Cboe Global Markets (CBOE) 10-Q 6 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	3 Months Ended
	Mar. 31, 2015	Apr. 24, 2015
Entity [Abstract]
Entity Registrant Name	CBOE Holdings, Inc.
Entity Central Index Key	1374310
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		83,473,311
Entity Current Reporting Status	Yes

Condensed_Consolidated_Stateme

Condensed Consolidated Statement of Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating Revenues:
Transaction fees	$98,723	$112,790
Access fees	13,686	15,232
Exchange services and other fees	9,728	9,492
Market data fees	8,012	7,158
Regulatory fees	8,382	9,857
Other revenue	4,308	3,356
Total Operating Revenues	142,839	157,885
Operating Expenses:
Compensation and benefits	25,439	33,374
Depreciation and amortization	10,402	8,604
Technology support services	5,325	4,721
Professional fees and outside services	11,950	7,378
Royalty fees	14,150	15,902
Order routing	787	1,126
Travel and promotional expenses	2,501	1,987
Facilities costs	1,384	1,313
Other expenses	1,348	1,442
Total Operating Expenses	73,286	75,847
Operating Income	69,553	82,038
Other Income/(Expense):
Investment income	51	14
Net loss from investment in affiliates	-81	-509
Impairment of advance to affiliate	-246	0
Total Other Expense	-276	-495
Income Before Income Taxes	69,277	81,543
Income tax provision	27,018	32,519
Net Income	42,259	49,024
Net Income Allocated to Participating Securities	180	496
Net Income Allocated to Common Stockholders	$42,079	$48,528
Net Income Per Share Allocated to Common Stockholders:
Basic	$0.50	$0.56
Diluted	$0.50	$0.56
Weighted average shares used in computing income per share:
Basic	83,956	86,453
Diluted	83,956	86,453

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Condensed Consolidated Statement of Comprehnsive Income [Abstract]
Net income	$42,259	$49,024
Post-retirement benefit obligation	-181	315
Comprehensive Income	42,078	49,339
Net Income Allocated to Participating Securities	180	496
Comprehensive Income allocated to common stockholders	$41,898	$48,843

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current Assets:
Cash and cash equivalents	$137,558	$147,927
Accounts receivable—net allowances of 2015 - $298 and 2014 - $285	51,986	58,386
Marketing fee receivable	8,789	10,697
Income taxes receivable	1,120	21,503
Other prepaid expenses	8,588	4,622
Other current assets	1,344	972
Total Current Assets	209,385	244,107
Investments in and Advances to Affiliates	42,740	12,351
Land	4,914	4,914
Property and Equipment:
Construction in progress	0	0
Building	68,117	68,019
Furniture and equipment	285,223	286,723
Less accumulated depreciation and amortization	-290,615	-287,886
Total Property and Equipment—Net	62,725	66,856
Other Assets:
Software development work in progress	11,337	7,817
Data processing software and other assets (less accumulated amortization—2015, $167,925; 2014, $163,486)	44,696	47,856
Total Other Assets—Net	56,033	55,673
Total	375,797	383,901
Current Liabilities:
Accounts payable and accrued liabilities	44,593	58,566
Marketing fee payable	9,320	11,236
Deferred revenue and other liabilities	14,073	1,988
Post-retirement benefit obligation - current	72	101
Income tax payable	2,654	1,774
Total Current Liabilities	70,712	73,665
Long-term Liabilities:
Post-retirement benefit obligation - long-term	1,938	1,612
Income tax liability	41,932	40,683
Other long-term liabilities	3,312	4,197
Deferred income taxes	14,168	13,677
Total Long-term Liabilities	61,350	60,169
Commitments and Contingencies
Total Liabilities	132,062	133,834
Stockholders’ Equity:
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at March 31, 2015 or December 31, 2014	0	0
Additional paid-in-capital	113,960	110,112
Retained earnings	496,539	472,005
Treasury stock at cost – 9,015,757 shares at March 31, 2015 and 8,454,714 shares at December 31, 2014	-366,821	-332,287
Accumulated other comprehensive loss	-870	-689
Total Stockholders’ Equity	243,735	250,067
Total	375,797	383,901
Unrestricted Common Stock
Stockholders’ Equity:
Unrestricted common stock, $0.01 par value: 325,000,000 shares authorized; 92,717,568 issued and 83,701,811 outstanding at March 31, 2015; 92,569,189 issued and 84,114,475 outstanding at December 31, 2014	$927	$926

