The Chicago Board Options Exchange, the nation's largest market for options on financial securities, announced that it will cut 90 of its 1,105 staff positions due to a drop in trading volume . . . Los Angeles-based Atlantic Richfield Co. said it raised its stake in Britoil PLC to 22.24% from 21.91% . . . Commerce Bank of Plano, in Plano, Tex., was closed by state banking regulators, making it the first U.S. bank to fail in 1988, the Federal Deposit Insurance Corp. said. The is expected to reopen on Monday as a branch of the Quinlan State Bank of Quinlan, Tex. . . . Holly Sugar Corp. rejected a sweetened takeover offer from Plum Associates and instead urged shareholders to accept an offer from Imperial Sugar Co. valued at $80.8 million.