COMMODITY FUTURES TRADING COMM. v. ZELENER, MICHAEL (ND Ill.)
Before EASTERBROOK, KANNE, and ROVNER, CircuitOBLIX, INCORPORATED v. WINIECKI, FELICIA (ND Ill.)
Judges.
EASTERBROOK, Circuit Judge. This appeal presents the question whether speculative transactions in foreign currency are “contracts of sale of a commodity for future delivery” regulated by the Commodity Futures Trading Commission. 7 U.S.C. §2(a)(1)(A). Until recently almost all trading related to foreign currency was outside the CFTC’s remit, even if an equivalent contract in wheat or oil would be covered. * * * These transactions were, in form, spot sales for delivery within 48 hours. Rollover, and the magnification of gain or loss over a longer period, does not turn sales into futures contracts here any more than it did in Nagel and Lachmund. The judgment of the district court therefore is AFFIRMED.
Before EASTERBROOK, DIANE P. WOOD, and WILLIAMS, Circuit Judges.Posted by Marcia Oddi at June 30, 2004 12:43 PM
EASTERBROOK, Circuit Judge. * * * But there is little point in telling them to arbitrate the doomed “unconscionability” argument, which has been rejected in this circuit as often as it has been raised. * * * Agreements to arbitrate employment-related subjects, including claims of employment discrimination, are treated the same for this purpose as agreements to arbitrate labor- relations matters, building leases, disputes about patent royalties, and controversies among participants in reinsurance treaties. * * * The decision of the district court is reversed, and the case is remanded with instructions to refer the parties to arbitration and dismiss Winiecki’s counterclaim.