CBOE remote market maker plans generate hot seats

Chicago Board Options Exchange (CBOE) announced it will launch its remote market marker (RMM) program with 58 firms on 26 April, leading to a flurry of interest in seats on the exchange.

In order to trade, RMMs will be required to have CBOE memberships that are compatible with the number and weighting of product classes chosen to trade. This has helped lead to a major push to buy CBOE seats by RMMs and a dramatic run-up in CBOE seat prices over the past month. A CBOE seat sold for $500,000 on 18 April and another sold the day after...