NYSE Warns Of Massive Volatility Again, Invokes Rule 48

Tyler Durden's picture

Overview of Rule 48

12 Dec 2007
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.

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walküre's picture

May 6th redux?

Maybe my 99 cents order for GS fills today.

Sudden Debt's picture

I'm fully loaded with put options right now!! :)

 

I feel like that time I took a whole bottle of viagra while washing them down with Red Bull!

 

BRING IT ON BABY!!

Cognitive Dissonance's picture

LOL

Suddenly everything looks like an orifice for your.....er.....eruption.

MarketTruth's picture

"All your base are belong to us." -- NYSE

aerojet's picture

Execute order 66!

Debtless's picture

if they want green, they should ban selling across the boards.

Headbanger's picture

Ouch! TRIN (Arms Index) hit 30 at the open.

The Alarmist's picture

I think we need something like the "Inverse of the Rule of 72" rule, which is defined as how long it takes for The Machine to cut our capital in half.

Cognitive Dissonance's picture

I was thinking more along the lines of rule 69, where everyone goes into one huge sucking frenzy on each other. In fact, that was the cause of the Flash Crash, when rule 69 was implemented and everyone sucked all the liquidity out of each other.

Yes mom, I will wash my mouth out with soap when I get home. 

MyFriendMises's picture

Gotta love those Jun 10 VIX 35 calls.

Miramanee's picture

"Hal, open the fucking pod bay door godammit!"

"Go fuck yourself Dave."

primefool's picture

" dave - I saw your lips moving. You think I cant lip-read? Moron! Anyhoo - I caint let ya'll jeopardize the mission - d'ya hear? So Iam gonna have to send you off on a deep space mission - hahahahaha - yeah really deep space - ooohahahahaha- Have a nice day now . aaahahhahahahah"

primefool's picture

" dave - I saw your lips moving. You think I cant lip-read? Moron! Anyhoo - I caint let ya'll jeopardize the mission - d'ya hear? So Iam gonna have to send you off on a deep space mission - hahahahaha - yeah really deep space - ooohahahahaha- Have a nice day now . aaahahhahahahah"

DeltaDawn's picture

None of the financial networks are mentioning this rule has been invoked....

cocoablini's picture

Does Rule 48 include stuffing the zerohedge servers again? Zero is slow and not loading again...

SWRichmond's picture

Can one of you artists please draw us a picture of a black swan with Angela Merkel's face on it?

Thanks.

JW n FL's picture

Got Ammo Bitches?

 

Austerity in DAAAAAAA HOUSE!!!!!

Grand Supercycle's picture

 

For several days I have been warning of EURUSD buying support as detected by my indicators, and this has been confirmed by the recent break out.

The proprietary indicators I use can identify trend changes before they occur.

http://stockmarket618.wordpress.com

http://www.zerohedge.com/forum/latest-market-outlook-1