[Congressional Record Volume 149, Number 63 (Wednesday, April 30, 2003)]
[Extensions of Remarks]
[Page E811]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  HONORING THE 30TH ANNIVERSARY OF THE CHICAGO BOARD OPTIONS EXCHANGE

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                           HON. RAHM EMANUEL

                              of illinois

                    in the house of representatives

                        Tuesday, April 29, 2003

  Mr. EMANUEL. Mr. Speaker, I rise today to recognize one of Chicago's 
most venerable and longstanding institutions, the Chicago Board Options 
Exchange, on its 30th anniversary. The CBOE began as a spin-off of the 
Chicago Board of Trade in 1973, and in short order revolutionized 
options trading by creating standardized, listed options and an 
exchange-based market. Individual investors the world over quickly 
adopted the concept of listed options, and the CBOE soon became the 
world's largest options exchange. As a result of superior management 
and cutting-edge product offerings, the CBOE has never looked back. 
Today, the CBOE is responsible for more than 51 percent of all options 
trading as well as 91 percent of all index options trading in the 
United States.
  The CBOE has maintained its leadership position because of the 
dedicated efforts of all of those who work in its state-of-the-art 
45,000 square foot facility, led by Chairman and CEO William J. Brodsky 
and Vice Chairman Mark F. Duffy. CBOE management has led the industry 
on issues ranging from corporate governance to investor education. In 
fact, Mr. Brodsky was recently commended by the Securities and Exchange 
Commission for his efforts at maintaining market integrity in the face 
of several recent corporate scandals. The CBOE is also a key employer 
in the Chicago region and an important driver of the local economy.
  Mr. Speaker, I congratulate the Chicago Board Options Exchange on 
reaching the important milestone of its 30th anniversary, and I look 
forward to continuing to work together in the months and years ahead to 
ensure that the CBOE maintains its competitive superiority and remains 
a pillar of Chicago's business community.

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