silver
new
york
stock
exchange
argued
decided
may
petitioners
two
texas
securities
members
new
york
stock
exchange
arranged
members
exchange
new
york
city
telephone
connections
essential
conduct
businesses
members
applied
exchange
required
rules
promulgated
securities
exchange
act
approval
connections
temporary
approval
granted
connections
established
without
prior
notice
petitioners
applications
denied
later
connections
discontinued
required
rules
exchange
allegedly
result
one
petitioners
forced
business
business
greatly
diminished
notwithstanding
repeated
requests
officials
exchange
refused
grant
petitioners
hearing
even
inform
reasons
denial
applications
petitioners
sued
exchange
members
federal
district
treble
damages
injunctive
relief
claiming
collective
refusal
continue
connections
violated
sherman
act
held
duty
imposed
upon
exchange
securities
exchange
act
exempt
antitrust
laws
justify
denying
petitioners
connections
without
notice
hearing
requested
therefore
exchange
action
case
violated
sherman
act
exchange
liable
petitioners
clayton
act
pp
absent
justification
derived
securities
exchange
act
otherwise
removal
connections
collective
action
exchange
members
constituted
per
se
violation
sherman
act
since
group
boycott
depriving
petitioners
valuable
business
service
needed
order
compete
effectively
securities
market
pp
light
design
securities
exchange
act
give
exchanges
major
part
curbing
abuses
rules
applied
present
case
germane
performance
duty
implied
rules
governing
members
transactions
relationships
nonmembers
pp
statutory
scheme
securities
exchange
act
sufficiently
pervasive
create
total
exemption
antitrust
laws
particular
instances
exchange
fall
within
scope
purposes
act
may
regarded
justified
answer
assertion
antitrust
claim
pp
denying
petitioners
connections
without
according
notice
hearing
requested
exchange
exceeded
scope
authority
securities
exchange
act
engage
therefore
justified
otherwise
antitrust
violation
pp
david
shapiro
argued
cause
filed
briefs
petitioners
donald
mackinnon
argued
cause
respondent
brief
samuel
rosenberry
edward
reilly
special
leave
solicitor
general
cox
argued
cause
amicus
curiae
urging
reversal
brief
daniel
friedman
justice
goldberg
delivered
opinion
deal
today
question
great
importance
public
financial
community
whether
extent
federal
antitrust
laws
apply
securities
exchanges
regulated
securities
exchange
act
particularly
question
whether
new
york
stock
exchange
held
liable
nonmember
antitrust
laws
regarded
impliedly
immune
therefrom
pursuant
rules
exchange
adopted
securities
exchange
act
orders
number
members
remove
private
direct
telephone
wire
connections
previously
operation
offices
nonmember
without
giving
nonmember
notice
assigning
reason
action
affording
opportunity
heard
facts
material
resolution
question
dispute
harold
silver
died
pendency
action
entered
securities
business
dallas
texas
establishing
predecessor
petitioner
municipal
securities
municipal
deal
primarily
municipal
bonds
business
municipal
increased
steadily
silver
june
established
petitioner
municipal
securities
municipal
trade
corporate
securities
firms
registered
members
national
association
securities
dealers
nasd
neither
member
respondent
exchange
instantaneous
communication
firms
mainstream
securities
business
great
significance
member
exchange
silver
took
steps
see
established
firms
municipal
obtained
direct
private
telephone
wire
connections
municipal
bond
departments
number
securities
firms
three
members
exchange
banks
municipal
arranged
private
wires
corporate
securities
trading
departments
member
firms
exchange
well
trading
desks
number
nonmember
firms
pursuant
requirements
exchange
rules
one
member
firms
granted
private
wires
municipal
applied
exchange
approval
connections
summer
exchange
granted
temporary
approval
well
direct
teletype
connection
member
firm
new
york
city
stock
ticker
service
furnished
petitioners
directly
floor
exchange
february
without
prior
notice
silver
firms
anyone
connected
exchange
department
member
firms
decided
disapprove
private
wire
related
applications
notice
sent
member
firms
involved
instructing
discontinue
wires
directive
compliance
required
exchange
constitution
rules
firms
turn
notified
silver
private
wires
discontinued
exchange
advised
directly
discontinuance
stock
ticker
service
wires
ticker
removed
beginning
march
telephone
calls
letters
personal
trip
new
york
silver
sought
explanation
exchange
reason
decision
repeatedly
told
policy
exchange
disclose
reasons
action
petitioners
contend
volume
business
dropped
substantially
thereafter
profits
fell
due
combination
forces
stemming
removal
private
wires
consequent
inability
obtain
quotations
quickly
inconvenience
traders
calling
petitioners
stigma
attaching
disapproval
result
change
fortunes
petitioners
