By Chuck Mikolajczak NEW YORK (Reuters) - The New York Stock Exchange invoked Rule 48 on Wednesday in an effort to speed up and smooth trading at the market open when exceptionally high volatility is expected. S&P e-mini futures (Esc1) rose 43.75 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones e-mini futures (1YMc1) gained 347 points, and Nasdaq e-mini (NQc1) futures rose 107.5 points. (Reporting by Chuck Mikolajczak)
The New York stock Exchange uses the little - used rule 48 for three days in a row to pre - empt panic trading this week . This was due to concerns before Monday 's open over a dramatic drop in pre - market open futures . rule 48 speeds up the pace of trading by suspending the requirement that stock prices be announced at the market open , with those prices having to be approved by stock market floor managers prior to trading commencing .