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document.write("<TD> <div align='left'><B>NYSE ");
document.write("Circuit Breakers</B><BR>");
document.write("In response to the market breaks in October 1987 and October 1989 the New York Stock Exchange instituted circuit breakers to reduce volatility and promote investor confidence. By implementing a pause in trading, investors are given time to assimilate incoming information and the ability to make informed choices during periods of high market volatility. </div>");

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document.write("<B>Rule 80B</B><BR>");
document.write("Effective April 15, 1998 the SEC approved amendments to Rule 80B (Trading ");
document.write("Halts Due to Extraordinary Market Volatility) which revised the halt ");
document.write("provisions and the circuit-breaker levels. The trigger levels for a ");
document.write("market-wide trading halt were set at 10%, 20% and 30% of the DJIA, calculated ");
document.write("at the beginning of each calendar quarter, using the average closing ");
document.write("value of the DJIA for the prior month, thereby establishing specific ");
document.write("point values for the quarter. Each trigger value is rounded to the nearest ");
document.write("50 points.</P>");
document.write("<P>The halt ");
document.write("for a 10% decline would be one hour if it occurred before 2 p.m., and ");
document.write("for 30 minutes if it occurred between 2 and 2:30, but would not halt ");
document.write("trading at all after 2:30. The halt for a 20% decline would be two hours ");
document.write("if it occurred before 1 p.m., and between 1 p.m. and 2 p.m. for one ");
document.write("hour, and close the market for the rest of the day after 2 p.m. If the "); 
document.write("market declined by 30%, at any time, trading would be halted for the ");
document.write("remainder of the day.</P>");
document.write("<P>Under the ");
document.write("previous Rule 80B trigger points (in effect since October 19, 1988) ");
document.write("for a market-wide trading halt, a decline of 350 points in the DJIA ");
document.write("would halt trading for 30 minutes and a drop of 550 points one hour. ");
document.write("These trigger points were hit only once on October 27, 1997, when the ");
document.write("DJIA was down 350 at 2:35 p.m. and 550 at 3:30, shutting the market ");
document.write("for the remainder of the day.</P>");
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