contend
municipal
soon
ceased
functioning
operating
business
organization
municipal
remained
business
greatly
diminished
scale
present
litigation
commenced
silver
proprietor
municipal
municipal
exchange
april
southern
district
new
york
three
causes
action
asserted
first
seeking
injunction
treble
damages
alleged
exchange
violation
sherman
act
conspired
member
firms
deprive
petitioners
private
wire
connections
stock
ticker
service
second
alleged
exchange
tortiously
induced
member
firms
breach
contracts
wire
connections
petitioners
third
asserted
exchange
action
constituted
tort
intentional
wrongful
harm
inflicted
without
reasonable
cause
petitioners
moved
summary
judgment
antitrust
claim
accompanying
permanent
injunction
exchange
coercion
members
refusing
provide
private
wire
connections
exchange
refusal
reinstate
stock
ticker
service
district
judge
considering
respective
affidavits
parties
granted
summary
judgment
permanent
injunction
private
wire
connections
supp
holding
antitrust
laws
applied
exchange
directive
ensuing
compliance
members
constituted
collective
refusal
continue
wires
per
se
violation
sherman
act
judge
held
basis
although
exchange
power
regulate
conduct
members
dealing
listed
securities
members
relations
nonmembers
regard
securities
sufficiently
germane
fulfillment
duties
securities
exchange
act
warrant
excused
answer
restraints
trade
occurred
removal
private
wires
left
issues
treble
damages
costs
later
trial
reference
stock
ticker
service
judge
held
triable
issues
fact
whether
exchange
action
considered
concerted
action
members
whether
exchange
regarded
acted
violation
sherman
act
occurred
therefore
denied
summary
judgment
aspect
petitioners
claims
exchange
appeal
grant
partial
summary
judgment
appeals
second
circuit
reversed
dissent
one
judge
held
securities
exchange
act
gives
commission
exchange
disciplinary
powers
members
exchange
respect
transactions
securities
policy
statute
requires
exchange
exercise
powers
fully
meant
action
exchange
bringing
cancellation
private
wire
connections
within
general
scope
authority
exchange
defined
act
dictated
conclusion
exchange
exempt
restrictions
sherman
act
exercising
power
required
exercise
securities
exchange
act
however
exclude
possibility
exchange
might
liable
theory
remanded
case
consideration
petitioners
second
third
causes
action
granted
certiorari
us
much
first
cause
action
relates
collective
refusal
continue
private
wire
connections
since
petitioners
attempt
appeal
denial
summary
judgment
portion
relating
discontinuance
stock
ticker
service
summary
judgment
never
sought
second
third
causes
action
hence
also
issue
present
time
ii
fundamental
issue
confronting
us
whether
securities
exchange
act
created
duty
exchange
pervasive
constitute
implied
repealer
antitrust
laws
thereby
exempting
exchange
liability
similar
cases
plain
begin
removal
wires
collective
action
exchange
members
occurred
context
free
federal
regulation
constitute
per
se
violation
sherman
act
concerted
action
exchange
members
simple
terms
group
boycott
depriving
petitioners
valuable
business
service
needed
order
compete
effectively
securities
market
fashion
originators
guild
federal
trade
associated
press
klor
stores
radiant
burners
peoples
gas
light
coke
unlike
listed
securities
central
trading
place
securities
traded
counter
market
established
traders
numerous
firms
country
process
constant
communication
one
another
latest
offers
buy
sell
private
wire
connection
allows
communication
occur
flip
switch
essential
part
process
without
instantaneously
available
market
information
provided
private
wire
connections
dealer
hampered
substantially
crucial
endeavor
buy
whether
customers
account
lowest
quoted
price
sell
highest
quoted
price
without
membership
network
simultaneous
communication
dealer
loses
significant
volume
trading
members
network
come
result
easy
accessibility
important
business
advantages
taken
away
petitioners
group
action
exchange
members
concerted
refusals
traders
deal
traders
long
held
forbidden
category
klor
stores
restraints
inherent
nature
effect
injuriously
restrained
trade
american
tobacco
hence
absent
justification
derived
policy
another
statute
otherwise
exchange
acted
violation
sherman
act
case
however
presence
another
statutory
scheme
securities
exchange
act
means
conclusion
beginning
end
inquiry
difficult
problem
arises
need
reconcile
pursuit
antitrust
aim
eliminating
restraints
competition
effective
operation
public
policy
contemplating
securities
exchanges
engage
may
well
effects
general
specific
applications
need
statutory
regulation
securities
exchanges
nature
duty
imposed
securities
exchange
act
properly
understood
context
consideration
economic
role
played
exchanges
historical
setting
act
stock
exchanges
perform
important
function
economic
life
