NEW YORK, June 19 (UPI) -- The International Securities Exchange Inc. has won a key U.S. legal battle in its fight to trade options on two types of exchange-traded funds.
Specifically, the ISE is fighting to trade options on SPDRs and DIAMONDS without a license from those funds' creators, Standard & Poor's, a division of McGraw-Hill Cos. Inc. and Dow Jones & Co. Inc., respectively.
The U.S. Court of Appeals for the Second Circuit has unanimously affirmed the ruling of a New York federal court dismissing the complaints of Dow Jones and S&P against ISE and The Options Clearing Corp., ISE said Monday.
S&P and Dow Jones brought suit against ISE and OCC, alleging that ISE's unlicensed trading infringed their intellectual property rights.
ISE is the largest equity options exchange and is among the leading options exchanges in the world.
Exchange-traded funds are index funds that trade like stocks on major exchanges.