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets Parenthetical (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts Receivable, Current	$298	$285
Finite-Lived Intangible Assets, Accumulated Amortization	$167,925	$163,486
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	92,717,568	92,569,189
Common Stock, Shares, Outstanding	83,701,811	84,114,475
Treasury Stock, Shares	9,015,757	8,454,714

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, 2014	$250,067	$0	$926	$110,112	$472,005	($332,287)	($689)
Cash dividends on common stock	-17,725				-17,725
Share-based Compensation	2,655			2,655
Excess Tax Benefit from Share-based Compensation, Financing Activities	1,194			1,194
Issuance of vested restricted stock granted to employees	0		1	-1
Purchase of unrestricted common stock from employees to fulfill employee tax obligations	-3,119					-3,119
Purchase Of Unrestricted Common Stock	-31,415					-31,415
Net income	42,259				42,259
Post-retirement benefit obligation adjustment—net of tax benefit $110	-181						-181
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest End of Period at Mar. 31, 2015	$243,735	$0	$927	$113,960	$496,539	($366,821)	($870)

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Stockholders’ Equity Parenthetical (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax	$110

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities:
Net income	$42,259	$49,024
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	10,402	8,604
Other amortization	11	18
Provision for deferred income taxes	601	25
Stock-based compensation	2,655	6,913
Loss on disposition of property	170	253
(Gain)/Loss on investment in affiliate	-37	509
Impairment of investment in affiliate	118	0
Changes in assets and liabilities:
Accounts receivable	6,154	-7,968
Marketing fee receivable	1,908	-1,307
Income taxes receivable	20,383	21,307
Prepaid expenses	-3,966	-3,264
Other current assets	-372	1,795
Accounts payable and accrued expenses	-13,239	-12,342
Marketing fee payable	-1,916	1,301
Deferred revenue and other liabilities	11,200	13,045
Post-retirement benefit obligations	-5	-7
Income tax liability	1,249	2,346
Income tax payable	880	8,064
Net Cash Flows provided by Operating Activities	78,455	88,316
Net Cash Provided by (Used in) Investing Activities [Abstract]
Capital and other assets expenditures	-7,536	-12,172
Investment in and advances to affiliates	-30,469	-500
Other	246	0
Net Cash Flows used in Investing Activities	-37,759	-12,672
Net Cash Provided by (Used in) Financing Activities [Abstract]
Payment of quarterly dividends	-17,725	-15,727
Payment of special dividend	0	-43,831
Excess tax benefit from stock-based compensation	1,194	765
Purchase of unrestricted stock from employees	-3,119	-1,990
Purchase of unrestricted common stock under announced program	-31,415	-37,137
Net Cash Flows used in Financing Activities	-51,065	-97,920
Net Decrease in Cash and Cash Equivalents	-10,369	-22,276
Cash and Cash Equivalents at Beginning of Period	147,927	221,341
Cash and Cash Equivalents at End of Period	137,558	199,065
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	2,695	10
Non-cash activities:
Unpaid liability to acquire equipment and software	$2,034	$3,835

Description_of_Business

Description of Business	3 Months Ended
	Mar. 31, 2015
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 Company's principal business is operating markets that offer for trading options on various market indexes (index options) and futures contracts, mostly on an exclusive basis, as well as on non-exclusive "multiply-listed" options, such as options on the stocks of individual corporations (equity options) and options on other exchange-traded products (ETP options), such as exchange-traded funds (ETF options) and exchange-traded notes (ETN options). The Company 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, and may operate with a different market model and fee structure than CBOE. All of our exchanges operate on our proprietary technology platform known as CBOE Command.
	Recent Accounting Pronouncements
	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. In addition, the ASU provides guidance on accounting for certain revenue-related costs including when to capitalize costs associated with obtaining and fulfilling a contract. ASU 2014-09 provides companies with two implementation methods. Companies can choose to apply the standard retrospectively to each prior reporting period presented (full retrospective application) or retrospectively with the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings of the annual reporting period that includes the date of initial application (modified retrospective application). This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is in the process of evaluating this guidance, though we do not expect it will materially impact our consolidated balance sheets, statements of income, comprehensive income or cash flows.

