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.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 170,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 13,800 briefs, keyed to 187 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.