Chicago Board Options Exchange (CBOE) postponed its plan to
purchase exercise rights from Chicago Board of Trade (CBoT)
full members after a CBOE member contested the matter with
Securities and Exchange Commission (SEC).
CBOE member Marshall Spiegel contends that exchange
management has broken exchange bylaws concerning exercise
rights and petitioned SEC to review the plan it approved on 15
July. The exchange was ready to send out its offer to the 1,402
full CBoT members last Monday. But, under SEC rules, Spiegel's
request for a full staff review triggered an automatic stay
until the matter can be reviewed again by the commission.
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