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BRIEFLY

September 04, 1987

The world's three largest futures and options exchanges said they asked a federal court to nullify a decision allowing Security Pacific National Bank to create an automated marketplace for government security options trading. The Chicago Board of Trade, Chicago Mercantile Exchange and Chicago Board Options Exchange jointly filed the petition with the U.S. Circuit Court of Appeals in Chicago protesting the Fed's Aug. 5 decision. Government regulations require all futures and options trading to occur on designated, regulated exchanges. Los Angeles-based Security Pacific, the nation's sixth-largest banking concern, is not registered as an exchange.

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