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Chicago Board of Trade v. United States
''Chicago Board of Trade v. United States'', 246 U.S. 231 (1918), was a case in which the Supreme Court of the United States applied the rule of reason to the internal trading rules of a commodity market.
==Facts==
Defendant Chicago Board of Trade (CBOT) is a commodity market, dealing in spot sales (sales of grain stored in Chicago and ready for delivery), future sales (grain to be purchased for delivery at a later time), and “to arrive” orders (grain which is en route to Chicago). CBOT introduced a new “call rule” which regulated board members buying or selling sales of “to arrive” orders—at the close of the call session (which at that point was 2:00 p.m Central Time), the price of grain is set and dealers can’t sell grain at any other price. The United States Department of Justice accused CBOT of price-fixing, and in 1913, filed suit against the Board in the United States District Court for the Northern District of Illinois.
At trial, CBOT asserted that the rule did not have any unlawful purpose, but rather was set up to curb certain pre-existing problems and abuses. CBOT claimed that a group of agents were lowering discounts on commissions to those people buying grain after hours. These agents would wait until after hours, and then buyers would get cheaper prices. CBOT wanted to curb the power of these monopsony/oligopsony type of buyers by making prices same for everyone after hours. Also, the rule shortened the traders’ work hours, for the convenience of its members.
Ultimately, however, the District Court did not issue an opinion. The Justice Department and CBOT entered into a consent decree under which enjoined them from acting upon the same or from adopting or acting upon any similar rule.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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