The Chicago Board Options Exchange (CBOE) announced today 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 listedand traded options that ISE calls “ISE Max SPY Index” options. The court ruled that these options would constitute options on the S&P 500 Index and would violate the court’s earlier injunction that had prevented ISE from 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.
“We are pleased that the court correctly prevented ISE from inappropriately introducing a product for which they have no rights to list or trade,” CBOE Holdings Chairman and CEO William J. Brodsky said. “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.”
