Trading Curbs

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Price Limit Guide for Futures

Plunge Protection Executive Order 12631| Sprott Report


Effective July 1, 2007 through September 30, 2007

Rules 80A-B Right From the NYSE

Rules (NYSE) available in PDF format

Rule 80A restrictions on index arbitrage trading in component stocks of the S&P 500 Stock Price Index will be imposed when the NYSE Composite Index (also known as NYA) is above or below its closing value on the previous trading day by:

180 points or more
Rule 80A restrictions will be removed when the NYSE Composite Index is above or below its closing value on the previous trading day by:

90 points or less
Index arbitrage order entry restrictions will be re-imposed each time the NYSE Composite Index advances or declines

180 points from the prior day's close.
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:

1,250 points (Level 1)

2,500 points (Level 2)

3,700 points (Level 3)

Rule 80A
Whenever Rule 80A collars are in effect due to a decline in the NYSE Composite Index, all index arbitrage orders to sell any component stock of the S & P 500 Stock Price Index must be marked "sell plus"; and whenever the collars are in effect due to an advance in the NYSE Composite Index, all index arbitrage orders to buy must be marked "buy minus." Members and member organizations are advised that if an index arbitrage order or any of its components is unexecuted at the time the collar is invoked, such order(s), if they do not already carry stabilizing tick instructions, must be cancelled and may be re-entered with stabilizing tick instructions.

Rule 80B
Whenever a Rule 80B circuit breaker is in effect, trading in all stocks on the Exchange will halt for the time periods specified below.

Level 1 Halt
a) before 2:00 p.m. - one hour;
b) at 2:00 p.m. or later but before 2:30 p.m. - 30 minutes;
c) at 2:30 p.m. or later - trading shall continue, unless there is a Level 2 Halt.

Level 2 Halt
a) before 1:00 p.m. - two hours;
b) at 1:00 p.m. or later but before 2:00 p.m. - one hour;
c) at 2:00 p.m. or later - trading shall halt and not resume for the remainder of the day.

Level 3 Halt
at any time - trading shall halt and not resume for the remainder of the day.