Nasdaq OMX Outlines Series Of Circuit-Breaker Recommendations
May 11 2010 - 11:20AM
Dow Jones News
Nasdaq OMX Group Inc. (NDAQ) voiced support for a series of
circuit breakers that would halt stock trading when the Standard
& Poor's 500 stock index falls below key levels, a top official
will tell lawmakers Tuesday.
Eric Noll, head of transaction services for Nasdaq OMX, said the
exchange operator supports new rules that would see a 15-minute
halt in trading when the S&P 500 falls 5%, with a one-hour
stoppage when the S&P 500 falls 10%.
If the S&P 500 fell 20%, trading would be halted for the
remainder of the day, according to Noll.
Noll will deliver the recommendations to the House Financial
Services Subcommittee later Tuesday, in a meeting convened to
examine the massive price fluctuations seen Thursday, May 6, which
highlighted a disjointed approach to market volatility among the
biggest U.S. stock exchanges.
"We must learn the lessons" from last Thursday, Noll said in
prepared testimony.
-By Jacob Bunge, Dow Jones Newswires; 312-750-4117;
jacob.bunge@dowjones.com
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