CHICAGO MERCANTILE EXCHANGE, Board of Trade of the City of Chicago, and Investment Company Institute, Petitioners,
v.
SECURITIES AND EXCHANGE COMMISSION, Respondent, and
Philadelphia Stock Exchange, Inc., Options Clearing Corporation, American Stock Exchange, Inc., and Chicago Board Options Exchange, Inc., Intervening Respondents.
United States Court of Appeals, Seventh Circuit.https://leagle.com/images/logo.png
Argued June 9, 1989.
Decided August 18, 1989.
Opinion on Denial of Rehearing and Rehearing October 23, 1989.
Attorney(s) appearing for the Case
Jerrold E. Salzman, James T. Malysiak, Phillip L. Stern, Freeman, Freeman & Salzman, Chicago, Ill., for Chicago Mercantile Exchange.
Robert Steigerwald, Kirkland & Ellis, Washington, D.C., Garrett B. Johnson, Kirkland & Ellis, Chicago, Ill., Mark D. Young, Kirkland & Ellis, Washington, D.C., for Board of Trade of City of Chicago.
Paul Gonson, Solicitor (with him on the brief, Daniel L. Goelzer, Gen. Counsel, Anne E. Chafer, Asst. Gen. Counsel, Joan A. McCarthy, Special Counsel, and Keith E. Carpenter and Joseph O. Click, Attys. Phillip D. Parker, Associate Gen. Counsel), S.E.C., Washington, D.C., for S.E.C., respondent.
David C. Bohan, Jenner & Block, Chicago, Ill., Earl H. Nemser, H. Peter Haveles, Jr., Ralph Berman, Miriam Judlowe, Cadwalader, Wickersham & Taft, New York City, for Philadelphia Stock Exchange, Inc.
Burton R. Rissman, Paul E. Dengel, Schiff, Hardin & Waite, Chicago, Ill, for Options Clearing Corp.
Mahlon M. Frankhauser, Edmund R. Schroeder, John Sullivan, Audrey R. Hirschfeld, David S. Frye, Lord, Day & Lord, Barrett Smith, Washington, D.C., for American Stock Exchange, Inc.
Joanne Moffic-Silver, Nancy R. Crossman, Andrew D. Spiwak, Chicago, Ill., for Chicago Bd. Options Exchange, Inc.
Joanne T. Medero, Ellyn S. Roth, Gracemary Rizzo, Commodity Futures Trading Com'n, Washington, D.C., for amicus curiae Commodity Futures Trading Com'n.
Roger Pascal, Burton R. Rissman, Paul E. Dengel, Schiff, Hardin & Waite, Chicago, Ill., for Options Clearing Corp.
Jay L. Witkin, Joanne T. Medero, Ellyn S. Roth, Gracemary Rizzo, Commodity Futures Trading Com'n, Washington, D.C., for Commodity Futures Trading Com'n, amicus curiae.
Matthew P. Fink, Washington, D.C., David M. Miles, Scott A. Williams, Russell G. Galer, Fried, Frank, Harris, Shriver & Jacobson, Washington, D.C., for petitioners.
William J. Taylor, Jr., Taylor & Taylor, Philadelphia, Pa., for Investment Co. Institute.
Before BAUER, Chief Judge, EASTERBROOK, Circuit Judge, and FAIRCHILD, Senior Circuit Judge.
United States Court of Appeals, Seventh Circuit.
Opinion on Denial of Rehearing and Rehearing En Banc October 23, 1989.
EASTERBROOK, Circuit Judge.
The Commodity Futures Trading Commission has authority to regulate trading of futures contracts (including futures on securities) and options on futures contracts. The Securities and Exchange Commission has authority to regulate trading of securities and options on securities. If an instrument is both a security and a futures contract, the CFTC is the sole regulator...
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