Chicago Board Options Exchange (CBOE) ended its auction
period for Chicago Board of Trade (CBoT) member exercise rights
last Thursday while CBoT launched a new secondary market for
CBOE's modified Dutch auction was only able to draw about
two dozen offers from a potential 1,402 full CBoT members
during the 30-day auction period, sources told FO
Week. The final count was not available by press time. A
CBOE spokesperson told FO Week that is plans to buy
some, but not necessarily all, of the exercise rights offered.
CBOE also considers the auction a success because the exchange
was able to forge a way in which to buy back exercise
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