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Oct.10
1:34 PM ET
Friday, 10 Oct 2008
Stock "Circuit Breaker": Will There Be One?
Posted By:Bob Pisani
Topics:SEC | Investment Strategy | Stock Market
Traders have been speculating for weeks that some kind of individual stock "circuit breaker" would be adopted by the SEC after they allowed the ban on short selling in financials this Wednesday.
Desks are circulating a draft proposal that appears to be from the SEC, indicating that if the closing price of a security declines 20 percent or more, members and member organizations of the stock exchanges would be prohibited from short selling that security for three trading days, though would not apply to registered market makers or specialists.
The NYSE has declined to comment. Awaiting confirmation from the SEC.
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