The Chicago Board Options Exchange announced a halt in the purchase and sale of exchange memberships late Friday, as seatholders awaited results of a member vote on the CBOE's planned public offering.

The market for seats at the CBOE, which carry trading rights, will be suspended May 24 between 7:00 a.m. CDT and 10:00 a.m., according to a notice sent to CBOE members.

The freeze in seat sales comes as the Chicago-based exchange operator is shortly expected to reveal the results of a member vote on its conversion to a shareholder-owned structure.

The vote will clearing the way for a long-anticipated initial public offering planned for mid-June.

-By Jacob Bunge, Dow Jones Newswires; (312) 750 4117; jacob.bunge@dowjones.com
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