US FINRA Memo Rule 80B-Circuit Breaker

[Sapphire Capital]

Number 08-35 07/02/2008

ATTENTION:

TO: ALL MEMBERS AND MEMBER ORGANIZATIONS

SUBJECT: New Rule 80B Circuit Breaker Levels For Third Quarter 2008



EFFECTIVE July 1, 2008 through September 30, 2008

Rule 80B trading halts will be triggered when the Dow Jones Industrial Average (“DJIA”) declines below its closing value on the previous trading day by:

1,200 points (Level 1)
2,400 points (Level 2)
3,600 points (Level 3)

Rule 80B

Whenever a Rule 80B circuit breaker is in effect, trading in all stocks on the Exchange will halt for the time periods specified below.

Level 1 Halt

· anytime before 2:00 p.m. – one hour;
· 2:00 p.m. to 2:30 p.m. – 30 minutes;
· at or after 2:30 p.m. – trading shall continue, unless there is a Level 2 Halt.
Level 2 Halt


· anytime before 1:00 p.m. – two hours;
· 1:00 p.m. to 2:00 p.m. – one hour;
· at or after 2:00 p.m. – trading shall halt and not resume for the remainder of the day.


Level 3 Halt

· at any time – trading shall halt and not resume for the remainder of the day.

A complete discussion of the calculation of trigger values for Rule 80B was published in Information Memo No. 98-15, dated April 13, 1998.

Questions concerning this Information Memo should be directed to Patricia Bergholc, Market Surveillance, at [phone], or Jason Harman, Office of the General Counsel, at [phone].









_______________________________________
Richard Ketchum

Chief Executive Officer