On Monday, the Chicago Board Options Exchange (CBOE) announced that the Supreme Court of the United States has denied the International Securities Exchange’s (ISE) petition to review the Illinois Appellate Court’s decision which had permanently restrained and enjoined ISE from either listing or providing an exchange market for the trading of S&P 500 Index (SPX) and Dow Jones Industrial Average (DJX) options.
It also enjoined OCC from issuing, clearing or settling the exercise of such ISE options.
This dispute comes to a close after six years of litigation.
William J. Brodsky, CBOE Chairman and CEO said in a press release,?”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.”?
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.”