Rice v. Board of Trade, 331 U.S. 247 (1947)

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Rice v. Board of Trade of the City of Chicago

No. 471

Argued February 14, 1947
Decided May 5, 1947 *
331 U.S. 247

CERTIORARI TO THE CIRCUIT COURT OF APPEALS

FOR THE SEVENTH CIRCUIT

Syllabus

1. By the Commodity Exchange Act, the United States has not so occupied and preempted the field of regulation of boards of trade designated "contract markets" as to deprive the states of authority to regulate trading in futures, except to the extent that the state regulations may conflict with the federal regulations. Pp. 250-255.

2. Until a state has adopted applicable rules on the subject, it cannot be known whether the state regulations will conflict with the federal regulations, and any claim of supersedure is premature. Pp. 255-256

156 F.2d 33, reversed.

A district court dismissed complaints seeking to enjoin proceedings before the Illinois Commerce Commission in which the Chicago Board of Trade had been joined as a defendant. The Circuit Court of Appeals reversed. 156 F.2d 33. This Court granted certiorari. 329 U.S. 701. Reversed, p. 256.