PHLX Files Motion to Halt ISE Gold Index; Philadelphia Stock Exchange Inc.; International Securities Exchange
Topic 1Securities Industry NewsPHLX Files Motion to Halt ISE Gold Index; Philadelphia Stock Exchange Inc.; International Securities ExchangeJune 13, 2005A judge declined late last Wednesday to extend a temporary restraining order granted to the Philadelphia Stock Exchange that would have prevented the launch of the International Securities Exchange's recently announced ISE Gold Index (HVY), the PHLX told Securities Industry News. The PHLX had filed a motion for a temporary restraining order and preliminary injunction to prevent the anticipated launch of the index on the grounds of copyright infringement. In its motion, filed in the U.S. District Court for the Southern District of New York, the Philadelphia trading forum argued that HVY is a copycat index whose composition mimics its own PHLX Gold/Silver Index, commonly known by the symbol XAU, almost name for name.
