Cboe Global Markets (CBOE) 10-Q 3 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2015	Oct. 23, 2015
Entity [Abstract]
Entity Registrant Name	CBOE Holdings, Inc.
Entity Central Index Key	1,374,310
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		82,454,983
Entity Current Reporting Status	Yes

Condensed Consolidated Statemen

Condensed Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Revenues:
Transaction fees	$ 144,823	$ 104,311	$ 345,162	$ 315,033
Access fees	13,062	14,695	40,119	44,802
Exchange services and other fees	10,978	9,485	30,443	28,652
Market data fees	7,133	7,764	22,702	22,737
Regulatory fees	8,204	8,923	25,332	28,524
Other revenue	2,835	3,732	14,841	10,989
Total Operating Revenues	187,035	148,910	478,599	450,737
Operating Expenses:
Compensation and benefits	29,583	28,698	79,158	92,378
Depreciation and amortization	12,394	10,361	34,071	28,860
Technology support services	5,342	4,769	15,480	14,273
Professional fees and outside services	12,619	8,204	37,163	23,437
Royalty fees	21,840	16,235	52,744	46,844
Order routing	581	961	1,994	3,207
Travel and promotional expenses	1,407	1,885	6,434	6,319
Facilities costs	874	1,373	3,552	4,275
Other expenses	1,285	1,340	3,969	4,305
Total Operating Expenses	85,925	73,826	234,565	223,898
Operating Income	101,110	75,084	244,034	226,839
Other Income/(Expense):
Investment income	68	47	177	73
Net income (loss) from investment in affiliates	289	(318)	165	(1,161)
Interest and Debt Expense	(16)	0	(16)	0
Total Other Income/(Expense)	341	(271)	326	(1,088)
Income Before Income Taxes	101,451	74,813	244,360	225,751
Income tax provision	33,935	26,447	89,739	85,379
Net Income	67,516	48,366	154,621	140,372
Net Income Allocated to Participating Securities	297	220	676	1,099
Net Income Allocated to Common Stockholders	$ 67,219	$ 48,146	$ 153,945	$ 139,273
Net Income Per Share Allocated to Common Stockholders:
Basic	$ 0.81	$ 0.57	$ 1.85	$ 1.62
Diluted	$ 0.81	$ 0.57	$ 1.85	$ 1.62
Weighted average shares used in computing income per share:
Basic	82,755	85,051	83,329	85,773
Diluted	82,755	85,051	83,329	85,773

Condensed Consolidated Stateme3

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statement of Comprehnsive Income [Abstract]
Net income	$ 67,516	$ 48,366	$ 154,621	$ 140,372
Post-retirement benefit obligation	14	4	(149)	342
Comprehensive Income	67,530	48,370	154,472	140,714
Net Income Allocated to Participating Securities	297	220	676	1,099
Comprehensive Income allocated to common stockholders	$ 67,233	$ 48,150	$ 153,796	$ 139,615

