20 January 2017
visit http://www.wolterskluwerfs.com

Court rejects ISE appeal of CBOE index options win

28 September 2012  |  1375 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)

Related company news

 

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextravisit wavestone.co.ukVisit contisgroup.com

Who is commenting?

Top topics

Most viewed Most shared
Banks face big profit loss to digitisation - McKinseyBanks face big profit loss to digitisation...
15570 views comments | 87 tweets | 109 linkedin
Seven banks plan blockchain platform for SMEsSeven banks plan blockchain platform for S...
12504 views comments | 48 tweets | 44 linkedin
Accenture beats Brexit blues with largest-ever London startup programmeAccenture beats Brexit blues with largest-...
10864 views comments | 31 tweets | 20 linkedin
hands typing furiouslyBlockchain: Time To Get Your Feet Wet
7349 views 0 | 24 tweets | 9 linkedin
HSBC forms tech advisory boardHSBC forms tech advisory board
6215 views comments | 21 tweets | 22 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job