CBOE prepares for demutualisation

The exchange applied last week to the Securities and Exchange Commission for approval for the scheme, which would convert the 931 memberships into stock in a new holding company. The last seat to change hands sold for $1.4 million. The full process could take nine months, the exchange said.

The exchange's directors voted in July last year to demutualise, but ran into problems the next month when the Chicago Board of Trade launched a lawsuit to enforce its members' rights to participate in the restructuring.

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