling $88.3 million in purchases under the program.
	Since inception of the program through June 30, 2014, the Company has repurchased 6,351,870 shares of unrestricted common stock at an average cost per share of $36.26, totaling $230.3 million in purchases under the program.

Net_Income_per_Common_Share

Net Income per Common Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
New Income per Common Share	'
	NET INCOME PER COMMON SHARE
	The computation of basic net income allocated to common stockholders is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders.
	The computation of diluted earnings per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the treasury stock or the two-class method.
	The following table reconciles net income allocated to common stockholders and the number of shares used to calculate the basic and diluted net income per common share for the three months ended June 30, 2014 and 2013:
		Three Months Ended June 30,						Six Months Ended June 30,
	(in thousands, except per share amounts)	2014			2013			2014			2013
	Basic EPS Numerator:
	Net Income	$	42,981		$	46,161		$	92,005		$	88,533
	Less: Earnings allocated to participating securities	(383		)	(684		)	(879		)	(1,268		)
	Net Income allocated to common stockholders	$	42,598		$	45,477		$	91,126		$	87,265
	Basic EPS Denominator:
	Weighted average shares outstanding	85,831			87,341			86,140			87,307
	Basic net income per common share	$	0.5		$	0.52		$	1.06		$	1
	Diluted EPS Numerator:
	Net Income	$	42,981		$	46,161		$	92,005		$	88,533
	Less: Earnings allocated to participating securities	(383		)	(684		)	(879		)	(1,268		)
	Net Income allocated to common stockholders	$	42,598		$	45,477		$	91,126		$	87,265
	Diluted EPS Denominator:
	Weighted average shares outstanding	85,831			87,341			86,140			87,307
	Dilutive common shares issued under restricted stock program	—			—			—			—
	Diluted net income per common share	$	0.5		$	0.52		$	1.06		$	1
	For the six months ended June 30, 2014, 421,928 shares of restricted stock were not included in the computation of diluted net income per common share because to do so would have an anti-dilutive effect.

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2014
Share-based Compensation [Abstract]	'
Stock-Based Compensation	'
	STOCK-BASED COMPENSATION
	Stock-based compensation is based on the fair value of the award on the date of grant, which is recognized over the related service period, net of estimated forfeitures. The service period is the period over which the related service is performed, which is generally the same as the vesting period.
	On February 19, 2014, the Company granted 45,168 shares of restricted stock and 161,024 restricted stock units ("RSUs"), each of which entitles the holders to one share of common stock upon vesting, to certain officers and employees at a fair value of $55.35 per share. The RSUs vest ratably over three years, with one-third vesting on each anniversary of the grant date, and vesting accelerates upon the occurrence of a change in control. Unvested restricted stock units will be forfeited if the officer or employee leaves the company prior to the applicable vesting date, except in limited circumstances. The restricted stock units have no voting rights but are able to participate in the payment of dividends.
	In addition, on February 19, 2014, the Company granted 47,470 RSUs contingent on the achievement of performance conditions including 23,735 RSUs, at a fair value of $55.35 per RSU, related to earnings per share during the performance period and 23,735 RSUs, at a fair value of $77.00 per RSU, related to total shareholder return during the performance period. The Company used the Monte Carlo valuation model method to estimate the fair value of the total shareholder return RSUs which incorporated the following assumptions: risk free interest rate (0.69%), three-year volatility (24.8%) and three-year correlation with S&P 500 Index (0.56). Each of these performance shares has a performance condition under which the number of units ultimately awarded will vary from 0% to 200% of the original grant, with each unit representing the contingent right to receive one share of our common stock. The vesting period for the shares contingent on the achievement of performance is three years. For each of the performance awards, the restricted stock units will be settled in shares of our common stock following vesting of the restricted stock unit assuming that the participant has been continuously employed during the vesting period, subject to acceleration in the event of a change of control of the Company or in the event of a participant’s earlier death, disability or qualified retirement. Participants shall have no voting rights with respect to shares until the issuance of the shares of stock. Dividends are accrued by the Company and will be paid once the RSUs contingent on the achievement of performance conditions vest.
	On May 22, 2014, the Company granted 18,240 shares of restricted stock, at a fair value of $49.36 per share, to the non-employee members of the board of directors. The shares have a one-year vesting period and vesting accelerates upon the occurrence of a change in control of the Company. Unvested portions of the restricted stock will be forfeited if the director leaves the company prior to the applicable vesting date.
	For the three and six months ended June 30, 2014 and 2013, the Company recognized $4.5 million and $6.2 million and $11.4 million and $12.9 million in stock-based compensation expense, respectively. The six months ended June 30, 2014 and 2013 included $2.5 million and $4.0 million of accelerated stock-based compensation expense, respectively. The accelerated stock-based compensation expense, in 2014 and 2013, was primarily for certain executives due to provisions contained in their employment arrangements. Stock-based compensation expense is included in employee costs in the condensed consolidated statements of income.
	As of June 30, 2014, the Company had unrecognized stock-based compensation of $16.7 million.  The remaining unrecognized stock-based compensation is expected to be recognized over a weighted average period of 26.2 months.
	The activity in the Company’s restricted stock and restricted stock units for the six months ended June 30, 2014 was as follows:
			Number of Shares		Weighted Average
					Grant-Date Fair
					Value
		Unvested at January 1, 2014	708,221		$	33.41
		Granted	271,902		56.84
		Vested	(550,132	)	50.89
		Forfeited	(8,063	)	29
		Unvested at June 30, 2014	421,928		$	46.32

