CBOE Confirms Launch Of Credit Event Binary Options Tomorrow, Tuesday, June 19, 2007

The Chicago Board Options Exchange (CBOE) today confirmed that it will launch Credit Event Binary Options (CEBOs), also known as credit default options, on five individual companies: General Motors Corporation (GM), Ford Motor Company (F), Lear Corporation (LEA), Hovnanian Enterprises, Inc. (HOV) and Standard Pacific Corp. (SPF) on Tuesday, June 19, 2007, as previously announced. CBOE and the Options Clearing Corporation (OCC) have received the necessary regulatory approvals to list these credit default options.

The initial five contracts, listed below, will have expiration dates in September 2008 and September 2012. (Note that a previous press release incorrectly listed the expiration date as September 2013).

Jane Street Specialists, LLC, a global, well-capitalized market making firm, has been appointed to be the Designated Primary Market Maker (DPM) in the initial five contracts. Liquidity may also be provided by Market Makers and Remote Market Makers.

CBOE's Credit Event Binary Options are cash-settled call options that pay $100,000 when the Exchange confirms that a credit event, such as default on specified payment obligations, has occurred. If no such credit event occurs, the option expires with no value. Special procedures apply in the event of a succession or redemption. Trading hours are 8:30 a.m. to 3:00 p.m. C.T. Contract specifications and additional details are available at http://www.cboe.com/CREDIT.

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