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Breaking: NYSE Invokes Rule 48

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Breaking: NYSE Invokes Rule 48

Post by Dirtbikepilot on Fri Jun 01, 2012 4:14 pm

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.

http://www.economicpolicyjournal.com/2012/06/breaking-nyse-invokes-rule-48.html
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Re: Breaking: NYSE Invokes Rule 48

Post by Dirtbikepilot on Sat Jun 02, 2012 2:53 am

For the past 200+ years the New York Stock Exchange has managed without such rules.
It would appear they see what is coming and putting into place strategies/new rules to
protect themselves from the inevitable. The introduction of such things should sound
warning bells to investors of what may be on the horizon.
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Re: Breaking: NYSE Invokes Rule 48

Post by Apocalypse prettysoon on Sat Jun 02, 2012 4:33 am

yes good post DBP
Also when silver was on a roll last time they raised the margin to pull the rug out from it.
Then recently put the rug back by lowering them, I think around 7 weeks ago.
So I assume we will see a repeat scenario soon.
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