Investment_in_Affiliates

Investment in Affiliates	6 Months Ended
	Jun. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Investments in Affiliates	'
	INVESTMENTS IN AFFILIATES
	At June 30, 2014 and December 31, 2013, the investments in affiliates were composed of the following (in thousands):
			June 30,		December 31,
			2014		2013
		Investment in OCC	$	333	$	333
		Investment in Signal Trading Systems, LLC	11,260		11,130
		Investment in IPXI Holdings, LLC	3,118		3,118
		Investment in CBOE Stock Exchange, LLC (1)	—		—
		Investments in Affiliates	$	14,711	$	14,581
	(1) CBOE Stock Exchange, LLC ceased trading operations on April 30, 2014.

Accounts_Payable_and_Accured_L

Accounts Payable and Accured Liabilities	6 Months Ended
	Jun. 30, 2014
Payables and Accruals [Abstract]	'
Accounts Payable and Accrued Liabilities	'
	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
	At June 30, 2014 and December 31, 2013, accounts payable and accrued liabilities consisted of the following (in thousands):
			June 30,		December 31,
			2014		2013
		Compensation and benefit-related liabilities (1)	$	13,772	$	22,193
		Royalties	13,272		13,512
		Accounts payable	4,144		4,219
		Purchase of unrestricted common stock (2)	2,560		1,937
		Facilities	1,964		1,824
		Legal	1,474		1,602
		Market linkage	1,847		1,157
		Other	8,776		6,514
		Total	$	47,809	$	52,958
	(1) The variance in compensation and benefit-related liabilities is primarily the result of the payment of 2013 annual incentive compensation in the first quarter of 2014, partially offset by the accrual of 2014 annual compensation expense through the six months ended June 30, 2014.
	(2) Reflects shares purchased at the end of the period that are not settled until three days after the trade occurs.

Marketing_Fee

Marketing Fee	6 Months Ended
	Jun. 30, 2014
Marketing Fee [Abstract]	'
Marketing Fees	'
	MARKETING FEE
	CBOE facilitates the collection and payment of marketing fees assessed on certain trades taking place at CBOE. Funds resulting from the marketing fees are made available to Designated Primary Market Makers and Preferred Market Makers as an economic inducement to route orders to CBOE. Pursuant to ASC 605-45, Revenue Recognition—Principal Agent Considerations, the Company reflects the assessments and payments on a net basis, with no impact on revenues or expenses.
	As of June 30, 2014 and December 31, 2013, amounts assessed by the Company on behalf of others included in current assets totaled $9.0 million and $8.9 million, respectively, and payments due to others included in current liabilities totaled $9.5 million and $9.4 million, respectively.

