The following excerpt is from Nasdaq Omx Grp., Inc. v. UBS Sec., LLC, 770 F.3d 1010 (2nd Cir. 2014):
Moreover, simply because an industry is subject to heavy federal regulation does not elevate it to the status of a government entity, nor are its internal rules elevated to the status of federal law. In Desiderio v. National Association of Securities Dealers,
[770 F.3d 1038]
Inc.
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