Single best way to play volatility in the credit markets. GFIG is the leading broker of CDS (credit default swaps) which have been the derivative with the most explosive growth. Recently has been stuck in a range of 80-90, but after a blowout quarter and countless analyst PT adjustments, it's finally broken out. With a market cap of under $3 bn, this has huge growth potential. I'd hope for a pullback before buying, but this one has a lot of upside.

Fastest growing and most innovative exchange. The market for commodity derivatives is on fire, and given the volatility in the oil markets, ICE stands to benefit. After competing with CME for control over the CBOT, that tells me ICE does not see itself as an acquisition target, rather an acquiree at least in the near term. Even without a takeover bid, ICE has room to run. It will be tough to exceed Wall St.'s lofty expectations, but ICE is best of breed.

Largest options exchange in the world should benefit significantly from CBOT acquisition. This is a high growth name and trading in commodities and options should continue to be dynamic. It's tough to find a buying opportunity because it keeps on going up. Great management should oversee the continual expansion and more potential value-added acquisitions.

Stock has begun to broke out after hitting dirt cheap levels of valuation. This probably has the smallest foothold in the derivatives market but its Arca platform is a crucial portion of the exchange. Same stories with all of them NYX continues to benefit from market volatilty, and I expect it to make a large acquisition in the next 8-12 months, pending market turmoil.

Exploded on the day of its IPO, it has lagged many of the other exchanges significantly. Most recent quarter shows high volumes and this should lead to further upgrades and a solid uptrend for the stock. Also, it serves as the most likely takeover target, and speculation about that should continue to give the stock headwind. Great time to get into the stock before it runs up big.