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
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, 2014.
	The preparation of consolidated 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 revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources and various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions.
	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.
	We have updated certain line item descriptions on our condensed consolidated statement of income. The table below highlights the changes:
	Prior description	Current description
	Employee costs	Compensation and benefits
	Data processing	Technology support services
	Outside services	Professional fees and outside services
	Trading volume incentives	Order routing
	Excluding the change in line item descriptions, there have been no other material changes in the manner or basis for presenting the items.

Share_Repurchase_Program

Share Repurchase Program	3 Months Ended
	Mar. 31, 2015
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 of $100 million in each of 2012, 2013 and 2014 for a total authorization of $400 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.
	Under the program, for the three months ended March 31, 2015, the Company repurchased 510,951 shares of unrestricted common stock at an average cost per share of $61.48, totaling $31.4 million.
	Since inception of the program through March 31, 2015, the Company has repurchased 8,366,021 shares of unrestricted common stock at an average cost per share of $40.85, totaling $341.8 million.

Net_Income_per_Common_Share

Net Income per Common Share	3 Months Ended
	Mar. 31, 2015
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 that are allocated to participating securities 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 two-class or treasury stock 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 March 31, 2015 and 2014:
		Three Months Ended March 31,
	(in thousands, except per share amounts)	2015			2014
	Basic EPS Numerator:
	Net Income	$	42,259		$	49,024
	Less: Earnings allocated to participating securities	(180		)	(496		)
	Net Income allocated to common stockholders	$	42,079		$	48,528
	Basic EPS Denominator:
	Weighted average shares outstanding	83,956			86,453
	Basic net income per common share	$	0.5		$	0.56
	Diluted EPS Numerator:
	Net Income	$	42,259		$	49,024
	Less: Earnings allocated to participating securities	(180		)	(496		)
	Net Income allocated to common stockholders	$	42,079		$	48,528
	Diluted EPS Denominator:
	Weighted average shares outstanding	83,956			86,453
	Dilutive common shares issued under restricted stock program	—			—
	Diluted net income per common share	$	0.5		$	0.56
	For the periods presented, the Company did not have shares of restricted stock or restricted stock units that would have an anti-dilutive effect on the computation of diluted net income per common share.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
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, 2015, the Company granted 158,661 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 $61.96 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, 2015, the Company granted 45,932 RSUs contingent on the achievement of performance conditions including 22,966 RSUs, at a fair value of $61.96 per RSU, related to earnings per share during the performance period and 22,966 RSUs, at a fair value of $74.00 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 (1.02%), three-year volatility (19.9%) and three-year correlation with S&P 500 Index (0.44). 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 or disability. 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.
	For the three months ended March 31, 2015 and 2014, the Company recognized $2.7 million and $6.9 million in stock-based compensation expense, respectively. The three months ended March 31, 2014 included $2.5 million of accelerated stock-based compensation expense 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 March 31, 2015, the Company had unrecognized stock-based compensation of $22.7 million.  The remaining unrecognized stock-based compensation is expected to be recognized over a weighted average period of 27.4 months.
	The activity in the Company’s restricted stock and restricted stock units for the three months ended March 31, 2015 was as follows:
			Number of Shares		Weighted Average
					Grant-Date Fair
					Value
		Unvested at January 1, 2015	414,749		$	46.44
		Granted	204,593		63.31
		Vested	(148,864	)	41.78
		Forfeited	(732	)	52.97
		Unvested at March 31, 2015	469,746		$	48.29

