Information Memos

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Number 13-5 28 Mar 2013
 
ATTENTION:    
 
TO:   ALL MEMBERS AND MEMBER ORGANIZATIONS
 
SUBJECT:   NEW RULE 80B CIRCUIT BREAKER LEVELS FOR APRIL 1-5, 2013

EFFECTIVE April 1, 2013 through April 5, 2013
Rule 80B trading halts will be triggered when the Dow Jones Industrial Average ("DJIA") declines below its closing value on the previous trading day by:
1,450 points (Level 1)
2,900 points (Level 2)
4,350 points (Level 3)

Rule 80B

Whenever a Rule 80B circuit breaker is in effect, trading in all stocks on New York Stock Exchange LLC and NYSE MKT LLC will halt for the time periods specified below.

Level 1 Halt

anytime before 2:00 p.m. – one hour;

at or after 2:00 p.m. but before 2:30 p.m. – 30 minutes;

at or after 2:30 p.m. – trading shall continue, unless there is a Level 2 Halt.

Level 2 Halt

anytime before 1:00 p.m. – two hours;

at or after 1:00 p.m. but before 2:00 p.m. – one hour;

at or after 2:00 p.m. – trading shall halt and not resume for the rest of the day.

Level 3 Halt

at any time – trading shall halt and not resume for the rest of the day.

A complete discussion of the calculation of trigger values for Rule 80B was published in Information Memo No. 98-15, dated April 13, 1998, available at HYPERLINK "http://www.nyse.com/nysenotices/nyse/information-memos/pdf?memo_id=98-15"http://www.nyse.com/nysenotices/nyse/information-memos/pdf?memo_id=98-15.

Note that on April 8, 2013, amended Rule 80B containing a revised methodology for determining market-wide circuit breakers will go into effect.

Questions concerning this Information Memo should be directed to Patricia Bergholc, FINRA Market Regulation, at (917) 281-3054, or Clare Saperstein, NYSE Regulation, at (212) 656-2355.

Rule 80B Effective April 1, 2013-April 5, 2013
Point Decline in DJIA:
Level 1Before 2:00 p.m.At or After 2:00 p.m.
but Before
2:30 p.m.
At or After 2:30 p.m.
1,450 1 hour30 minutesNo halt unless reach Level 2
* * * * * * * * * *
Level 2Before 1:00 p.m.At or After 1:00 p.m. but Before 2:00 p.m.At or After 2:00 p.m.
2,900 2 hours1 hourHalt, and not resume
* * * * * * * * * *
Level 3
4,350 At any time: halt and not resume


NYSE Regulation, Inc


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