INVESTMENT: Chicago's Other Option

Put and call options have long offered knowledgeable investors a chance to bet on the future prices of stocks without risking much money. Their use has been limited, though, because they can be purchased only through option brokers on individually negotiated deals. If the Securities and Exchange Commission grants approval, a new central market for such options will open next fall—not on Wall Street but on Chicago's La Salle Street, the home of the Chicago Board of Trade (CBT), the world's biggest commodities market. This month, CBT organized the Chicago Board Options Exchange to conduct regular daily trading in...

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