Investment_in_Affiliates

Investment in Affiliates	3 Months Ended
	Mar. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in Affiliates	INVESTMENTS IN AND ADVANCES TO AFFILIATES
	At March 31, 2015 and December 31, 2014, the investments in affiliates were composed of the following (in thousands):
			March 31,		December 31,
			2015		2014
		Investment in OCC	$	333	$	333
		Advance to OCC (1)	30,000		—
		Investment in Signal Trading Systems, LLC	12,407		11,900
		Investment in IPXI Holdings, LLC (2)	—		118
		Investment in CBOE Stock Exchange, LLC (3)	—		—
		Investments in and Advances to Affiliates	$	42,740	$	12,351
	(1) In December 2014, OCC announced a newly formed capital plan. The OCC capital plan was designed to strengthen OCC's capital base and facilitate its compliance with proposed SEC regulations for Systemically Important Financial Market Utilities (SIFMUs) as well as international standards applicable to financial market infrastructures. On February 26, 2015, the SEC issued a notice of no objection to OCC’s advance notice filing regarding the capital plan, and OCC and OCC’s existing exchange stockholders, which include CBOE, subsequently executed agreements effecting the capital plan. Under the plan, each of OCC's existing exchange stockholders agreed to contribute its pro-rata share, based on ownership percentage, of $150 million in equity capital, which would increase OCC's shareholders' equity, and to provide its pro rata share in replenishment capital, up to a maximum of $40 million, if certain capital thresholds are breached. On March 3, 2015, in accordance with the plan, CBOE contributed $30 million to OCC. On March 6, 2015, OCC informed CBOE that the SEC had approved OCC's proposed rule filing for the capital plan. The SEC approval order was stayed on March 13, 2015 automatically as a result of the initiation of petitions to review the order. OCC has filed a motion to lift the automatic stay. If the plan does not go forward, OCC will return each exchange stockholder’s capital contribution with interest. The contribution has been recorded under investments in and advances to affiliates in the balance sheet at March 31, 2015.
	(2) IPXI Holdings, LLC ceased operations on March 23, 2015.
	(3) CBOE Stock Exchange, LLC ceased trading operations on April 30, 2014.

Accounts_Payable_and_Accured_L

Accounts Payable and Accured Liabilities	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
	At March 31, 2015 and December 31, 2014, accounts payable and accrued liabilities consisted of the following (in thousands):
			March 31,		December 31,
			2015		2014
		Compensation and benefit-related liabilities (1)	$	8,014	$	23,032
		Royalties	12,315		17,624
		Contract services (2)	7,488		2,335
		Accounts payable	2,800		2,779
		Purchase of unrestricted common stock (3)	2,246		1,159
		Facilities	1,482		1,942
		Legal	1,687		1,355
		Market linkage	1,179		1,183
		Other	7,382		7,157
		Total	$	44,593	$	58,566
	(1) For the period ended March 31, 2015, primarily reflects costs for 2015 incentive compensation expense and self-insurance expenses. Prior year primarily reflects 2014 annual incentive compensation expense which was paid in the first quarter of 2015.
	(2) Reflects costs primarily for certain regulatory functions and contract programming work related to projects that are in process. For comparability purposes, contract services balances previously reflected in other as of December 31, 2014 have been included on this line.
	(3) Reflects shares purchased at the end of the period that are not settled until three trading days after the trade occurs.

Marketing_Fee

Marketing Fee	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014, amounts assessed by the Company on behalf of others included in current assets totaled $8.8 million and $10.7 million, respectively, and payments due to others included in current liabilities totaled $9.3 million and $11.2 million, respectively.

Deferred_Revenue

Deferred Revenue	3 Months Ended
	Mar. 31, 2015
Deferred Revenue [Abstract]
Deferred Revenue	DEFERRED REVENUE
	The following table summarizes the activity in deferred revenue for the three months ended March 31, 2015 (in thousands):
		Balance at		Cash		Revenue			Balance at March 31, 2015
		December 31,		Additions		Recognition
		2014
	Other – net	$	1,988	$	4,050	$	(2,765	)	$	3,273
	Liquidity provider sliding scale (1)	—		14,400		(3,600		)	10,800
	Total deferred revenue	$	1,988	$	18,450	$	(6,365	)	$	14,073
	(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 within a calendar month. The prepayment of 2015 transaction fees totaled $14.4 million. This amount is amortized and recorded ratably, as transaction fees, over the respective twelve month period.

