CBOE CEO William J. Brodsky (center), facing camera, kicks off CBOE's first day as a publicly-traded company on the NASDAQ on June 15, 2010. (José M. Osorio/Chicago Tribune)
CBOE Holdings Inc. CEO William Brodsky said he is open to growth by acquisition, but added that the exchange operator’s tendency to build its own systems rather than buy them has saved shareholders money.
Asked at a conference hosted by Goldman Sachs if he would consider making acquisitions, Brodsky said, “We are certainly open to that. We are looking at things strategically in ways we couldn’t have six months ago.”
CBOE sold shares to the public in June, creating for the first time a currency with which the CBOE can make acquisitions, he said.
Still, Brodsky suggested he prefers growing “organically,” pointing out that while rivals have paid hundreds of millions of dollars to acquire exchanges, CBOE built its second exchange for just $25 million. Known as C2, the second exchange opened for business in late October.
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CBOE Holdings
CBOE Holdings Inc. claims it is the largest option exchange in the United States. The company, in addition to its core options trading business, provides marketplaces for trading futures contracts...
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