NYSE Invokes Rule 48 For This Morning's Opening, Anticipates Unprecedented Volatility | |
Anonymous Coward (OP) User ID: 833852 United States 05/10/2010 09:23 AM Report Abusive Post Report Copyright Violation | "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." |
Anonymous Coward User ID: 837703 United States 05/10/2010 09:24 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward (OP) User ID: 833852 United States 05/10/2010 09:24 AM Report Abusive Post Report Copyright Violation | 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. |
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medfield User ID: 949202 United States 05/10/2010 09:31 AM Report Abusive Post Report Copyright Violation | By invoking Rule 48, the stock exchange will relax some of its requirements for designated market makers, which trade specific stocks and are tasked with helping keep market order. The DMMs will not have to disseminate price indications before the bell, making it easier and faster to open stocks. The rule was approved by the Securities and Exchange Commission on Dec. 6, 2007 and has been used rarely since then. JUST REMEMBER: the most efficient way to troll is to provide an infinitely appealing claim with an infinitely small fact and those facts are the difference between science and sensationalism |
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