An irreverent Wall Street Blog
BrokeAndBroker.com Blog Suspends Market Commentary Per Desolation Row Side Car Rules
January 7, 2016As provided under New York Stock Exchange Rule 80B. Trading Halts Due to Extraordinary Market Volatility:
(a) The Exchange shall halt trading in all stocks and shall not reopen for the time periods specified in this Rule if there is a Level 1, 2, or 3 Market Decline.
(i) For purposes of this Rule, a Market Decline means a decline in price of the S&P 500 Index between 9:30 a.m. and 4:00 p.m. on a trading day as compared to the closing price of the S&P 500 Index for the immediately preceding trading day. The Level 1, Level 2, and Level 3 Market Declines that will be applicable for the trading day will be publicly disseminated before 9:30 a.m.(ii) A "Level 1 Market Decline" means a Market Decline of 7%.(iii) A "Level 2 Market Decline" means a Market Decline of 13%.(iv) A "Level 3 Market Decline" means a Market Decline of 20%.
(b) Halts in Trading.
(i) If a Level 1 Market Decline or a Level 2 Market Decline occurs after 9:30 a.m. and up to and including 3:25 p.m. or in the case of an early scheduled close, 12:25 p.m., the Exchange shall halt trading in all stocks for 15 minutes after a Level 1 or Level 2 Market Decline. The Exchange shall halt trading based on a Level 1 or Level 2 Market Decline only once per trading day. The Exchange will not halt trading if a Level 1 Market Decline or a Level 2 Market Decline occurs after 3:25 p.m., or in the case of an early scheduled close, 12:25 p.m.(ii) If a Level 3 Market Decline occurs at any time during the trading day, the Exchange shall halt trading in all stocks until the primary listing market opens the next trading day.
(c) Re-opening of Trading
(i) The re-opening of trading following a Level 1 or 2 trading halt shall follow the procedures set forth in Rule 123D.(ii) If the primary listing market halts trading in all stocks, the Exchange will halt trading in all stocks until trading has resumed on the primary listing market or notice has been received from the primary listing market that trading may resume. If the primary listing market does not reopen a security within 15 minutes following the end of the 15-minute halt period, the Exchange may resume trading in that security.
(c) Nothing in this Rule 80B should be construed to limit the ability of the Exchange to otherwise halt, suspend, or pause the trading in any stock or stocks traded on the Exchange pursuant to any other Exchange rule or policy.
SIDE BAR: No, not a Side Car but a Side Bar. If you look up the official link to the official NYSE RULE 80B, you're going to see two -- count 'em 2 -- Rule 80B (c)'s. I'm guessing that the second "(c)" should have been printed as a "(d)" but I'm not sure. In any event, I'm going to leave the second (c) above as it is printed on the NYSE.com website until they change it. The one thing I have done as of about 9:30 a.m. EDT 1/7/2016 is change the subsequent reference to the "hidden" subsection from (d) to (e).
(e) Pursuant to the implementation of any "Halts In Trading" as provided under this Rule in (b)(i) and (b)(ii) above . . . nationally recognized publications . . . newsletters, blogs . . . shall cease publishing market commentary. In particular . . . the nationally acclaimed "BrokeAndBroker.com Blog" . . . published by the nationally recognized regulatory authority "Bill T. Singer, Esq." . . .Notice to Cease Market Commentary (January 7, 2016)Following official notification from SOB on the morning of January 7, 2016, to nationally recognized regulatory authority Bill T. Singer, Esq, the nationally acclaimed BrokeAndBroker.com Blog shall cease publishing market commentary for the subject trading date. Topical, Non-Market-CommentaryIn place of Mr. Singer's pithy and irreverent ramblings, musings, and jeremiads about Wall Street, a more topical but non-market-commentary will be published on January 7, 2016. The nationally acclaimed BrokeAndBroker.com Blog apologizes for this interruption in its valuable marketplace service but the law is the law and, you know, when SOB orders a cessation to the publication of market commentary what the hell are you gonna do? It's not like nationally recognized regulatory authority Bill T. Singer, Esq. could just make this crap up. You can see that there are all sorts of official citations to actual rules and there are even parentheses and those cute little numbers with the dots over them rather than the more austere and humorless roman numerals - like, what, anyone even uses roman numerals anymore other than for the Super Bowl?Speaking about the Super Bowl, from what we're told they're not even going to refer to this year's Super Bowl as Super Bowl L, which is roman numeral for "50." Frankly, the National Football League can go to L for all I care. What the L are they going to call next year's Super Bowl: LI or 51? Which begs the question: How are folks going to know whether LI means 51 or Long Island?
Desolation Row
In lieu of today's regularly scheduled article, please enjoy veteran Wall Street regulator Bob Dylan's observations about the recent stock market gyrations, which is not prohibited under NYSE Rule 80B or the special SOB powers. A clearly angry Dylan takes a swipe at an unnamed SEC commissioner, who has one hand tied to some tight-rope walker and another is in his pants. Nationally recognized regulatory authority Bill T. Singer, Esq. was unavailable for comment but, trust me, he really, really wanted to say something about Dylan's reference to the SEC commissioner but Singer, on advice of counsel, declined, but he was clearly chomping at the bit and made an oblique reference to some insurance men who were bringing kerosene to pour on the stock market fire. At that point, Singer's counsel told him to shut up. Which he did. But you could hear him humming "Desolation Row."
In lieu of today's regularly scheduled article, please enjoy veteran Wall Street regulator Bob Dylan's observations about the recent stock market gyrations, which is not prohibited under NYSE Rule 80B or the special SOB powers. A clearly angry Dylan takes a swipe at an unnamed SEC commissioner, who has one hand tied to some tight-rope walker and another is in his pants. Nationally recognized regulatory authority Bill T. Singer, Esq. was unavailable for comment but, trust me, he really, really wanted to say something about Dylan's reference to the SEC commissioner but Singer, on advice of counsel, declined, but he was clearly chomping at the bit and made an oblique reference to some insurance men who were bringing kerosene to pour on the stock market fire. At that point, Singer's counsel told him to shut up. Which he did. But you could hear him humming "Desolation Row."