In a recent case arising from the Facebook IPO, NASDAQ OMX Group v. UBS Securities, LLC, No. 13-Civ. 2657 (2d Cir. October 31, 2014), the Second Circuit determined that the federal courts had jurisdiction to enjoin an arbitration against NASDAQ, finding that the case implicated important federal issues regarding the regulation of an orderly securities market, even though the underlying claims were based solely upon state law.  In a strong dissent, Judge Chester J. Straub argued that majority decision extended federal court jurisdiction “far beyond its permissible bounds,” and that the decision would likely lead to an unwarranted increase in federal litigation.