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Circuit Breaker Trigger Points and Trade Halt Durations for NYSE, NASDAQ and OTCBB Markets.

Amended Rule 80B
The Exchange amended Rule 80B to revise the current methodology for determining when to halt trading in all stocks due to extraordinary market volatility ("market-wide circuit breakers").

 The Exchange, other equities, options, and futures markets, and FINRA amended the market-wide circuit breakers to take into consideration the recommendations of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues, and to provide for more meaningful measures in today's markets of when to halt trading in all stocks.

Accordingly, the Exchange amended Rule 80B as follows:

(i) replaced the DJIA with the S&P 500; (ii) replaced
the quarterly calendar recalculation of Rule 80B triggers with daily recalculations;

(iii) replaced the 10%, 20%, and 30% market decline percentages with 7%, 13%, and 20% market decline percentages;

(iv) modified the length of the trading halts associated with each market decline level; and

(v) modified the times when a trading halt may be triggered. The Exchange believes that these amendments update the rule to reflect today's high-speed, highly electronic trading market while still meeting the original purpose of Rule 80B: to ensure that market participants have an opportunity to become aware of and respond to significant price movements.

Adopted on Oct. 19, 1988, circuit breakers originally halted trading for one hour with a 250-point drop and two hours with a 400-point decline. From Feb. 3, 1997 until last April, circuit breakers called for trading halts of 30 minutes and one hour with 350- and 550-point declines, respectively. If triggered in the last 30 or 60 minutes of the trading session, respectively, the market was closed until the next trading day.

Circuit breakers were triggered for the first and only time on Oct. 27, 1997, when the DJIA fell 350 points at 2:35 p.m. and 550 points at 3:30 p.m. That reflected an approximate 7% overall decline and shut the market for the remainder of the day.

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