| | Dunn v. Commodity Futures Trading Commission, 519 U.S. 465 (1997). |
 | | An option, as the term is understood in the trade, is a transaction in which the buyer purchases from the seller for consideration the right, but not the obligation, to buy or sell an agreed amount of a commodity at a set rate at any time prior to the option's expiration. |
 | | As we have already noted, the CFTC agrees that futures contracts are a subset of "transactions in foreign currency." The Commission further submits that the proviso uses the word "involve" to make the exemption inapplicable to those futures contracts that are conducted on a board of trade. |
 | | The judgment of the Court of Appeals is reversed, and the case is remanded for further proceedings consistent with this opinion. |
| supct.law.cornell.edu /supct/html/95-1181.ZO.html (4039 words) |