Jan 2nd, 01:19 system announcement
by Bogart Beck
SL CapEx Circuit Breakers returned to normal Break-Points - 01/01/2009
SL CapEx Circuit Breakers returned to normal Break-Points - 01/01/2009
Pursuant to our announcement of 12/26/2009, the SL CapEx Circuit Breakers are being slowly returned to their normal break-points. We'll continue to monitor for unusual trading activity over the next few days as a failsafe measure but do not anticipate significant further market disruptions.
Here's to a prosperous 2010!
Bo Beck
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SL CapEx temporarily relaxes Circuit Breakers - 12/26/2009
We're hoping everyone has enjoyed a very Merry Christmas (or whatever you celebrate).
I've been monitoring trading activity over the last few days - it is apparent that several persons in our community are attempting to make large (year-end?) portfolio adjustments. While these large transactions are creating volatility and some wild price swings I do not believe those trades should invoke our Circuit Breakers (in some instances on a daily basis).
Some (most) of the recent trades involve longterm shareholders with very large portfolios - as a market we should be able to absorb such transactions without false circuit breaker disruptions.
As such, SL CapEx is going to broadly RELAX the circuit breakers across the entire Exchange through year-end to help facilitate portfolio and market corrections as necessary to return the marketplace to general equilibrium.
While I don't typically advocate intervention, in this instance I believe the marketplace seeks stability and we'll only get there if we encourage and allow those that are looking for an exit point at any price to do so. This could be a rare opportunity for those with long term portfolio objectives to acquire positions at heavily discounted prices.
We'll continue to monitor daily volume and transactions and do reserve the right to intervene on a case-by-case basis should abuses appear evident. Otherwise we'll return the Circuit Breakers to their normal break points on New Years Day.
Happy Trading!
Bo Beck