CBOE Holdings Inc was founded in 1973 as a non-stock corporation owned by its members and incorporated in the State of Delaware on August 15, 2006. On June 18, 2010 the Company completed its initial public offering of 13,455,000 shares. The Company is engaged in trading of listed, or exchange-traded, derivatives contracts on four product categories; options on market indexes, futures on the VIX Index and other products, options on stock of individual corporations, options on other exchange-traded products such as exchange-traded funds and exchange traded notes. The Company owns and operates three stand-alone exchanges, but reports the results of its operations in one reporting segment. It offers trading in listed options through a single system which integrates electronic trading and traditional open outcry trading on trading floor in Chicago, known as Hybrid trading model. The Company's all-electronic futures exchange offers trading of futures on the VIX Index and other products. C2, launched in October 2010, is all-electronic exchange that offers trading for listed options, but with a different market model and fee structure than CBOE. All of the Company's exchanges operate on a technology platform known as CBOE Command. The Company's business of offering exchange-traded options and futures contracts is part of the growing derivatives industry. The common types of derivatives are options, futures and swap contracts. Options provides investors a means for hedging, speculation and income generation, while at the same time providing leverage with respect to the underlying asset. Futures are standardized, transferable, exchange-traded contracts that require delivery of a commodity, bond, currency, stock index or other benchmark interests at a specified price and on a specified future date, which are settled in cash on CFE. Futures exchanges may also list for trading options on futures. The Company operates and maintains disaster recovery facilities that replicate the systems available in data center for CBOE and CFE. The Company's competitors in the options industry include ISE, NASDAQ, OMX NOM, NASDAQ OMX PHILX, NYSE Amex and NYSE Area.