Breaking: NYSE Invokes Rule 48

Economic Policy Journal ^ | 6/1/2012 | Economic Policy Journal Staff

[ex-Texan]

With indications that the Dow will open more than 170 points lower, the NYSE has invoked Rule 48.

Specifically, the NYSE and NYSE MKT cash equities exchanges will invoke Rule 48 for this morning's opening. Mandatory opening indications are therefore not required. Overview of Rule 48:.

Rule 48 provides the Exchange with the ability to suspend the requirement to disseminate price indications and obtain Floor Official approval prior to the opening when extremely high market-wide volatility could cause Floor-wide delays in opening of securities on the Exchange.

Rule 48 is intended to be invoked only in those situations where the potential for extreme market volatility would likely impair Floor-wide operations at the Exchange by impeding the fair and orderly opening of securities. Accordingly, the rule sets forth a number of factors to be considered before declaring such a condition, including:

Volatility during the previous day’s trading session; Trading in foreign markets before the open; Substantial activity in the futures market before the open; The volume of pre-opening indications of interest; Evidence of pre-opening significant order imbalances across the market; Government announcements; News and corporate events; and, Any such other market conditions that could impact Floor-wide trading conditions.

[E. Pluribus Unum]

That would explain why gold is going through the roof.

[Obadiah]

Change you will believe in!

[ex-Texan]

*Ping* !

[Izzy Dunne]

That’s where you need a pair of Jacks or better to open, right?

[martin_fierro]

Intarweb Rule 48: A Cat is fine, too.

[ex-Texan]

[umgud]

What rule will Facebook invoke?

[Lurker]

L

[Lazamataz]

I'm just grateful they didn't invoke Rule 34.

[ex-Texan]

FB now trading down . . . LOL !

[The Cajun]

Yup, looks like a big batch of that Obama *change* hitting the fan today.
Run away, run away!

[dfwgator]

At least they didn’t invoke Rule 303.

[stephenjohnbanker]

FB = 27.50

Dow down 268

[ex-Texan]

LOL !

Indeed . . . Anybody want some change ___ ?

[SgtBob]

Rule 34 is invoked everyday at the opening bell, Laz....I know my 401k is gettin’ screwed.

[WKUHilltopper]

The US is the last bastion with the idea of individual freedom. The intent is to break her back and remove the road block of control. This is one reason we have a vapor as president.

[READINABLUESTATE]

“At least they didn’t invoke Rule 303.”

No, but I think we should.

[ex-Texan]

I wish some brave person would post this . . .

President Obama's Secret Kill List

[Lucky9teen]