• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Rule 48 Invoked

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Tue, 03/15/2011 - 09:20 | 1055160 Kaiser Sousa
Kaiser Sousa's picture

marvel at ur free markets...

fucking bullshit

Tue, 03/15/2011 - 10:28 | 1055505 CPL
CPL's picture

Let's all put in ridiculiously low bids for NetFlix and Apple to kick this tub over the rails

Tue, 03/15/2011 - 09:20 | 1055162 Careless Whisper
Careless Whisper's picture

all of a sudden mister icahn is looking like a genius.

Tue, 03/15/2011 - 09:42 | 1055296 Miami
Miami's picture

I agree Careless Whisper.

Tue, 03/15/2011 - 09:21 | 1055163 HamyWanger
HamyWanger's picture

I'm glad some action has finally been taken. Equities drops are now officially illegal in America.

Nerdy libertarians need to deal with it. 

The Pigmen will always bend the rules and screw the little guy. 

Learn it, love it, trade it. 

Tue, 03/15/2011 - 10:15 | 1055448 mtomato2
mtomato2's picture

What a glittering jewel of colossal ignorance.

Kill it quick before it multiplies.

Tue, 03/15/2011 - 09:21 | 1055167 the not so migh...
the not so mighty maximiza's picture

cheaters

Tue, 03/15/2011 - 09:22 | 1055170 jesse livermoore
jesse livermoore's picture

can someone explain rule 48 please

Tue, 03/15/2011 - 09:23 | 1055173 Calliope22
Calliope22's picture

illegal check to the head.

Tue, 03/15/2011 - 09:29 | 1055244 johnQpublic
johnQpublic's picture

bastard!

you beat me to it...

Tue, 03/15/2011 - 09:25 | 1055184 HamyWanger
HamyWanger's picture

It basically means that the stock exchange stops displaying information on the market to reduce possible selling panicks. You buy and sell à l'aveugle.

Tue, 03/15/2011 - 09:26 | 1055219 SilverRhino
SilverRhino's picture

Are you fucking serious?? ? No price discovery??? Screw that!! SELL!!

Tue, 03/15/2011 - 09:26 | 1055220 SilverRhino
SilverRhino's picture

Are you fucking serious?? ? No price discovery??? Screw that!! SELL!!

Tue, 03/15/2011 - 10:42 | 1055563 Alex Kintner
Alex Kintner's picture

You can say that again!!

Tue, 03/15/2011 - 09:47 | 1055332 Robot Traders Mom
Robot Traders Mom's picture

I always knew you were French.

Tue, 03/15/2011 - 09:24 | 1055187 10kby2k
10kby2k's picture

Rule 48: Drink the Kool aid or bend over.

Tue, 03/15/2011 - 09:25 | 1055195 Lord Welligton
Lord Welligton's picture

There's smoke coming from the stage and they've locked the doors of the theater.

Tue, 03/15/2011 - 09:48 | 1055329 LFMayor
LFMayor's picture

nice... let's spice that up some more.  "My, my my, once bitten, twice shy baby..."

Tue, 03/15/2011 - 09:27 | 1055209 Twindrives
Twindrives's picture

Simple.  It's a rule where N.Y. bankers and their 'paid for' government administration in Washington win..........and you lose.

Tue, 03/15/2011 - 09:29 | 1055231 Freewheelin Franklin
Freewheelin Franklin's picture

DADT

Tue, 03/15/2011 - 10:43 | 1055574 Alex Kintner
Alex Kintner's picture

Did you say "Don't Ask, Don't Sell" ??

Tue, 03/15/2011 - 09:29 | 1055232 P Rankmug
P Rankmug's picture

It's Catch 22 X 2 + 4

Tue, 03/15/2011 - 09:33 | 1055258 johnQpublic
johnQpublic's picture

+10x2x12

 

 

(standard floor joist....support the floor ,get it?huh?)

Tue, 03/15/2011 - 09:58 | 1055379 Confused
Confused's picture

Well played! 

