Chicago Board Of Trade Responds To Frivolous Lawsuit Filed By Eurex U.S.

The Chicago Board of Trade (CBOT®) today filed a motion to dismiss the amended lawsuit brought against the CBOT by Eurex U.S. in the District Court of the District of Columbia. The many grounds for dismissal cited by the exchange include Eurex's failure to state a cause of action under U.S. antitrust laws, as the compliant is legally insufficient. Additionally, the CBOT cited Eurex?s inability to demonstrate any harm to competition resulting from the CBOT stating its views on Eurex's pending application to become a U.S. regulated exchange.

In previous comments filed with the Commodity Futures Trading Commission (CFTC) and testimony before the U.S. House Agriculture Committee, the CBOT has questioned the Eurex application for lacking adequate customer protections, failing to disclose its actual business plan, and raising disturbing issues regarding its accountability to U.S. regulators.

"The CBOT intends to continue to bring attention to the deficiencies of the Eurex application," said Charles P. Carey, CBOT Chairman. " The U.S. Congress and the CFTC have solicited our views and we will not be intimidated by Eurex?s efforts to silence a free and factual discussion. It is precisely because our criticisms are accurate that Eurex has resorted to this groundless lawsuit."

The public vetting process on Eurex U.S.'s application continues, as the CFTC has extended a public comment period until December 19. A comment letter from the CBOT was sent to the commission on December 9.