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 121,678	$ 147,927
Accounts receivable—net allowances of 2015 - $427 and 2014 - $285	65,863	58,386
Marketing fee receivable	6,755	10,697
Income taxes receivable	19,381	21,503
Other prepaid expenses	8,035	4,622
Other current assets	988	972
Total Current Assets	222,700	244,107
Investments in Affiliates	43,680	12,351
Land	4,914	4,914
Property and Equipment:
Construction in progress	786	0
Building	68,622	68,019
Furniture and equipment	144,908	286,723
Less accumulated depreciation and amortization	(156,094)	(287,886)
Total Property and Equipment—Net	58,222	66,856
Goodwill	7,655	0
Other Assets:
Intangible assets (less accumulated amortization—2015 - $69 and 2014 - $0)	2,491	0
Software development work in progress	15,890	7,817
Data processing software and other assets (less accumulated amortization—2015 - $158,864 and 2014 - $163,486)	41,867	47,856
Total Other Assets—Net	60,248	55,673
Total	397,419	383,901
Current Liabilities:
Accounts payable and accrued liabilities	61,307	58,566
Marketing fee payable	7,210	11,236
Deferred revenue and other liabilities	7,488	1,988
Post-retirement benefit obligation - current	24	101
Income tax payable	2,634	1,774
Total Current Liabilities	78,663	73,665
Long-term Liabilities:
Post-retirement benefit obligation - long-term	1,976	1,612
Contingent consideration	3,352	0
Income tax liability	38,654	40,683
Other long-term liabilities	3,092	4,197
Deferred income taxes	11,865	13,677
Total Long-term Liabilities	$ 58,939	$ 60,169
Commitments and Contingencies
Total Liabilities	$ 137,602	$ 133,834
Stockholders’ Equity:
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at September 30, 2015 or December 31, 2014	0	0
Additional paid-in-capital	120,383	110,112
Retained earnings	572,213	472,005
Treasury stock at cost – 10,133,610 shares at September 30, 2015 and 8,454,714 shares at December 31, 2014	(432,868)	(332,287)
Accumulated other comprehensive loss	(838)	(689)
Total Stockholders’ Equity	259,817	250,067
Total	397,419	383,901
Unrestricted Common Stock
Stockholders’ Equity:
Unrestricted common stock, $0.01 par value: 325,000,000 shares authorized; 92,738,803 issued and 82,605,193 outstanding at September 30, 2015; 92,569,189 issued and 84,114,475 outstanding at December 31, 2014	$ 927	$ 926

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts Receivable, Current	$ 427	$ 285
Finite-Lived Intangible Assets, Accumulated Amortization	$ 158,864	$ 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	92,738,803	92,569,189
Common Stock, Shares, Outstanding	82,605,193	84,114,475
Treasury Stock, Shares	10,133,610	8,454,714

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders’ Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Preferred Stock	Unrestricted Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Balance—January 1, 2015 at Dec. 31, 2014	$ 250,067	$ 0	$ 926	$ 110,112	$ 472,005	$ (332,287)	$ (689)
Cash dividends on common stock	(54,413)				(54,413)
Stock-based compensation	8,987			8,987
Excess tax benefits from stock-based compensation plan	1,285			1,285
Issuance of vested restricted stock granted to employees	0		1	(1)
Purchase of unrestricted common stock from employees to fulfill employee tax obligations	(3,178)					(3,178)
Purchase of unrestricted stock under announced program	(97,403)					(97,403)
Net income	154,621				154,621
Post-retirement benefit obligation adjustment—net of tax benefit $94	(149)						(149)
Balance—September 30, 2015 at Sep. 30, 2015	$ 259,817	$ 0	$ 927	$ 120,383	$ 572,213	$ (432,868)	$ (838)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Stockholders’ Equity Parenthetical $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax	$ 94