Deferred_Revenue

Deferred Revenue	6 Months Ended
	Jun. 30, 2014
Deferred Revenue [Abstract]	'
Deferred Revenue	'
	DEFERRED REVENUE
	The following table summarizes the activity in deferred revenue for the six months ended June 30, 2014 (in thousands):
		Balance at		Cash		Revenue			Balance at June 30, 2014
		December 31,		Additions		Recognition
		2013
	Other – net	$	1,100	$	6,582	$	(4,370	)	$	3,312
	Liquidity provider sliding scale (1)	—		15,800		(7,400		)	8,400
	Total deferred revenue	$	1,100	$	22,382	$	(11,770	)	$	11,712
	(1)  Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and receive reduced fees based on the achievement of certain volume thresholds reached within a month. The prepayment of 2014 transaction fees totaled $15.8 million. This amount is amortized and recorded as transaction fees over the respective period.

Employee_Benefits

Employee Benefits	6 Months Ended
	Jun. 30, 2014
Employee Benefits [Abstract]	'
Postemployment Benefits Disclosure	'
	EMPLOYEE BENEFITS
	Employees are eligible to participate in the Chicago Board Options Exchange SMART Plan (“SMART Plan”). The SMART Plan is a defined contribution plan, which is qualified under Internal Revenue Code Section 401(k). The Company contributed $2.3 million and $2.1 million to the SMART Plan for the six months ended June 30, 2014 and 2013, respectively.
	Eligible employees may participate in the Supplemental Employee Retirement Plan, Executive Retirement Plan and Deferred Compensation Plan. Each plan is a defined contribution plan that is non-qualified by Internal Revenue Code regulations. The Company contributed $0.7 million and $0.8 million to the above plans for the six months ended June 30, 2014 and 2013, respectively.
	The Company has a post-retirement medical plan for former members of senior management. The Company recorded immaterial post-retirement benefits expense for the six months ended June 30, 2014 and 2013.

