Newspaper article THE JOURNAL RECORD


Newspaper article THE JOURNAL RECORD


Article excerpt

Boards Negotiating Agreement CHICAGO - The Chicago Board of Trade and the Chicago Board Options Exchange are exploring the possibility of developing joint operations for their futures and options trading, the exchanges said Thursday.

This could include developing new contracts that could be traded on both exchanges, they stated.

A key element in any cooperative agreement would be cross-margins, said Warren Moulds, a spokesman for the Options Exchange. Cross-margining would allow a trader to count positions held on both exchanges to determine their net market risk.

Moulds said talks between the two exchanges have been going on for several months.

The Chicago Board Options Exchange was formed as part of the Board of Trade 14 years ago, but over time it became more independent as it grew into the world's largest options market.

It trades options on 169 individual stocks, on stock indexes, foreign currencies and U.S. government bonds and notes.

The Board of Trade is the world's largest futures market and also trades some options contracts.

Former Pemex Director Sentenced MEXICO CITY - Jorge Diaz Serrano, the former director of the government oil monopoly Pemex, has been sentenced to 10 years in jail and ordered to pay $54 million in damages for fraud.

Diaz Serrano immediately announced plans to appeal Wednesday's sentence, telling local reporters the sentence was ``ridiculous, absurd and immoral.''

Diaz Serrano, who supervised Pemex during Mexico's oil boom years from 1976 to 1981, is one of two top officials from the 1976-82 administration of President Jose Lopez Portillo charged in the current administration's campaign of ``moral renewal'' intended to rid Mexico of endemic corruption.

The case against former Mexico City Police Chief Arturo Durazo still is pending. He is charged with extortion and illegal accumulation of weapons.

Diaz Serrano was a senator for the ruling Institutional Revolutionary Party when the $34 million fraud case against him was presented. …

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