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Cash Flows from Operating Activities:
Net income	$ 154,621	$ 140,372
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	34,071	28,860
Other amortization	59	60
Provision for deferred income taxes	(1,718)	(1,192)
Stock-based compensation	8,987	13,480
Loss on disposition of property	617	599
(Gain)/Loss on investment in affiliate	(528)	1,161
Impairment of investment in affiliate	118	0
Changes in assets and liabilities:
Accounts receivable	(7,723)	(5,233)
Marketing fee receivable	3,942	(1,681)
Income taxes receivable	2,122	(301)
Prepaid expenses	(3,413)	(3,522)
Other current assets	(16)	2,050
Accounts payable and accrued expenses	3,812	(3,759)
Marketing fee payable	(4,026)	1,621
Deferred revenue and other liabilities	4,395	6,337
Post-retirement benefit obligations	(14)	(20)
Income tax liability	(2,029)	5,234
Income tax payable	860	0
Net Cash Flows provided by Operating Activities	194,137	184,066
Net Cash Provided by (Used in) Investing Activities [Abstract]
Capital and other assets expenditures	(26,931)	(39,974)
Payments to Acquire Businesses, Gross	(2,960)	0
Investment in affiliates	(30,919)	(1,499)
Other	(1,827)	3
Net Cash Flows used in Investing Activities	(62,637)	(41,470)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Payment of quarterly dividends	(54,413)	(49,221)
Payment of special dividend	0	(43,831)
Excess tax benefit from stock-based compensation	1,285	3,554
Business Combination Consideration Transferred Liabilities Extinguished	(4,040)	0
Purchase of unrestricted common stock from employees	(3,178)	(8,319)
Purchase of unrestricted common stock under announced program	(97,403)	(139,601)
Net Cash Flows used in Financing Activities	(157,749)	(237,418)
Net Decrease in Cash and Cash Equivalents	(26,249)	(94,822)
Cash and Cash Equivalents at Beginning of Period	147,927	221,341
Cash and Cash Equivalents at End of Period	121,678	126,519
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	89,140	78,336
Non-cash activities:
Unpaid liability to acquire equipment and software	1,697	3,831
Business Combination, Contingent Consideration, Liability, Noncurrent	3,336
Contingent consideration	$ 3,336	$ 0

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 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. The FASB deferred the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. Early adoption of the standard is permitted, 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. In September 2015, the FASB issued ASU-2015-16, Business Combinations. This standard simplifies the accounting for adjustments made to provisional amounts recognized in a business combination. First, it requires that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer also should record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments should be applied prospectively to adjustments to provisional amounts that are identified after December 15, 2015 and that are within the measurement period. Upon transition, an entity would be required to disclose the nature of, and reason for, the change in accounting principle. An entity would provide that disclosure in the first annual period of adoption and in the interim periods within the first annual period. 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	9 Months Ended
	Sep. 30, 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. Line item descriptions Effective January 1, 2015, we 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 Fixed asset retirements In the third quarter of 2015, we completed a review of fixed assets which resulted in the retirement of furniture and equipment and data processing software that were no longer in use and had a net book value of zero. The retired furniture and equipment and data processing software had a gross cost and accumulated depreciation of $144.3 million and $19.5 million , respectively. With the exception of the line item descriptions and fixed asset retirements, there have been no other material changes in the manner or basis for presenting the items.

Acquisition of Business (Notes)

Acquisition of Business (Notes)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	NOTE 3 — ACQUISITION On August 7, 2015, the Company acquired the market data services and trading analytics platforms of Livevol, Inc. ("Livevol"), which included Livevol Core, Livevol Pro and Livevol X trading analytics platforms, as well as Livevol Enterprise and other market data solutions products. The purchase price consisted of $7.0 million cash, including $4.0 million paid to existing Livevol debt holders and $3.0 million to Livevol owners, upon closing plus contingent consideration based on achievement of certain performance targets, measured at nine and eighteen months from the acquisition date of August 7, 2015. The purchase price was allocated on a preliminary basis, subject to final allocation, to the assets acquired based on their fair values at the acquisition date. The acquisition included tangible and intangible assets totaling $0.1 million and $2.6 million , respectively. The tangible assets primarily reflect computer hardware and intangible assets include: customer relationships, trade names, existing technology, non-compete agreements and leasehold rights with useful lives ranging from 1.5 to 12 years. In addition to the assets, goodwill totaling $7.7 million was recorded in connection with the acquisition. Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents potential future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Of the $7.7 million of goodwill recognized, none is deductible for tax purposes. The company recorded contingent consideration of $3.3 million , which is based on management's estimate of the performance target achievement by Livevol. If Livevol were to exceed management's estimates it could result in an additional payment in excess of the recorded contingent consideration. Pro forma financial information has not been provided as the Livevol acquisition is not material to our consolidated balance sheets, statements of income, comprehensive income or cash flows and did not meet the conditions of a significant subsidiary under Rule 1-02 of Regulation S-X.

