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S&P AND CBOE ANNOUNCE FILINGS FOR SEC APPROVAL TO TRADE NINE SECTOR INDEX OPTIONS PRODUCTS

S&P AND CBOE ANNOUNCE FILINGS FOR SEC APPROVAL TO TRADE NINE SECTOR
 INDEX OPTIONS PRODUCTS
 CHICAGO, Sept. 17 /PRNewswire/ -- The Chicago Board Options Exchange (CBOE) filed today for Securities and Exchange Commission (SEC) approval to trade nine different industry sector index option contracts. Seven of these will be Standard & Poor's sector indexes, comprised exclusively of stocks in the S&P 500, so that each of these is a subset of the broad-based index. The other two sector indexes were created by CBOE. The sector indexes filed for, and the number of stocks that comprise them, are:
 S&P Transportation Index (15 stocks)
 S&P Retail (33 stocks)
 S&P Healthcare Index (28 stocks)
 S&P Entertainment & Leisure Index (15 stocks)
 S&P Chemicals Index (22 stocks)
 S&P Banking Index (25 stocks)
 S&P Insurance Index (16 stocks)
 CBOE Environmental Index (15 stocks)
 CBOE Computer Software Index (15 stocks)
 "Options based on sector indices will offer investors a low cost means to achieve diversification, or to hedge the risks of investing in certain sectors. Sector index options will provide retail and institutional investors with a means to benefit from their forecasts of an industry's performance. The indices CBOE intends to offer will be an important performance measure for mutual fund managers and investors who either actively or passively manage industry funds," said CBOE Chairman and CEO Duke Chapman.
 "Sector index options are a logical extension of broad-based index options, as represented by the S&P 500 and S&P 100 indices. We are gratified with CBOE's decision to use the S&P sector indices as bases for the new contracts, and look forward to continuing our excellent, ongoing relationship with the exchange," said Elliott Shurgin, vice president, index products and services at Standard & Poor's.
 Each sector index is made up of domestic equities traded on U.S. securities exchanges. The S&P sector indexes are maintained by S&P and are adjusted in the same manner and at the same time as the S&P 500 Index. Calculation will be real time by a designate of S&P. Index values will be disseminated every 15 seconds by CBOE.
 CBOE previously filed for SEC approval on CBOE BioTech Index options, which are expected to start trading in early October.
 All sector index options, both S&P and CBOE, would be European-style exercise settling in cash the Saturday following the third Friday of the expiration month.
 CBOE, regulated by the Securities and Exchange Commission, is the world's largest options marketplace. Accounting for 92 percent of the U.S. index options market share in 1991, CBOE lists options on the S&P 100 and S&P 500 stock indexes, as well as options on more than 340 stocks and short- and long-term interest rates.
 Standard & Poor's, a wholly owned subsidiary of McGraw-Hill, Inc., provides financial, economic, and investment information, as well as analytical services, to the global financial community and commodity trading markets.
 -0- 9/17/92
 /CONTACT: Patricia Campbell, 312-786-7927, or Bonnie Greenberg, 312-786-7393, both of CBOE; or Elliott Shurgin, 212-208-8709, or Al Neubert, 212-208-8716, both of S&P/ CO: Chicago Board Options Exchange ST: IN: SU:


SH -- NY054 -- 0634 09/17/92 11:59 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
Words:535
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