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	INCOME TAXES
	For the three and six months ended June 30, 2014 and 2013, the Company recorded income tax provisions of $26.4 million and $28.7 million and $58.9 million and $55.1 million, respectively. The effective tax rate for the six months ended June 30, 2014 and 2013 was 39.0% and 38.3%, respectively. The increase in the effective tax rate for the six months ended June 30, 2014 resulted primarily from the recognition of a discrete tax charge. The prior year period included a discrete tax benefit, which lowered the effective rate.
	As of June 30, 2014 and December 31, 2013, the Company had $29.4 million and $26.7 million, respectively, of uncertain tax positions excluding interest and penalties, which, if recognized in the future, would affect the annual effective income tax rate. Reductions to uncertain tax positions primarily from the lapse of the applicable statutes of limitations during the next twelve months are estimated to be approximately $0.2 million, not including any potential new additions.
	Estimated interest costs and penalties, which are classified as part of the provision for income taxes in the Company’s condensed consolidated statements of income, were $0.5 million and $0.2 million for the three months ended June 30, 2014 and 2013, respectively, and $1.1 million and $0.4 million for the six months ended June 30, 2014 and 2013, respectively. Accrued interest and penalties were $4.3 million and $3.2 million as of June 30, 2014 and December 31, 2013, respectively.
	The Company is subject to U.S. federal tax, Illinois, New Jersey, and New York state taxes and Washington, D.C. taxes, as well as taxes in other local jurisdictions.  The Company has open tax years from 2007 on for New York, 2008 on for Federal, 2009 on for Illinois, and 2010 on for New Jersey and Washington, D.C.  The Internal Revenue Service is currently auditing 2010 and is looking at specific line items from 2008 to 2012 due to the filing by the Company of amended returns containing the recognition of certain credits and deductions.  The Illinois Department of Revenue is currently auditing the 2009 and 2010 tax years.  The New York State Department of Taxation and Finance is currently auditing the 2007 through 2012 tax years.  The New Jersey Division of Taxation is currently auditing the 2010 through 2012 tax years.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures	'
	FAIR VALUE MEASUREMENTS
	Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk.
	The Company applied FASB ASC 820, Fair Value Measurement and Disclosure (formerly, FASB Statement No. 157, Fair Value Measurements), which provides guidance for using fair value to measure assets and liabilities by defining fair value and establishing the framework for measuring fair value. ASC 820 applies to financial and non-financial instruments that are measured and reported on a fair value basis. The three-level hierarchy of fair value measurements is based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The fair-value hierarchy requires the use of observable market data when available and consists of the following levels:
	•	Level 1—Unadjusted inputs based on quoted markets for identical assets or liabilities.
	•	Level 2—Observable inputs, either direct or indirect, not including Level 1, corroborated by market data or based upon quoted prices in non-active markets.
	•	Level 3—Unobservable inputs that reflect management’s best assumptions of what market participants would use in valuing the asset or liability.
	The Company has included a tabular disclosure for financial assets that are measured at fair value on a recurring basis in the condensed consolidated balance sheet as of June 30, 2014 and December 31, 2013. The Company holds no financial liabilities that are measured at fair value on a recurring basis.
	(amounts in thousands)		Level 1		Level 2		Level 3		Total
	Assets at fair value:
	Money market funds		$	138,000	$	—	$	—	$	138,000
	Total assets at fair value at June 30, 2014		$	138,000	$	—	$	—	$	138,000
	(amounts in thousands)		Level 1		Level 2		Level 3		Total
	Assets at fair value:
	Money market funds		$	207,000	$	—	$	—	$	207,000
	Total assets at fair value at December 31, 2013		$	207,000	$	—	$	—	$	207,000
	The Company, through DerivaTech Corporation, a wholly-owned subsidiary, acquired about a 10.0% interest in IPXI Holdings, LLC ("IPXI") for $2.5 million. The Company contributed an additional $0.6 million in October 2013. The investment, measured at fair value on a non-recurring basis, is classified as Level 3 as the fair value was based on both observable and unobservable inputs.

