CBOE prepares to launch credit default options

The products will pay a fixed $100,000 payment after a failure to pay by the underlying entity. The exchange plans to list five to 10 options, but has not named the underlying companies. The products are now awaiting regulatory approval from the Securities and Exchange Commission.

This follows the exchange’s legal challenge to its rival Chicago Mercantile Exchange’s efforts to trade credit event futures (See: Delays and revisions for CME's credit event futures).

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