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SEC Approves CBOE Rule Change In CBOT Scuffle

Law360 (January 17, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has approved a rule change proposed by the Chicago Board Options Exchange that excludes former Chicago Board of Trade members from exercising rights in CBOE's planned initial public offering.

The move puts the fate of the dispute back in the hands of a Delaware state court.

In a release issued on Wednesday, the SEC gave the nod to a modification to CBOE's bylaws, clarifying the meaning of the phrase “member of the CBOT.”

In doing so, the agency affirmed a...
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