The Chicago Board Options Exchange (CBOE) has extended two pilot programs related to its Automated Improvement Mechanism (AIM) for an additional year. AIM will expose an agency order electronically to an auction to provide an opportunity for price improvement where a second order of the same size and on the opposite side of the market as the agency order is also submitted (which would otherwise stop the agency order at a given price). Two components of AIM – the lack of a minimum size requirement and the premature conclusion of an auction any time that there is a quote lock on CBOE under CBOE Rule 6.45A(d) – were approved on a pilot basis. These pilot programs have been extended until July 18, 2008.