Employee_Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2015
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). In addition, 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 under Internal Revenue Code. The Company contributed $1.1 million and $1.4 million to the defined contribution plans for the three months ended March 31, 2015 and 2014, 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 three months ended March 31, 2015 and 2014.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES
	For the three months ended March 31, 2015 and 2014, the Company recorded income tax provisions of $27.0 million and $32.5 million, respectively. The effective tax rate for the three months ended March 31, 2015 and 2014 was 39.0% and 39.9%, respectively. The decrease in the effective tax rate for the three months ended March 31, 2015 primarily resulted from the recognition of a discrete tax charge in 2014, which accounted for the higher effective tax rate versus the first quarter of 2015.
	As of March 31, 2015 and December 31, 2014, the Company had $35.8 million and $35.4 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 $10.5 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 $0.9 million and $0.6 million for the three months ended March 31, 2015 and 2014, respectively. Accrued interest and penalties were $6.1 million and $5.3 million as of March 31, 2015 and December 31, 2014, 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, 2010 on for New Jersey, 2011 on for Washington, D.C and 2013 on for Illinois. The Internal Revenue Service is currently auditing 2010 and is looking at specific line items from 2008 to 2013 due to the filing by the Company of amended returns containing the recognition of certain credits and deductions. The New York State Department of Taxation and Finance is currently auditing the 2007 through 2012 tax years and the New Jersey Division of Taxation is currently auditing the 2010 through 2012 tax years.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures	FAIR VALUE MEASUREMENTS
	Fair value is the price that would be received upon the sale of an asset or paid upon the 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 March 31, 2015 and December 31, 2014. 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		$	123,000	$	—	$	—	$	123,000
	Total assets at fair value at March 31, 2015		$	123,000	$	—	$	—	$	123,000
	(amounts in thousands)		Level 1		Level 2		Level 3		Total
	Assets at fair value:
	Money market funds		$	135,000	$	—	$	—	$	135,000
	Total assets at fair value at December 31, 2014		$	135,000	$	—	$	—	$	135,000
	Our investment and equity interest in IPXI as of December 31, 2014 were valued at $0.1 million and approximately 5.0%, respectively. On March 23, 2015, IPXI ceased operations. In the three months ended March 31, 2015, we recorded an impairment of $0.1 million which represented our remaining investment balance.

Legal_Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2015
Legal Proceedings [Abstract]
Legal Proceedings	NOTE 13 — LEGAL PROCEEDINGS
	As of March 31, 2015, 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, 2014.
	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 March 31, 2015, the Company does not believe 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, 2014.
	ISE -- QRM
	On November 12, 2012, CBOE brought suit against International Securities Exchange, LLC ("ISE") in the United States District Court for the Northern District of Illinois alleging that ISE infringes three of its patents (United States Patent Nos. 7,356,498; 7,980,457; and 8,266,044 (the “QRM patents”)) related to quote risk monitor ("QRM") technology. CBOE has requested injunctive relief and monetary damages. On February 20, 2013, the court ruled that the case be transferred to the United States District Court for the Southern District of New York. On October 31, 2013, the court stayed the litigation pending resolution of Covered Business Method ("CBM") Patent Reviews at the United States Patent and Trademark Office ("USPTO") that ISE had petitioned for. On March 4, 2014, the USPTO instituted CBM Patent Reviews on CBOE’s three QRM patents. On May 22, 2014, the USPTO instituted Inter Parties Review (“IPR”) Proceedings, which ISE had petitioned for, on some but not all claims of two of CBOE’s QRM patents (United States Patent Nos. 7,356,498 and 7,980,457). On March 2, 2015, the USPTO ruled in the CBM proceedings, finding that the subject matter of the patents is not eligible for patent protection, and in the IPR proceedings, finding for CBOE that the claims were not invalidated by the asserted prior art. On April 30, 2015, ISE filed notice of its appeal of the IPR decisions, and on May 1, 2015, CBOE filed notice of its appeal of the CBM decisions. The appeals will be handled by the United States Court of Appeals for the Federal Circuit.
	Lanier Litigation
	On May 23, 2014, Harold R. Lanier sued 14 securities exchanges, including CBOE, 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 alleged that the market data provided under the CQ Plan and CTA Plans was inferior to the data that the exchanges provided to those that directly receive other data from the exchanges, which the plaintiffs alleged is a breach of their “subscriber contracts” and a violation of the exchanges’ obligations under the CQ and CTA Plans.  The plaintiffs sought 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 the same types of relief against the exchanges who participate in the UTP and the OPRA data plans.  CBOE was a defendant in each of these suits, while C2 was only a defendant in the suit regarding the OPRA Plan. On April 28, 2015, the Court dismissed Lanier’s complaint with prejudice because it was preempted by the federal regulatory scheme and because the claims were precluded by the terms of the applicable subscriber agreements.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS
	On April 29, 2015, the Company announced that its board of directors declared a quarterly cash dividend of $0.21 per share. The dividend is payable June 19, 2015 to stockholders of record at the close of business on May 29, 2015.

