Rule 48 Invoked

Tyler Durden's picture

Perfectly expected

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Kaiser Sousa's picture

marvel at ur free markets...

fucking bullshit

CPL's picture

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

Careless Whisper's picture

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

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. 

mtomato2's picture

What a glittering jewel of colossal ignorance.

Kill it quick before it multiplies.

jesse livermoore's picture

can someone explain rule 48 please

johnQpublic's picture

bastard!

you beat me to it...

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.

SilverRhino's picture

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

SilverRhino's picture

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

Robot Traders Mom's picture

I always knew you were French.

10kby2k's picture

Rule 48: Drink the Kool aid or bend over.

Lord Welligton's picture

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

LFMayor's picture

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

Twindrives's picture

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

Alex Kintner's picture

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

johnQpublic's picture

+10x2x12

 

 

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

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.

Oh regional Indian's picture

Now that is some imagery. Awesome.
ORI

chinaguy's picture

trading blind works for me...

jkruffin's picture

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

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???

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

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?

Kaiser Sousa's picture

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

 

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

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/

 

falak pema's picture

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

Broker NotBroke's picture

More like rule 34...

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

Broker NotBroke's picture

individual investors...NO EXCEPTIONS!

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.

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

 

falak pema's picture

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

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.

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,”

Misean's picture

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

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

Showa50's picture

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

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.

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/