Keefe Bruyette & Woods Comments On Exchange & Order Execution Firms

CBOE Holdings CBOE PT - $23 Risks to the price target include the following: market conditions and events may not ultimately reflect our assumptions and/or projections. Volatility in the markets carries the potential for shifts in confidence among investors. Investment in securities invariably involves risk and potential for loss of principal. CME Group CME PT - $340 Risks to the price target include the following: market conditions and events may not ultimately reflect our assumptions and/or projections. Volatility in the markets carries the potential for shifts in confidence among investors. Knight Capital Group KCG PT - $16 Risks to the price target include the following: market conditions and events may not ultimately reflect our assumptions and/or projections. Volatility in the markets carries the potential for shifts in confidence among investors. Investment in securities invariably involves risk and potential for loss of principal. CBOE closed Thursday at $23.54 CME closed Thursday at $313.60 KCG closed Thursday at $14.27