CBOE Holdings, Inc. (NASDAQ:CBOE) Q4 2018 Earnings Conference Call Transcript
Feb 08, 2019 • 08:30 am ET
Good morning, and welcome to the CBOE Global Markets 2018 Fourth Quarter Financial Results Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation there will an opportunity to ask questions. Please note this event is being recorded.
And now I'd like to turn the call over to your host today, Debbie Koopman, Please go ahead ma'am.
Deborah L. Koopman
Thank you. Good morning, and thank you for joining us for our fourth quarter earnings conference call. On the call today, Ed Tilly, our Chairman, President and CEO, will discuss the quarter and provide an update on our strategic initiatives; then Brian Schell, our Executive Vice President and CFO, will provide an overview of our fourth quarter 2018 financial results and updated guidance for 2019. Following their comments, we will open the call to Q&A. Also joining us for Q&A will be our Chief Operating Officer, Chris Isaacson; and our Chief Strategy Officer, John Deters.
In addition, I'd like to point out that this presentation will include the use of several slides. We will be showing the slides and providing commentary on each. A downloadable copy of the slide presentation is available in the Investor Relations portion of our website.
During our remarks, we will make some forward-looking statements, which represent our current judgment on what the future may hold, and while we believe these judgments are reasonable, these forward-looking statements are not guarantees of future performance and involve certain assumptions, risks and uncertainties. Actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. Please refer to our filings with the SEC for a full discussion of the factors that may affect any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise after this conference call. Also note that references made to the planned migration of Cboe Options Exchange is subject to regulatory review. During the course of the call this morning, we'll be referencing not GAAP measures as defined and reconciled in our earnings materials.
Now I'd like to turn the call over to Ed Tilly.
Edward T. Tilly
Thank you, Debbie, and good morning, and thank you for joining us today. I'm pleased to report on record financial results for the fourth quarter and year in 2018 at Cboe Global Markets, fueled by increased trading across all of our business lines, and most notably, record trading in our proprietary products.
Our strong performance in 2018 demonstrated our ability to effectively leverage our increased global reach and expanded product line. After a brief overview on market volatility, I will touch on high level results for each of our business lines and highlight how we plan to build on those results in 2019.
After hitting an all-time high in September, the stock market fell sharply during the fourth quarter, fueled, in part by investor fears of rising interest rates, escalating trade tensions, and the risk of a global recession.
In December, stocks