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Board of Trade of the City of Chicago v. Securities and Exchange Commission

United States Court of Appeals for the Seventh Circuit
923 F.2d 1270 (1991)


A broker, a clearing agency, and a bank collaborated to create a system (Delta) facilitating the sale of options on federal government securities. Delta is a computer system that brings both buyers and sellers of options together, by allowing each to negotiate prices for options, and by informing parties when an agreement has been reached. After its creation, Delta petitioned the Securities and Exchange Commission (defendant) to register as a clearinghouse. The Board of Trade of the City of Chicago (plaintiff) joined the action to contest Delta’s ability to register. The Seventh Circuit Court of Appeals determined that it could not be determined whether Delta could register as a clearinghouse, prior to determining whether Delta must register as an exchange. The case was then remanded back to the SEC, which determined that Delta was not an exchange. Board of Trade then appealed to the Seventh Circuit Court of Appeals.

Rule of Law


Holding and Reasoning (Posner, J.)

Dissent (Flaum, J.)

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