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FOR IMMEDIATE RELEASE


CBOE TO LAUNCH NEW "WEEKLYS" ON FRIDAY, OCTOBER 28, 2005; SHORT TERM OPTIONS BASED ON S&P 500 AND S&P 100 INDEXES

CHICAGO - October 24, 2005 -- The Chicago Board Options Exchange (CBOE) announced it will launch a new type of option, "WeeklysSM," on Friday, October 28, 2005.There will be two initial Weekly contracts-one based on the Standard & Poor's 500 Index (SPX) and one based on the Standard & Poor's 100 Index (OEX). Weeklys were created by CBOE to provide investors with an efficient means to trade options around specific time periods or certain news or events -- such as economic data announcements. CBOE's one-week options will be listed on a Friday and expire the following Friday, as opposed to traditional options which have a life of months or years.

In general, Weeklys will have the same contract specifications as standard options, except for the time to expiration. The first SPX and OEX Weeklys will open on Friday, October 28th, and will expire on Friday, November 4th.

Both SPX and OEX Weeklys are cash-settled contracts and will offer the same continuous, two-sided quotes as standard options.SPX Weeklys will be European-style exercise with Friday A.M. settlement (last day of trading is Thursday), and OEX Weeklys will be American-style exercise with Friday P.M. settlement (last day of trading is Friday).

New series will be listed each Friday, expiring the following Friday, except that no Weeklys will be listed that would expire during the expiration week for standard options (the third Friday of each month).Ticker symbols for Weeklys will differ from the traditional options contract symbols, with letters identifying the Weekly cycle. There are no position or exercise limits; however, reporting requirements apply. Please visit www.cboe.com/Weeklys for ticker symbols and contract specifications.

CBOE, the world's largest options exchange and creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, visit the CBOE website at: www.cboe.com.


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