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LEAPS THE MOST SUCCESSFUL OPTIONS PRODUCT SINCE INDEX OPTIONS, CELEBRATES THREE-YEAR ANNIVERSARY

 CHICAGO, Oct. 4 /PRNewswire/ -- The Chicago Board Options Exchange (CBOE) introduced LEAPS(R) (Long-Term Equity AnticiPation Securities) on Oct. 5, 1990. Today, open interest in equity and index LEAPS industry- wide tops 2,000,000 contracts, the equivalent of more than 200 million shares of stock.
 "Two million plus in open interest is evidence of the public's overwhelming acceptance of LEAPS," stated CBOE Chairman and CEO Duke Chapman. "Designed to provide a vehicle with which investors can take a low-cost, longer-term position in the market, LEAPS are being used by veteran options participants and new option users alike in strategies based on long-term views of the market. In educational classes for brokers and investors conducted by the exchange, the LEAPS product is one of the most-requested topics of discussion," Chapman added.
 CBOE started with two-year LEAPS on the stocks of 14 blue chip U.S. companies. From their debut three years ago, they were an immediate success. CBOE currently lists LEAPS on 53 underlying equities. CBOE also lists long-term index options: OEX LEAPS and SPX LEAPS, based on 1/10th the value of the S&P 100 and S&P 500 stock indexes, respectively; and Russell 2000(R) LEAPS and CBOE BioTech LEAPS, also based on 1/10th the value of their respective underlying indexes.
 Industry-wide, LEAPS are currently available on 136 equities. To date, nearly 10 million equity and index LEAPS have been traded in the U.S.
 Annual volume for 1992 in equity and index LEAPS industry-wide reached 3.6 million contracts (3,612,580), up 43 percent from annual volume of 2.0 million (2,046,014) during 1991. For Sept. 1993 alone, industry-wide combined equity and index LEAPS volume totaled more than 311,000 contracts, and year-to-date volume in equity and index LEAPS is nearly 4.0 million contracts industry-wide.
 All five U.S. options exchanges now trade LEAPS, which CBOE created, trademarked and licensed. The LEAPS concept has spread to Canadian and European exchanges, allowing them to list LEAPS on foreign stock options. Demand for more information about LEAPS has fueled the popularity of the first book dedicated to the subject: "LEAPS: What They Are and How to Use Them for Profit and Protection." Authored by Harrison Roth, a foremost scholar on the subject of LEAPS, this book was published a month ago by Business One Irwin and is currently available in business bookstores nationwide.
 CBOE, regulated by the Securities and Exchange Commission (SEC), is the pioneer of listed options and the world's largest marketplace.
 -0- 10/4/93
 /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:

LD -- NY098 -- 8513 10/04/93 16:23 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
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