Tue, 03/15/2011 - 10:35 | 1055539 Zero Govt
Zero Govt's picture

nailed it

Tue, 03/15/2011 - 09:28 | 1055236 Stormdancer
Stormdancer's picture

It's five thousand well armed soldiers equipped with night vision goggles demanding the right to ambush three butter knife wielding teenagers with blindfolds on. At night.

Tue, 03/15/2011 - 09:49 | 1055334 Oh regional Indian
Oh regional Indian's picture

Now that is some imagery. Awesome.
ORI

Tue, 03/15/2011 - 09:23 | 1055174 chinaguy
chinaguy's picture

trading blind works for me...

Tue, 03/15/2011 - 09:22 | 1055176 jkruffin
jkruffin's picture

Like clockwork, the scam comes to the forefront again.  Funny, they never invoke this rule on up days.

Tue, 03/15/2011 - 10:45 | 1055234 Zero Govt
Zero Govt's picture

Japan pumps their market with funny money, America shuts theirs down when they don't like the news, what will the EU do and then what the fuk are the markets worth anyway???

Tue, 03/15/2011 - 11:13 | 1055714 Ahmeexnal
Ahmeexnal's picture

Spain dumps the euro and goes back to the peseta:

 

http://www.dailymail.co.uk/news/article-1364047/Back-currency-The-Peseta...

Tue, 03/15/2011 - 09:25 | 1055179 gordengeko
gordengeko's picture

They've been practicing to envoke this rule in the recent months.  Just like FEMA practicing those exercises around the New Madrid FL.  http://www.fema.gov/media/fact_sheets/nle2011_fs.shtm

Tue, 03/15/2011 - 09:22 | 1055180 Shock and Aweful
Shock and Aweful's picture

They are basically hiding the fact - by not allowing the prices to be reported prior to the open - if I understand Rule 48 right?

 

Anyone have a better / more accurate description of the rule?

Tue, 03/15/2011 - 09:26 | 1055207 Kaiser Sousa
Kaiser Sousa's picture

"Anyone have a better / more accurate description of the rule?"

 

fraud and manipulation..........

Tue, 03/15/2011 - 10:01 | 1055386 Harlequin001
Harlequin001's picture

(a) In the event that extremely high market volatility is likely to have a Floor-wide impact on the ability of [Designated Market Makers] to arrange for the fair and orderly opening, reopening following a market-wide halt of trading at the Exchange, or closing of trading at the Exchange and that absent relief, the operation of the Exchange is likely to be impaired, a qualified Exchange officer may declare an extreme market volatility condition with respect to trading on or through the facilities of the Exchange.

(b) In the event that an extreme market volatility condition is declared with respect to trading on or through the facilities of the Exchange, a qualified Exchange officer shall be empowered to temporarily suspend at the opening of trading or reopening of trading following a market-wide trading halt: (i) the need for prior Floor Official or prior NYSE Floor operations approval to open or reopen a security at the Exchange (Rules 123D(1) and 79A.30); and/or (ii) applicable requirements to make pre-opening indications in a security (Rules 15 and 123D(1)).

http://blogs.wsj.com/marketbeat/2010/05/20/exactly-what-is-rule-48/

 

Tue, 03/15/2011 - 09:33 | 1055264 falak pema
falak pema's picture

hiding the fact from the many, the blind, little guys, not from the few and their HFT connections.

Tue, 03/15/2011 - 09:24 | 1055182 Broker NotBroke
Broker NotBroke's picture

More like rule 34...

Tue, 03/15/2011 - 09:33 | 1055271 johnQpublic
johnQpublic's picture

+bukake

 

rule 34 for those who dont know...

 

Generally accepted internet rule that states that pornography or sexually related material exists for any conceivable subject

Tue, 03/15/2011 - 10:00 | 1055383 Broker NotBroke
Broker NotBroke's picture

individual investors...NO EXCEPTIONS!

Tue, 03/15/2011 - 09:24 | 1055183 Hondo
Hondo's picture

More free market ideology from the US.....regulators are now allowing IB to rip the faces off their clients.....fully approved by your statist government.

