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DJIA name is licensed
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June 5, 1997: 4:10 p.m. ET
Dow Jones to let exchanges use index name on some investment offerings
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NEW YORK (CNNfn) - Dow Jones & Co. announced Thursday that for the first time in the 101-year history of the Dow Jones Industrial Average, the publisher will license investment products using its name.
The first three exchanges selected to receive licenses to use the name of the benchmark stock market indicator are the American Stock Exchange, the Chicago Board of Trade and the Chicago Board Options Exchange.
The American Stock Exchange will offer a unit investment trust based on the Dow Jones Industrial Average. The trust, which is a variation of a mutual fund, will be composed of all 30 blue chip stocks.
The Chicago Board of Trade will offer trading in futures contracts and options on futures contracts based on the DJIA, and the Chicago Board Options Exchange will provide trading in listed options contracts on the industrial average.
Patrick Arbor, chairman of CBOT, predicted an increase of traders at his exchange. "Our membership is very elastic and we can expand to accommodate, but I expect to see our pits overflowing in the fall trading these products."
Dow Jones said it expectes the DJIA products to begin trading in the fall after receiving the appropriate regulatory approvals. It also looks to license other products later on. 
-- Randy Schultz
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Dow Jones
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