The commissioners voted unanimously to seek public comment on a proposal that would allow the exchanges to trade any stock options they wish.

Options, like futures, are an established product, exchange traded and centrally cleared and used by professionals.

A century ago, the exchanges traded futures contracts on such mundane commodities as barley, oats, wheat and corn.

This should encourage the holders to reduce risk by selling exchange traded call options.

However, the bank can also use an exchange traded futures contract to further reduce its risk in taking on the forward contract.

At other commodity exchanges, the picture is not quite as glum, in large part because many exchanges trade financial futures, which have done well.

Such definitions would determine which Federal agency has the authority to regulate the instruments and which exchanges may trade them.

Certain other exchange traded derivatives, such as options on futures contracts, are marked-to-market in the same way.

Being the first exchange that, in 1996, proposed exchange traded derivatives, particularly on an equity index, in India.

The third exchange involved in the action, the Chicago Board Options Exchange, has not traded an index participation.