Options Exchanges Near Accord On Linkage System

THIS WEEK'S LEAD STORIES

As time runs out for the five options exchanges to agree on an options market linkage system, four of the five exchanges have agreed on the Public Investor Privileged Express (PIPE) system.

The Chicago Board of Trade and the American, Pacific and New York stock exchanges have agreed to present the proposal for the PIPE system to the Securities and Exchange Commission, while the Philadelphia Stock Exchange is standing by its Automated InterMarket System (AIMS).

In January, SEC chairman Richard

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