BOARD OF TRADE OF THE CITY OF CHICAGO and Chicago Mercantile Exchange, Petitioners,
v.
SECURITIES AND EXCHANGE COMMISSION, Respondent, and
Delta Government Options Corporation, Intervening Respondent.
United States Court of Appeals, Seventh Circuit.https://leagle.com/images/logo.png
Argued December 4, 1990.
Decided February 4, 1991.
Rehearing and Rehearing Denied April 2, 1991.
Attorney(s) appearing for the Case
Mark D. Young, Mitchell F. Hertz, Kirkland & Ellis, Washington, D.C., Garrett B. Johnson, Robert Steigerwald, John H. Stassen, Kirkland & Ellis, Chicago, Ill., for Bd. of Trade of the City of Chicago.
Jerrold E. Salzman, Freeman, Freeman & Salzman, Chicago, Ill., for Chicago Mercantile Exchange.
Daniel L. Goelzer, Anne Chafer, Douglas E. Crow, Joan A. McCarthy, Paul Gonson, S.E.C., Washington, D.C., for S.E.C.
Harold C. Hirshman, Stuart Altschuler, Sonnenschein, Nath & Rosenthal, Chicago, Ill., Catherine A. Ludden, Morgan, Lewis & Bockius, New York City, for Delta Government Options Corp.
Before POSNER and FLAUM, Circuit Judges, and FAIRCHILD, Senior Circuit Judge.
United States Court of Appeals, Seventh Circuit.
Rehearing and Rehearing En Banc Denied April 2, 1991.
POSNER, Circuit Judge.
This case is before us for the second time; familiarity with our first opinion, 883 F.2d 525 (7th Cir.1989), is presumed. The question we must answer this time is whether a system for trading options on federal government securities that has been put together by RMJ, a broker; Delta, a clearing agency; and SPNTCO, a bank (the last playing an essentially...
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