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The NYSE Will Need A Bigger Rule 48

Submitted by Tyler Durden on 09/22/2011 09:12 -0400

Time for Rule 49?

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Thu, 09/22/2011 - 09:13 | 1696527 unky

The shit is already big enough today. Euro down few cents, Silver down $3, Gold down $50 and of course stocks down a lot too

Thu, 09/22/2011 - 09:26 | 1696587 Comay Mierda

just wait for the 3:30pm market levitation

Thu, 09/22/2011 - 09:26 | 1696588 Oh regional Indian

Bungee jumps is all. Watch them come screaming back up, in a bit.

Quite the sight though.

ORI

The Case of Troy Davis

Thu, 09/22/2011 - 09:15 | 1696531 GeneMarchbanks

NTS. Popcorn.

Thu, 09/22/2011 - 09:14 | 1696532 mynhair

Rule 49 = No selling allowed without co-location?

Thu, 09/22/2011 - 09:43 | 1696661 snowball777

http://www.youtube.com/watch?v=U_qHU_6Ofc0

"...you don't think it's showin'"

Thu, 09/22/2011 - 09:16 | 1696533 Edward Fiatski

Have they ever enforced this rule before? We're looking at -3% S&P open.

P.S. Goldman circulating Fed FX swap line rate rumour to flip their longs. :P

Thu, 09/22/2011 - 09:17 | 1696540 becky quick and...

becky quick and her beautiful mouth's picture

they have 7 days left to get silver under $36. looks as if they are trying hard.

Thu, 09/22/2011 - 09:23 | 1696569 lolmao500

Why?

Thu, 09/22/2011 - 09:27 | 1696595 becky quick and...

jpm option expiry. under that amount, jpm blows up.

Thu, 09/22/2011 - 09:40 | 1696648 snowball777

You mean over.

Thu, 09/22/2011 - 10:02 | 1696735 lolmao500

Couldn't have said that a few days ago?

Thu, 09/22/2011 - 09:24 | 1696574 Shit Bag

Why 7 days?

Thu, 09/22/2011 - 09:26 | 1696585 GeneMarchbanks

option expires JP Morgue perspires...

Thu, 09/22/2011 - 09:37 | 1696639 fuu

Ahhhhhhhh I see now.

Thu, 09/22/2011 - 09:44 | 1696662 GeneMarchbanks

Good to see you catching on;) Cramer just said 'we're down because...' oh, lord... he's coked up early.

Thu, 09/22/2011 - 09:52 | 1696703 fuu

Thanks for the ray of enlightenment.

Thu, 09/22/2011 - 09:29 | 1696603 tmosley

According to "Wynter Benton" that is when their silver derivatives are triggered, by some number (60?) of trading days above $36. Those derivatives are apparently worth so much that said trigger would instantly bankrupt JPM among others, leading to a cascading failure that would trigger a silver panic and possibly the collapse of the US banking system.

Somehow I doubt that is the case, but who knows? These are weird times.

Thu, 09/22/2011 - 09:45 | 1696669 Shit Bag

Very interesting. What could happen to paper silver and the stock market then?

Thu, 09/22/2011 - 09:17 | 1696541 HedgeFun

I propose rule 69.

Thu, 09/22/2011 - 09:21 | 1696563 lizzy36

I concur.

Couple of more yeahs and we will pass rule 69, here on ZH ;)

Thu, 09/22/2011 - 09:25 | 1696581 fuu

I second.

Thu, 09/22/2011 - 10:13 | 1696781 SilverRhino

Veto. It's a fucking sausagefest around here.

Thu, 09/22/2011 - 09:27 | 1696593 caerus

69 dudes!

Thu, 09/22/2011 - 09:16 | 1696542 BorisTheBlade

Time for Rule 49?

Or a precursor to catch 22?

Thu, 09/22/2011 - 09:21 | 1696558 MichaelG

Rule 49. Emergency Powers

(a)(1) In the event of an emergency, a qualified Exchange officer shall have the authority to declare an emergency condition with respect to trading on or through the systems and facilities of the Exchange.

http://rules.nyse.com/NYSE/Help/Map/rules-sys59.html

Thu, 09/22/2011 - 09:22 | 1696566 fuu

When was the last time Rule 48 was invoked twice in the same week?

Thu, 09/22/2011 - 10:04 | 1696752 MichaelG

Either last week or the week before?

Thu, 09/22/2011 - 09:23 | 1696572 alien-IQ

48, 49...whatever it takes.

Thu, 09/22/2011 - 09:27 | 1696591 j.tennquist

WSJ on Rule 48 -

"it means the designated market makers “will not have to disseminate price indications before the bell, making it easier and faster to open stocks. The rule was approved by the Securities and Exchange Commission on Dec. 6, 2007 and has been used rarely since then.”

Ah, yeah, if you don't count the last few months.

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

Thu, 09/22/2011 - 09:28 | 1696596 BennyBoy

Rule 96. Double the Power of Rule 48 and Twice as Ineffective

(a)(1) In the event of an GS emergency, a qualified Exchange officer shall have the authority to bend over for GS and declare an emergency need for Vaseline through the system and facilities of the Bodily Fluids Exchange.

Thu, 09/22/2011 - 13:18 | 1697753 A Nanny Moose

Double Secret Probation?

Thu, 09/22/2011 - 09:30 | 1696599 drivenZ

sudden fluctuations? isn't that every day nowadays? .......

Rule 49. Emergency Powers

"Emergency" defined

For purposes of this subsection, the term "emergency" means a major market disturbance characterized by or constituting--

sudden and excessive fluctuations of securities prices generally, or a substantial threat thereof, that threaten fair and orderly markets, or
a substantial disruption of the safe or efficient operation of the national system for clearance and settlement of securities, or a substantial threat thereof.