Legal_Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2014
Legal Proceedings [Abstract]	'
Legal Proceedings	'
	NOTE 13 — LEGAL PROCEEDINGS
	As of June 30, 2014, the end of the period covered by this report, the Company was subject to various legal proceedings and claims, as well as certain other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. For a description of each of these proceedings, please see Note 11 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013.
	The Company reviews its legal proceedings and claims, regulatory reviews and inspections and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and we disclose the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for our financial statements to not be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. The Company's assessment of whether a loss is reasonably possible or probable is based on its assessment of the ultimate outcome of the matter following all appeals.
	Estimates of probable losses resulting from patent litigation involving the Company are inherently difficult to make, particularly when the Company's view of the case is significantly different than that expressed by the plaintiff. The Company has not recorded a liability related to damages in connection with these matters.
	As of June 30, 2014, the Company does not think that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these reviews, inspections or other legal proceedings, if any, has been incurred. While the consequences of certain unresolved proceedings are not presently determinable, the outcome of any litigation is inherently uncertain and an adverse outcome from certain matters could have a material effect on our earnings in any given reporting period. However, in the opinion of management, the ultimate liability is not expected to have a material effect on our financial position, liquidity or capital resources.
	The following information updates the legal proceedings disclosures in our Annual Report on Form 10-K for the year ended December 31, 2013 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2014.
	Patent Litigation
	On April 7, 2014, the United States Court of Appeals for the Federal Circuit (the "Federal Circuit") issued its decision affirming the judgment of the United States Circuit Court for the Northern District of Illinois that CBOE did not infringe the International Securities Exchange, LLC ("ISE") patent at issue in this case. On May 5, 2014, the Federal Circuit denied ISE's petition for a panel rehearing of its appeal by the Federal Circuit.
	City of Providence Litigation
	On April 18, 2014, the City of Providence sued CBOE and C2 in federal court in New York City on behalf of a proposed class of all public investors who bought or sold stock, at any time since April 18, 2009 (the “class period”), that was listed on a U.S.-based exchange or alternate trading venue. Also named as defendants are other securities exchanges and a proposed defendant class of all firms that, during the class period, placed bids or offers or trades in stocks on behalf of public investors, operated alternate trading venues for placing bids, offers or trades in stocks, or engaged in high frequency trading (“HFT”) in stocks (the "Firm Defendants"). As applicable to CBOE and C2 and the other exchange defendants, the complaint alleges that the exchanges (i) participated in a scheme by which HFT firms allegedly defrauded U.S. public investors and manipulated the prices of stocks and (ii) failed to operate their stock markets in accordance with their duties under the Exchange Act. In addition to injunctive relief and attorneys’ fees, the complaint seeks unspecified amounts representing damages resulting from defendants' alleged wrongdoing, restitution of monies paid by the plaintiff class, disgorgement of defendants’ gains resulting from their alleged wrongdoing, and forfeiture of fees and compensation paid by the plaintiff class to defendants. American European Insurance Company, James Flynn and Dominic Morelli filed three substantially similar lawsuits against CBOE and C2, along with other securities exchanges and a similar group of Firm Defendants, on behalf of a proposed class of public investors.
	On July 2, 2014, the Court entered an order consolidating the four separate class actions into the Providence case and appointed the City of Providence and several other institutional investors as lead plaintiffs for the putative class.
	Lanier Litigation
	On May 23, 2014, Harold R. Lanier sued CBOE, as well as 13 other securities exchanges, in the United States District Court for the Southern District of New York on behalf of himself and a putative class consisting of all persons in the United States who entered into contracts to receive market data through certain data plans at any time since May 19, 2008 to the present.  The complaint alleges that the market data provided under the Consolidated Quotation (“CQ”) and Consolidated Tape Association (“CTA”) Plans was inferior to the data that the exchanges provided to those that directly receive other data from the exchanges, which the plaintiffs allege is a breach of their “subscriber contracts” and a violation of the exchanges’ obligations under the CQ and CTA Plans.  The plaintiffs seek monetary and injunctive relief.  On May 30, 2014, Mr. Lanier filed two additional suits in the same Court, alleging substantially the same claims and requesting for the same types of relief against the exchanges who participate in the UTP and the OPRA data plans.  CBOE is a defendant in each of these suits, while C2 is only a defendant in the suit regarding the OPRA Plan.
	ISE -- '707
	On August 15, 2012, C2 filed a declaratory judgment complaint against International Securities Exchange, LLC ("ISE") in the United States District Court for the Northern District of Illinois alleging that ISE's U.S. Patent No. 6,618,707 ("the '707 patent") patent is not valid, not infringed and not enforceable. On July 18, 2014, the Court dismissed this case without prejudice following ISE's stipulation that C2's trading system does not infringe the '707 patent.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	SUBSEQUENT EVENTS
	On July 30, 2014, the Company announced that its board of directors declared a quarterly cash dividend of $0.21 per share. The dividend is payable September 19, 2014 to stockholders of record at the close of business on August 29, 2014.
	On July 30, 2014, the Company announced that its board of directors authorized an additional $100 million to repurchase shares of its outstanding unrestricted common stock. This is in addition to any unused amount remaining under prior authorizations.

Net_Income_per_Common_Share_Ta

Net Income per Common Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted	'
	The following table reconciles net income allocated to common stockholders and the number of shares used to calculate the basic and diluted net income per common share for the three months ended June 30, 2014 and 2013:
		Three Months Ended June 30,						Six Months Ended June 30,
	(in thousands, except per share amounts)	2014			2013			2014			2013
	Basic EPS Numerator:
	Net Income	$	42,981		$	46,161		$	92,005		$	88,533
	Less: Earnings allocated to participating securities	(383		)	(684		)	(879		)	(1,268		)
	Net Income allocated to common stockholders	$	42,598		$	45,477		$	91,126		$	87,265
	Basic EPS Denominator:
	Weighted average shares outstanding	85,831			87,341			86,140			87,307
	Basic net income per common share	$	0.5		$	0.52		$	1.06		$	1
	Diluted EPS Numerator:
	Net Income	$	42,981		$	46,161		$	92,005		$	88,533
	Less: Earnings allocated to participating securities	(383		)	(684		)	(879		)	(1,268		)
	Net Income allocated to common stockholders	$	42,598		$	45,477		$	91,126		$	87,265
	Diluted EPS Denominator:
	Weighted average shares outstanding	85,831			87,341			86,140			87,307
	Dilutive common shares issued under restricted stock program	—			—			—			—
	Diluted net income per common share	$	0.5		$	0.52		$	1.06		$	1
	For the six months ended June 30, 2014, 421,928 shares of restricted stock were not included in the computation of diluted net income per common share because to do so would have an anti-dilutive effect.

