OPTIONS EXCHANGES. An options exchange is an organized securities exchange that provides a location and framework for trading standardized option contracts. It handles its trades much as a stock exchange handles trading in stocks and bonds. Until 1973, with the opening of the Chicago Board Options Exchange (CBOE), all options were traded through a limited number of specialized firms. Today, among the options exchanges in the United States are the American Stock Exchange, CBOE, the Chicago Board of Trade, the Chicago Mercantile Exchange, Mid-America Commodity Exchange, the Pacific Exchange, the Philadelphia Stock Exchange, and the International Securities Exchange.
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