The ongoing battle over the handling of exercise rights
between Chicago Board Options Exchange (CBOE) and member
Marshall Spiegel could be heading back to exchange members for
Spiegel, who has been contesting CBOE's plan to buy exercise
rights from full Chicago Board of Trade (CBOT) members with
Securities and Exchange Commission (SEC), told FO Week
he is now in the process of circulating a petition amongst
members calling for a vote on the matter.
The vote would address Spiegel's contention that in order to
separate exercise rights from full CBoT memberships, a super
majority, or 80% approval, from CBOE members is required. The
petition also opposes CBOE's plan to spend millions of dollars
to buy back exercise rights. Spiegel believes the issue should
be voted upon by members because the buy-back plan is
considered an amendment or change to the exercise rights.
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