Chicago Board Options Exchange (CBOE) received another green
light from Securities and Exchange Commission (SEC) last
Tuesday to move ahead with its plans to buy exercise rights
from Chicago Board of Trade (CBoT) full members.
SEC decided not to reconsider an earlier ruling on 25
February, which allowed CBOE to move ahead with the purchase
plan. The original plan to buy exercise rights was voted upon
by CBOE members last April, but has been held up largely by one
CBOE member, Marshall Spiegel, who has argued that the purchase
plan changed the exercise rights and thus required an 80%
majority vote (see FO Week Vol 9
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