NYSE looking to apply rule 48 on expected volatile trading
“Just being reported on the wires
Rule 48 will be in force on market opening
Mandatory opening indicators are not required
The rule is: Exemptive Relief in an extreme market volatility condition.
(a) In the event that extremely high market volatility is likely to have a Floor-wide impact on the ability of [Designated Market Makers] to arrange for the fair and orderly opening, reopening following a market-wide halt of trading at the Exchange, or closing of trading at the Exchange and that absent relief, the operation of the Exchange is likely to be impaired, a qualified Exchange officer may declare an extreme market volatility condition with respect to trading on or through the facilities of the Exchange.
(b) In the event that an extreme market volatility condition is declared with respect to trading on or through the facilities of the Exchange, a qualified Exchange officer shall be empowered to temporarily suspend at the opening of trading or reopening of trading following a market-wide trading halt: (i) the need for prior Floor Official or prior NYSE Floor operations approval to open or reopen a security at the Exchange (Rules 123D(1) and 79A.30); and/or (ii) applicable requirements to make pre-opening indications in a security (Rules 15 and 123D(1)).
Im assuming its due to the weather and the added effect of durables goods stinking”
http://www.forexlive.com/blog/2015/01/27/nyse-looking-to-apply-rule-48-on-expected-volatile-trading/
Huh. Folks may be overreacting here. Right now stocks are down less than a couple percent and those stop trading rules were set up after the '87 one-day drop of 20%. Today's dip may be irritating but right now it's looking like small potatoes...