Chicago Board Options Exchange (CBOE) has announced it will
buy back exercise rights from Chicago Board of Trade members
through a modified Dutch auction process over the next month.
The purchase plan introduced last Wednesday has a price range
of $60,000 to $100,000 for each "exercise right privilege," as
opposed to the flat $100,000 fee previously proposed.
The voluntary buy-back plan allows CBoT full members to list
their exercise right privilege for any price within that range.
At the conclusion of the one-month offer period, CBOE will
determine the clearing price and the number of exercise right
privileges it will purchase.
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