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With all due respect to a fellow trader........you should say there is no
such thing as a settlement committee in options on the CBOE. On at least
most commodity markets that IS the way it is done. I know people on the
settlement committee in gold, silver, coffee,sugar,cocoa, OJ.dollar index
etc. I was on the Cotton Options committee. Marking the close has become
harder to do though...in the Cotton option pit for example you could mark a
closing price by trading only 1 option.....now you must trade at least a ten
lot. This has made it much more expensive to mark the close.
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