TCLAUDE.
This is the latest from the NYSE.
They might change it 1/31.
Press Releases
Release Date: Thursday, December 4, 1997
Subject Category: Other
New York Stock Exchange Board Approves Extension Of
Circuit-Breaker Rules With Modifications
New York, Dec. 4 -- The New York Stock Exchange board of
directors today approved filing for an extension of the current
circuit-breaker rules, with some modifications. The current rules
expire on January 31, 1998.
The current circuit breaker rules call for a 30-minute halt in trading
when the Dow Jones Industrial Average (DJIA) drops 350 points,
and a 60-minute halt in trading when the DJIA drops 550 points. If
those circuit breakers are tripped in the last 30 or 60 minutes of
the trading session, respectively, the market is closed until the
next trading day.
The modifications approved by the NYSE board of directors are
as follows:
After 2 p.m., the 550-point circuit breaker would trigger a
30-minute halt, instead of a 60-minute halt. Trading would
not resume if the 550-point threshold was triggered after 3
p.m.
After 3 p.m., the 350-point circuit breaker would be
removed, allowing trading to continue uninterrupted until
the 550-point threshold.
In connection with these modifications, the NYSE also proposed
that the Securities and Exchange Commission extend rule 10b-18
to permit companies to buy back their shares under the
safe-harbor provision during that period. Currently, safe-harbor is
not available in the last 30-minutes of trading.
The NYSE will propose additional modifications to the current
rule in 1998.
Amots |
