LULD Amendment 18 Update

Why was LULD Amendment 18 introduced?

LULD Amendment 18 was implemented to eliminate the doubling of the LULD Price Bands for some securities following the open and preceding the close. LULD Amendment 18 is expected to be effective February 24, 2020.

What is changing?

Prior to February 24, 2020, LULD Price Bands are calculated by applying double the percentage parameters between 9:30 a.m. and 9:45 a.m. and between 3:35 p.m. and 4:00 p.m. ET.

LULD Amendment 18 eliminates the doubling of percentage parameters:

• Between 9:30 a.m. and 9:45 a.m. ET for all securities; and

• Between 3:35 p.m. and 4:00 p.m. ET for Tier 2 NMS securities with a reference price above $3.00.

Tier 1 NMS securities and Tier 2 NMS securities with a reference price at or below $3.00 will continue to apply double percentage parameters between 3:35 p.m. and 4:00 p.m. ET.