Trades Excluded from Limit Up/Limit Down (LULD) Price Bands


Pursuant to the Regulation NMS Plan to Address Extraordinary Market Volatility (Plan) (see Section VI(A)(1)), transactions that both (1) do not update the last sale price (except if solely because the transaction was reported late) and (2) are excepted or exempt from the SEC's trade-through rule (Reg NMS Rule 611) can be executed outside the price bands.  To qualify, a trade must satisfy both prongs of the exclusion.

 

Reg NMS ExceptionDoes this update last sale?Can this be executed outside the LULD price bands?
611(b)(1) Self HelpYesNo
611(b)(2) Not Regular WayNoYes
611(b)(3) Open / CloseYesNo1
611(b)(4) Crossed MarketsYesNo
611(b)(5) Intermarket Sweep (Inbound)YesNo
611(b)(6) Intermarket Sweep (Outbound)YesNo
611(b)(7) Benchmark/Derivatively PricedNoYes
611(b)(8) Flickering QuotesYesNo
611(b)(9) Stopped OrderNoYes
Reg NMS Exemption (Rule 611(d))Does this update last sale?Can this be executed outside the LULD price bands?
Sub-Penny Trade-ThroughYesNo
Qualified Contingent TradeNoYes
Error CorrectionNoYes
Print ProtectionNoYes
Non-Convertible Preferred SecuritiesYesNo

 

1. Note, however, that pursuant to a separate exclusion under the Plan, the LULD price bands do not apply to single-priced opening, reopening and closing transactions on the Primary Listing Exchange.