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Share-based Compensation [Abstract]	'
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	'
	The activity in the Company’s restricted stock and restricted stock units for the six months ended June 30, 2014 was as follows:
			Number of Shares		Weighted Average
					Grant-Date Fair
					Value
		Unvested at January 1, 2014	708,221		$	33.41
		Granted	271,902		56.84
		Vested	(550,132	)	50.89
		Forfeited	(8,063	)	29
		Unvested at June 30, 2014	421,928		$	46.32

Investment_in_Affiliates_Table

Investment in Affiliates (Tables)	6 Months Ended
	Jun. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Investments in and Advances to Affiliates	'
	At June 30, 2014 and December 31, 2013, the investments in affiliates were composed of the following (in thousands):
			June 30,		December 31,
			2014		2013
		Investment in OCC	$	333	$	333
		Investment in Signal Trading Systems, LLC	11,260		11,130
		Investment in IPXI Holdings, LLC	3,118		3,118
		Investment in CBOE Stock Exchange, LLC (1)	—		—
		Investments in Affiliates	$	14,711	$	14,581
	(1) CBOE Stock Exchange, LLC ceased trading operations on April 30, 2014.

Accounts_Payable_and_Accured_L1

Accounts Payable and Accured Liabilities (Tables)	6 Months Ended
	Jun. 30, 2014
Payables and Accruals [Abstract]	'
Schedule of Accounts Payable and Accrued Liabilities	'
	At June 30, 2014 and December 31, 2013, accounts payable and accrued liabilities consisted of the following (in thousands):
			June 30,		December 31,
			2014		2013
		Compensation and benefit-related liabilities (1)	$	13,772	$	22,193
		Royalties	13,272		13,512
		Accounts payable	4,144		4,219
		Purchase of unrestricted common stock (2)	2,560		1,937
		Facilities	1,964		1,824
		Legal	1,474		1,602
		Market linkage	1,847		1,157
		Other	8,776		6,514
		Total	$	47,809	$	52,958
	(1) The variance in compensation and benefit-related liabilities is primarily the result of the payment of 2013 annual incentive compensation in the first quarter of 2014, partially offset by the accrual of 2014 annual compensation expense through the six months ended June 30, 2014.
	(2) Reflects shares purchased at the end of the period that are not settled until three days after the trade occurs.

Deferred_Revenue_Tables

Deferred Revenue (Tables)	6 Months Ended
	Jun. 30, 2014
Deferred Revenue [Abstract]	'
Deferred Revenue, by Arrangement, Disclosure	'
	The following table summarizes the activity in deferred revenue for the six months ended June 30, 2014 (in thousands):
		Balance at		Cash		Revenue			Balance at June 30, 2014
		December 31,		Additions		Recognition
		2013
	Other – net	$	1,100	$	6,582	$	(4,370	)	$	3,312
	Liquidity provider sliding scale (1)	—		15,800		(7,400		)	8,400
	Total deferred revenue	$	1,100	$	22,382	$	(11,770	)	$	11,712
	(1)  Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and receive reduced fees based on the achievement of certain volume thresholds reached within a month. The prepayment of 2014 transaction fees totaled $15.8 million. This amount is amortized and recorded as transaction fees over the respective period.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value, Measurement Inputs, Disclosure	'
	The Company has included a tabular disclosure for financial assets that are measured at fair value on a recurring basis in the condensed consolidated balance sheet as of June 30, 2014 and December 31, 2013. The Company holds no financial liabilities that are measured at fair value on a recurring basis.
	(amounts in thousands)	Level 1		Level 2		Level 3		Total
	Assets at fair value:
	Money market funds	$	138,000	$	—	$	—	$	138,000
	Total assets at fair value at June 30, 2014	$	138,000	$	—	$	—	$	138,000
	(amounts in thousands)	Level 1		Level 2		Level 3		Total
	Assets at fair value:
	Money market funds	$	207,000	$	—	$	—	$	207,000
	Total assets at fair value at December 31, 2013	$	207,000	$	—	$	—	$	207,000