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Sep. 30, 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, 2014 and May 2015 for a total authorization of $500 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 nine months ended September 30, 2015 , the Company repurchased 1,627,901 shares of unrestricted common stock at an average cost per share of $59.83 , totaling $97.4 million . Since inception of the program through September 30, 2015 , the Company has repurchased 9,482,971 shares of unrestricted common stock at an average cost per share of $43.00 , totaling $407.8 million .

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2015 2014 2015 2014 Basic EPS Numerator: Net Income $ 67,516 $ 48,366 $ 154,621 $ 140,372 Less: Earnings allocated to participating securities (297 ) (220 ) (676 ) (1,099 ) Net Income allocated to common stockholders $ 67,219 $ 48,146 $ 153,945 $ 139,273 Basic EPS Denominator: Weighted average shares outstanding 82,755 85,051 83,329 85,773 Basic net income per common share $ 0.81 $ 0.57 $ 1.85 $ 1.62 Diluted EPS Numerator: Net Income $ 67,516 $ 48,366 $ 154,621 $ 140,372 Less: Earnings allocated to participating securities (297 ) (220 ) (676 ) (1,099 ) Net Income allocated to common stockholders $ 67,219 $ 48,146 $ 153,945 $ 139,273 Diluted EPS Denominator: Weighted average shares outstanding 82,755 85,051 83,329 85,773 Dilutive common shares issued under restricted stock program — — — — Diluted net income per common share $ 0.81 $ 0.57 $ 1.85 $ 1.62 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.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 RSUs will be forfeited if the officer or employee leaves the Company prior to the applicable vesting date, except in limited circumstances. The RSUs have no voting rights but entitle the holder to receive dividend equivalents. 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 RSUs contingent on the achievement of performance is three years. For each of the performance awards, the RSUs will be settled in shares of our common stock following vesting of the RSU assuming that the participant has been continuously employed during the vesting period, subject to acceleration in the event of a change in 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 RSUs 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 21, 2015 , the Company granted 15,504 shares of restricted stock, at a fair value of $58.06 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 nine months ended September 30, 2015 and 2014 , the Company recognized $3.2 million and $2.1 million and $9.0 million and $13.5 million in stock-based compensation expense, respectively. The nine months ended September 30, 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 compensation and benefits in the condensed consolidated statements of income. As of September 30, 2015 , the Company had unrecognized stock-based compensation of $16.9 million . The remaining unrecognized stock-based compensation is expected to be recognized over a weighted average period of 22.4 months. The activity in the Company’s restricted stock and restricted stock units for the nine months ended September 30, 2015 was as follows: Number of Shares Weighted Average Unvested at January 1, 2015 414,749 $ 46.44 Granted 220,097 62.94 Vested (169,827 ) 43.44 Forfeited (8,177 ) 48.42 Unvested at September 30, 2015 456,842 $ 55.70

Investment in Affiliates

Investment in Affiliates	9 Months Ended
	Sep. 30, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in Affiliates	INVESTMENTS IN AFFILIATES At September 30, 2015 and December 31, 2014 , the investments in affiliates were composed of the following (in thousands): September 30, December 31, Investment in OCC (1) $ 30,333 $ 333 Investment in Signal Trading Systems, LLC 12,444 11,900 Investment in IPXI Holdings, LLC (2) — 118 Cost method investments (3) 903 — Investment in CBOE Stock Exchange, LLC (4) — — Investments in Affiliates $ 43,680 $ 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 per exchange stockholder, if certain capital thresholds are breached. OCC also adopted policies under the plan with respect to fees, customer refunds, and stockholder dividends, which envision an annual dividend payment to the exchange stockholders equal to the portion of OCC’s after-tax income that exceeds OCC’s capital requirements after payment of refunds to OCC’s clearing members (with such customer refunds generally to constitute 50% of the portion of OCC’s pre-tax income that exceeds OCC’s capital requirements). On March 3, 2015, in accordance with the plan, CBOE contributed $30.0 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. On September 10, 2015, the SEC issued orders that discontinued the automatic stay of the approval order and granted the petitions for the SEC to review the approval order. The SEC proceeding to review the approval order remains pending. If the SEC does not uphold the approval order, OCC will return each exchange stockholder’s capital contribution with interest. The contribution has been recorded under investments in affiliates in the balance sheet at September 30, 2015 . (2) IPXI Holdings, LLC ceased operations on March 23, 2015. (3) In September 2015, CBOE Holdings, through its subsidiary Loan Markets, LLC, acquired a minority interest in American Financial Exchange (AFX), an electronic marketplace for small and mid-sized banks to lend and borrow short-term funds. (4) CBOE Stock Exchange, LLC ceased trading operations on April 30, 2014.

