On July 2, the Chicago Board Options Exchange (CBOE) announced a rule change granting qualified CBOT members exercising on the CBOE temporary CBOE membership status until the Securities and Exchange Commission (SEC) takes final action on the CBOE rule filing declaring those rights terminated. A spokesperson for CBOE says the exchange's position since December has been that upon the consummation of the CME/CBOT merger, there will no longer be CBOT members who qualify as exercising members of CBOE. CBOT exercisers will be granted temporary access to the options exchange but will be charged a monthly access fee until a decision by the Delaware court or the SEC on the matter. "It's an interim period to maintain liquidity and an orderly market,” says the spokesperson.
From the August 01, 2007 issue of Futures Magazine • Subscribe!
