BRADFORD NAT. CLEARING CORP. v. SECURITIES

Nos. 77-1199, 77-1547.

590 F.2d 1085 (1978)

BRADFORD NATIONAL CLEARING CORPORATION and Bradford Securities Processing Services, Inc., Petitioners, v. SECURITIES AND EXCHANGE COMMISSION, Respondent, New York Stock Exchange, Inc., et al., National Securities Clearing Corporation, Intervenors. BRADFORD NATIONAL CLEARING CORPORATION and Bradford Securities Processing Services, Inc., Petitioners, v. SECURITIES AND EXCHANGE COMMISSION, Respondent, National Securities Clearing Corporation, Intervenor.

United States Court of Appeals, District of Columbia Circuit.

Decided September 19, 1978.


Attorney(s) appearing for the Case

Taylor R. Briggs, New York City, with whom Douglas W. Hawes and Richard C. Cole, New York City, were on brief, for petitioners in No. 77-1199.

Morris N. Simkin, New York City, for petitioners in No. 77-1547.

Jacob H. Stillman, Principal Asst. Gen. Counsel, Securities and Exchange Com'n, Washington, D. C., with whom Harvey L. Pitt, Gen. Counsel, Paul Gonson, Associate Gen. Counsel, and Angela M. Desmond and Linda W. Jarett, Attys., Securities and Exchange Commission, Washington, D. C., were on brief, for respondent in Nos. 77-1199 and 77-1547.

Edwin B. Mishkin, New York City, with whom Robert T. Greig and Robert J. Woldow, New York City, were on brief, for intervenor, National Securities Clearing Corp. in Nos. 77-1199 and 77-1547.

Edward J. Reilly, Thomas A. Williams and Kenneth A. Perko, Jr., New York City, were on brief, for intervenors, New York Stock Exchange, Inc., et al. in No. 77-1199.

John M. Liftin, George C. Smith and Barbara Black, Washington, D. C., were on brief, for amicus curiae in No. 77-1199 urging affirmance.

Before McGOWAN and WILKEY, Circuit Judges, and DAVIS Judge, United States Court of Claims.


Opinion for the Court filed by McGOWAN, Circuit Judge.

McGOWAN, Circuit Judge.

These two unconsolidated direct review proceedings involve challenges by subsidiaries of Bradford National Clearing Corporation to successive orders of the Securities and Exchange Commission (SEC or the Commission). In No. 77-1199, petitioners ask this court to set aside the Commission's conditional approval of the application of intervenor National Securities Clearing Corporation...

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