Accounts Payable and Accured Li

Accounts Payable and Accured Liabilities	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As of September 30, 2015 and December 31, 2014 , accounts payable and accrued liabilities consisted of the following (in thousands): September 30, December 31, Compensation and benefit-related liabilities (1) $ 19,312 $ 23,032 Royalties 19,484 17,624 Contract services (2) 6,991 2,335 Accounts payable 1,943 2,779 Purchase of unrestricted common stock (3) 1,698 1,159 Facilities 1,602 1,942 Legal 2,512 1,355 Market linkage 1,284 1,183 Other 6,481 7,157 Total $ 61,307 $ 58,566 (1) As of September 30, 2015 , primarily reflects accrued costs for 2015 incentive compensation expense and self-insurance expenses. At December 31, 2014, 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	9 Months Ended
	Sep. 30, 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 September 30, 2015 and December 31, 2014 , amounts assessed by the Company on behalf of others included in current assets totaled $6.8 million and $10.7 million , respectively, and payments due to others included in current liabilities totaled $7.2 million and $11.2 million , respectively.

Deferred Revenue

Deferred Revenue	9 Months Ended
	Sep. 30, 2015
Deferred Revenue [Abstract]
Deferred Revenue	DEFERRED REVENUE The following table summarizes the activity in deferred revenue for the nine months ended September 30, 2015 (in thousands): Balance at Cash Additions Revenue Recognition Balance at September 30, 2015 Other – net $ 1,988 $ 9,285 $ (7,385 ) $ 3,888 Liquidity provider sliding scale (1) — 14,400 (10,800 ) 3,600 Total deferred revenue $ 1,988 $ 23,685 $ (18,185 ) $ 7,488 (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	9 Months Ended
	Sep. 30, 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 $3.4 million and $4.5 million to the defined contribution plans for the nine months ended September 30, 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 nine months ended September 30, 2015 and 2014 .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three and nine months ended September 30, 2015 and 2014 , the Company recorded income tax provisions of $33.9 million and $26.4 million and $89.7 million and $85.4 million , respectively. For the three months ended September 30, 2015 and 2014 the effective tax rate was 33.4% and 35.4% , respectively. The effective tax rate for the nine months ended September 30, 2015 and 2014 was 36.7% and 37.8% , respectively. As of September 30, 2015 and December 31, 2014 , the Company had $31.6 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 $17.6 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 less than $0.1 million and $0.7 million for the three months ended September 30, 2015 and 2014 , respectively, and $1.8 million and $1.8 million for the nine months ended September 30, 2015 and 2014 . Accrued interest and penalties were $7.0 million and $5.3 million as of September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 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 $ 111,000 $ — $ — $ 111,000 Total assets at fair value at September 30, 2015 $ 111,000 $ — $ — $ 111,000 (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 and we recorded an impairment charge of $0.1 million which represented our remaining investment balance. In September 2015, CBOE Holdings, through its subsidiary Loan Markets, LLC, acquired a minority interest in AFX. 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. The Company has recorded contingent consideration of $3.3 million , categorized as level 3, which is based on management's estimate of the achievement by Livevol of certain performance targets at nine and eighteen months. If Livevol were to exceed management's estimates it could result in an additional payment in excess of the recorded contingent consideration.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2015
Legal Proceedings [Abstract]
Legal Proceedings	NOTE 14 — LEGAL PROCEEDINGS As of September 30, 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. As of September 30, 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On October 16, 2015, the Company announced a minority investment in CurveGlobal, a new interest rate derivatives venture of the London Stock Exchange Group and a number of major dealer banks. CBOE is the only other exchange in the venture. On October 28, 2015 , the Company announced that its board of directors declared a quarterly cash dividend of $0.23 per share. The dividend is payable December 18, 2015 to stockholders of record at the close of business on December 4, 2015 .

