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BOARD OF TRADE OF CITY OF CHICAGO v. S. E. C.

No. 81-1660.

677 F.2d 1137 (1982)

BOARD OF TRADE OF the CITY OF CHICAGO, Petitioner, v. SECURITIES AND EXCHANGE COMMISSION, Respondent, and Chicago Board Options Exchange, Incorporated, Intervenor-Respondent.

United States Court of Appeals, Seventh Circuit.

Decided March 24, 1982.

Rehearing and Rehearing Denied May 27, 1982.

Attorney(s) appearing for the Case

Mahlon M. Frankhauser, Kirkland & Ellis, Washington, D. C., for petitioner.

Paul Gonson, Securities & Exchange Comm., Washington, D. C., for respondent.

Burton R. Rissman, Schiff, Hardin & Waite, Chicago, Ill., for intervenor-respondent.

Before CUMMINGS, Chief Judge, CUDAHY, Circuit Judge, and CAMPBELL, Senior District Judge.

Rehearing and Rehearing En Banc Denied May 27, 1982.

CUMMINGS, Chief Judge.

The issue in this case is whether the Securities and Exchange Commission (SEC) has authority to regulate trading in options on Government National Mortgage Association mortgage-backed pass-through certificates (GNMA's), given that GNMA's are both "commodities" and "securities." We hold that pending further action by the Commodity Futures Trading Commission (CFTC), all trading of options...

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