Rule 48 invoked on NYSE due to Nikkei flash crash last night

www.zerohedge.com...

Everyone needs to be keeping a very close eye on the markets today.

Dollar is flying up, commodities are flying down along with NYSE.

These trends seem to be a natural reaction to Japan, and I would imagine along with the rule 48 tptb will be pulling out all the stops on their market manipulation today.

Can you more fully explain the rule?

I read something about they stop displaying stock prices. Is that correct?

reply to post by Anonymous Avatar


Anymore sources? That one isn't clear at all...part of it is missing. Also, what is rule 48?

nyserules.nyse.com.../nyse/rules/nyse-ru les/

(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)).

Basically, yes they will hide information from being displayed to keep from people from panic selling/buying. I believe that they will be on the trigger to stop trading all together if necessary.

reply to post by superman2012


Another link...
www.economicpolicyjournal.com...

reply to post by superman2012


Here is a 2008 article on the rule:

This morning the NYSE has invoked Rule 48, a rarely-used rule that allows the NYSE to suspend the requirement to disseminate price indications at the open. This makes it easier and faster to open stocks.

This was only approved by the SEC on December 6, and was only used once--on December 12, 2007. The rule suspends the requirement to disseminate price indications at the open. This makes it easier and faster to open stocks.

Here is the statement from the NYSE:

Today, New York Stock Exchange has invoked Rule 48, which provides the exchange with the ability to suspend the requirement to disseminate price indications and obtain floor-official approval prior to the opening when extremely high market-wide volatility could cause floor-wide delays in opening of securities on the exchange.

Rule 48 is intended to be invoked only in those situations where the potential for extreme market volatility would likely impair floor-wide operations at the exchange by impeding the fair and orderly opening of securities. Accordingly, the rule sets forth a number of factors to be considered before declaring such a condition, including:

Link.

reply to post by Anonymous Avatar


I'm not finding other sources that the Rule was invoked today, though.

Maybe those will come shortly.

DOW down by 280 at opening
and falling

reply to post by loam


Loam look up... I posted another link.

Odd, there hasn't been a tweet or peep from MSM. Here's another source however: Business Times


Beware the Ides of March indeed.

People are selling Stocks, they are selling commods too, where is the money going?

Japan has to be selling Treasuries, or why would so many people be selling tangible assets, and in reaction the USD jumps against all pairs!!?? They know whats happening!!,

How far does it have to go before hyper inflation kicks in on the reserve currency (USD) and everyone gets nailed to the wall!

Guess they are trying to make the last of the money go as far as possible before next weeks auctions.

What odds will you give me on a default by the end of the week an S&P downgrade on UST's to junk status!

That's a bad statement to make I know.

But is it really that improbable??

The Dow only opened down 292.44 during the 6 minute tick "Maybe she's born with it. Maybe it's Maybelline".

Cooking the numbers is a good strategy for temporary panic induced sell offs but it could backfire.

The brokers telling people they need to wait to sell could create pent up selling demand that won't just go away in a few days.

reply to post by Anonymous Avatar


Flag and star, thanks for the heads-up! Never let a bouncing cat go to waste,
especially when you can trade a couple thousand percent faster with your computers
than Joeseph Sixpack with his laptop or handful of tickets.
The degree of profit taking from the multi pronged monster, that may be cooked up
by TPTB's planned obselecence built into this crap, is going to crash Japan's economy.
Who needs to attack the money like Europe and the Euro, when you can melt down
the whole country's infrastructure? Just thinking out loud... GE's totally innocent in all
this, aren't they?

reply to post by Anonymous Avatar


Whats the bet that Swedish company that makes potassium iodide.....their stock prices rose today.......

The more I look at this, Bloomberg, Kitco, Zerohedge, etc etc, and see what going on in the markets.

The only conclusion I have is thst this is an Alamo moment for the USD!!!


time will tell!

Originally posted by JakiusFogg
What odds will you give me on a default by the end of the week an S&P downgrade on UST's to junk status!

if this continues,
it might not make it to thursday

3/17 was mentioned somewhere else too,
can't remember where though. hmmmmm

This afternoon I'm going to buy like an old woman at Wal Mart. $$$$$

Such a massive sell off just for a 0.31% increase on the USD

This has to run out of steam very quickly surely???

reply to post by JakiusFogg

People are selling Stocks, they are selling commods too, where is the money going?

If more people are selling than buying, then the price difference between the expected value of the stock and the actual number of stocks purchased at said price is "lost", since the value of a stock is speculative as to the approximate amount that someone would be expected to pay for it.

Wealth CAN vanish on the markets.

reply to post by Rockpuck


Wll that will teach them then!!