Share_Repurchase_Program_Detai

Share Repurchase Program (Details) (USD $)	0 Months Ended		1 Months Ended		3 Months Ended	35 Months Ended
In Millions, except Share data, unless otherwise specified	Jul. 31, 2014	Dec. 11, 2013	Jul. 31, 2012	Aug. 31, 2011	Jun. 30, 2014	Jun. 30, 2014
Stock Repurchase Program, Authorized Amount	$100	$100	$100	$100	'	'
Treasury Stock, Shares, Acquired	'	'	'	'	1,712,046	6,351,870
Treasury Stock Acquired, Average Cost Per Share	'	'	'	'	$51.56	$36.26
Treasury Stock [Member]	'	'	'	'	'	'
Treasury Stock, Value, Acquired, Cost Method	'	'	'	'	$88.30	$230.30

Net_Income_per_Common_Share_De

Net Income per Common Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Net income	$42,981	$46,161	$92,005	$88,533
Net Income allocated to participating securities	-383	-684	-879	-1,268
Net Income Allocated to Common Stockholders	$42,598	$45,477	$91,126	$87,265
Weighted Average Number of Shares Outstanding, Basic	85,831,000	87,341,000	86,140,000	87,307,000
Weighted Average Number of Shares Outstanding, Diluted (in shares)	85,831,000	87,341,000	86,140,000	87,307,000
Weighted Average Number Diluted Shares Outstanding Adjustment	0	0	0	0
Basic (in dollars per share)	$0.50	$0.52	$1.06	$1
Diluted (in dollars per share)	$0.50	$0.52	$1.06	$1

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative) (Details) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended		0 Months Ended
	Feb. 20, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	23-May-14	Feb. 20, 2014	Feb. 20, 2014	Feb. 20, 2014	Feb. 20, 2014	Feb. 20, 2014
						Restricted Stock [Member]	Restricted Stock [Member]	Restricted Stock Units (RSUs) [Member]	Performance Shares [Member]	Earnings Per Share [Member]	Total Shareholder Return [Member]
										Performance Shares [Member]	Performance Shares [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period (in shares)	'	'	'	271,902	'	18,240	45,168	161,024	47,470	23,735	23,735
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	'	'	'	$56.84	'	$49.36	$55.35	'	'	$55.35	$77
Stock-based compensation	'	$4,457,000	$6,210,000	$11,370,000	$12,949,000	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost	'	'	'	2,500,000	4,000,000	'	'	'	'	'	'
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	'	$16,700,000	'	$16,700,000	'	'	'	'	'	'	'
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	'	'	'	'26 months 15 days	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.69%	'	'	'	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	24.80%	'	'	'	'	'	'	'	'	'	'

StockBased_Compensation_Restic

Stock-Based Compensation (Resticted Stock) (Details) (USD $)	0 Months Ended	6 Months Ended		0 Months Ended
	Feb. 20, 2014	Jun. 30, 2014	Dec. 31, 2013	23-May-14	Feb. 20, 2014	Feb. 20, 2014	Feb. 20, 2014	Feb. 20, 2014	Feb. 20, 2014
				Restricted Stock [Member]	Restricted Stock [Member]	Performance Shares [Member]	Restricted Stock Units (RSUs) [Member]	Earnings Per Share [Member]	Total Shareholder Return [Member]
								Performance Shares [Member]	Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	'	421,928	708,221	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	'	$46.32	$33.41	'	'	'	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period (in shares)	'	271,902	'	18,240	45,168	47,470	161,024	23,735	23,735
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	'	$56.84	'	$49.36	$55.35	'	'	$55.35	$77
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	'	-550,132	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	'	$50.89	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	'	-8,063	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	'	$29	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	24.80%	'	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.69%	'	'	'	'	'	'	'	'

