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1
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COMPLAINT
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EXTRACTED KEY WORDS
DEFENDANTS EQUITY OPTIONS LISTING COMPETITION PRICES AGREEMENT TRADING MULTIPLE MARKET MAKERS BUSINESS OPTION CLASS PLAN ACT TRADES UNITED STATES DISTRICT RESTRAIN VIOLATIONS CO-CONSPIRATORS INVESTORS STOCK EXCHANGE COMPLAINT STANDARDIZES LAWS DELAWARE SELL UNDERLYING SECURITIES OPTION CONTRACTS |
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLUMBIA
_____________________________________ )
UNITED STATES OF AMERICA )
Department of Justice )
Antitrust Division )
600 E Street, N.W. )
Suite 9500 )
Washington, D.C. 20530 )
Plaintiff, ))
v. ) Civil Action No.
)
AMERICAN STOCK EXCHANGE, LLC )
86 Trinity Place )
New York, NY 10006 ))
CHICAGO BOARD OPTIONS )
EXCHANGE, INCORPORATED )
400 South LaSalle Street )
Chicago, IL 60605 ))
PACIFIC EXCHANGE, INC. ) COMPLAINT FOR
301 Pine Street ) EQUITABLE RELIEF
San Francisco, CA 94104, and ) FOR VIOLATION OF
) 15 U.S.C. § 1
PHILADELPHIA STOCK EXCHANGE,INC. )
1900 Market Street )
Philadelphia, PA 19103 ))
Defendants. )
_____________________________________)
COMPLAINT
The United States of America, acting under the direction of
the Attorney General, brings this civil action pursuant to
Section 4 of the Sherman Act, as amended, 15 U.S.C. § 4, to
obtain equitable and other relief to prevent and restrain
violations of Section 1 of the Sherman Act, as amended, 15 U.S.C.
§ 1. The United States alleges:
1. The United States brings this action to enjoin the four
defendant options exchanges from maintaining, continuing or
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2
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COMPETITIVE IMPACT STATEMENT
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EXTRACTED KEY WORDS
DEFENDANTS JUDGEMENT UNITED STATES COMPETITION COURT EQUITY OPTIONS MEMBERS PRICES ANTITRUST ENTRY TRADE COMPLAINT LISTING AGREEMENT COMPETITIVE IMPACT STATEMENT ACT PROCEEDING UNDERLYING EQUITY SECURITY GOVERNMENT MULTIPLE LISTING OPTIONS PLAN OPRA SECURITIES MARKET MAKERS PROVISIONS OPTION CLASS UNITED STATES DISTRICT CIVIL ANTITRUST PROCEEDING |
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLUMBIA
_______________________________________ )
UNITED STATES OF AMERICA, ))
Plaintiff, )
)
v. ) Civil Action No.
)
AMERICAN STOCK EXCHANGE,LLC; )
CHICAGO BOARD OPTIONS EXCHANGE, )
INCORPORATED;PACIFIC EXCHANGE, )
INC.; and PHILADELPHIA STOCK )
EXCHANGE, INC. ))
Defendants. )
_____________________________________ )
COMPETITIVE IMPACT STATEMENT
The United States, pursuant to Section 2(b) of the
Antitrust Procedures and Penalties Act ("APPA"), 15 U.S.C.
§ 16(b)-(h), files this Competitive Impact Statement relating
to the proposed Final Judgment submitted for entry in this
civil antitrust proceeding.
I.
NATURE AND PURPOSE OF THE PROCEEDING
On September 11, 2000, the United States filed a civil
antitrust Complaint alleging that the defendants had violated
Section 1 of the Sherman Act, 15 U.S.C. § 1. Defendants are
option exchanges that provide a forum on which their members
trade options. An option is the right either to buy or to sell
a specified amount or value of a particular underlying
interest (equity security, stock indices, government debt
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3
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AMICUS US
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EXTRACTED KEY WORDS
ANTITRUST LAWS COURT EXCHANGE DEFENDANTS REGULATORY SCHEME UNITED STATES FEDERAL ANTITRUST LAWS ANTITRUST CLASS ACTION CLASS ACTION COMPLAINT CONGRESS YORK CONSOLIDATED ANTITRUST CLASS MEMORANDUM EXCHANGE ACT DISMISS CONTRAVENES RULE UNITED STATES DISTRICT REPUGNANCY COMMISSION ANTITRUST IMMUNITY YORK STOCK SECURITIES EXCHANGE OPPOSITION UNITED STATES DEPARTMENT COMPETITION SOUTHERN DISTRICT AMERICA AMICUS CURIAE IMPLIED ANTITRUST IMMUNITIES PACIFIC WESTBOUND CONFERENCE |
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
In Re: Stock Exchanges Options Trading Master Docket No. M-21-79 (RCC)
Antitrust Litigation 99 Civ. 0952
MDL No. 1283
This Document Relates To:
