CBOT Chairman Nickolas J. Neubauer said, "At the Chicago Board of Trade, we take great pride in the integrity of our markets and members. That is why I am pleased that the completion of the plaintiff's case in this matter caused Judge Andersen to render a verdict in favor of our exchange.
"Ever since 1989 when the Board of Directors issued the emergency action in this matter, we have made the case that this action was justified by Ferruzzi's behavior in the marketplace, that the CBOT® and its Board of Directors acted to preserve the integrity of its markets on behalf of all market participants, that the directors who voted in favor of the emergency action did not have a conflict of interest, and that the emergency action did not artificially depress cash market prices. Both the Commodity Futures Trading Commission, the federal regulatory agency that oversees our markets, and the U. S. General Accounting Office agreed with our taking such action. We are glad that Judge Andersen agreed, and we hope this brings an end to the issue once and for all."
On July 11, 1989, the Board of Directors of the Chicago Board of Trade adopted an emergency resolution stating that "an emergency exists with regard to the July 1989 soybean futures contract traded on the exchange that requires immediate action and threatens or may threaten fair and orderly trading in, the liquidation of, and delivery pursuant to, the July 1989 soybean futures contract, and hereby adopts the following measure to deal with this emergency. Effective as of the opening of the market on July 12, 1989, any person or entity, either alone or in conjunction with any other person or entity, who owns or controls a gross long or short position for any purpose whatsoever in excess of three million bushels in the July 1989 soybean futures contract traded on the Exchange must reduce said position and subsequent positions by at least 20% per trading day subject to the following absolute limits. (The limits precluded any person form owning or controlling a July 1989 soybean futures position of more than three million bushels on July 18 or more than one million bushels as of the expiration of trading on July 20.)"
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