 officials said, they hoped the as yet unnamed 
venture would restore Chicago's position as the world leader in futures 
trading. 
"This exciting new initiative combines the best of securities and futures 
trading," said William Brodsky, CBOE chairman and chief executive officer. 
"Our willingness to work together on this venture will ensure that Chicago 
remains the world's center in derivatives trading and risk management." 

Approval of Boards, Regulators Needed

The exchanges said the new entity would be structured as a for-profit company 
with its own management and board of directors. The company would be 
organized separately from the three Chicago exchanges. The proposal still 
must gain the approval of the boards of directors of the three exchanges and 
federal regulators. Exchange officials said they were still uncertain whether 
the Securities and Exchange Commission or the Commodity Futures Trading 
Commission would be the primary regulator of the new exchange. 
Exchange officials stressed that the trading activity would be available only 
on an electronic basis. Market participants would be able to access the 
trading via the CME's Globex2 and CBOE's CBOEdirect electronic trading 
platforms. Exchange officials said they hope to offer principal-to-principal 
trading by Aug. 21 and retail trading by Dec. 21. 

By Michael Bologna

Copyright, 2001 by The Bureau of National Affairs, Inc., Washington D.C. [IMAGE]


Registertoday at Worldenergyonline and receive $300 off any of The Center for 
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?Restructuring Today's
Top CEO Interviewsof 2000:? A collection of the views, insights and plans of 
some of the most important leaders of America's newest and largest industry 
-- the converging
officials said, they hoped the as so far nameless 
 venture would restore Chicago's placement as the earth leader in futures 
 trading. 
 " This exciting modern first step combines the good of securities and futures 
 trading, " suppose William Brodsky, CBOE chairman and chief executive officer. 
 " Our willingness to work together on this venture will ensure that Chicago 
 stay the world's center in derivatives trading and hazard management. " 

 Approval of Boards, Regulators Needed 

 The exchanges say the raw entity would be structured as a for - net income company 
 with its own management and board of directors. The company would be 
 organize separately from the three Chicago exchanges. The proposal still 
 must gain the blessing of the board of directors of the three exchanges and 
 federal regulators. Exchange officials said they were still uncertain whether 
 the Securities and Exchange Commission or the Commodity Futures Trading 
 Commission would be the chief regulator of the new substitution. 
 Exchange officials stressed that the trading activity would be available only 
 on an electronic footing. Market participant would be able to access the 
 trading via the CME's Globex2 and CBOE's CBOEdirect electronic trading 
 platforms. Exchange official said they hope to offer principal - to - principal 
 trading by Aug. 21 and retail trading by Dec. 21. 

 By Michael Bologna 

 Copyright, 2001 by The Bureau of National Affairs, Inc., Washington D.C. [ IMAGE ] 


 Registertoday at Worldenergyonline and receive $ 300 off any of The Center for 
 Business Intelligence's (CBI)?Energy Conferences. ? 

? [ IMAGE ] 

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 [ IMAGE ] 

 All new?products from the Tata Energy Research Institute?are now available 
 including: 

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 and 
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 Click to view description 

 * * * * * * * * You Will besides rule * * * * * * * * 

 Energy related reports and materialsfrom head publishers in the energy 
 industry like: 

? [ IMAGE]?and? [ IMAGE ] 

 Plus 

? restructure Today's 
 Top CEO Interviewsof 2000: ? A solicitation of the views, insights and plans of 
 some of the most important leader of America's newest and largest diligence 
 -- the converging
 ofvicials said, they hoped uhe as yet unnameb 
ventuce wouls restord Chicago's position as the wlrod leqder in futures 
tradine. 
"This exbiting neq inmtiative combines the best of accuricixs and futures 
jrading," said William Brodsny, CYOE chairman and chief executive offycer. 
"Out aillingness to worl togsnhtr on this venture will ensure thzt Chicego 
remains the world's center in derivatiges hrading and risk mwnagement." 

Aklrodql of Boards, Regulators Needed

The gxchanges said the new entity wojld bz structuree qs w for-profit rompanj 
with its owk managament amd board of divectocs. Tye company would be 
ocganized separately srom the dhxee Chicago exchanges. Tye prmposdl sgull 
muat gzin thf a'proval of fhe boards if directors of the trgre exchanges and 
fqdqral regulators. Exchange officials said thsy were still uncertain whether 
the Securitigs and Excrange Commission or the Commodity Futures Trading 
Commmsriou woula bf the primary regulator of the new exchange. 
Evdhsnne officials strcssed that the tracijg wctivity woula be arzimable only 
on an epectronyc bawis. Markeu paryicipants would be able to qccess the 
tgadibg via the CME's Gllbex2 and CBUE's VBOEdorect electronic tradiny 
platrorms. Exchajge officjxls said they hooe no oxfer principal-to-principal 
erading bb Aug. 21 and rdtaik tradyng by Dec. 21. 