ALL ACTIONS
MEMORANDUM OF UNITED STATES OF AMERICA AS AMICUS CURIAE IN
OPPOSITION TO MOTION OF OPTIONS EXCHANGE DEFENDANTS TO DISMISS
CONSOLIDATED ANTITRUST CLASS ACTION COMPLAINT
Joel I. Klein Catherine G. O'Sullivan
Assistant Attorney General Chief, Appellate Section
United States Department of Justice David Seidman
Antitrust Division Attorney, Appellate Section
950 Pennsylvania Avenue United States Department of Justice
Washington, D.C. 20530 Antitrust Division
601 D Street, N.W.
Ralph T. Giordano (RG-0114) Washington, D.C. 20530
Chief, New York Field Office (202)514-2413
United States Department of Justice
Antitrust Division Nancy M. Goodman
26 Federal Plaza Chief, Computers and Finance Section
New York, New York, 10278 George S. Baranko
(212) 264-7453 John D. Worland, Jr.
Attorneys, Computers and Finance Section
600 E Street, N.W.
Washington, D.C. 20530
(202) 307-6200
TABLE OF CONTENTS
INTEREST OF THE UNITED STATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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4
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US COMPLIANCE WITH ANTITRUST PROCEDURES AND PENALTIES ACT
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EXTRACTED KEY WORDS
COURT UNITED STATES DEFENDANT CERTIFICATE STIPULATION EXCHANGE DISTRICT COMPLIANCE ANTITRUST PROCEDURES PENALTIES ACT COMPETITIVE IMPACT STATEMENT REGISTER COLUMBIA PLAINTIFF AMERICA ENTRY NEWSPAPER STOCK EXCHANGE EXHIBIT PUBLICATION RESPONSE LLC DEFENDANT CHICAGO BOARD CHICAGO BOARD OPTIONS DEFENDANT PACIFIC EXCHANGE DEFENDANT PHILADELPHIA STOCK ORAL COMMUNICATIONS OFFICER EMPLOYEE |
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLUMBIA
________________________________________))
UNITED STATES OF AMERICA, ))
Plaintiff, ))
v. )
)) Civ.No.00-CV-02174(EGS)
AMERICAN STOCK EXCHANGE, )
LLC; CHICAGO BOARD OPTIONS )
EXCHANGE, INCORPORATED; )
PACIFIC EXCHANGE, INC.; and )
PHILADELPHIA STOCK EXCHANGE, )
INC., )
Defendants. )
________________________________________)
CERTIFICATE OF COMPLIANCE WITH PROVISIONS
OF THE ANTITRUST PROCEDURES AND PENALTIES ACT
Plaintiff, United States of America, by the undersigned
attorney, hereby certifies that, in compliance with the Antitrust
Procedures and Penalties Act, 15 U.S.C. § 16(b)-(h), the
following procedures have been followed in preparation for the
entry of a final judgment herein:
1. Plaintiff and defendants stipulated to the entry of the
proposed Final Judgment, and this Stipulation was filed with the
Court on September 11, 2000;
2. The proposed Final Judgment was filed with the Court on
September 11, 2000;
3. The Competitive Impact Statement was filed with the
Court on September 11, 2000;
4. The Stipulation, proposed Final Judgment, and
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5
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FINAL JUDGMENT
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EXTRACTED KEY WORDS
JUDGEMENT EXCHANGE COMPLIANCE ANTITRUST LAWS OFFICER OPTION CLASS UNITED STATES MEMBER ANTITRUST DIVISION EQUITY OPTION DESIGNATING OPTION CLASSES SURVEILLANCE COURT REQUEST SECURITIES DISTRICT ENTRY PRICE CERTIFY CONTRACT PURPOSE DIRECTORS OPTIONS PRODUCTS ENFORCEMENT REGULATIONS ENJOIN PROTECTION |
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLUMBIA
________________________________________))
UNITED STATES OF AMERICA, ))
Plaintiff, ))
v. )
)) Civil Action No.
