Jonathan L. Marcus, Esq. , Attorney, Reed Smith LLP, Washington, DC, for Amici Curiae CME Group, Incorporated, Intercontinental Exchange, and National Futures Association.
Before Easterbrook, Wood, and Hamilton, Circuit Judges.
Easterbrook, Circuit Judge.
This appeal requires us to determine whether Cboe (an initialism used by the Chicago Board Options Exchange and its affiliates) violated the Securities Exchange Act of 1934 or the Commodity Exchange Act by trading options and futures based on a number, called VIX, designed to estimate the near-term volatility in the Standard...
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