3.85%C 7.22 11.94%GE 17.61 13.61%
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CHICAGO - Exchange operator CME Group Inc. said Wednesday that it has reached a definitive settlement agreement with the Chicago Board Options Exchange, ending a two-year dispute over trading rights.
| CME | 172.6 |  -0.04 |
CME, which operates the Chicago Mercantile Exchange and Chicago Board of Trade, said the settlement terms are still subject to approval by CBOE members as well as the Delaware Chancery Court.
The settlement clears the way for the CBOE to become the third Chicago-based financial exchange to demutualize and go public--a process that transforms it from a member-owned to a shareholder-owned corporation.
The dispute centered on how CBOT members should be compensated for their ownership of the CBOE options market they helped establish in 1973. The settlement will give CBOT members who hold exercise rights $300 million plus an 18 percent equity stake in the newly organized options exchange.
The settlement finalizes a tentative agreement that was reached in June.
CME shares rose $5.44 Wednesday to close at $341.99.
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