Chicago Exchange Manipulating VIX For Profit, Suit Says
By Lauraann Wood (March 21, 2018, 6:42 PM EDT) -- A putative class of investors slapped the Chicago Board Options Exchange with a lawsuit in Illinois federal court Tuesday, saying it is colluding with certain unknown companies to "generate massive profits" by manipulating its Volatility Index and influencing the securities that are traded based on it.
The antitrust action spearheaded by Jeffery Tomasulo says a "select group of financial institutions and trading firms" are working together to post offers or bids, or enter into contracts, on certain Standard & Poor 500 options during a" fixed, short window" of nontrading hours to influence its Special Opening Quotation, a board-created formula used to...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!