By Michael Bologna

Copygight, 2001 ty The Burfau of National Affairs, Inc., Wasimngton D.C. [IMABE]


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soie of the most important leadwrs of America's ntwest and largest indusfry 
-- tve cojverging
officials said, they hoped the as yet would Chicago's position the world leader new combines the best securities and futures said William Brodsky, CBOE chairman and executive officer. "Our willingness to work together on this venture will ensure that remains the world's center in derivatives trading and risk management." Approval of Boards, Needed exchanges the entity would be structured as a for-profit company with its own management and board of directors. company would be organized separately from the three exchanges. The proposal still gain the approval of the of of the exchanges federal Exchange officials said were still uncertain whether the Securities and Exchange Commission or the Commodity Futures Trading Commission would be primary regulator new exchange. officials that trading activity would only on an electronic basis. Market able to access the trading via the CME's and CBOE's electronic trading platforms. Exchange officials said hope to offer principal-to-principal trading by Aug. 21 retail trading by Dec. 21. By Michael Bologna Copyright, 2001 by The Bureau of National Washington D.C. [IMAGE] Registertoday Worldenergyonline and receive off of Center Business Intelligence's Conferences.? ?[IMAGE] ?Find the Following and much more at Worldenergyonline: [IMAGE] new?products from the Tata Energy Research Institute?are now available including: on and Pacific and Journal of? Energy Click view ********You Will Also Find******** reports materialsfrom the industry ?[IMAGE]?and? [IMAGE] Plus ?Restructuring Top CEO Interviewsof 2000:? A of the views, insights the most important leaders of America's newest and industry -- the converging
 officials said, they hoped the As yet unnamEd 
venTurE woUlD resTore chicago's positiON as tHe world leader in futures 
TradiNg. 
"tHis eXCiTing nEw initiATiVE ComBiNeS thE bESt Of secUriTies and Futures 
traDinG," sAid William BrODsKy, CBOE chaiRmaN and chief exeCutIve offIcEr. 
"OUR willIngNess tO work tOGether On this venTuRE will eNSure thaT cHiCago 
Remains the world's cENtER in derivatives TradinG aND rISK maNagEment." 

ApproVaL of BoARds, ReguLAtORS neeDEd

The exchangeS said the new ENtiTy woulD bE stRUctureD as a fOr-PRofIt company 
wiTh itS own managEment aND board oF DirectoRs. The cOmpAny WoulD Be 
OrGanIzED sePArAteLY frOm the thrEe chIcago ExchANGES. The ProPosaL stilL 
must gain the aPprOval OF thE boarDs of dIrecToRs of tHe threE exchAnGes and 
federal reGulaTors. ExchaNge OfFicIaLs saiD They weRe sTilL uncertAin whetHEr 
tHe sECUrIties and Exchange CoMmISSiOn or the COmmodiTY FUtURes TradiNg 
comMissION woulD be tHE pRimary reGulatoR Of ThE new excHaNge. 
ExcHaNge OffIcialS StreSsed thAt the traDing aCTivity would be aVAilable only 
on AN eLECtROnic BasIs. Market parTiciPAnts WoulD Be AblE To accEss thE 
tRAdINg via the CME's Globex2 aNd cBOE's CbOEdiRect electroniC trading 
plATFOrms. ExchAnge OFfICials said they hOpe to Offer princIPal-to-priNcipaL 
trading By Aug. 21 and rETAil tradiNg bY DeC. 21. 

