CBOE files for demutualisation on way to IPO

Under the restructuring, the CBOE will become a wholly-owned subsidiary of a new holding company, CBOE Holdings. CBOE’s 931 memberships will be converted into shares of CBOE Holdings stock. The number of shares has not been decided. In a recent sale, a CBOE membership was valued at $1.9 million. However, members will lose their right to trade on the exchange or to lease that right to a trader. Any party wishing to trade will have to buy trading permits from the exchange.

The restructuring is subject to a vote of CBOE’s current members and regulatory approval. The process could take up to nine months, the exchange said. (also see: CBOE prepares for demutualisation)

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