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CBOE TO LIST SEVEN ADDITIONAL LEAPS

 CBOE TO LIST SEVEN ADDITIONAL LEAPS
 CHICAGO, Jan. 17 /PRNewswire/ -- The Chicago Board Options Exchange


(CBOE) today announced it will list LEAPS(TM) (Long-term Equity AnticiPation Securities) on seven additional high-capitalization stocks on Monday, Jan. 27. This will bring to 32 the number of equities on which the exchange trades long-term options.
 CBOE will offer LEAPS on the common stock of the following companies: Centocor, Inc. (COQ); GAP, Inc. (GPS); Heinz (H.J.) Co. (HNZ); Limited, Inc. (The) (LTD); Liz Claiborne, Inc. (LIZ); UAL Corp. (UAL); and Xerox Corp. (XRX).
 LEAPS provide investors with a relatively low-cost way to take a long-term position in the stock market. CBOE originally introduced LEAPS on 14 Blue Chip equities on Oct. 5, 1990, and added 11 more on Sept. 23, 1991.
 For each stock, CBOE will list puts and calls at three prices with expirations in January 1993 and January 1994. The strikes will be at- the-money and approximately 20 percent above and below the current stock prices.
 "The expansion of LEAPS to include these additional seven stocks comes as a result of the popularity of LEAPS," said CBOE Chairman Duke Chapman. "Participation in LEAPS by traditional options users as well as those who have not traded options previously has been extraordinarily gratifying and interest in the product continues to grow. Our decision to expand LEAPS also is based on expectations for continued strong activity in these stocks and the industries they represent," Chapman said.
 Equity LEAPS trade in units of 100 shares of stock per contract, are American-style exercise and offer settlement in stock. Trading hours are 8:30 a.m. to 3:10 p.m. Chicago time, the same time as other CBOE- listed stock options.
 Open interest in equity LEAPS has grown dramatically since the product was developed and launched by CBOE in late 1990. By the end of 1991, CBOE equity LEAPS open interest stood at 199,109 contracts and annual volume had reached 625,642 contracts. CBOE equity LEAPS monthly volume for December 1991 totaled 91,989 contracts.
 CBOE also lists long-term index options -- on the S&P 100 stock index (OEX LEAPS) and on the S&P 500 stock index (SPX LEAPS). Nearly half a million index LEAPS were traded in 1991 (495,248 contracts); monthly volume for December totaled 65,091 contracts. Open interest stood at 251,618 at the end of December 1991.
 CBOE was the first exchange to list long-term options, when in 1987 it introduced the S&P 500 Long-Term Index Option (SPL). With expirations two years out, SPL has attracted interest from institutions seeking long-term hedges.
 CBOE, regulated by the Securities and Exchange Commission, is the pioneer of listed options and the world's largest options marketplace.
 -0- 1/17/92
 /CONTACT: Patricia Campbell, 312-786-7927 or Bonnie Greenberg, 312-786-7393, both of the CBOE/ CO: Chicago Board Options Exchange ST: Illinois IN: FIN SU: PDT


CK -- NY030 -- 0975 01/17/92 12:12 EST
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Date:Jan 17, 1992
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