CBOE joins credit default options exchange race

The Chicago Board Options Exchange (CBOE) is going head to head with rival Chicago Mercantile Exchange (CME) in a bid to launch credit default options contracts.

The instruments will pay out a fixed $100,000 payment to buyers in the event of underlying entities failing to pay.

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.

CBOE recently launched a legal

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