Sydney Futures Exchange LTD v Australian Stock Exchange LTD

128 ALR 417
(1995) 56 FCR 236

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Between: SYDNEY FUTURES EXCHANGE LTD -
And: AUSTRALIAN STOCK EXCHANGE LTD and ANOTHER

Court:

Judges: Lockhart J
Gummow J
Lindgren J

Subject References:
Contract
Contracts
Corporations
Futures
Futures industry
Meaning of "commodity"
Option contracts
Securities
Whether a low exercise price option (LEPO) is a futures contract within s 72(1) of Law
Whether securities options are securities for purpose of s 92(1) of Law
Whether stock exchange precluded from trading in LEPOs
Whether underlying securities capable of delivery

Legislative References:
Corporations Law - s 9; ss 72(1); ss 92(1); s 1251

Case References:
Ainsworth v Criminal Justice Commission - (1992) 175 CLR 564; 106 ALR 11
Archibald Howie Pty Ltd v Commissioner of Stamp Duties (NSW) - (1948) 77 CLR 143
Borland's Trustee v Steel Brothers & Co Ltd - [1901] 1 Ch 279
Buckle v Josephs - (1983) 47 ALR 787
Carragreen Currencies Corp Pty Ltd v Corporate Affairs Commission of New South Wales - (1986) 7 NSWLR 705
Cochrane v Moore - (1890) 25 QBD 57
Cohns Industries Pty Ltd v DCT (Cth) - (1979) 24 ALR 658
Colonial Bank v Whinney - (1885) 30 Ch D 261
Colonial Bank v Whinney - (1886) 11 App Cas 426
Commissioner for Corporate Affairs v Shintoh Shohin Pty Ltd - (1987) Aust Sec Law Cases 76-134
Corin v Patton - (1990) 169 CLR 540; 92 ALR 1
Cuisenaire v Reed - [1963] VR 719
Dalton v AML Finance Corp Ltd (CA)(NSW) - 16 April 1982, unreported
E Bailey & Co Ltd v Balholm Securities Ltd - [1973] 2 Lloyd's Rep 404
Gamer's Motor Centre (Newcastle) Pty Ltd v Natwest Wholesale Australia Pty Ltd - (1987) 163 CLR 236
Inland Revenue Commissioners v Crossman - [1937] AC 26
Jenkins v NZI Securities Australia Ltd - (1994) 124 ALR 605
Laybutt v Amoco Australia Pty Ltd - (1974) 132 CLR 57; 4 ALR 482
Mackay v Wilson - (1947) 47 SR (NSW) 315
Marfani & Co Ltd v Midland Bank Ltd - [1968] 1 WLR 956
R v Gray; Ex parte Marsh - (1985) 157 CLR 351
Re Rose; Rose v Inland Revenue Commissioners - [1952] Ch 499
Ross, McConnel Kitchen & Co Pty Ltd v Lorbergs (SC)(NSW) - 31 March 1983, unreported
SCF Finance Co Ltd v Masri - [1986] 2 Lloyd's Rep 366
Shoreline Currencies (Aust) Pty Ltd v Corporate Affairs Commission - (1986) 11 NSWLR 22
Simonius Vischer & Co v Holt & Thompson - [1979] 2 NSWLR 322
Spiro v Glencrown Properties Ltd - [1991] Ch 537
Sydney Futures Exchange Ltd v Australian Stock Exchange Ltd - (1994) 126 ALR 209; 15 ACSR 206
University of New South Wales v Moorehouse - (1975) 133 CLR 1; 6 ALR 193
United Scientific Holdings Ltd v Burnley Borough Council - [1978] AC 904
Wilson, Smithett & Cope Ltd v Terruzzi - [1975] 1 Lloyd's Rep 642
YZ Finance Co Pty Ltd v Cummings - (1964) 109 CLR 395

Hearing date: 16, 20 December 1994
Judgment date: 3 March 1995

Sydney

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Order

(1) The appeal be dismissed.

(2) The declaration made by Sackville J on 2 November 1994 be set aside and in place thereof it be ordered that the respondent's cross-claim be dismissed.

(3) The appellant pay the costs of the respondent, Australian Stock Exchange Ltd; otherwise no order as to costs.