Renegade member remains fly in ointment
Chicago Board Options Exchange (CBOE) announced on 1 March
that it will move forward with plans to purchase a number of
CBOE exercise rights held by Chicago Board of Trade (CBoT) full
members, beginning on 15 March, after receiving regulatory
The planned purchase offer has been on hold since last
September while Securities and Exchange Commission (SEC)
reviewed a challenge on the matter by CBOE member Marshall
Spiegel. On 25 February, SEC denied the challenge and approved
the CBOE's rule filing.
Spiegel, however, vowed to fight on and may hold up the
auction through an exchange petition or legal avenues. "The one
thing you can count on is that I'm not going to go away,"
Spiegel told FO Week.
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