country
serve
first
indispensable
mechanism
corporate
securities
bought
sold
corporate
enterprise
market
mechanism
fundamental
element
facilitating
successful
marshaling
large
aggregations
funds
otherwise
extremely
difficult
access
public
exchanges
investment
channel
promises
ready
convertibility
stock
holdings
cash
importance
functions
dollar
terms
vast
new
york
stock
exchange
far
largest
exchanges
registered
securities
exchange
commission
billion
transactions
stocks
rights
warrants
figure
represented
total
dollar
volume
registered
exchanges
report
special
study
securities
markets
ib
moreover
trading
exchanges
addition
establishing
price
level
listed
securities
affects
securities
prices
general
transactions
often
regarded
indicator
national
economic
health
significance
exchanges
economy
measured
terms
dollar
volume
trading
recognition
importance
exchanges
role
led
house
committee
interstate
foreign
commerce
declare
report
preceding
enactment
securities
exchange
act
great
exchanges
country
upon
millions
dollars
securities
sold
affected
public
interest
degree
great
utility
sess
exchanges
nature
bodies
limited
number
members
plays
certain
role
carrying
exchange
activities
feature
exchanges
led
historically
treated
courts
private
clubs
belton
hatch
given
great
latitude
courts
disciplining
errant
members
see
westwood
howard
securities
business
law
contemp
prob
exchanges
became
important
element
nation
economic
financial
system
however
analogy
became
increasingly
inapposite
ungoverned
became
obviously
inadequate
acceleratingly
grave
consequences
impotency
ultimately
led
enactment
act
house
committee
report
summed
problem
discussing
general
purposes
bill
fundamental
fact
behind
necessity
bill
leaders
private
business
whether
inertia
pressure
vested
interests
lack
organization
otherwise
since
war
able
act
protect
compelling
continuous
orderly
program
change
methods
standards
business
match
degree
economic
system
constantly
changing
repetition
summer
blindness
abuses
convinced
patient
public
enlightened
private
leadership
sufficiently
powerful
effect
necessary
changes
alone
private
leadership
seeking
make
changes
must
given
government
help
protection
supra
pattern
governmental
entry
however
means
one
total
displacement
exchanges
traditional
process
intention
rather
justice
douglas
said
chairman
one
letting
exchanges
take
leadership
government
playing
residual
role
government
keep
shotgun
speak
behind
door
loaded
well
oiled
cleaned
ready
use
hope
never
used
douglas
democracy
finance
allen
ed
thus
senate
committee
report
stressed
initiative
responsibility
promulgating
regulations
pertaining
administration
ordinary
affairs
remain
exchanges
fail
adequately
provide
protection
investors
commission
authorized
step
compel
supra
house
committee
report
added
hope
bill
give
exchanges
sufficient
power
reform
without
intervention
commission
supra
see
also
loss
securities
regulation
ed
thus
arose
federally
mandated
duty
exchanges
instead
giving
commission
power
curb
specific
instances
abuse
act
placed
exchanges
duty
register
commission
decreed
registration
granted
unless
exchange
submitted
copies
rules
unless
rules
adequate
insure
fair
dealing
protect
investors
general
dimensions
duty
suggested
act
gives
commission
power
order
changes
exchange
rules
respecting
number
subjects
set
forth
margin
one
aspect
statutorily
imposed
duty
obligation
formulate
rules
governing
conduct
exchange
members
act
specifically
requires
registration
granted
unless
rules
exchange
include
provision
expulsion
suspension
disciplining
member
conduct
proceeding
inconsistent
equitable
principles
trade
addition
general
requirement
exchange
rules
adequate
insure
fair
dealing
protect
investors
obvious
relevance
area
rules
regulating
conduct
exchange
members
duties
taken
together
broadest
implications
relation
present
problem
members
inevitably
trade
market
addition
dealing
listed
securities
trading
inexorably
brings
contact
dealings
nonmember
firms
deal
specialize
securities
accident
exchange
constitution
rules
permeated
instances
regulation
members
relationships
nonmembers
including
nonmember
member
purchase
unlisted
securities
behalf
customer
operation
creates
obvious
danger
loss
principal
transaction
sale
securities
nonmember
insufficiently
capitalized
protect
customers
rights
creates
similar
risks
addition
potential
financial
injury
investing
public
exchange
members
inherent
transactions
well
dealings
nonmembers
unreliable
reason
intercourse
carries
gravest
danger
engendering
public
loss
confidence
exchange
members
kind
damage
significantly
impair
fulfillment
exchange
function
economy
rules
regulate
exchange
members
business
nonmembers
market
therefore
much
pertinent
aims
act
transactions
nonmembers
circumstances
mentioned
described
inconsistent
equitable
