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 invoked the little-used Rule 48 for three days in a row to pre-empt panic trading this week. But it was not enough to prevent investors from fleeing stocks and into cash. Rule 48 speeds up the opening 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.