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AS FEE-SLASHING RIVAL GEARS UP, OPTIONS BOARD CHIEF SEEKS HEDGE

William J. Brodsky, chairman of the Chicago Board Options Exchange, likes to say he's in the insurance business…

William J. Brodsky, chairman of the Chicago Board Options Exchange, likes to say he's in the insurance business -- an odd comment for an industry often associated with rapacious speculators. Exchange volume, in reality, is driven by risk-averse customers hedging their stock portfolios.

These days,

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