Mfs Securities Corp. v. Securities and Exchange Commission

Argued: March 18, 2004 Petitioner MFS Securities Corp. (""MFS"") seeks review of an order of the Securities and Exchange Commission (the ""SEC"" or the ""Commission"") dismissing MFS's application for review of its termination as a member organization by the New York Stock Exchange (the ""NYSE"" or the ""Exchange""). MFS urges that (1) the Commission was, as an institution, biased with respect to MFS and was therefore required to recuse itself and appoint an independent arbitrator to consider the petition; (2) the Exchange was similarly biased and required to recuse itself in the matter; and (3) the Commission erred in dismissing the petitioner's application for review for failure to exhaust administrative remedies. Many of the facts underlying this petition are set out in our opinion in an earlier, related appeal in MFS Securities Corp. v. NYSE, 277 F.3d 613, 615-17 (2d Cir. 2002) (""MFS II"").