On Friday after the market’s close, the?Chicago Board Options Exchange (CBOE) announced in a press release that the Illinois Court has ruled in favor of CBOE and McGraw-Hill and entered an order that the International Securities Exchange (ISE) would violate a previously-issued injunction if it listed and traded options that ISE calls “ISE Max SPY Index” options.
In addition, the court ruled the options would constitute options on the S&P 500 Index and therefore violate the court’s previous injunction that had prevented ISE from either listing or providing a market for S&P 500 Index options.
CBOE holds the exclusive right to provide a market for options on that index.
CBOE Holdings Chairman and CEO William J. Brodsky said in the release,?”We are pleased that the court correctly prevented ISE from inappropriately introducing a product for which they have no rights to list or trade.
“This decision short-circuits ISE’s ongoing attempts to gain access to CBOE’s exclusive products by misappropriating McGraw-Hill’s intellectual property. We will continue to vigorously defend against any and all unlawful intrusions of our rights.”