Trader Information - Circuit Breakers

Circuit Breaker Trigger Points and Trade Halt Durations for Third Quarter 2008

  Before
1:00 p.m.
1:00 p.m. -
1:59 p.m.
2:00 p.m. -
2:29 p.m.
2:30 p.m. or later
1,200-point decline in the DJIA 1 hour halt 1 hour halt ½ hour halt No halt; If decline continues to 20% trigger (2,400-points), then close for day
2,400-point decline in the DJIA 2 hour halt 1 hour halt Close for day Close for day
3,600-point decline in the DJIA Close for day Close for day Close for day Close for day

Pursuant to Amex Rule 117, floor-wide trading halts (or "circuit breakers") would occur following declines in the Dow Jones Industrial Average ("DJIA") in specified amounts (so called "trigger values"). (This is a uniform rule that is also followed by the other major stock exchanges in the United States). Circuit breaker trigger levels are based on one-day declines in the DJIA of 10-percent, 20-percent and 30-percent. The specific 10-, 20- and 30-percent trigger values are calculated at the beginning of each calendar quarter, using the average DJIA closing value for the month prior to the beginning of the quarter, and rounded to the nearest 50 points.

For the period extending from July 1, 2008 to September 30, 2008, the 10-, 20- and 30-percent trigger values are 1,200, 2,400 and 3,600 points, respectively.

For more information, contact Rick Farber at 212-306-5310 or Ellen O'Rourke at 212-306-1865.