• Oct
  • 24
  • 2008
  • 8:31 AM

Opening Bell Will Ring 9:30AM As Usual Today

By: Ray Pellecchia
File Under: NYSE, NYSE Arca

We've been hearing a lot of rumors of a market closure or delayed opening today -- all untrue. Opening Bell will ring at 9:30 a.m. as usual.

We've also been hearing the question, "What are the circuit-breakers again?" Here is a link to our graphic on the subject, and an explanation of how the breakers work:

Rule 80B
Effective April 15, 1998 the SEC approved amendments to Rule 80B (Trading Halts Due to Extraordinary Market Volatility) which revised the halt provisions and the circuit-breaker levels. The trigger levels for a market-wide trading halt were set at 10%, 20% and 30% of the DJIA, calculated at the beginning of each calendar quarter, using the average closing value of the DJIA for the prior month, thereby establishing specific point values for the quarter. Each trigger value is rounded to the nearest 50 points.

The halt for a 10% decline would be one hour if it occurred before 2 p.m., and for 30 minutes if it occurred between 2 and 2:30, but would not halt trading at all after 2:30. The halt for a 20% decline would be two hours if it occurred before 1 p.m., and between 1 p.m. and 2 p.m. for one hour, and close the market for the rest of the day after 2 p.m. If the market declined by 30%, at any time, trading would be halted for the remainder of the day.

Comments

Hey Ray,

How about the NYSE Euronext creating its own news channel that spans USA and Europe???

A channel that educates and discusses professionals and retailers on the Markets and what NYSE offers! Imagine the publicity and marketing that can be done...Hey, the Mets and Yankees each have their own channel, why not the NYSE!

by Mark T. on October 24, 2008 9:46 AM

yes the bell did ring but only the bears answered. when will the bulls show up?

by paul smith on October 24, 2008 10:10 AM

Ray,

What is the activity on the floor like today? It seems like the human traders' market share increases during the scary times. Do you find that to be true?

by Scott M. on October 24, 2008 10:57 AM

Mark -- I know that we're doing more and more Web video, but thanks for the suggestion on a channel. Though I'm not sure there's a wide-angle lens sufficient to capture my nose if I turn profile.

Paul -- Wish I knew! If I see a bull anytime soon, I'll make sure he or she stays here.

Scott -- It was oddly quiet at the opening. Not much volume or intensity. But yes, we generally do get a greater share of trading when markets are volatile and tough to trade.

by Ray Pellecchia on October 24, 2008 1:18 PM

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