Michel

(MRDV)

http://miguelramo.com/mef - https://twitter.com/miguelramo

Benidorm. Alicante. ESPAÑA.

NYSE Rule 48


Escrito 13 Sep 11
Hasta ayer no sabía lo que era la regla 48 del NYSE. Ayer se comentó en una reunión de inversores, reconozco que me sentí desplazado y, evidentemente, ni me había enterado de que se había aplicado el pasado 6 de septiembre así como en otras fechas cercanas que no he podido verificar. Estaba al corriente de algunas maniobras intervencionistas que impiden que el mercado sea realmente libre pero esto va más allá y me sorprende que sea una de las reglas que aplica, aunque excepcionalmente, el NYSE.
 
En parte dice así :
 
(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)).
 

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