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Pastimes : Richard Ney and the Wall Street Gang -- Ignore unavailable to you. Want to Upgrade?

To: ccryder who wrote (141)	1/30/1998 2:28:00 PM
From: BenYeung	Respond to of 492

Check this out...SEC bastards would like to make crashes easier and better off for the insiders, uh? NYSE circuit breaker changes In Jan 30 NEW YORK story, headlined ''NYSE says circuit breaker changes effective Feb 2,'' please read in fifth paragraph....''As of Monday, at 2 p.m. the 550-point circuit breaker''...instead of...''As of Monday, the 550-point circuit breaker...'' (Adds time element.) Corrected repeat follows. NEW YORK, Jan 30 (Reuters) - The New York Stock Exchange said on Friday that it would adopt modifications to current market circuit breakers, aimed at slowing market downdrafts, on Monday, February 2. The statement came after the U.S. Securities and Exchange Commission approved interim changes in the circuit breakers, while key market players work out more sweeping changes to the trading halt rules. The changes to go into effect Monday adjust the timing and duration of the current trading halts, but not the point loss levels which trigger the halts. Under the old rules, trading on all U.S. exchanges is halted for 30 minutes after the Dow Jones Industrial Average drops 350 points. Trading is halted for 60 minutes when the Dow drops 550 points. As of Monday, after 2 p.m. the 550-point circuit breaker will trigger a 30-minute halt, instead of a 60-minute halt, the NYSE said (adds time element). Trading would be halted for the day only if the 550-point level is crossed after 3:00 p.m. Trading normally ends at 4:00 p.m. Also under the interim changes, the 350-point circuit breaker would be removed after 3 p.m., allowing trading to continue until the 550-point threshold or the 4:00 p.m close. Many stock market players called for changes to the circuit breaker rules after trading was halted twice during a market selloff October 27. On that day, the first time the circuit-breaker trading halts were used, the Dow lost 554 points. The circuit breakers were first adopted after the 1987 market crash and market players argued that after almost a decade of gains, the levels at which the halts were triggered were too low. The NYSE's board is expected to vote next week on bigger changes to the circuit breakers, which would likely include a plan to tie the triggers to market drops based on percentage changes, with 10 and 20 percent losses on the Dow triggering trading halts. This week U.S. securities markets reached a tentative agreement on the 10 and 20 percent levels, which they would propose to the SEC.