NYSE Invokes 'Rule 48' To Smooth U.S. Stock Market Open

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NYSE Invokes 'Rule 48' To Smooth U.S. Stock Market Open

Post by Bandit1 on Mon Aug 08, 2011 6:22 pm

* AUGUST 8, 2011, 9:24 A.M. ET

NYSE Invokes 'Rule 48' To Smooth U.S. Stock Market Open

By JACOB BUNGE

The New York Stock Exchange early Monday put into effect its so-called "Rule 48," aiming to smooth the opening of U.S. stock trading in what is expected to be a rocky session.

Rule 48 allows designated market makers on the NYSE to refrain from disseminating price indications ahead of the opening bell. The idea is to make it easier and faster to open stocks on days when trading is poised to become especially volatile.

Big Board parent NYSE Euronext last put "Rule 48" into effect on Jan. 27.

Futures on the Dow Jones Industrial Average pointed Monday to a sharply lower open in the first trading session after Standard & Poor's downgraded the U.S. credit rating.

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