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2015 2014 2015 2014 Basic EPS Numerator: Net Income $ 67,516 $ 48,366 $ 154,621 $ 140,372 Less: Earnings allocated to participating securities (297 ) (220 ) (676 ) (1,099 ) Net Income allocated to common stockholders $ 67,219 $ 48,146 $ 153,945 $ 139,273 Basic EPS Denominator: Weighted average shares outstanding 82,755 85,051 83,329 85,773 Basic net income per common share $ 0.81 $ 0.57 $ 1.85 $ 1.62 Diluted EPS Numerator: Net Income $ 67,516 $ 48,366 $ 154,621 $ 140,372 Less: Earnings allocated to participating securities (297 ) (220 ) (676 ) (1,099 ) Net Income allocated to common stockholders $ 67,219 $ 48,146 $ 153,945 $ 139,273 Diluted EPS Denominator: Weighted average shares outstanding 82,755 85,051 83,329 85,773 Dilutive common shares issued under restricted stock program — — — — Diluted net income per common share $ 0.81 $ 0.57 $ 1.85 $ 1.62 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.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2015 was as follows: Number of Shares Weighted Average Unvested at January 1, 2015 414,749 $ 46.44 Granted 220,097 62.94 Vested (169,827 ) 43.44 Forfeited (8,177 ) 48.42 Unvested at September 30, 2015 456,842 $ 55.70

Investment in Affiliates (Table

Investment in Affiliates (Tables)	9 Months Ended
	Sep. 30, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in and Advances to Affiliates	At September 30, 2015 and December 31, 2014 , the investments in affiliates were composed of the following (in thousands): September 30, December 31, Investment in OCC (1) $ 30,333 $ 333 Investment in Signal Trading Systems, LLC 12,444 11,900 Investment in IPXI Holdings, LLC (2) — 118 Cost method investments (3) 903 — Investment in CBOE Stock Exchange, LLC (4) — — Investments in Affiliates $ 43,680 $ 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 per exchange stockholder, if certain capital thresholds are breached. OCC also adopted policies under the plan with respect to fees, customer refunds, and stockholder dividends, which envision an annual dividend payment to the exchange stockholders equal to the portion of OCC’s after-tax income that exceeds OCC’s capital requirements after payment of refunds to OCC’s clearing members (with such customer refunds generally to constitute 50% of the portion of OCC’s pre-tax income that exceeds OCC’s capital requirements). On March 3, 2015, in accordance with the plan, CBOE contributed $30.0 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. On September 10, 2015, the SEC issued orders that discontinued the automatic stay of the approval order and granted the petitions for the SEC to review the approval order. The SEC proceeding to review the approval order remains pending. If the SEC does not uphold the approval order, OCC will return each exchange stockholder’s capital contribution with interest. The contribution has been recorded under investments in affiliates in the balance sheet at September 30, 2015 . (2) IPXI Holdings, LLC ceased operations on March 23, 2015. (3) In September 2015, CBOE Holdings, through its subsidiary Loan Markets, LLC, acquired a minority interest in American Financial Exchange (AFX), an electronic marketplace for small and mid-sized banks to lend and borrow short-term funds. (4) CBOE Stock Exchange, LLC ceased trading operations on April 30, 2014.

