The Chicago Board Options Exchange (CBOE) filed a proposal with the Securities and Exchange Commission to allow “tied hedging” transactions to be represented in the options trading crowd. Under this proposal, a CBOE member would be permitted to hedge an option order with the underlying security, security future or futures contract, as applicable, before forwarding both the option order and the hedging position to a CBOE floor broker with instructions to represent both positions to the options trading crowd. In-crowd market participants choosing to participate in the option transaction would also be required to participate in the related hedging position.