Investment_in_Affiliates_Detai

Investment in Affiliates (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investments in Affiliates	$14,711	$14,581	'
Investment in OCC [Member]	'	'	'
Investments in Affiliates	333	333	'
Investment in Signal Trading [Member]	'	'	'
Investments in Affiliates	11,260	11,130	'
Investment in IPXI [Member]	'	'	'
Investments in Affiliates	3,118	3,118	2,500
Investment in CBSX [Member] [Member]	'	'	'
Investments in Affiliates	$0	$0	'

Accounts_Payable_and_Accured_L2

Accounts Payable and Accured Liabilities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Compensation and benefit-related liabilities (1)	$13,772	$22,193
Royalties	13,272	13,512
Accounts payable	4,144	4,219
Purchase of unrestricted common stock (2)	2,560	1,937
Facilities	1,964	1,824
Legal	1,474	1,602
Market linkage	1,847	1,157
Other	8,776	6,514
Accounts payable and accrued liabilities	$47,809	$52,958

Marketing_Fee_Details

Marketing Fee (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Marketing Fee [Abstract]	'	'
Marketing fee receivable	$8,977	$8,869
Marketing fee payable	$9,455	$9,442

Deferred_Revenue_Details

Deferred Revenue (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Deferred Revenue [Roll Forward]	'
Balance at December 31, 2013	$1,100
Cash Additions	22,382
Revenue Recognition	-11,770
Balance at June 30, 2014	11,712
Other – net	'
Deferred Revenue [Roll Forward]	'
Balance at December 31, 2013	1,100
Cash Additions	6,582
Revenue Recognition	-4,370
Balance at June 30, 2014	3,312
Liquidity Provider Slidingn Scale [Member]	'
Deferred Revenue [Roll Forward]	'
Cash Additions	15,800
Revenue Recognition	-7,400
Balance at June 30, 2014	$8,400

Employee_Benefits_Details

Employee Benefits (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Employee Benefits [Abstract]	'	'
Defined Benefit Plan, Contributions by Employer	$2,276	$2,056
Pension and Other Postretirement Benefit Contributions	$654	$842

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Income Tax Expense (Benefit)	$26,414,000	$28,724,000	$58,933,000	$55,060,000	'
Effective Income Tax Rate, Continuing Operations	'	'	39.00%	38.30%	'
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	29,400,000	'	29,400,000	'	26,700,000
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations	'	'	156,000	'	'
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	500,000	200,000	'	'	'
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$4,300,000	'	$4,300,000	'	$3,200,000

Fair_Value_Measurements_Narrat

Fair Value Measurements (Narrative) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Investments in Affiliates	$14,711,000	$14,581,000	'
Cost Method Investment, Ownership Percentage	10.00%	'	'
Investment in IPXI [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Investments in Affiliates	3,118,000	3,118,000	2,500,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	'	$600,000	'

Fair_Value_Measurements_Fair_V

Fair Value Measurements Fair Value Measurements (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Level 1	'	'
Money market funds	$138,000	$207,000
Assets, Fair Value Disclosure	138,000	207,000
Estimate of Fair Value, Fair Value Disclosure [Member]	'	'
Money market funds	138,000	207,000
Assets, Fair Value Disclosure	$138,000	$207,000

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	0 Months Ended		1 Months Ended
In Millions, except Per Share data, unless otherwise specified	Jul. 31, 2014	Dec. 11, 2013	Jul. 31, 2012	Aug. 31, 2011
Common Stock, Dividends, Per Share, Declared	$0.21	'	'	'
Stock Repurchase Program, Authorized Amount	$100	$100	$100	$100