The U.S. Supreme Court has denied a petition from the International Security Exchange to review a decision by the Illinois Appellate Court. The ruling is a victory in intellectual-property rights for both the S&P 500 and the Dow Jones Industrial Average.
According to S&P Dow Jones Indices CEO Alexander Matturri: "The United States Supreme Court ruling reinforces the intellectual-property rights of S&P Dow Jones Indices and other index providers whose expertise, time, and knowledge in creating stock market indices have served as the origin for immeasurable innovation in the world's financial markets."
The Illinois decision permanently prevented the ISE's ability to list or offer a tradeable exchange market on the S&P 500 and the Dow. It also instructed the Office of the Comptroller of the Currency against clearing, issuing, or settling the ISE's options. The ruling comes after a "long-running litigation," says Matturri.