FCMs fret over S&P 500 options settlement changes

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Fifteen minutes is a long time in the US options markets. A seemingly innocuous change to daily settlement price times for popular index options on the S&P 500 listed at Cboe and CME Group has caused angst among dealers. They say the failure to simultaneously adjust settlement times for options on exchange-traded funds (ETFs) that track the benchmark has thrown a popular hedge trade out of whack, and complicated client margining.

In September, Cboe and CME Group set out plans to move the daily

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