Chicago Board Options Exchange (CBOE) filed its S-4 with
Securities and Exchange Commission on 9 February, a move that
will eliminate trading rights in return for shares on the
The elimination of trading rights as part of the
demutualisation of CBOE, closely mirrors the process taken by
the New York Stock Exchange (NYSE) during its demutualisation
and subsequent public listing. The move means that traders and
firms who want to trade on CBOE will have to pay the exchange
for trading permits rather than to seat holders.
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