S&P Dow Jones Indices and CBOE Announce Successful Conclusion of ISE Index Litigation
NEW YORK and CHICAGO, Jan. 24, 2014 /PRNewswire/ — S&P Dow Jones Indices LLC (SPDJI) and Chicago Board Options Exchange, Incorporated (CBOE®) reported today that the International Securities Exchange (ISE) has not appealed a federal court decision that rejected ISE’s attempt in the New York courts to challenge SPDJI’s rights to control the use of the S&P 500® and the Dow Jones Industrial Average™ as the basis of index options. CBOE holds an exclusive license to list options on the S&P 500® index, the Dow Jones Industrial Average, and select other indices calculated and published by SPDJI.
ISE’s decision not to appeal brings to an end more than seven years of unsuccessful challenges to SPDJI’s and CBOE’s rights.
Most recently, on December 18, 2013, a New York federal judge dismissed ISE’s lawsuit after finding that the earlier rulings by the Illinois courts were final and binding on ISE. ISE’s final deadline to appeal the federal court decision has passed.
“Intellectual property rights are the cornerstone of creativity and innovation, not just in the financial markets, but within all industries and businesses throughout the world,” said Alex Matturri, CEO of S&P Dow Jones Indices. “As we had made blatantly clear more than seven years ago when this litigation first began, S&P Dow Jones Indices will vigorously and fiercely protect its well-established intellectual property rights from all those that seek to infringe upon them – ensuring that we remain the preeminent index provider in the world.”
“CBOE is gratified that after seven years, ISE has given up its efforts to pursue this meritless litigation,” CBOE CEO Edward T. Tilly said. “This is a victory for innovation at CBOE, which continues to shape and lead the index options marketplace by pioneering new product frontiers.”
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 Holdings offers equity, index and ETP 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 Holdings is home to the world-renowned Options Institute and www.cboe.com, the go-to place for options and volatility trading resources.
About S&P Dow Jones Indices
S&P Dow Jones Indices LLC, a part of McGraw Hill Financial, is the world’s largest, global resource for index-based concepts, data and research. Home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average™, S&P Dow Jones Indices LLC has over 115 years of experience constructing innovative and transparent solutions that fulfill the needs of investors. More assets are invested in products based upon our indices than any other provider in the world. With over 830,000 indices covering a wide range of asset classes across the globe, S&P Dow Jones Indices LLC defines the way investors measure and trade the markets. To learn more about our company, please visit www.spdji.com.
Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC, a part of McGraw Hill Financial. Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). These trademarks have been licensed to S&P Dow Jones Indices LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively “S&P Dow Jones Indices”) do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.
CBOE®, Chicago Board Options Exchange®, CFE®, FLEX®, LEAPS®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWrite(SM), BXM(SM), CBOE Futures Exchange(SM) CBOE Mid-Term Volatility Index(SM), CBOE Short-Term Volatility Index(SM), CBOE 3-Month Volatility Index(SM), Execute Success(SM), SPX(SM), The Options Institute(SM), VXST(SM) and VXMT(SM)are service marks of Chicago Board Options Exchange, Incorporated (CBOE). Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services, LLC and have been licensed for use by CBOE and CFE. Dow Jones and Dow Jones Industrial Average are trademarks of Dow Jones Trademark Holdings, LLC and have been licensed to S&P Dow Jones Indices, LLC and sublicensed for use for certain purposes by CBOE.
SOURCE Chicago Board Options Exchange
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