NYSE Invokes Rule 48

Source: cnbc.com

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.

Read more: http://www.cnbc.com/id/22781946

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Hopefully we won't see a need for the "circuit breakers" on the NYSE to kick in today.

"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"

Sounds like "You guys just guess the value and carry on trading without any info" to me.

In fact they are trying to avoid rational behavior based on accurate information - the very basis of their economic theories.

It doesn't.

Just go along with this?

Or run away screaming?

I'm astonished. They like manipulating it to suck all the profit, but when the crash will actually affect their big investors, they like regulation just like the middle class they feed on.

this is Shock and Awe baby
its more stealing from the poor

therefore ruining the economy.

If certain parties have more accurate information than other parties,
how is the market not being officially weighted in favour of those
certain parties?

:shrug:

Next up, Order 66.

order 69;) not to be confused with plan 666.

"Order 66" was the command used in Star Wars to trigger the execution
of the Jedi by the clone troopers of the Empire.

So although an order 69 would probably be more welcome, the original
was still apt!
:hi:

Wasn't it the "Prime Directive".?

... so I sometimes need to be reassured that when I read 2+2=4 that it
really is saying 2+2=4 ...

:think:

Don't even ask about rule 77. That rule involves sacrificing your pets to the sun god.

But then it is difficult to keep up when they keep changing the rules.

n/t

good at it!

:shrug:

when the answer is 42 the question doesn't matter. :spank:

;)

They apparently only want to give good news and it is rare that they let someone on to say it's going to get worse.

As the market tumbles, they proclaim "here are the stocks on the rise!"

This is like Fox News on the economic side. Fascinating.

Since it's only existed since December 6, that's not exactly an indicator of much!