Net_Income_per_Common_Share_Ta

Net Income per Common Share (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and 2014:
		Three Months Ended March 31,
	(in thousands, except per share amounts)	2015			2014
	Basic EPS Numerator:
	Net Income	$	42,259		$	49,024
	Less: Earnings allocated to participating securities	(180		)	(496		)
	Net Income allocated to common stockholders	$	42,079		$	48,528
	Basic EPS Denominator:
	Weighted average shares outstanding	83,956			86,453
	Basic net income per common share	$	0.5		$	0.56
	Diluted EPS Numerator:
	Net Income	$	42,259		$	49,024
	Less: Earnings allocated to participating securities	(180		)	(496		)
	Net Income allocated to common stockholders	$	42,079		$	48,528
	Diluted EPS Denominator:
	Weighted average shares outstanding	83,956			86,453
	Dilutive common shares issued under restricted stock program	—			—
	Diluted net income per common share	$	0.5		$	0.56
	For the periods presented, the Company did not have shares of restricted stock or restricted stock units that would have an anti-dilutive effect on the computation of diluted net income per common share.

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
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 three months ended March 31, 2015 was as follows:
			Number of Shares		Weighted Average
					Grant-Date Fair
					Value
		Unvested at January 1, 2015	414,749		$	46.44
		Granted	204,593		63.31
		Vested	(148,864	)	41.78
		Forfeited	(732	)	52.97
		Unvested at March 31, 2015	469,746		$	48.29

Investment_in_Affiliates_Table

Investment in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in and Advances to Affiliates	At March 31, 2015 and December 31, 2014, the investments in affiliates were composed of the following (in thousands):
			March 31,		December 31,
			2015		2014
		Investment in OCC	$	333	$	333
		Advance to OCC (1)	30,000		—
		Investment in Signal Trading Systems, LLC	12,407		11,900
		Investment in IPXI Holdings, LLC (2)	—		118
		Investment in CBOE Stock Exchange, LLC (3)	—		—
		Investments in and Advances to Affiliates	$	42,740	$	12,351
	(1) In December 2014, OCC announced a newly formed capital plan. The OCC capital plan was designed to strengthen OCC's capital base and facilitate its compliance with proposed SEC regulations for Systemically Important Financial Market Utilities (SIFMUs) as well as international standards applicable to financial market infrastructures. On February 26, 2015, the SEC issued a notice of no objection to OCC’s advance notice filing regarding the capital plan, and OCC and OCC’s existing exchange stockholders, which include CBOE, subsequently executed agreements effecting the capital plan. Under the plan, each of OCC's existing exchange stockholders agreed to contribute its pro-rata share, based on ownership percentage, of $150 million in equity capital, which would increase OCC's shareholders' equity, and to provide its pro rata share in replenishment capital, up to a maximum of $40 million, if certain capital thresholds are breached. On March 3, 2015, in accordance with the plan, CBOE contributed $30 million to OCC. On March 6, 2015, OCC informed CBOE that the SEC had approved OCC's proposed rule filing for the capital plan. The SEC approval order was stayed on March 13, 2015 automatically as a result of the initiation of petitions to review the order. OCC has filed a motion to lift the automatic stay. If the plan does not go forward, OCC will return each exchange stockholder’s capital contribution with interest. The contribution has been recorded under investments in and advances to affiliates in the balance sheet at March 31, 2015.
	(2) IPXI Holdings, LLC ceased operations on March 23, 2015.
	(3) CBOE Stock Exchange, LLC ceased trading operations on April 30, 2014.

