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Banking Law Keyed to Barr, 3rd Ed.
Board of Trade of the City of Chicago v. Securities and Exchange Commission
Citation:
923 F.2d 1270 (1991)Facts
The Delta system was created by RMJ (a broker), Delta (a clearing agency), and SPNTCO (a bank) to facilitate trading of options on federal government securities. The system standardizes certain terms of option contracts while leaving others open for negotiation. Traders, including securities dealers, banks, pension funds, and other institutional investors, communicate their buy or sell offers to RMJ, which enters them into the system’s computer. When Delta sees matching buy and sell offers, it notifies the traders of the deal without revealing counterparty identities and processes the transaction. The system lacks a physical trading floor and does not have specialists or market makers who trade for their own accounts to enhance liquidity. The Board of Trade and Chicago Mercantile Exchange challenged the SEC’s approval of Delta’s registration as a clearing agency, arguing that the Delta system must register as an exchange.
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