...456-457 ; California v. Federal Power Comm'n, 369 US 482, 485. Repeal is to be regarded as implied only if necessary to make the Securities Exchange...and even then only to the minimum extent necessary. This is the guiding principle to reconciliation of the two statutory schemes. Although the Act gives...

...Exchange, 373 US 341. The Supreme Court made clear in that case that Exchange activities are exempt from the antitrust laws "only if necessary to make...and even then only to the minimum extent necessary." (at 357.) The Court went on to observe that "particular instances of exchange self-regulation which...

...Silver v. New York Stock . Exchange. 373 US 341, made it quite clear that exchange activities are exempt from the antitrust laws "only if necessary to make...and even then only to the minimum extent necessary." The Court emphasized that "exchange self-regulation is to be regarded as justified in response to antitrust...

...p. 349) ******* ". . . Repeal [of the antitrust laws] is to be regarded as implied only if nccexsary to make the Securities Exchange Act work, and even then only to the minimum extent new -txarji. This is the guiding principle to reconciliation of the two statutory schemes." (Emphasis...

...held that the rules and activities of the exchanges may be found to be exempt from the antitrust laws "if necessary to make the Securities Exchange Act work, and even then only only to the minimum extent necessary." 373 US at 357. (Emphasis added) Under Silver, if a rule or conduct...

...are not completely ousted by the Securities Exchange Act, and that they can be implicitly repealed only if necessary to make the Securities Exchange...and even then only to the minimum extent necessary. This principle applies whether or not the particular conduct in question has been reviewed by the Commission,...

...349) * ****** ". . . Repeal [of the antitrust laws] is to be regarded as implied only if nrccssary to make the Securities Exchange Act work, and even then only to the minimum extent nvci-imarji. This is the guiding principle to reconciliation of the two statutory schemes." (Emphasis...

...Exchange, 373 US 341. mi-.5 it quite clear that exchange activities are exempt from the antitrust laws "o: if necessary to make the Securities Exchange Act work, and even then only x; the minimum extent necessary." The Court emphasized that "exchange si; ! regulation is to be regarded...

...that exemption from antitrust laws are to be implied "only if necessary to make the Securities and Exchange Act work, and even then only to the minimum extent necessary." The Court went on to say that, ''Exchange self-regulation is to be regarded as justified in response...

...repealed by the Securities Exchange Act, under the following test: "Repeal is to be regarded as implied only if necessary to make the Securities Exchange...and even then only to the minimum extent necessary. This is the guiding principle to reconciliation of the two statutory schemes." 5257 As we discuss below,...