NYSE Circuit Breakers Extended

The New York Stock Exchange has extended until March 27th the expiration of NYSE Rule 48. Rule 48 was adopted in December of 2007 (NYSE Info Memo No. 07-110) to allow the NYSE to delay opening if there is "extremely high market volatility that would have a Floor-wide impact on the ability of specialists to arrange for the timely opening."

In October of 2008, Rule 48 was amended (NYSE Info Memo No. 08-48) to provide a suspension of "market-at-close" orders. MOC orders are placed during the trading day but executed at the close at the closing price. Information Memo 08-48 also added an section 48.10 which provides that Rule 48 will expire at the end of 2008.

The NYSE says it is extending the expiration of Rule 48 so it can move the MOC part to Rule 123C.