Judge William Maki in the Circuit
Court of Cook County, Illinois, upheld
CBOE’s challenge, banning the New York-based
options exchange from offering options linked to the Standard
& Poor’s 500 Index and the Dow Jones
He also forbade the Options Clearing Corporation to clear
The legal battle between the two
leading US options exchanges began in 2006 when ISE sued the
CBOE to end its exclusive hold, and the CBOE countersued ISE
and the Options Clearing Corporation.
Separately, ISE has fallen into line with most of the other
US options exchanges by introducing Do Not Route orders,
allowing customers to choose to keep their order at ISE, even
if the national best price is at another exchange.