principles
trade
rules
regulating
dealing
indeed
adequate
insure
fair
dealing
protect
investors
exchange
constitutional
provision
rules
relating
private
wire
connections
unquestionably
part
fulfillment
duties
wires
members
nonmembers
facilitate
trading
exchange
information
unlisted
securities
contact
unreliable
nonmember
may
business
undesirably
may
injure
member
member
customer
whose
behalf
contact
made
ultimately
imperil
future
status
exchange
sapping
public
confidence
light
important
role
exchanges
economy
act
design
giving
exchanges
major
part
curbing
abuses
obligating
regulate
appears
conclusively
contrary
district
conclusion
rules
applied
present
case
germane
performance
duty
implied
rules
governing
members
transactions
relationships
nonmembers
exchange
enforcement
rules
inevitably
affects
nonmember
involved
often
far
seriously
affects
members
question
sweeping
nonmembers
currents
exchange
process
therefore
unavoidable
case
disposed
holding
district
judge
substantive
act
regulation
engaged
outside
boundaries
public
policy
established
securities
exchange
act
follow
case
disposed
appeals
holding
since
exchange
general
power
adopt
rules
governing
members
relations
nonmembers
particular
applications
rules
therefore
outside
purview
antitrust
laws
contrary
conclusions
reached
courts
proper
approach
case
view
analysis
reconciles
operation
statutory
schemes
one
another
rather
holding
one
completely
ousted
securities
exchange
act
contains
express
exemption
antitrust
laws
matter
statute
means
repealer
antitrust
laws
must
discerned
matter
implication
cardinal
principle
construction
repeals
implication
favored
borden
see
georgia
pennsylvania
california
federal
power
repeal
regarded
implied
necessary
make
securities
exchange
act
work
even
minimum
extent
necessary
guiding
principle
reconciliation
two
statutory
schemes
although
act
gives
securities
exchange
commission
power
request
exchanges
make
changes
rules
impliedly
therefore
disapprove
rules
adopted
exchange
see
also
give
commission
jurisdiction
review
particular
instances
enforcement
exchange
rules
see
loss
op
supra
westwood
howard
supra
law
contemp
aspect
statute
one
thing
obviates
need
consider
whether
petitioners
required
resort
commission
relief
coming
compare
georgia
pennsylvania
moreover
commission
lack
jurisdiction
particular
applications
exchange
rules
means
question
antitrust
exemption
involve
problem
conflict
coextensiveness
coverage
agency
regulatory
power
see
georgia
pennsylvania
supra
radio
america
california
federal
power
supra
pan
american
world
airways
issue
extent
character
objectives
duty
exchange
contemplated
securities
exchange
act
incompatible
maintenance
antitrust
action
compare
maryland
va
milk
producers
assn
absence
commission
jurisdiction
besides
defining
limits
inquiry
contributes
solution
nothing
built
regulatory
scheme
performs
antitrust
function
insuring
exchange
cases
apply
rules
injury
competition
justified
furthering
legitimate
ends
providing
agency
check
exchange
behavior
particular
cases
congress
left
regulatory
scheme
subject
influences
improper
collective
action
commission
authority
proven
exist
hinder
commission
tasks
confronted
georgia
pennsylvania
see
borden
maryland
va
milk
producers
assn
enforcement
exchange
rules
particularly
new
york
stock
exchange
immense
economic
power
may
well
given
cases
result
competitive
injury
issuer
nonmember
another
imposition
injury
within
scope
great
purposes
securities
exchange
act
unjustified
activity
diminish
public
respect
confidence
integrity
efficacy
exchange
mechanism
form
review
exchange
whether
administrative
agency
courts
therefore
incompatible
fulfillment
aims
securities
exchange
act
year
chairman
cary
observed
government
oversight
warranted
indeed
necessary
insure
action
name
neither
discriminatory
capricious
cary
securities
industry
since
antitrust
laws
serve
among
things
protect
competitive
freedom
freedom
individual
business
units
compete
unhindered
group
action
others
follows
antitrust
laws
peculiarly
appropriate
check
upon
anticompetitive
acts
exchanges
conflict
duty
keep
operations
members
honest
viable
applicability
antitrust
laws
therefore
rests
need
vindication
positive
aim
insuring
competitive
freedom
denial
applicability
defeat
congressional
policy
reflected
antitrust
laws
without
serving
policy
securities
exchange
act
review
exchange
provided
vehicle
antitrust
laws
different
case
antitrust
exemption
presented
see
note
supra
yet
frank
acknowledge
absence
power
commission
review
particular
exchange
exercises
create
problems
exchange
entire
public
policy
beginning
idea
exchange
may
set
barriers
membership
contemplates
exchange
engage
restraints
trade
might
well
unreasonable
absent
sanction
securities
exchange
act
without
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