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 Exception||Does this update last sale?||Can this be executed outside the LULD price bands?|
|611(b)(1) Self Help||Yes||No|
|611(b)(2) Not Regular Way||No||Yes|
|611(b)(3) Open / Close||Yes||No1|
|611(b)(4) Crossed Markets||Yes||No|
|611(b)(5) Intermarket Sweep (Inbound)||Yes||No|
|611(b)(6) Intermarket Sweep (Outbound)||Yes||No|
|611(b)(7) Benchmark/Derivatively Priced||No||Yes|
|611(b)(8) Flickering Quotes||Yes||No|
|611(b)(9) Stopped Order||No||Yes|
|Reg NMS Exemption (Rule 611(d))||Does this update last sale?||Can this be executed outside the LULD price bands?|
|Qualified Contingent Trade||No||Yes|
|Non-Convertible Preferred Securities||Yes||No|
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.