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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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Thu, 05/20/2010 - 09:27 | 362805 walküre
walküre's picture

May 6th redux?

Maybe my 99 cents order for GS fills today.

Thu, 05/20/2010 - 09:33 | 362816 Mitchman
Mitchman's picture

@SD

@W

LMAO!

Thu, 05/20/2010 - 09:30 | 362812 Sudden Debt
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!!

Thu, 05/20/2010 - 09:41 | 362841 Cognitive Dissonance
Cognitive Dissonance's picture

LOL

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

Thu, 05/20/2010 - 09:47 | 362864 SignsAndWonders
SignsAndWonders's picture

careful with that fat finger

Thu, 05/20/2010 - 09:32 | 362814 MarketTruth
MarketTruth's picture

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

Thu, 05/20/2010 - 09:34 | 362819 WaterWings
WaterWings's picture

+1

Thu, 05/20/2010 - 10:03 | 362892 ro0t
ro0t's picture

Somebody set up us the bomb.

Thu, 05/20/2010 - 11:43 | 363062 PhotonJohn
PhotonJohn's picture

+10,000

Thu, 05/20/2010 - 09:35 | 362822 aerojet
aerojet's picture

Execute order 66!

Thu, 05/20/2010 - 09:37 | 362828 Debtless
Debtless's picture

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

Thu, 05/20/2010 - 09:38 | 362831 Headbanger
Headbanger's picture

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

Thu, 05/20/2010 - 09:38 | 362832 The Alarmist
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.

Thu, 05/20/2010 - 09:44 | 362837 Cognitive Dissonance
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. 

Thu, 05/20/2010 - 09:41 | 362842 MyFriendMises
MyFriendMises's picture

Gotta love those Jun 10 VIX 35 calls.

Thu, 05/20/2010 - 09:45 | 362857 Miramanee
Miramanee's picture

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

"Go fuck yourself Dave."

Thu, 05/20/2010 - 10:20 | 362903 mikla
mikla's picture

+1   HAHAHAHAAAAA!

Thu, 05/20/2010 - 10:34 | 362919 primefool
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"

Thu, 05/20/2010 - 10:39 | 362921 primefool
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"

Thu, 05/20/2010 - 09:51 | 362875 DeltaDawn
DeltaDawn's picture

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

Thu, 05/20/2010 - 10:00 | 362884 cocoablini
cocoablini's picture

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

Thu, 05/20/2010 - 10:11 | 362898 SWRichmond
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.

Thu, 05/20/2010 - 13:48 | 363443 JW n FL
JW n FL's picture

Got Ammo Bitches?

 

Austerity in DAAAAAAA HOUSE!!!!!

Thu, 05/20/2010 - 15:19 | 363624 Grand Supercycle
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

Mon, 08/08/2011 - 09:54 | 1536757 Glasshopper
Glasshopper's picture

archived

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