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

Nos. 89-1084, 89-1449.

883 F.2d 525 (1989)

BOARD OF TRADE OF the CITY OF CHICAGO, and Chicago Mercantile Exchange, Petitioners, v. SECURITIES AND EXCHANGE COMMISSION, Respondent, and Delta Government Options Corporation, RMJ Options Trading Corporation, and Security Pacific National Trust Company, Intervening Respondents.

United States Court of Appeals, Seventh Circuit.

Decided August 17, 1989.


Attorney(s) appearing for the Case

Garrett B. Johnson, Kirkland & Ellis, Chicago, Ill., Yosef J. Riemer, Robert Steigerwald, Susan C. Brown, Mark D. Young, Kirkland & Ellis, Washington, D.C., for Bd. of Trade of City of Chicago, petitoner.

Jerrold E. Salzman, Freeman, Freeman & Salzman, Chicago, Ill., for Chicago Mercantile Exchange, Petitioner.

Anne E. Chafer, Asst. Gen. Counsel (with her on the brief, Daniel L. Goelzer, Gen. Counsel, Paul Gonson, Solicitor, Joan A. McCarthy, Special Counsel, and Douglas E. Crow, Atty. Phillip D. Parker, Associate Gen. Counsel), S.E.C., Washington, D.C., for S.E.C., respondent.

Catherine A. Ludden, Gaston & Snow, New York City, Harold C. Hirshman, Stuart Altschuler, Sonnenschein, Carlin, Nath & Rosenthal, Chicago, Ill., for Delta Government Options Corp., intervenor.

Robert A. McTamaney, Carter, Ledyard & Milburn, New York City, for RMJ Options Trading Corp., intervenor.

Nancy A. Petranto, New York City, for Sec. Pacific Nat. Trust Co., intervenor.

Before COFFEY and EASTERBROOK, Circuit Judges, and FAIRCHILD, Senior Circuit Judge.


EASTERBROOK, Circuit Judge.

Futures and options are competing financial instruments often used for hedging. The Chicago Board of Trade and the Chicago Mercantile Exchange trade futures on United States Treasury securities and options on futures on these securities. RMJ Options Trading Corporation, Delta Government Options Corporation, and Security Pacific National Trust Company (SPNTCO) trade options on Treasury bills, bonds, and notes. The futures markets contend...

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