Chicago Board Options Exchange (CBOE) scored a victory in its
ongoing battle with the former Chicago Board of Trade (CBoT)
over exercise rights on January 16.
Securities and Exchange Commission (SEC) agreed with a CBOE
rule change from last year which effectively terminated
exercise rights for CBoT members once the Chicago exchange was
acquired by Chicago Mercantile Exchange (CME).
The SEC ruling was anticipated by CBOE, which has debated with
CBoT over the exercise right issue for years. Now resolved at
the regulatory level, the matter will return to Delaware Court
where legal and financial issues surrounding exercise rights
will be resolved.
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