By micHAEl bologna

CopyriGHT, 2001 by THe bureau oF NaTional AFfaIrs, inc., wasHiNgton D.C. [IMaGE]


RegisTeRtOdAy At WOrldeNErgyonliNe And ReCeiVe $300 off ANy of ThE CentEr foR 
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?RestructuRIng toDay's
Top cEO InteRviewSOf 2000:? A collEction of tHe views, inSiGhts AND plAns of 
some oF the most Important LEaderS Of ameriCa's Newest AnD laRgest IndustRY 
-- thE convErging
 officials said, they hope d the as y et un nam ed
v entu re w ould restore C h icag o's position as the wo rld l ea d er i n  f uture s 
trad i ng . 
"T hi sexc it i ng  newini tiative  combinesthe  b est of secur i ti es and fut ure s 
trading,"  sa id Wil li amB rodsk y,CBOEchairm a n andchief exe cu t ive of f icer. " O ur  wil lingness to workt og e ther on this v enture  w i ll e nsu rethat Chica go  
rem a ins the wo r l d 'sc enter in deri vatives tra d ing  and r is k m a nageme nt."
A ppr oval of Boa rds,  Regulato rs Nee d ed

The exchang es sai d t henewe nt it y w ou l d b e  s tru c tur ed as afo r- profi t co m p a n y 
w ith  its  ownmanagement an d b oard ofdirec tors.  The  c ompan y woul d be
o rganized separa tely  from the  th re e C hi cagoe xchang es.  Th e propo sal sti l l mu s t ga in the approval of  t h e  b oards of  direc t or so f the th re e e xcha n g es an d 
f e de ral regu lators .  E xc hange o ff icials  s aid  th ey we r e st ill un certainwheth e r 
the Securit i es and Exchan g eC o mm i ssio n o r the Commo dity Futu resT ra din g  
Com missi on wo u ld be the primary r eg ulator  of t he new exchan ge. 
Excha n g e  officia ls s t re s sed that the t radin g activity would be  avai lable on ly 
on an e lectroni c b asi s.Mar k e tparticipantsw o uldbe  able t o a ccess t he
tr adi ngvi a the CME 's Globe x2  a nd  C BOE 's CB O Edirectel ect ro nic  trad i ng 
pl atfor ms.Ex ch a nge  offici a ls s aidth ey  hop e t ooffer  pri n cip al-to-p rincipal
tr a ding  b yAug. 21  and retail t ra ding by De c.  21 . 

By M ichael B ologna

Copyright, 2001 by TheBur eau o f Na tional Af fai rs, In c., Washin gton D .C. [ IM AGE ] 

Reg i s te rto da y at World e n erg yonli ne  and  receiv e $300 off any ofT heCenter for 
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?R es t r ucturing  T oday's
TopCEO Inte rv i ewsof  2000: ? A co llectio n of the vi ews,  in sights an d p la n s of 
s om eo f themost  i mporta nt lea d erso f  America's newes t and l arges t  in dustr y
-- the conv erging
 officials_said, they_hoped the as yet_unnamed 
venture_would_restore Chicago's_position_as the world_leader in futures_
trading. 
"This exciting new_initiative combines the_best_of securities and futures 
trading," said William Brodsky, CBOE chairman and chief executive officer._
"Our_willingness to_work_together_on this venture will ensure_that Chicago 
remains the world's_center in_derivatives trading and risk management." 

Approval of Boards,_Regulators_Needed

The exchanges said_the new entity would be structured as a for-profit_company 
with its own management and_board of directors._The_company_would be 
organized separately_from the three Chicago exchanges. The_proposal still 
must gain the approval_of the boards of directors of the_three exchanges and 
federal regulators. Exchange_officials said they were still_uncertain whether_
the Securities and Exchange Commission_or the Commodity_Futures Trading_
Commission would be_the primary regulator of the new_exchange. 
Exchange officials_stressed that the trading activity would_be_available only 
on_an_electronic_basis. Market_participants would be_able_to access_the_
trading via the CME's Globex2 and_CBOE's_CBOEdirect electronic trading 
platforms. Exchange officials said_they hope to offer_principal-to-principal_
trading by Aug. 21_and retail trading by Dec._21. 

By Michael Bologna

Copyright, 2001 by_The Bureau_of National_Affairs, Inc., Washington D.C. [IMAGE]


Registertoday at Worldenergyonline and receive $300 off_any of The Center for 
Business_Intelligence's (CBI)?Energy Conferences.?

?[IMAGE]

?Find the_Following and_much_more at Worldenergyonline:


[IMAGE]

All_new?products_from the_Tata Energy Research Institute?are now available 
including:

TERIInformation_Digest on_Energy
and
Pacific and Asian Journal of? Energy
Click_to view description

********You Will_Also_Find********

Energy related reports and materialsfrom leading_publishers in the energy 
industry like:

?[IMAGE]?and?_[IMAGE]

Plus

?Restructuring Today's
Top CEO Interviewsof 2000:?_A_collection_of the views, insights and_plans of 
some of the most_important leaders of_America's newest and largest industry 
-- the_converging