The Court also announced that it will wait to take up these economic issues until after the SEC completes its review of CBOE's proposed rules on membership and trading rights.
In addition, due to the fact that CME Group and CBOT exercise right holders may have valid damages claims against CBOE, the Court denied the company's request for a temporary restraining order preventing CBOE from restricting leasing privileges to CBOT members who lease their CBOE trading rights. CME Group intends to amend its case to include these claims to receive monetary damages for the ongoing injury caused by CBOE's actions.
"Today's ruling is an important milestone in protecting the ownership rights of CBOT members who hold CBOE exercise rights," said CME Executive Chairman Terry Duffy. "We have maintained that the issue of CBOE ownership belongs in the Delaware Courts. CBOE has tried to avoid the courts by issuing its own rules at the SEC claiming these rights are gone. The Judge has now made clear that the courts, not CBOE, will decide these important economic rights. Because the decision was to delay this case until after the SEC completes its related review of membership rights, this case could take months to resolve, creating a ripple effect in which the damages increase with the passage of time. CME Group will continue to vigorously defend the rights of the exercise right holders."
CME Group (http://www.cmegroup.com/) is the world's largest and most diverse exchange. Formed by the 2007 merger of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT), CME Group serves the risk management needs of customers around the globe. As an international marketplace, CME Group brings buyers and sellers together on the CME Globex® electronic trading platform and on its trading floors. CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, agricultural commodities, energy, and alternative investment products such as weather and real estate. CME Group is traded on the New York Stock Exchange and NASDAQ under the symbol "CME."
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