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Silver v. New York Stock Exchange
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1963 United States Supreme Court case
Silver v. New York Stock Exchange, 373 U.S. 341 (1963), was a case of the United States Supreme Court which was decided May 20, 1963.[1] It held that the duty of self-regulation imposed upon the New York Stock Exchange by the Securities Exchange Act of 1934 did not exempt it from the antitrust laws nor justify it in denying petitioners the direct-wire connections without the notice and hearing which they requested. Therefore, the Exchange's action in this case violated 1 of the Sherman Antitrust Act, and the NYSE is liable to petitioners under 4 and 16 of the Clayton Act.
Petitioners, two Texas over-the-counter broker-dealers in securities, who were not members of the New York Stock Exchange, arranged with members of the Exchange in New York City for direct-wire telephone connections which were essential to the conduct of their businesses. The members applied to the Exchange, as required by its rules promulgated under the Securities Exchange Act of 1934, for approval of the connections. Temporary approval was granted and the connections were established; but, without prior notice to petitioners, the applications were denied later, and the connections were discontinued, as required by rules of the Exchange. Allegedly as a result, one of the petitioners was forced out of business and the other's business was greatly diminished. Notwithstanding repeated requests, officials of the Exchange refused to grant petitioners a hearing or even to inform them of the reasons for denial of the applications. Petitioners sued the Exchange and its members in a Federal District Court for treble damages and injunctive relief, claiming that their collective refusal to continue the direct-wire connections violated the Sherman Act.
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(April 2013)
- ^ Silver v. New York Stock Exchange, 373 U.S. 341 (1963).
- Godwin, Roger B. (1965). "Antitrust and the Stock Exchange: Minimum Commission or Free Competition?". Stanford Law Review. 18 (2). Stanford Law Review, Vol. 18, No. 2: 213–242. doi:10.2307/1227206. JSTOR 1227206.
United States antitrust law
Statutes and
regulations
Supreme Court
case law Sherman Antitrust Act
Section 1 case law
Sherman Antitrust Act
Section 2 case law
Other Sherman
Antitrust Act cases
- United States v. E. C. Knight Co. (1895)
- United States v. Trans-Missouri Freight Association (1897)
- Addyston Pipe & Steel Co. v. United States (1899)
- Northern Securities Co. v. United States (1904)
- Swift & Co. v. United States (1905)
- Loewe v. Lawlor (1908)
- Dr. Miles Medical Co. v. John D. Park & Sons Co. (1911)
- United States v. Terminal Railroad Association (1912)
- Chicago Board of Trade v. United States (1918)
- United States v. Colgate & Co. (1919)
- Federal Baseball Club v. National League (1922)
- United States v. General Electric Co. (1926)
- Interstate Circuit, Inc. v. United States (1939)
- Ethyl Gasoline Corp. v. United States (1940)
- Fashion Originators' Guild of America v. FTC (1941)
- United States v. Masonite Corp. (1942)
- United States v. Univis Lens Co. (1942)
- Parker v. Brown (1943)
- United States v. South-Eastern Underwriters Ass'n (1944)
- Associated Press v. United States (1945)
- Hartford-Empire Co. v. United States (1945)
- Bigelow v. RKO Radio Pictures, Inc. (1946)
- United States v. Paramount Pictures, Inc. (1948)
- United States v. United States Gypsum Co. (1948–1950)
- Besser Manufacturing Co. v. United States (1951)
- Times-Picayune Publishing Co. v. United States (1953)
- Toolson v. New York Yankees, Inc. (1953)
- United States v. International Boxing Club of New York, Inc. (1955)
- Radovich v. National Football League (1957)
- Klor's, Inc. v. Broadway-Hale Stores, Inc. (1959)
- United States v. Parke, Davis & Co. (1960)
- Haywood v. National Basketball Association (1971)
- Zenith Radio Corp. v. Hazeltine Research, Inc. (1971)
- Flood v. Kuhn (1972)
- Broadcast Music, Inc. v. CBS Inc. (1979)
- California Retail Liquor Dealers Ass'n v. Midcal Aluminum, Inc. (1980)
- American Society of Mechanical Engineers, Inc. v. Hydrolevel Corp. (1982)
- Mitsubishi Motors Corp. v. Soler Chrysler-Plymouth, Inc. (1985)
- Eastman Kodak Co. v. Image Technical Services, Inc. (1992)
- Hartford Fire Insurance Co. v. California (1993)
- Illinois Tool Works Inc. v. Independent Ink, Inc. (2006)
- North Carolina State Board of Dental Examiners v. FTC (2015)
Interstate Commerce Act
case law
Clayton Antitrust Act
case law
FTC Act case law
Robinson–Patman Act
case law
Other cases
Other federal
case law
Ongoing
litigation ‡
Related topics
‡ date of filing
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