USCA4 Appeal: 25-1892
Doc: 16
Filed: 10/15/2025
Pg: 94 of 97
business of making, or offering to make, contracts, agreements, trades, or transactions respecting the purchase or sale, or purchase and sale, of any [ ] grains, provisions, or other commodity … wherein both parties thereto, or said proprietor or keeper, contemplate or intend that such contracts, agreements, trades, or transactions shall be or may be closed, adjusted, or settled according to, or upon the basis of, the public market quotations of prices, made on any board of trade or exchange upon which the commodities … referred to in such contracts, agreements, trades, or transactions, are dealt in, and without a bona fide transaction on such board of trade or exchange .” Dig. Pa. Stat. L. § 2413 (1920) (citing June 1, 1907 Act). R HODE I SLAND x Outlawing bucket- shopping, which includes “[t]he making of or offering to make any contract respecting the purchase or sale … of any … commodities, wherein both parties thereto intend, or such keeper intends, that such contract shall be, or may be, terminated, closed, or settled according to or upon the basis of the public market quotations of prices made on any board of trade or exchange upon which said securities or commodities are dealt in, and without a bona fide purchase or sale of the same .” R. I. Ge n. L., ch. 406, § 1 (1923) (citing R. I. Gen. L,, ch. 353 (1909)). S OUTH C AROLINA x Bucket shops are unlawful; “[a]ny contract of sale for future delivery of cotton, grain, stocks, or other commodities where it is not the bona fide intention of parties that the things mentioned therein are to be delivered but which is to be settled according to or upon the basis of the public market quotations or prices made on any board of trade, exchange, or other similar institution, without any actual bona fide execution and the carrying out of such contract upon the floor of such exchange, board of trade, or similar institution, in accordance with the rules thereof , shall be null and void and unenforceable in any Court of this State, and no action shall be maintainable thereon at the suit of any party.” S. C. Acts, no. 711 §§ 3-4 (1928). x “[A]ll contracts of sale for future delivery of cotton, grain, stocks, or other commodities, (1) made in accordance with the rules of any board of trade, exchange, or similar institution, and (2) actually executed on
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