AMERICAN STOCK EXCHANGE, )
LLC; CHICAGO BOARD OPTIONS )
EXCHANGE, INCORPORATED; )
PACIFIC EXCHANGE, INC.; and )
PHILADELPHIA STOCK EXCHANGE, )
INC. )
Defendants. )
________________________________________)
FINAL JUDGMENT
Plaintiff, United States of America, filed its complaint on
September 11, 2000. Plaintiff and defendants, by their
respective attorneys, have consented to the entry of this Final
Judgment without trial or adjudication of any issue of fact or
law. This Final Judgment shall not be evidence against or an
admission by any party of any issue of fact or law.
Therefore, before the taking of any testimony, without trial
or adjudication of any issue of fact or law herein and upon
consent of the parties hereto, it is hereby
ORDERED, ADJUDGED AND DECREED that:
I.
JURISDICTION
This Court has jurisdiction over the subject matter of and
the parties to this action. The complaint states a claim upon
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6
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STIPULATION
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EXTRACTED KEY WORDS
JUDGEMENT DEFENDANTS STIPULATION EXCHANGE COMPLAINT STATES PARTIES PLAINTIFF ENTRY ESQ WASHINGTON STOCK EXCHANGE PARTY PROVISIONS COURT RULING DECLINING RELIEF AMERICA LLP UNITED STATES DISTRICT PACIFIC EXCHANGE PHILADELPHIA STOCK EXCHANGE HERETO MOTION COMPLIANCE WITHDRAWN CONSENT APPEALS PURPOSES MATTER |
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLUMBIA
_____________________________ )
UNITED STATES OF AMERICA, ))
Plaintiff, )
)
v. ) Civil Action No.
)
AMERICAN STOCK EXCHANGE, )
LLC.; CHICAGO BOARD OPTIONS )
EXCHANGE, INCORPORATED; )
PACIFIC EXCHANGE, INC.; and )
PHILADELPHIA STOCK EXCHANGE, )
INC. )
Defendants. )
____________________________ _)
STIPULATION
It is stipulated by and between the undersigned parties,
by their respective attorneys, as follows:
(1) The parties stipulate that a Final Judgment in the
form attached hereto may be filed and entered by the Court,
upon the motion of any party or upon the Court's own motion,
at any time after compliance with the requirements of the
Antitrust Procedures and Penalties Act, 15 U.S.C. § 16, and
without further notice to any party or other proceedings,
provided that plaintiff has not withdrawn its consent, which
it may do at any time before entry of the proposed Final
Judgment by serving notice thereof on defendants and by filing
that notice with the Court.
(2) Defendants shall abide by and comply with the
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7
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MOTION FOR ENTRY OF FINAL JUDGMENT
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EXTRACTED KEY WORDS
UNITED STATES DEFENDANTS EQUITY OPTION COURT ENTRY EXCHANGE MOTION CERTIFICATE ANTITRUST PROCEDURES PENALTIES ACT COMPETITIVE IMPACT COMPLIANCE PROVISIONS APPA COMPETITIVE IMPACT STATEMENT COMPLAINT VIOLATIONS SECURITY LISTING WASHINGTON TERMINATE DETERMINATION CONSIDERATIONS ALLEGES ALLEGING MEMBERS UNDERLYING EXERCISE STIPULATION |
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLUMBIA
________________________________________))
UNITED STATES OF AMERICA, ))
Plaintiff, ))
v. )
)) Civ.No.00-CV-02174(EGS)
AMERICAN STOCK EXCHANGE, )
LLC; CHICAGO BOARD OPTIONS )
EXCHANGE, INCORPORATED; )
PACIFIC EXCHANGE, INC.; and )
PHILADELPHIA STOCK EXCHANGE, )
INC., )
Defendants. )
________________________________________________)
MOTION FOR ENTRY OF FINAL JUDGMENT
Pursuant to Section 2(b) of the Antitrust Procedures and Penalties Act ("APPA"), 15
U.S.C. § 16(b)-(h), the United States moves for entry of the proposed Final Judgment filed in this
civil antitrust proceeding on September 11, 2000. The Final Judgment may be entered at this time
without further hearing if the Court determines that such entry is in the public interest. The
Competitive Impact Statement ("CIS"), filed on September 11, 2000, explains why entry of the
proposed Final Judgment is in the public interest. The United States has filed simultaneously with
this Motion its Certificate of Compliance with the Provisions of the Antitrust Procedures and
Penalties Act ("Certificate of Compliance"), setting forth the steps taken by the parties to comply
with all applicable provisions of the APPA and certifying that the statutory waiting period has
expired.
I.
Background
The United States filed a civil antitrust Complaint on September 11, 2000, alleging that
the defendants had violated Section 1 of the Sherman Act, 15 U.S.C. § 1. Defendants are option
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