FOR IMMEDIATE RELEASE
2011-190
Washington, D.C. , Sept. 27, 2011 - The Securities and Exchange Commission today announced that the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) are filing proposals to revise existing market-wide circuit breakers that are designed to address extraordinary volatility across the securities markets. When triggered, these circuit breakers halt trading in all exchange-listed securities throughout the U.S. markets.
The proposals being filed today would update the market-wide circuit breakers by among other things reducing the market decline percentage thresholds necessary to trigger a circuit breaker, shortening the duration of the resulting trading halts, and changing the reference index used to measure a market decline.
If approved by the Commission, the new market-wide circuit breaker rules would replace the existing market-wide circuit breakers, which were originally adopted in October 1988 and have only been triggered on one day in 1997.
Tuesday, 27 September 2011
Here's Why Everything's Rallying on No Real News
By Andrew J. Johnson
Even as uncertainty over the euro-zone's sovereign debt crisis continues, the euro, and European stocks, and US stocks, and everything else risky, climb higher.
There are at least three reasons why, says GFT Forex's Kathy Lien :
1) Investors believe that European officials are finally serious about fixing their debt crisis, even if the process is not always pretty;
2) the quarter is also coming to an end and in order to rebalance their portfolios. Following the sharp sell-off in equities in Q3, money managers will need to buy stocks and high-yielding currencies; and
3) investors are optimistic about Tuesday's vote in Greece , in which the Parliament is widely expected to approve an unpopular increase in property tax.
Even as uncertainty over the euro-zone's sovereign debt crisis continues, the euro, and European stocks, and US stocks, and everything else risky, climb higher.
There are at least three reasons why, says GFT Forex's Kathy Lien :
1) Investors believe that European officials are finally serious about fixing their debt crisis, even if the process is not always pretty;
2) the quarter is also coming to an end and in order to rebalance their portfolios. Following the sharp sell-off in equities in Q3, money managers will need to buy stocks and high-yielding currencies; and
3) investors are optimistic about Tuesday's vote in Greece , in which the Parliament is widely expected to approve an unpopular increase in property tax.
EU Super-Bailout Option Slips Away
Posted by Terence Roth
And that was that. An idea that tantalized global financial markets came out of the weekend and immediately sank into the tar pit of European decision making.
The sensation at the IMF meetings in Washington was a vaguely formed idea to increase the lending capacity of Europe's EFSF bailout fund not from 250 billion euros to 440 billion euros as agreed in a July 21 summit, but to as high as 2 trillion euros by leveraging its assets. Only this, proponents argue, would persuade markets that the EU wouldn't allow Europe's government debt crisis to spread to Italy and Spain , potentially scuttling the euro as currency.
Financial markets rallied around the globe Monday as investors saw the first glimpse of real hope for containing the European debt crisis.
Problem was that the lead advocates of the deal, the IMF's Christine Lagarde and the European Commission's Olli Rehn, are bureaucrats who don't have to answer to electorates every few years.
And that was that. An idea that tantalized global financial markets came out of the weekend and immediately sank into the tar pit of European decision making.
The sensation at the IMF meetings in Washington was a vaguely formed idea to increase the lending capacity of Europe's EFSF bailout fund not from 250 billion euros to 440 billion euros as agreed in a July 21 summit, but to as high as 2 trillion euros by leveraging its assets. Only this, proponents argue, would persuade markets that the EU wouldn't allow Europe's government debt crisis to spread to Italy and Spain , potentially scuttling the euro as currency.
Financial markets rallied around the globe Monday as investors saw the first glimpse of real hope for containing the European debt crisis.
Problem was that the lead advocates of the deal, the IMF's Christine Lagarde and the European Commission's Olli Rehn, are bureaucrats who don't have to answer to electorates every few years.
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