Cboe, CBSX, & CFE Press Releases



CHICAGO - January 10, 2005 - The Chicago Board Options Exchange (CBOE) announced that it will begin trading options based on Standard & Poor's Depositary Receipts (SPDRs) today, Monday, January 10, 2005. Chicago Trading Company, LLC (CTC) is the Designated Primary Market Maker in the options (ticker symbol: SPY), which will trade on CBOE's Hybrid Trading System.

"We are pleased to begin trading SPY options at CBOE, where they will trade alongside the world's most active index options, including options on the S&P 500 Index (SPX), options on the S&P 100 Index (OEX) and Options on The DOW (DJX). Trading in these important broad-based index options has flourished as a result of CBOE's deep market liquidity and unrivaled experience in index options trading. We look forward to applying that winning combination to another blockbuster product," said CBOE Chairman and CEO William J. Brodsky.

"CBOE members and staff have worked closely to launch this exciting new option on our Hybrid Trading System. Our Index trading community is second to none, and we look forward to competing in this important new product," said CBOE Vice Chairman Edward T. Tilly.

SPDRs represent shares of a security designed to track the value of the S&P 500. The market value of the SPDR approximates 1/10 of the value of the S&P 500 Index. SPY options are American-style exercise, and will trade on the March expiration cycle with introductory expirations in January, February, March, June, September and December. LEAPS with expirations up to five years in the future may also be listed. Initial strike prices will range from 60 to 160, and position limits have been set at 75,000 contracts. More information on SPY options, including contract specifications, is available at: http://www.cboe.com/SPDR.

CBOE, the world's largest options marketplace and the 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: http://www.cboe.com/.

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