Alert December 14, 2010

SEC Approves NYSE Rule Changes Extending until April 11, 2011 the Pilot Programs for Stock‑by‑Stock Circuit Breakers and Changes to the Process for Reviewing Clearly Erroneous Trades

The SEC approved rule changes proposed by the New York Stock Exchange that extend to April 11, 2011 the pilot programs for circuit breakers applicable to certain stocks and exchange‑traded funds (as discussed in the June 15, 2010 and September 21, 2010 Alerts) and rule amendments designed to clarify the process for reviewing trades in exchange-traded securities to determine whether they are clearly erroneous and should be cancelled (as discussed in the June 22, 2010 and September 21, 2010 Alerts).  The pilot programs were set to expire on December 10, 2010.  The SEC releases are available here and here.