Dear CBOT® and CBOE Members:
Resolving the exercise right issue is a major priority for our two exchanges. We believe this issue can best be resolved through negotiation as opposed to litigation and we are pursuing this path. We have held several meetings thus far and we are committed to continuing a fixed schedule of meetings that can lead to a successful outcome.
Our meetings to date have resulted in a standstill agreement where the following actions have been taken:
- On March 16, we jointly asked the Circuit Court of Cook County to grant a three-week extension for CBOE to answer the CBOT®'s amended complaint. This agreed extension temporarily delays further developments in the lawsuit filed by the CBOT®.
- The CBOE also has requested that the Securities and Exchange Commission refrain from issuing a decision regarding CBOE's pending filing regarding the exercise right.
- The CBOT® has agreed not to hold a further membership vote on its proposed restructuring until at least 20 days following the termination of this standstill agreement.
We will keep you informed of our progress.
Sincerely,
Nickolas J. Neubauer William Brodsky
Chairman, CBOT® Chairman, CBOE
David J. Vitale Mark Duffy
President and CEO, CBOT® Vice Chairman, CBOE