Accounts_Payable_and_Accured_L1

Accounts Payable and Accured Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	At March 31, 2015 and December 31, 2014, accounts payable and accrued liabilities consisted of the following (in thousands):
			March 31,		December 31,
			2015		2014
		Compensation and benefit-related liabilities (1)	$	8,014	$	23,032
		Royalties	12,315		17,624
		Contract services (2)	7,488		2,335
		Accounts payable	2,800		2,779
		Purchase of unrestricted common stock (3)	2,246		1,159
		Facilities	1,482		1,942
		Legal	1,687		1,355
		Market linkage	1,179		1,183
		Other	7,382		7,157
		Total	$	44,593	$	58,566
	(1) For the period ended March 31, 2015, primarily reflects costs for 2015 incentive compensation expense and self-insurance expenses. Prior year primarily reflects 2014 annual incentive compensation expense which was paid in the first quarter of 2015.
	(2) Reflects costs primarily for certain regulatory functions and contract programming work related to projects that are in process. For comparability purposes, contract services balances previously reflected in other as of December 31, 2014 have been included on this line.
	(3) Reflects shares purchased at the end of the period that are not settled until three trading days after the trade occurs.

Deferred_Revenue_Tables

Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2015
Deferred Revenue [Abstract]
Deferred Revenue, by Arrangement, Disclosure	The following table summarizes the activity in deferred revenue for the three months ended March 31, 2015 (in thousands):
		Balance at		Cash		Revenue			Balance at March 31, 2015
		December 31,		Additions		Recognition
		2014
	Other – net	$	1,988	$	4,050	$	(2,765	)	$	3,273
	Liquidity provider sliding scale (1)	—		14,400		(3,600		)	10,800
	Total deferred revenue	$	1,988	$	18,450	$	(6,365	)	$	14,073
	(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 within a calendar month. The prepayment of 2015 transaction fees totaled $14.4 million. This amount is amortized and recorded ratably, as transaction fees, over the respective twelve month period.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014. 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	$	123,000	$	—	$	—	$	123,000
	Total assets at fair value at March 31, 2015	$	123,000	$	—	$	—	$	123,000
	(amounts in thousands)	Level 1		Level 2		Level 3		Total
	Assets at fair value:
	Money market funds	$	135,000	$	—	$	—	$	135,000
	Total assets at fair value at December 31, 2014	$	135,000	$	—	$	—	$	135,000

Share_Repurchase_Program_Detai

Share Repurchase Program (Details) (USD $)	3 Months Ended	44 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2015	Jul. 31, 2014	Dec. 10, 2013	Jul. 31, 2012	Aug. 31, 2011
Stock Repurchase Program, Authorized Amount			$100	$100	$100	$100
Treasury Stock, Shares, Acquired	510,951	8,366,021
Treasury Stock Acquired, Average Cost Per Share	$61.48	$40.85
Treasury Stock [Member]
Treasury Stock, Value, Acquired, Cost Method	$31.40	$341.80

Net_Income_per_Common_Share_De

Net Income per Common Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Earnings Per Share [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	469,746		414,749
Net income	$42,259	$49,024
Net Income Allocated to Participating Securities	180	496
Net Income Allocated to Common Stockholders	$42,079	$48,528
Basic	83,956,000	86,453,000
Diluted	83,956,000	86,453,000
Weighted Average Number Diluted Shares Outstanding Adjustment	0	0
Basic	$0.50	$0.56
Diluted	$0.50	$0.56

