Daily price limits will continue to correspond to a 5%, 10%, 15% and 20% decline below the previous day's settlement price. The primary change will be that the 10% level will become a speed bump rather than a halt, consistent with the rules applied to the 5% down level.
Under the new rules, once either of the two nearest contract months is limit offered at the 5%, 10% or 15% price limit, a 10-minute period will commence after which that limit will not apply. If either is limit offered at the end of the 10-minute period, trading will cease for two minutes and the market will reopen under the next applicable price limit. These price limits will not be in effect during the 45 minutes prior to the close of trading.
If during the time the 5%, 10% or 15% limit is in effect there is a trading halt declared in the NASDAQ securities market, ISDEX futures trading will be halted. Trading will resume once trading has resumed at the NASDAQ, with the next applicable price limit applying to the reopening.
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