Legal Opinion
Board of Trade v. Securities & Exchange Commission
Court of Appeals for the Seventh Circuit
Decided March 24, 1982No. 81-1660PublishedCited by 4 opinions
1Opinion of the Court
CUMMINGS, Chief Judge.
The issue in this case is whether the Securities and Exchange Commission (SEC) has authority to regulate trading in options on Government National Mortgage Association mortgage-backed pass-through certificates (GNMA’s), given that GNMA’s are both “commodities” and “securities.” We hold that pending further action by the Commodity Futures Trading Commission (CFTC), all trading of options on GNMA’s is prohibited and that the SEC has no jurisdiction of its own to permit trading in GNMA options.
I
Last April the Board of Trade of the City of Chicago (Board of Trade) petitioned…
2Cases cited32 opinions
- Blue Chip Stamps v. Manor Drug StoresSupreme Court of the United States · 1975
- Securities and Exchange Commission v. W. J. Howey Co.Supreme Court of the United States · 1946
- United Housing Foundation, Inc. v. FormanSupreme Court of the United States · 1975
- International Brotherhood of Teamsters v. DanielSupreme Court of the United States · 1979
- Hill v. WallaceSupreme Court of the United States · 1922
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3Cited by4 opinions
- Salomon Forex, Inc. v. TauberCourt of Appeals for the Fourth Circuit · 1993
- Board Of Trade Of The City Of Chicago v. Securities And Exchange CommissionCourt of Appeals for the Seventh Circuit · 1982
- Salomon Forex, Incorporated v. Laszlo N. Tauber, M.D., and Third Party and Laszlo N. Tauber, M.D. And Associates v. Salomon Brothers, Incorporated Salomon, Incorporated Fred Gatling, Third Party and Paul Mozer, Third Party the Board of Trade of the City of Chicago Chicago Mercantile Exchange United States of America Futures Industry Association, Incorporated Managed Futures Association Foreign Exchange Committee Commodity Futures Trading Commission State of Idaho, Department of Finance Nevada Securities Division of the Office of the Secretary of State, Amici CuriaeCourt of Appeals for the Third Circuit · 1993
- Weiss v. Regal CollectionsCourt of Appeals for the Third Circuit · 2004