CBOE Wins in S&P Index Dispute
CHICAGO, IL – May 13, 2013 — The Chicago Board Options Exchange (CBOE) announced today that the Supreme Court of the United States denied the International Securities Exchange’s (ISE) petition to review the Illinois Appellate Court’s decision that permanently restrained and enjoined ISE from listing or providing an exchange market for the trading of S&P 500 Index (SPX) and Dow Jones Industrial Average (DJX) options and enjoined OCC from issuing, clearing or settling the exercise of such ISE options. This brings to a close over six years of litigation.
“We are vindicated after more than six years of lengthy and unnecessary litigation that the highest Court in the land has validated our position and the intellectual property rights of index providers. We are deeply gratified to no longer have to defend against those who would free ride on our investment in innovation and the intellectual property of others. We are elated to have achieved finality on this critical issue,” said William J. Brodsky, CBOE Chairman and CEO.
Incoming CBOE CEO and current President and COO Edward T. Tilly added, “The Supreme Court’s decision reinforces that CBOE’s culture of innovation will continue to drive the industry for years to come.”
CBOE, the largest U.S. options exchange and creator of listed options, continues to set the bar for options and volatility trading through product innovation, trading technology and investor education. CBOE offers equity, index and ETF options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options and futures on the CBOE Volatility Index (the VIX Index). Other products engineered by CBOE include equity options, security index options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P 500 BuyWrite Index (BXM). CBOE is home to the world-renowned Options Institute and www.cboe.com, the go-to place for options and volatility trading resources. CBOE is regulated by the Securities and Exchange Commission (SEC), with all trades cleared by the OCC.