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CBOE TO LIST END-OF-QUARTER S&P 500 INDEX EXPIRATIONS ON FEB. 22

 CHICAGO, Feb. 4 /PRNewswire/ -- The Chicago Board Options Exchange (CBOE) announced that beginning Monday, Feb. 22, the exchange will list end of quarter options on the Standard & Poor's 500 index for the four nearest quarters -- March, June, September and December 1993. The ticker symbol is SPQ.
 The Securities and Exchange Commission has approved CBOE's filing for
Quarterly Index Expirations, referred to as QIXs''.
 While SPQ end-of-quarter options will expire on the first business day of the month following the end of a calendar quarter, the exercise settlement value for SPQ options is based on the closing S&P 500 Index value on the last trading day.
 The last trading day will be the last business day of the preceding calendar quarter. Example: the last trading day for March 1993 SPQ options will be March 31. The expiration date for them will be April 1, and all accounts will be settled on April 2. Under no circumstances will SPQ options expire on an exchange holiday or on a weekend.
 The introduction of end-of-quarter index options represents another step CBOE has taken to accommodate the needs of its growing institutional customer base, now accounting for about 35 percent of CBOE's customer business,'' said
CBOE Chairman and CEO Duke Chapman. By corresponding to traditional accounting periods, portfolio valuation and other necessary measures of performance, end-of-quarter and year-end expirations of index options should prove extremely useful to institutional investors,'' he said.
 The end-of-quarter options on the S&P 500 Index will be in addition to existing CBOE index options that expire on the Saturday immediately following the third Friday of each expiration month. The exercise settlement value for SPQ options is based on the closing S&P 500 Index value on the last trading day.
 New quarterly expirations will be listed as the current ones expire, so March 1994 expirations will be listed after March 1993 SPQ options expire. Strike prices up to 50 points above and below the current index level will be listed.
 End-of-quarter index options on the S&P 500, the SPQs, will have contract terms similar to the corresponding regular index options -- European-style exercise (meaning they can be exercised only on the last business/trading day of the contract).
 CBOE, regulated by the SEC, is the pioneer of listed options and the world's largest options marketplace.
 -0- 2/4/93
 /CONTACT: Patricia Campbell, 312-786-7927, or Bonnie Greenberg, 312-786-7393, both of CBOE/


CO: Chicago Board Options Exchange ST: Illinois IN: FIN SU:

TM -- NY123 -- 3200 02/04/93 16:58 EST
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Date:Feb 4, 1993
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