The Chicago Board of Options Exchange (CBOE) is an exchange where stock options, equity LEAPS, index options, and interest rate options are traded. The CBOE began creating standardized, listed options in 1973. Prior to 1973, options were individually tailored and only traded by a few dealers over-the-counter. The CBOE created a secondary market where options could be traded. Since then, the growth in options trading has helped the CBOE become the world's largest options exchange, as well as the second largest securities exchange in the U.S.. Currently, the CBOE trades approximately 700,000 contracts per day.