Bonnie or anyone--
Did the SEC ever approve the new trading limits for the NYSE? Have they ever gone into effect?
I guess I could check the NYSE site. Which I have now done, and I find:
Press Releases
Release Date: Friday, January 30, 1998
Subject Category: Other
Modified Circuit Breaker Rules Go Into Effect Monday,
February 2
New York, January 30 -- Modifications to circuit breakers
approved by the Securities and Exchange Commission in
conjunction with an extension of current circuit-breaker rules will
go into effect on Monday, Feb. 2.
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. The modified rules are as follows:
After 2 p.m., the 550-point circuit breaker will trigger a
30-minute halt, instead of a 60-minute halt. Trading would
not resume only if the 550-point threshold is realized after
3:00p.m.
After 3 p.m., the 350-point circuit breaker would be
removed, allowing trading to continue uninterrupted until
the 550-point threshold or the 4:00p.m. close.
The NYSE board of directors approved filing for an extension of
the current circuit-breaker rules, with the proposed modifications,
on December 4, 1997. The current rules were set to expire on Jan.
31. The SEC approved the NYSE filing on Jan. 26.
I thought they were going to go to a percentage basis.
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