NYSE Euronext, Inc. (NYSE: NYX) has listed the revised circuit breaker levels for the New York Stock Exchange. These will be the new trigger levels for Q3-2009 that create trading halts if these are hit, effective Wednesday, July 1, 2009. These circuit breakers key off of the Dow Jones Industrial Average and represent the rounding levels for 10%, 20%, and 30% declines.
Level 1 Halt: A 785-point drop in the DJIA before 2 p.m. will halt trading for one hour; for 30 minutes if between 2 p.m. and 2:30 p.m.; and have no effect if at 2:30 p.m. or later unless there is a level 2 halt.
Level 2 Halt: A 1,700-point drop in the DJIA before 1:00 p.m. will halt trading for two hours; for one hour if between 1:00 p.m. and 2:00 p.m.; and for the remainder of the day if at 2:00 p.m. or later.
Level 3 Halt: A 2,600-point drop will halt trading for the remainder of the day regardless of when the decline occurs.
While these are called circuit breakers for the technical term, these are also called Heart Breakers for most of the public.
Jon C. Ogg
June 30, 2009
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