Sho' Nuff - Here's Rule 48

Tyler Durden's picture

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Havok's picture

Ok for us newbs, whats rule 48 do?


Ancona's picture

Rule 48 - Illegal Check to the Head 48.1 Illegal Check to the Head – A lateral or blind side hit to an opponent where the head is targeted and/or the principal point of contact is not permitted.

BaBaBouy's picture

Come on Germany ... Pay

Everybodies Bills In EU Land !!!

Falcon15's picture

5 minute penalty for high sticking. NO STOCKS FOR YOU!

KnightsofNee's picture

Plus 10 minutes for unsportsman like conduct. I run a pretty tight game. Don't want these guys hurting each other. Time out in the box buddy. Power play on!

John Law Lives'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."


Fair and Orderly?  That's a laugh.  Since when are the US markets "Fair and Orderly"?  How about "Patently Unfair and Disorderly".


Problem Is's picture

How true, John Law...

Rule 48: SNAFU --- US Market "Situation Normal - All Fucked Up"...

Henry Chinaski's picture

I was under the impression that rule 48 is invoked to give fair warning that the ZH server will probably crash.

Mr Kurtz's picture

I'm still trying to figure out how the real market makers (robots and HFTs) have the time or inclination to develop an ethical sense of "fairness" and to render "qualified" judgements?

DrPepperJawa's picture

I feel like the female bear in the "quantative easing explained" video on You Tube... "Yeah....but what does that mean.."



dwdollar's picture

Insiders get to liquidate while you get to watch.

BandGap's picture

Rule 48 keeps things "orderly".  For investors like me that means all the shit I tried to move last night got put on hold.  Put on your big boy pants, going to be a crazy day.

Widowmaker's picture

No one will see it coming.

lolmao500's picture

So the markets are suspended? LOL

Robslob's picture

I guess it isn't good but I am spitballing it means, in laymans terms, we are in control of the market...go back to sleep...sleep...sleep....sleep...

Oh regional Indian's picture

Just realized that Sheep And Sleep rhyme. Strongly.

There was once a Sheep named Trader

Who met a Robot That made Her

Tremble at the knees

With a Short, Short Squeeze

And ran off before he Paid her!


Karl Tashjian's picture

At least it's not Rule 34...

The Shootist's picture

Meh. They seem to have it once a week now.

Yield2Greatness's picture

I'm going to watch CNBC all day today, with a big wide grin on my face.

John Law Lives's picture

Why subject yourself to torture all day.  Why not turn that crap off and enjoy your life.

knukles's picture

Do what the SEC does.  Either watch Tranny Porn or Destroy Material Records (as in get rid of the evidence)

KnightsofNee's picture

Watch tranny porn WHILE destroying material records. Come on, enjoy life!

Problem Is's picture

If your boss was Mary Schapiro... wouldn't you be driven to tranny porn?

the not so mighty maximiza's picture

all traders to room 101, the word "selling" will be removed from your brain one way or anouther.

augie's picture


NuckingFuts's picture


Capt Tripps's picture

Baby Can You Dig Your Man?

Confused's picture

Is anyone even trading? Other than the machines of course.

Critical Path's picture

Our "leaders" are selling bullshit left and right... someone must be buying that.

proptrader's picture

Where did you see that announcment? I cant see it on Bberg...

Caveman93's picture

Ya see, here's the deal. Tyler, is all things, everywhere at all times; He is, the oxygen in all board rooms and has special powers to receive data metaphysically using his great shaman powers. The revolution will not be televised nor will you see it first anywhere but here. Make sure you donate!

Caveman93's picture

Let the Games.....BEGIN!

President Starkey's picture

Things are getting better, getting better all the time.

Esso's picture

So, this is bullish, right? It must be bull something-or-other.

Oh regional Indian's picture

It's what they call quicksand too. Just a soft-ish patch, is all!


SilverIsKing's picture

Big improvement over Rule 47. The system is much better now.

mess nonster's picture

Yah. Twice in as may weeks. As if no-one knows opening prices anyway.

Mercury's picture

The NYSE's share of volume, even in it's own stocks, is a shadow of its former self but their open and close are still major liquidity events.

Boilermaker's picture

Why didn't this go into effect when we went up 600+ DOW points a few days ago?

Zymurguy's picture

My sentiments exactly... there are no circuit breakers on the way up.

Without breakers both ways it further queers the deal.

"Funny queer not funny ha ha."