CBOE member looks to 'extinguish' exercise right

29 Nov 2004

The ongoing battle between Chicago Board Options Exchange (CBOE) and one of its members over Chicago Board of Trade (CBoT) exercise rights is expected to continue with regulators and may end up in court.

CBOE member Marshall Spiegel told FO Week last week that he strongly objects to CBOE's plan to purchase exercise rights from full members of CBoT and may push to extinguish exercise rights altogether in court. He said he does not want CBOE to purchase exercise rights because it will devalue the options exchange and also harm the price of his full membership.

In an extremely...

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