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CBOE ANNOUNCES NOV. 11 LAUNCH DATE FOR OPTIONS, LEAPS(R) ON RUSSELL 2000(R) INDEX, SMALL-CAPITALIZATION STOCK BENCHMARK

 CBOE ANNOUNCES NOV. 11 LAUNCH DATE FOR OPTIONS, LEAPS(R) ON
 RUSSELL 2000(R) INDEX, SMALL-CAPITALIZATION STOCK BENCHMARK
 CHICAGO, Nov. 3 /PRNewswire/ -- The Chicago Board Options Exchange (CBOE) announced today a Nov. 11 launch date for options on the Russell 2000(R) Index (ticker symbol RUT), the recognized benchmark of U.S. small-capitalization stocks. In addition, the CBOE will list LEAPS(R) (Long-Term Equity AnticiPation Securities /R/) on the Russell 2000 Index with expirations more than two years out.
 The Russell 2000 Index is a capitalization-weighted index of domestic equities traded on the New York and American Stock Exchanges and NASDAQ (National Association of Securities Dealers Automated Quotation). Of the 3,000 largest capitalized U.S. stocks, the Russell Index tracks the smallest 2,000. These equities typically range in size from $22 million to $400 million.
 Recently, the small-cap segment has outperformed larger capitalized stocks. For example, the Russell 2000 Index in 1991 increased 46.1 percent, while the S&P 500 increased 30.55 percent. Year-to-date in 1992, the Russell 2000 Index returned 3.04 percent compared to the S&P 500 increase of 2.4 percent. Since 1926, small-cap stocks have returned 12.1 percent annually, compared to large-cap stock annual returns of 10.4 percent.
 "The small-cap segment is increasingly being followed by both retail investors and money managers," said CBOE Chairman Duke Chapman. "Derivatives based on the Russell 2000 Index will offer both individuals and institutions a vehicle to cost-effectively participate in this market segment in order to reposition assets or to hedge an existing portfolio."
 Marty Ryan, director of Russell Data Services, Frank Russell Co., said, "We are very pleased that the Chicago Board Options Exchange has recognized the Russell 2000 Index as the standard of small-cap stock performance. This agreement will benefit Russell's consulting clients and all users of the Russell 2000 Index."
 CBOE options on the index will be available in the three near-term months and three additional months from the March quarterly cycle. LEAPS will be based on 1/10th the value of the underlying index with expirations in December 1993 (ticker symbol ZRU) and December 1994 (ticker symbol WRU).
 Like other CBOE stock index options, puts and calls on the Russell 2000 Index will be based on $100 times the underlying index, settle in cash and trade from 8:30 a.m. to 3:15 p.m. Chicago time. Russell 2000 Index options will be European exercise.
 CBOE, regulated by the SEC, is the world's largest options marketplace. Accounting for approximately 92 percent of the U.S. index options market share in 1992, CBOE lists options on the S&P 100 and 500 stock indexes, the CBOE BioTech Index and the FT-SE 100 stock index. In addition, CBOE trades options on more than 350 stocks and on short- and long-term interest rates.
 Frank Russell Co., headquartered in Tacoma, Wash., is a worldwide asset consultant for over 200 clients in 15 countries with combined assets of more than $400 billion. The firm's data services division provides extensive analytics and statistics to plan sponsors and money management organizations. Russell's investment management businesses have over $14 billion in assets under management. Russell has offices in New York, London, Toronto, Sydney and Tokyo.
 Russell 2000 Index Options Proposed Contract Specifications:
 Underlying Index. The Russell 2000 is a capitalization-weighted index of domestic equities traded on the NYSE, AMEX and NASDAQ. The Russell 2000 represents the bottom 2,000 companies, from the universe of the 3,000 largest stocks in the U.S. It is considered to be a benchmark of U.S. small-capitalization ("small-cap") market performance.
 Calculation. The index is cl?culated every 15 seconds by Bridge Data Services.
 Symbol. RUT (about 190) denotes the index and short-term options.
 Multiplier. $100.
 Premiums. State in points and fractions. Minimum lick for series trading below $3 is 1/16th; above $3 is 1/8th.
 Expiration Date. Saturday following the third Friday of the expiration month.
 Last Tracking Day. Two business days prior to the expiration date.
 Series. Three near-term plus up to three additional months from the March quarterly cycle. LEAPS based on 1/10th of the index level with expirations in December 1993 (symbol ZRU) and December 1994 (symbol WRU) will be listed.
 Strike Prices. Strike prices will bracket the index level in 5 point intervals. LEAPS strikes will be available in 2-1/2 point intervals.
 Exercise Style. European.
 Settlement Value. Calculated based on the opening prices in the component securities on the last business day prior to the expiration date. Symbol RLS.
 Settlement. Cash settled.
 Trading System. Designated Primary Market Maker.
 Position Limits. 50,000 on the same side of the market, with no more than 30,000 in the near-term series.
 Trading Hours. 8:30 a.m. to 3:15 p.m. Chicago time.
 -0- 11/3/92
 /CONTACT: Katie Weigel of Frank Russell Co., 206-596-5385, or Bonnie Greenberg of CBOE, 312-786-7393/ CO: Chicago Board Options Exchange ST: Illinois IN: FIN SU:


TM -- NY061 -- 2184 11/03/92 16:26 EST
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Date:Nov 3, 1992
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