SEC approves ‘flash crash’ response rules…(Here We Go!!)
Market-wide circuit breaker would pause U.S. markets for 15 minutes
By Ronald D. Orol
June 1, 2012
Seeking to avoid another “flash crash” like the one that rattled markets on May 6, 2010, the Securities and Exchange Commission on Friday announced it had approved two long-awaited proposals seeking to limit the kind of extraordinary market volatility seen on that day.
“The initiatives we approved are the product of a significant effort to devise a sophisticated, yet workable and effective way to protect our markets from excessive volatility,” said SEC Chairman Mary Schapiro.
Both proposals were approved for a one-year trial period.