26 November 2015

Court rejects ISE appeal of CBOE index options win

28 September 2012  |  1197 views  |  0 Source: CBOE

On September 26, 2012, the Illinois Supreme Court refused to hear International Securities Exchange's (ISE) appeal of the Appellate Court's May 25, 2012 decision that affirmed a permanent injunction prohibiting ISE from listing or providing an exchange market for trading in options on either the S&P 500 Index (S&P 500) or the Dow Jones Industrial AverageSM (DJIA).

This injunction also forbids The Options Clearing Corporation (OCC) from clearing options on these indexes for ISE.

"In refusing to hear ISE's appeal, the Illinois Supreme Court has validated CBOE's position that neither ISE nor any other third party should be able to hijack proprietary index options that CBOE created and grew over the last 30 years," said CBOE Chairman and CEO William J. Brodsky. "Today's action further illustrates Illinois' ongoing and fundamental support for business growth and innovation."

By way of background, on November 15, 2006, CBOE, the McGraw-Hill Companies, Inc. and Dow Jones & Company, Inc. filed a lawsuit in Cook County, Illinois, against ISE and OCC to prevent ISE from listing or offering a market for trading in options based on the S&P 500 or DJIA and to prevent OCC from facilitating such trading. On July 8, 2010, the Circuit Court of Cook County entered the permanent injunction against ISE and OCC; this decision was affirmed by the Illinois Appellate Court on May 25, 2012. 

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news


Top topics

Most viewed Most shared
MIT to run fintech degree course
9248 views comments | 36 tweets | 14 linkedin
Coinbase issues Bitcoin debit card
8210 views comments | 18 tweets | 21 linkedin
UK banks hardest hit by non-bank money tra...
8115 views comments | 29 tweets | 31 linkedin
Apple Pay users given a free ride in Londo...
7978 views comments | 21 tweets | 29 linkedin
BBVA buys 29.5% stake in Atom for £45...
7278 views comments | 33 tweets | 41 linkedin

Featured job

Competitive base, double OTE
New York City, NY. USA

Find your next job