The SEC removed position limits for options on the Standard & Poor's 500 stock index, the Standard & Poor's 100 stock index and the Dow Jones industrial average, in a two-year pilot program. Lynne Howard, a spokeswoman for the Chicago Board Options Exchange, said that big investors previously had to apply for exemptions to hold positions beyond set points, and if exempted, fulfill special reporting requirements.
Under the change, effective today, it becomes unnecessary to apply for an exemption, while the special reporting continues for those with positions beyond the limits, Ms. Howard said.
The change also applies to flex options in the respective indexes
