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New York Mercantile Exchange v. CFTC

443 F. Supp. 326 (1977)

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New York Mercantile Exchange v. CFTC

United States District Court for the Southern District of New York
443 F. Supp. 326 (1977)

  • Written by Brett Stavin, JD

Facts

On June 16, 1977, the Commodity Futures Trading Commission (CFTC) (defendant) filed an administrative enforcement action against the New York Mercantile Exchange (the exchange) (plaintiff), a designated contract market under the Commodity Exchange Act. The CFTC alleged that the exchange failed to adequately enforce its own rules in the potato-futures market and failed to take appropriate actions to prevent market disruption. The exchange’s rules had yet to be formally approved by the CFTC. While the CFTC action was still pending before an administrative-law judge, the exchange filed a complaint in federal district court seeking a preliminary injunction to enjoin the administrative proceedings.

Rule of Law

Issue

Holding and Reasoning (Broderick, J.)

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