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UNCLEAR REPUGNANCY: ANTITRUST IMMUNITY IN SECURITIES MARKETS AFTER CREDIT SUISSE SECURITIES (USA) LLC V. BILLING

INTRODUCTION

For over a century, American antitrust laws have sought to promote competitive conduct in the market place and to protect consumers from price discrimination, price fixing, and other ill effects of monopolistic behavior.1 The application of antitrust laws to industries subject to federal regulation presents a difficult issue, since an activity otherwise prohibited by the antitrust laws may be permitted or even required when Congress has spoken by passing a regulatory statute.2 A court must determine whether a regulatory statute-either expressly or by implication-repeals the antitrust laws, and whether jurisdiction over the particular conduct lies with the regulatory agency, ...

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