CBOE, the subsidiary of the Chicago Board Options Exchange, has filed a Statement with the Securities and Exchange Commission (SEC) detailing the terms of its proposed demutualisation transaction. CBOE’s proposal is subject to regulatory approval by the SEC and a vote of the CBOE membership.
“I am pleased to announce that CBOE has filed its S-4 Registration Statement with the SEC, a landmark moment in our exchange’s history, as we complete the first major step in the conversion into a new demutualised, stockholder owned company,” says William J. Brodsky, the Chairman of CBOE. “Operating as a demutualised company will sharpen CBOE’s for-profit focus and enhance our ability to create value for owners and customers in every aspect of our business.”
CBOE is currently a mutually-owned membership organisation. In its proposed demutualisation, CBOE will become a wholly-owned subsidiary of a new holding company, CBOE Holdings, Inc. CBOE memberships existing at the time of the demutualisation will be converted into shares of CBOE Holdings stock.