Accounts Payable and Accured 27

Accounts Payable and Accured Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	As of September 30, 2015 and December 31, 2014 , accounts payable and accrued liabilities consisted of the following (in thousands): September 30, December 31, Compensation and benefit-related liabilities (1) $ 19,312 $ 23,032 Royalties 19,484 17,624 Contract services (2) 6,991 2,335 Accounts payable 1,943 2,779 Purchase of unrestricted common stock (3) 1,698 1,159 Facilities 1,602 1,942 Legal 2,512 1,355 Market linkage 1,284 1,183 Other 6,481 7,157 Total $ 61,307 $ 58,566 (1) As of September 30, 2015 , primarily reflects accrued costs for 2015 incentive compensation expense and self-insurance expenses. At December 31, 2014, 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)	9 Months Ended
	Sep. 30, 2015
Deferred Revenue [Abstract]
Deferred Revenue, by Arrangement, Disclosure	The following table summarizes the activity in deferred revenue for the nine months ended September 30, 2015 (in thousands): Balance at Cash Additions Revenue Recognition Balance at September 30, 2015 Other – net $ 1,988 $ 9,285 $ (7,385 ) $ 3,888 Liquidity provider sliding scale (1) — 14,400 (10,800 ) 3,600 Total deferred revenue $ 1,988 $ 23,685 $ (18,185 ) $ 7,488 (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)	9 Months Ended
	Sep. 30, 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 September 30, 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 $ 111,000 $ — $ — $ 111,000 Total assets at fair value at September 30, 2015 $ 111,000 $ — $ — $ 111,000 (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

Basis of Presentation (Details)

Basis of Presentation (Details)	3 Months Ended
	Sep. 30, 2015USD ($)
Furniture and Fixtures [Member]
Impairment of Long-Lived Assets Held-for-use	$ (144,327,000)
accumulated depreciation [Member]
Impairment of Long-Lived Assets Held-for-use	144,326,715
Computer Software, Intangible Asset [Member]
Impairment of Intangible Assets, Finite-lived	(19,473,000)
accumulated depreciation [Member]
Impairment of Intangible Assets, Finite-lived	$ 19,473,000

Acquisition of Business (Detail

Acquisition of Business (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Aug. 07, 2015	Dec. 31, 2014
Business Combination Consideration Transferred Liabilities Extinguished	$ 4,040	$ 0
Payments to Acquire Businesses, Gross	2,960	$ 0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment			$ 100
Intangible Assets, Net (Excluding Goodwill)	2,491		2,560	$ 0
Goodwill	7,655		$ 7,655	$ 0
Business Combination, Contingent Consideration, Liability, Noncurrent	$ 3,336

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	50 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	May. 21, 2015	Jul. 31, 2014	Dec. 10, 2013	Jul. 31, 2012	Aug. 31, 2011
Stock Repurchase Program, Authorized Amount			$ 100	$ 100	$ 100	$ 100	$ 100
Treasury Stock, Shares, Acquired	1,627,901	9,482,971
Treasury Stock Acquired, Average Cost Per Share	$ 59.83	$ 43
Treasury Stock [Member]
Treasury Stock, Value, Acquired, Cost Method	$ 97.4	$ 407.8

Net Income per Common Share (De

Net Income per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Earnings Per Share [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	456,842		456,842		414,749
Net income	$ 67,516	$ 48,366	$ 154,621	$ 140,372
Net Income Allocated to Participating Securities	297	220	676	1,099
Net Income Allocated to Common Stockholders	$ 67,219	$ 48,146	$ 153,945	$ 139,273
Basic	82,755,000	85,051,000	83,329,000	85,773,000
Diluted	82,755,000	85,051,000	83,329,000	85,773,000
Weighted Average Number Diluted Shares Outstanding Adjustment	0	0	0	0
Basic	$ 0.81	$ 0.57	$ 1.85	$ 1.62
Diluted	$ 0.81	$ 0.57	$ 1.85	$ 1.62

