Toronto Stock Exchange Circuit Breaker Levels For The First Quarter 2002

It is the policy of The Toronto Stock Exchange to co-ordinate with U.S. markets when circuit breakers are invoked. The circuit breaker trigger points are set at three fluctuating levels representing 10%, 20% and 30% of the Dow Jones Industrial Average (DJIA).

The levels are calculated by the NYSE at the beginning of each calendar quarter, using the average closing value of the DJIA for the preceding month. Each trigger is rounded to the nearest 50 points.

The New York Stock Exchange has announced that effective Wednesday January 2, 2002, for the first quarter trading halts will be triggered when the DJIA declines below its closing value on the previous trading day by:

Level 1 (10%) - 1000 points
Level 2 (20%) - 2000 points
Level 3 (30%) - 3000 points

The length of the halts will be as follows:

Level 1:
- before 2 p.m. - one hour
- at 2 p.m. or later but before 2:30 p.m. - 30 minutes
- at 2:30 p.m. or later - trading shall continue, unless there is a level 2 halt.
Level 2:
- before 1 p.m. - two hours
- at 1 p.m. or later but before 2 p.m. ? one hour
- at 2:00 p.m. or later - 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.