What will Chicago do with the money?

New angles

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And although the Chicago Board Options Exchange (CBOE) has no immediate plans to demutualise, it is aware of the potential benefits. “Demutualisation would allow management to have more control and an IPO to raise capital, which can help us launch new products,” says Ed Provost, executive vice-president of business development. “Common clearing and more fungibility make for fierce competition. Products are becoming more commoditised, so we have to distinguish ourselves.”

Demutu

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