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative) (Details) (USD $)	0 Months Ended	3 Months Ended
	Feb. 19, 2015	Mar. 31, 2015	Mar. 31, 2014
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)		204,593
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$63.31
Stock-based compensation		$2,655,000	$6,913,000
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost			2,500,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized		$22,700,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition		27 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.02%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	19.90%
Restricted Stock [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, Weighted Average Grant Date Fair Value	61.96
Restricted Stock Units (RSUs) [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)	158,661
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)	45,932
Earnings Per Share [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)	22,966
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	61.96
Total Shareholder Return [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)	22,966
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	74

StockBased_Compensation_Restic

Stock-Based Compensation (Resticted Stock) (Details) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Feb. 19, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	469,746		414,749
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value			$46.44
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period (in shares)	204,593
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$63.31
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	-148,864
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$41.78
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	-732
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$52.97
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$61.96
Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period (in shares)		45,932
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period (in shares)		158,661
Earnings Per Share [Member] | Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period (in shares)		22,966
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$61.96
Total Shareholder Return [Member] | Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period (in shares)		22,966
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$74

Investment_in_Affiliates_Detai

Investment in Affiliates (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Investments in Affiliates	$42,740	$12,351
Investment in OCC [Member]
Investments in Affiliates	333	333
Advances to Affiliate	30,000	0
Investment in Signal Trading [Member]
Investments in Affiliates	12,407	11,900
Investment in IPXI [Member]
Investments in Affiliates	0	118
Investment in CBSX [Member] [Member]
Investments in Affiliates	$0	$0

Accounts_Payable_and_Accured_L2

Accounts Payable and Accured Liabilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Compensation and benefit-related liabilities (1)	$8,014	$23,032
Royalties	12,315	17,624
Contract services (2)	7,488	2,335
Accounts payable	2,800	2,779
Purchase of unrestricted common stock (3)	2,246	1,159
Facilities	1,482	1,942
Legal	1,687	1,355
Market linkage	1,179	1,183
Other	7,382	7,157
Accounts payable and accrued liabilities	$44,593	$58,566

Marketing_Fee_Details

Marketing Fee (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Marketing Fee [Abstract]
Marketing fee receivable	$8,789	$10,697
Marketing fee payable	$9,320	$11,236

Deferred_Revenue_Details

Deferred Revenue (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Deferred Revenue [Roll Forward]
Balance at December 31, 2014	$1,988
Cash Additions	18,450
Revenue Recognition	-6,365
Balance at March 31, 2015	14,073
Other – net
Deferred Revenue [Roll Forward]
Balance at December 31, 2014	1,988
Cash Additions	4,050
Revenue Recognition	-2,765
Balance at March 31, 2015	3,273
Liquidity Provider Slidingn Scale [Member]
Deferred Revenue [Roll Forward]
Cash Additions	14,400
Revenue Recognition	-3,600
Balance at March 31, 2015	$10,800

Employee_Benefits_Details

Employee Benefits (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Employee Benefits [Abstract]
Defined Benefit Plan, Contributions by Employer	$1.10	$1.40

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Income Tax Expense (Benefit)	$27,018,000	$32,519,000
Effective Income Tax Rate, Continuing Operations	39.00%	39.90%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	35,800,000		35,400,000
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations	10,478,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	856,000	600,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$6,100,000		$5,300,000

Fair_Value_Measurements_Narrat

Fair Value Measurements (Narrative) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in Affiliates	$42,740	$12,351
Investment in IPXI [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in Affiliates	$0	$118
Cost Method Investment, Ownership Percentage		5.00%

Fair_Value_Measurements_Fair_V

Fair Value Measurements Fair Value Measurements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Level 1
Money market funds	$123,000	$135,000
Assets, Fair Value Disclosure	123,000	135,000
Estimate of Fair Value, Fair Value Disclosure [Member]
Money market funds	123,000	135,000
Assets, Fair Value Disclosure	$123,000	$135,000
Investment in IPXI [Member]
Cost Method Investment, Ownership Percentage, Other		5.00%

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Apr. 30, 2015	Jul. 31, 2014	Dec. 10, 2013	Jul. 31, 2012	Aug. 31, 2011
Common Stock, Dividends, Per Share, Declared	$0.21
Stock Repurchase Program, Authorized Amount		$100	$100	$100	$100