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CBOE TO BEGIN CBOE BIOTECH INDEX OPTIONS, LEAPS TRADING TOMORROW

 CBOE TO BEGIN CBOE BIOTECH INDEX OPTIONS, LEAPS TRADING TOMORROW
 CHICAGO, Oct. 8 /PRNewswire/ -- The Chicago Board Options Exchange (CBOE) will begin tomorrow (Friday, Oct. 9) options trading on the CBOE BioTech Index (ticker symbol: BGX). In addition, CBOE will offer BGX LEAPS(R) (Long-term Equity AnticiPation Securities(R)) with expirations more than two years out.
 BGX is a price-weighted, 20-stock index which includes a cross- section of biotechnology companies from highly capitalized firms to smaller emerging companies.
 Call and put options will be based on an underlying value of $100 times the index level, will be cash-settled and have a European-style exercise.
 LEAPS will be based on 1/10th the value of the underlying index times $100 and expire in December 1993 (ticker: ZBG) and December 1994 (WBG). Trading hours will be 8:30 a.m. to 3:15 p.m. Chicago time.
 Of the CBOE BioTech Index component stocks, 17 trade on the NASDAQ and three on the American Stock Exchange. BGX stocks are: Amgen, Inc. (ticker: AMGN); Biogen, Inc. (BGEN); Bio-Tech General Corp. (BTGC); Calgene (CGNE); Centocor, Inc. (CNTO); Chiron Corp. (CHIR); Cytogen (CYTO); Enzon, Inc. (ENZN); Epitope, Inc. (EPT); Gensia Pharmaceuticals, Inc. (GNSA); Genzyme Corp. (GENZ); Greenwich Pharmaceuticals, Inc. (GRPI); Immune Response Corp. (IMNR); Immunex Corp. (IMNX); Immunomedics, Inc. (IMMU): IVAX Corp. (IVX); Liposome Co., Inc. (LIPO); North American Vaccine, Inc. (NVX); Synergen (SYGN); and XOMA Corp. (XOMA).
 CBOE BIOTECH INDEX
 PROPOSED CONTRACT SPECIFICATIONS
 INDEX DESCRIPTION: The CBOE BioTech Index is a price-weighted index
 of domestic equities traded on the AMEX and
 NASDAQ. The stocks in the index are
 representative of small- and medium-cap stocks
 in the biotechnology sector.
 UNDERLYING: Currently about 150.
 MULTIPLIER: $100
 PREMIUM QUOTE: Stated in points and fractions. Minimum tick
 for series trading below $3 is 1/16th; above $3
 is 1/8th.
 STRIKE PRICES: Strike prices will be set to bracket the index
 level, in increments of 5 points. LEAPS series
 will be listed with 2-1/2 point intervals.
 EXPIRATION CYCLE: Three near-term months plus up to three months
 on the March cycle. Reduced (1/10th) value
 LEAPS with expirations in December 1993 (ZBG)
 and December 1994 (WGB) will also be listed.
 EXPIRATION DATE: Saturday following the third Friday of the
 expiration month.
 LAST TRADING DAY: Two business days prior to the expiration date.
 EXERCISE STYLE: European
 SETTLEMENT VALUE: Calculated based on the opening prices of the
 component securities on the business day prior
 to expiration. Symbol: BGS.
 SETTLEMENT: Cash settled.
 MARGINS: Narrow-based margins apply.
 TRADING SYSTEM: Designated Primary Market Maker.
 POSITION LIMITS: 8,000 contracts pursuant to CBOE rule 24.4.
 LEAPS positions will be aggregated with
 short-term options on the basis of 10 LEAPS
 contracts to one full-value contract.
 TRADING HOURS: 8:30 a.m. to 3:15 p.m. Chicago time.
 -0- 10/8/92
 /CONTACT: Bonnie Greenberg, 312-786-7393, or Stan Lata, 312-786-7392, both of CBOE; brokers requesting literature may call 800-OPTIONS/ CO: Chicago Board Options Exchange ST: Illinois IN: MTC SU:


CK -- NY061 -- 7870 10/08/92 12:48 EDT
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Date:Oct 8, 1992
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