From: Roger Lane
I am writing to voice my concern over the possibility of having my trading rights at The Chicago Board of options exchange taken away.
These rights have always been bundled in my full membership at the Chicago Board of Trade. They came with my membership when I bought it in 1986. It was always considered an intrinsic part of the value of my membership. It provides me with the opportunity to trade at either exchange as I choose.
These rights have been accepted and agreed upon in previous writings and negotiations by both exchanges on more than one instance.
The C.B.O.E.'s attempt to extinguish these rights is directly taking previously agreed to value from my membership. Any action they are taking is not for market efficiency, It is only taken to allow fewer people to share in their upcoming demutualization.
I urge you not to approve the C.B.O.E.'s petition.