NASDAQ STOCK MARKET, INC. v. ARCHIPELAGO HOLDINGS, LLC

No. 03 CV 8231(DLC).

336 F.Supp.2d 294 (2004)

The NASDAQ STOCK MARKET, INC., Plaintiff, v. ARCHIPELAGO HOLDINGS, LLC, Archipelago Exchange, LLC, Pacific Exchange, Inc., and PCX Equities, Inc., Defendants.

United States District Court, S.D. New York.

September 15, 2004.


Attorney(s) appearing for the Case

Douglass B. Maynard, Abid Qureshi, Akin Gump Strauss Hauer & Feld, LLP, New York, New York, Cheryl A. Falvey, Karol A. Kepchar, Michael A. Oakes, Akin Gump Strauss Hauer & Feld, LLP, McLean, Virginia, for Plaintiff.

Andrew L. Deutsch, Piper Rudnick LLP, New York, New York, Monica L. Thompson, Piper Rudnick LLP, Chicago, Illinois, for Archipelago Defendants.

Susan J. Kohlmann, Rodney R. Peck, Carolina A. Fornos, Pillsbury Winthrop LLP, New York, New York, for Pacific Defendants.

Giovanni P. Prezioso, Jacob H. Stillman, John W. Avery, Meyer Eisenberg, Securities and Exchange Commission, Washington, D.C., for the Securities and Exchange Commission, Amicus Curiae.


OPINION and ORDER

COTE, Judge.

This action arises out of the facilitation of trading of the Nasdaq-100 Index Tracking Stock, known as QQQ shares, by Archipelago Exchange, LLC ("Arca Exchange") without a license from The Nasdaq Stock Market, Inc. ("Nasdaq"). The motions before this Court require a determination of whether Nasdaq retains a protectible property interest in QQQ shares once they are in the hands of investors, such that Nasdaq can require...

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