Heres the Circuit breakers for the Dow
NYSE Announces
Fourth-Quarter 1999
Circuit-Breaker and
Trading-Collar Levels
NEW YORK, Sept. 30, 1999 -- The New York Stock
Exchange announced circuit-breaker and
trading-collar trigger levels for fourth-quarter 1999,
effective Friday, Oct. 1, will continue to remain the
same as for the third quarter.
Circuit-breaker points represent the thresholds at
which trading is halted market wide for single-day
declines in the Dow Jones Industrial Average.
The 10, 20 and 30 percent decline levels,
respectively, in the DJIA remain as follows:
ú A 1,050-point drop in the DJIA before 2 p.m. will
halt trading for one hour; for 30 minutes if between
2 p.m. and 2:30 p.m.; and have no effect if at 2:30
p.m. or later.
ú A 2,150-point drop in the DJIA before 1 p.m. will
halt trading for two hours; for one hour if between
1 p.m. and 2 p.m.; and for the remainder of the day
if at 2 p.m. or later.
ú A 3,200-point drop will halt trading for the
remainder of the day regardless of when the decline
occurs.
Trading collars, which restrict index arbitrage
trading, will be triggered during fourth-quarter 1999
when the DJIA moves 210 points or more above or
below its closing value on the previous trading day
and removed when the DJIA is above or below the
prior day's close by 100 points.
Trading collars will be implemented as follows:
ú A decline in the DJIA of 210 points or more will
require all index arbitrage sell orders of the S&P 500
stocks to be stabilizing, or sell plus A market order
to sell "plus" is a market order to sell a stated
amount of a stock provided that the price to be
obtained is not lower than the last sale if the last
sale was a "plus" or "zero plus" tick, and is not
lower than the last sale plus the minimum fractional
change in the stock if the last sale was a "minus" or
"zero minus" tick. A limited price order to sell "plus"
would have the additional restriction of stating the
lowest price at which it could be executed.
, for the remainder of the day, unless on the same
trading day, the DJIA advances 100 points or less
below its previous day's close.
ú An advance in the DJIA of the 210 points will
require all index arbitrage buy orders of the S&P
500 stocks to be stabilizing, or buy minus A buy
"minus" is a market order to buy a stated amount
of a stock provided that the price to be obtained is
not higher than the last sale if the last sale was a
"minus" or "zero minus" tick, and is not higher than
the last sale minus the minimum fractional change in
the stock if the last sale was a "plus" or "zero plus'
tick. A limited price order to buy "minus" would have
the additional restriction of stating the highest price
at which it could be executed.
, for the remainder of the day, unless the DJIA
retreats to 100 points or less above its previous
day's close.
ú The restrictions will be re-imposed each time the
DJIA advances or declines 210 points from its
previous day's close.
Circuit-breaker levels are set quarterly as 10, 20
and 30 percent of the DJIA average closing values
of the previous month, rounded to the nearest 50
points. The percentage levels were first
implemented in April 1998 and are adjusted
quarterly on Jan. 1, April 1, July 1 and Oct. 1.
The revised collars are also calculated quarterly, as
2 percent of the average closing value of the DJIA
for the last month of the previous quarter, rounded
down to the nearest 10 points. They are removed
when the DJIA advances or retreats from the prior
day's close to less than or equal to half of the 2
percent value, rounded down to the nearest 10
points.
1.A market order to sell "plus" is a market order to
sell a stated amount of a stock provided that the
price to be obtained is not lower than the last sale if
the last sale was a "plus" or "zero plus" tick, and is
not lower than the last sale plus the minimum
fractional change in the stock if the last sale was a
"minus" or "zero minus" tick. A limited price order to
sell "plus" would have the additional restriction of
stating the lowest price at which it could be
executed.
2.A buy "minus" is a market order to buy a stated
amount of a stock provided that the price to be
obtained is not higher than the last sale if the last
sale was a "minus" or "zero minus" tick, and is not
higher than the last sale minus the minimum
fractional change in the stock if the last sale was a
"plus" or "zero plus' tick. A limited price order to
buy "minus" would have the additional restriction of
stating the highest price at which it could be
executed. |
