Limit Up/Limit Down (LULD) Plan
On May 31, 2012, the SEC approved the
Pursuant to the 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. FINRA has created the following charts to assist members in identifying the types of transactions that qualify for this exclusion and properly coding when reporting the transactions to FINRA.
- Trades Excluded from Limit Up/Limit Down (LULD) Price Bands
- Trade Report Modifiers and Applicability of Limit Up/Limit Down (LULD) Price Bands