April 4, 2017
In January, the SEC approved the Twelfth Amendment to the Limit Up-Limit Down plan, as well as a handful of separate rule filings that will further harmonize how the exchanges handle a LULD trading pause. The centerpiece of these changes is a new framework for the exchanges’ reopening auction collars. In this piece, we give some context around the Twelfth Amendment and illustrate how the new collars will work.
