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CBOE TO LAUNCH FLEX OPTIONS FRIDAY, FEB. 26

 CHICAGO, Feb. 25 /PRNewswire/ -- Flexible Exchange Options (FLEX Options) will begin trading on the Chicago Board Options Exchange on Friday, Feb. 26. FLEX Options are an exchange-traded alternative for institutional users of the over-the-counter (OTC) options market.
 CBOE will offer FLEX Options on the S & P 100 (OEX) and S & P 500 (SPX) stock indexes.
 Reflecting institutional investor need to establish large positions, transactions in which a FLEX series is created must represent at least $10 million in underlying value. FLEX Options will allow these institutional market participants, such as pension funds, money managers and trust funds, to select various terms of an option contract:
 -- Length of time
 -- Strike price
 -- Exercise style
 -- Expiry value
 Thus, investors can precisely meet their investment objectives and at the same time, be provided the benefits of an exchange-listed product. All trades will be cleared, settled and counter-party performance guaranteed through The Options Clearing Corporation.
 -0- 2/25/93
 /CONTACT: Patricia Campbell, 312-786-7927, or Bonnie Greenberg, 312-786-7393, both of Chicago Board Options Exchange/


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

SM -- NY098 -- 0587 02/25/93 17:08 EST
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Date:Feb 25, 1993
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