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 21, 2015	Feb. 19, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 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)					220,097
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 62.94
Stock-based compensation			$ 3,185	$ 2,109	$ 8,987	$ 13,480
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost						$ 2,500
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			$ 16,900		$ 16,900
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition					22 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 (in shares)	15,504
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 58.06	$ 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

Stock-Based Compensation (Resti

Stock-Based Compensation (Resticted Stock) (Details) - $ / shares	May. 21, 2015	Feb. 19, 2015	Sep. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			456,842	414,749
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value			$ 55.70	$ 46.44
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period (in shares)			220,097
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 62.94
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			(169,827)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value			$ 43.44
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			(8,177)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 48.42
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period (in shares)	15,504
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 58.06	$ 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 ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments in Affiliates	$ 43,680	$ 12,351
Cost Method Investments	903	0
Investment in OCC [Member]
Investments in Affiliates	30,333	333
Investment in Signal Trading [Member]
Investments in Affiliates	12,444	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 37

Accounts Payable and Accured Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Compensation and benefit-related liabilities (1)	$ 19,312	$ 23,032
Royalties	19,484	17,624
Contract services (2)	6,991	2,335
Accounts payable	1,943	2,779
Purchase of unrestricted common stock (3)	1,698	1,159
Facilities	1,602	1,942
Legal	2,512	1,355
Market linkage	1,284	1,183
Other	6,481	7,157
Total	$ 61,307	$ 58,566

Marketing Fee (Details)

Marketing Fee (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Marketing Fee [Abstract]
Marketing fee receivable	$ 6,755	$ 10,697
Marketing fee payable	$ 7,210	$ 11,236

Deferred Revenue (Details)

Deferred Revenue (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Deferred Revenue [Roll Forward]
Balance at December 31, 2014	$ 1,988
Cash Additions	23,685
Revenue Recognition	(18,185)
Balance at September 30, 2015	7,488
Other – net
Deferred Revenue [Roll Forward]
Balance at December 31, 2014	1,988
Cash Additions	9,285
Revenue Recognition	(7,385)
Balance at September 30, 2015	3,888
Liquidity Provider Slidingn Scale [Member]
Deferred Revenue [Roll Forward]
Cash Additions	14,400
Revenue Recognition	(10,800)
Balance at September 30, 2015	$ 3,600

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan, Contributions by Employer	$ 3.4	$ 4.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Tax Expense (Benefit)	$ 33,935	$ 26,447	$ 89,739	$ 85,379
Effective Income Tax Rate, Continuing Operations	33.40%	35.40%	36.70%	37.80%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 31,600		$ 31,600		$ 35,400
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations			17,633
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	(100)	$ 700	1,765	$ 1,800
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 7,000		$ 7,000		$ 5,300

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in Affiliates	$ 43,680	$ 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 Va

Fair Value Measurements Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Business Combination, Contingent Consideration, Liability, Noncurrent	$ 3,336
Level 1
Money market funds	111,000	$ 135,000
Assets, Fair Value Disclosure	111,000	135,000
Estimate of Fair Value, Fair Value Disclosure [Member]
Money market funds	111,000	135,000
Assets, Fair Value Disclosure	$ 111,000	$ 135,000
Investment in IPXI [Member]
Cost Method Investment, Ownership Percentage, Other		5.00%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 29, 2015	May. 21, 2015	Jul. 31, 2014	Dec. 10, 2013	Jul. 31, 2012	Aug. 31, 2011
Common Stock, Dividends, Per Share, Declared	$ 0.23
Stock Repurchase Program, Authorized Amount		$ 100	$ 100	$ 100	$ 100	$ 100