Tue, 03/15/2011 - 09:25 | 1055188 Nepenthe
Nepenthe's picture

 

(a) In the event that extremely high market volatility is likely to have a Floor-wide impact on the ability of [Designated Market Makers] to arrange for the fair and orderly opening, reopening following a market-wide halt of trading at the Exchange, or closing of trading at the Exchange and that absent relief, the operation of the Exchange is likely to be impaired, a qualified Exchange officer may declare an extreme market volatility condition with respect to trading on or through the facilities of the Exchange.

(b) In the event that an extreme market volatility condition is declared with respect to trading on or through the facilities of the Exchange, a qualified Exchange officer shall be empowered to temporarily suspend at the opening of trading or reopening of trading following a market-wide trading halt: (i) the need for prior Floor Official or prior NYSE Floor operations approval to open or reopen a security at the Exchange (Rules 123D(1) and 79A.30); and/or (ii) applicable requirements to make pre-opening indications in a security (Rules 15 and 123D(1)).

 

*** on edit- taken from WSJ

 

Tue, 03/15/2011 - 10:02 | 1055400 falak pema
falak pema's picture

At this precise instant my screen says NYSE is closed....

Tue, 03/15/2011 - 09:24 | 1055189 lunaticfringe
lunaticfringe's picture

It won't matter really. They can delay the inevitable but they can't deny it. We've all known for months that the ponz had to collapse by Jun. So did the guys holding all that shit paper.

Tue, 03/15/2011 - 09:26 | 1055208 jkruffin
jkruffin's picture

+1000

Tue, 03/15/2011 - 09:24 | 1055190 kentfinance
kentfinance's picture

 Rule 48 halts the requirement for market makers to send pre-opening indications, or bid and ask prices created in auctions used to determine a stock’s opening price. The regulation is used only when the “potential for extremely high market-wide volatility would likely impair floor-wide operations at the exchange,”

Tue, 03/15/2011 - 09:24 | 1055193 Misean
Misean's picture

Thank god. Wouldn't do for our multi-billionaire bankster rulers to loose sleep over night. Just push the easy button.

Tue, 03/15/2011 - 09:24 | 1055194 Josephine29
Josephine29's picture

Do we get these sort of moves on the upside on a rally? No we do not! When authorities interfere they can make things worse and not better as uncertainty creates fear. Also there is this factor described here.

If we put such thoughts into the economic sphere I would like to look at again the theme that I have developed which is of central banks interfering ever more in world affairs. Apart from the problems I have suggested with this philosophy before we have yet a new example of “the unexpected” damaging their plans. I hope that they will realise that it is their philosophy which is wrong rather than try to intervene even more.

http://t.co/SWBig7W

Tue, 03/15/2011 - 09:24 | 1055197 Showa50
Showa50's picture

Your money is no good here. Move to the back of the line.

Tue, 03/15/2011 - 09:24 | 1055200 jkruffin
jkruffin's picture

Every time since 2009, they have invoked this BS rule on major correction days. If you ask me, the people of this country need to burn Wall Street to the ground once and for all.  Nothing but a complete ponzi scheme at the ultimate scale.

Tue, 03/15/2011 - 10:00 | 1055390 Oh regional Indian
Oh regional Indian's picture

Why burn it to the ground jk? Just pull you rmoney out and leave. Let them have at each other, like the dogs they are. Bot vs. bot, till the last thief is left standing.

On a pile of burning fiat.

When will people wake up enough? When withdrawl limits come on their Mutual funds? Mutual fund, what a classic, clever, insidious name. Warm and cuddly and we wil never do you harm. We are mutual you know? All together now.

I think people are in terminal shock. Deer in headlights. Cannot see their nose, but sure as hell can see TV and sign up for Charlie Sheen's twitter feed and throw back a bud and bitch about the NFL and dance with the stars. 

1984, alive and well in 2011.

ORI

http://aadivaahan.wordpress.com/2011/03/11/axis-trembles/

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