Fed. Sec. L. Rep. P 95,841 Aubrey B. Lank, as Receiver of Pickard & Company, Incorporated v. The New York Stock Exchange

MEDINA, Circuit Judge:

The New York Stock Exchange appeals from a judgment of the United States District Court for the Southern District of New York, on questions certified by Judge Morris E. Lasker, pursuant to 28 U.S.C. Section 1292(b). The opinion below is reported, 405 F.Supp. 1031 (S.D.N.Y.1975). The principal issue before us is whether a member of a national securities exchange has a cause of action against the exchange for damages suffered as a result of the exchange’s failure to force the member to comply with the exchange’s rules. We hold that it does not.

I

In December 1971 appellee…