CBOE Broadens Access to Auto-Execution For Orders Effective Friday, March 14

The Chicago Board Options Exchange (CBOE) announced today that it has simplified and broadened access to its automatic execution systems in all equity option classes to include broker-dealers and firms. Eligible orders may now receive automatic execution for up to the disseminated size in all equity option classes via CBOE's Retail Automated Execution System (RAES) and the Large Order Utility (LOU) system. Previously, broker-dealer orders of 20 contracts and less were eligible for automatic execution in selected equity classes. The changes, approved by the Securities and Exchange Commission (SEC), will be effective Friday, March 14, 2003.

With these changes, customers, including eligible broker-dealers and firms, can now point-and-click on the price and size of any equity option class and instantly receive a "fill" confirmation.

"CBOE is pleased to offer broader access to our automatic execution systems," said CBOE Executive Vice President Edward Provost. "Expanded access to automatic execution is made possible through applying advanced technologies to better serve our members and customers. We look forward to being able to offer more service enhancements in the near future as the CBOE Hybrid Trading System continues to develop."

CBOE, regulated by the Securities and Exchange Commission (SEC), is the creator of listed options, and the world's largest options marketplace. For additional information about the CBOE and its products, visit the CBOE website at www.cboe.com