CME Group released the following statement regarding the dismissal of a 15-year old antitrust lawsuit filed by the United States Futures Exchange, the former U.S. subsidiary of Eurex:
“We are extremely pleased to be vindicated from these baseless antitrust charges after litigating them for more than a decade. USFE, which hasn’t been in operation for years, by its own admission failed to attract customers and effectively compete in the U.S. market due to its own missteps – offering inferior liquidity on a substandard platform without any economic incentive for clients to trade its product. With this long-running case now resolved, we continue to focus on providing the products and services that help global market participants effectively manage their risk and pursue opportunities.”
The case is U.S. Futures Exchange, LLC and U.S. Exchange Holdings, Inc. v. Board of Trade ofCity of Chicago, Inc. and Chicago Mercantile Exchange, Inc., No. 04 C 6756, inthe United StatesDistrict Court for the Northern District of Illinois. Skadden, Arps, Slate, Meagher & Flom LLP acted as CME Group’s legal advisor.