The IPO of the Chicago Board Options Exchange moved a step forward this week when the CBOE and CME Group announced they had reached a definitive agreement on Chicago Board of Trade members’ exercise rights.
The latest agreement comes after a challenge last month by several CBOT members that objected to being left out of the settlement.
The deal provides payouts to two groups with Group ‘A’ CBOT members receiving CBOE stock and cash. Group ‘B’ members, that do not hold the full package of the exercise right, CBOT membership...