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CBOE TO LIST OPTIONS ON FIVE STOCKS ON TUESDAY, DECEMBER 1:



                 American Capital Strategies, Ltd.
                 French Fragrances, Inc.
                 FVC.com, Inc.
                 MSC Industrial Direct Co., Inc.
                 Tier Technologies, Inc.

CHICAGO, Nov. 24 /PRNewswire/ -- The Chicago Board Options Exchange (CBOE) today announced it will begin trading options on American Capital Strategies, Ltd., (Nasdaq: ACAS; CBOE: DQS), French Fragrances, Inc., (Nasdaq: FRAG; CBOE: GQG), FVC.com, Inc., (Nasdaq: FVCX; CBOE: FXQ), MSC Industrial Direct Co., Inc., (NYSE: MSM; CBOE) and Tier Technologies, Inc., (Nasdaq: TIER; CBOE: QTI) on Tuesday, December 1.

American Capital Strategies, Ltd., located in Bethesda, Md., is a specialty finance company. The company arranges loans for and invests in small and medium sized businesses throughout the United States. American Capital provides senior debt, subordinated debt, and equity to businesses in need of capital for liquidity, growth, restructuring, acquisitions, or change of control.

DQS options will trade on the February expiration cycle with introductory expirations in December, January, February and May. Initial strike prices have been set at 12-1/2, 15 and 17-1/2. Tradenet, L.P. has been named the Designated Primary Market-Maker (DPM) in the options.

French Fragrances, Inc., located in Miami Lakes, Fla., manufactures, distributes and markets prestige fragrances and related cosmetic products. The company distributes approximately 160 brands under various licensing agreements, predominantly in the United States to mass-market retailers.

GQG options will trade on the February expiration cycle with introductory expirations in December, January, February and May. Initial strike prices have been set at 5, 7-1/2 and 10. KFT, L.L.C. has been named the Designated Primary Market-Maker (DPM) in the options.

FVC.com, Inc., located in Santa Clara, Calif., provides a video networking capability for the Next Generation Internet that integrates video with voice and data while working within the framework of existing networks. The company sells its products worldwide through original equipment manufacturers, distributors, and resellers.

FXQ options will trade on the February expiration cycle with introductory expirations in December, January, February and May. Initial strike prices have been set at 15, 17-1/2 and 20. KFT, L.L.C. has been named the Designated Primary Market-Maker (DPM) in the options.

MSC Industrial Direct Co., Inc. located in Plainview, N.Y., is a direct marketer and supplier of a broad range of metalworking and maintenance and repair supplies. The company markets its products to industrial customers throughout the United States.

MSM options will trade on the January expiration cycle with introductory expirations in December, January, April and July. Initial strike prices have been set at 22-1/2, 25 and 30. Group One Trading, L.P. has been named the Designated Primary Market-Maker (DPM) in the options.

Tier Technologies, Inc., headquartered in Walnut Creek, Calif., provides information technology consulting, application development, and software engineering services. The company's services facilitate the migration of clients' enterprise-wide systems and applications to leading edge technologies. Tier provides its services to Fortune 1000 companies and government entities through offices in the U.S., Australia, and the UK.

QTI options will trade on the January expiration cycle with introductory expirations in December, January, April and July. Initial strike prices have been set at 10, 12-1/2 and 15. BE Partners has been named the Designated Primary Market-Maker (DPM) in the options.

CBOE, regulated by the Securities and Exchange Commission (SEC), is the pioneer of listed options and the world's largest options marketplace. For additional information about the Chicago Board Options Exchange and its products, access the CBOE site on the world wide web at: http://www.cboe.com.

SOURCE Chicago Board Options Exchange


    -0-                             11/24/98
    /CONTACT:  Carol Kennedy of CBOE, 312-786-7323/
    /Web site:  http://www.cboe.com/

CO:  Chicago Board Options Exchange; American Capital Strategies, Ltd.; French
     Fragrances, Inc.; FVC.com, Inc.; MSC Industrial Direct Co., Inc.; Tier

Technologies, Inc. ST: Illinois IN: FIN SU:

-0- Nov/24/1998 15:55 EOS (PRN) Nov/24/98 15:55 86 â -0- (PRN) Nov/24/1998 16:10

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