Is anyone following the CME lawsuit, Langer v. CME Group, Inc.? I watched yesterday morning but could not rejoin in the afternoon on zoom to hear the CME Group make their case. I would be interested to know what was said. Also to hear opinions and comments on the case. Any expectations as to the outcome, or even just the time scale for the case?
Details of the beef https://www.marketswiki.com/wiki/Sheldon_Langer,_et_al._v._CME_Group,_Inc._class_action_lawsuit
The CBOT seat market is trading like the CME will lose. First day must have went well for plaintiffs. Bids are rising and offers are being taken out. Is there a recap or recording of the trial so far?
If there is any commentary out there then please share it. I have been listening to much of it but am finding it really boring.There has been much talk about what constitutes a trading floor. As far as the price of membership, since the court date was announced prices have gone up but it is such a thin market. An attorney for the CME yesterday implied that this was due to hedge fund speculation...
Yeah it was definitely boring. I have a new respect for judges. That poor guy has to listen to this all day and pay attention enough to jump in randomly to rule on objections etc. All while having a camera in his face catching every yawn. It's not hedge funds buying, it's been mostly individuals or firms that need seats to qualify as clearing members. Its all public, every seat that changes hands is published. They're buying based on this case though, that's for certain. Otherwise the prices don't make any sense. If you look at who have been the big buyers over the past year. They aren't traders, they're lawyers. That tells you something. I saw a reporter for Crains Chicago in the participants zoom list yesterday. I expect an article eventually.
The CME lawyer is disputing that the Aurora center is a trading floor. So where is the trading floor according to the CME? Where are the trades taking place?
The CME lawyer is being really petty and pedantic in his questioning of the expert witness. Definitions can be widely and loosely held - that's how we communicate - until they are definitively spelt out in a court of law which is what is happening today. I worry that the jury doesn't have the industry knowledge to understand that the lawyer is winning a war of words but not landing any real punches.
Really basic question here. I thought that all trades went through members or member firms. So if joe public wanted to trade on cme they would trade through a broker / financial entity who would either have a membership or trade through a cme clearing firm. The lawyers for the CME seem to be saying that non-members can trade directly on the exchange. Is this more word play or am I wrong in my assumption?