On August 21, the Chicago Board Options Exchange (CBOE) filed proposed rule changes with the Securities and Exchange Commission relating to the CBOE’s plan to demutualize by restructuring from a mutually owned membership organization to a wholly owned subsidiary of a new holding company. Current members of the CBOE will receive stock in the new holding company. While that stock will not provide its holders with physical or electronic access to the CBOE and its trading facilities, as CBOE membership has, such access will be available following the demutualization via “trading permits” obtained by individuals and organizations from the CBOE. The proposed rule changes reflect the use of trading permits but do not contemplate a significant change to CBOE’s trading operations.