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BRIEFLY

Securities

July 06, 1996|Times Staff and Wire Reports

NYSE Modifies Circuit Breaker Proposal: Over objections of mutual fund managers, the New York Stock Exchange has agreed to drop plans to have a brief after-hours trading session if the market is temporarily closed because of a sharp drop in prices. NYSE spokesman Andrew Yemma said the exchange plans to further modify its trading curb proposal now pending before the Securities and Exchange Commission. Early market closings are among the "circuit breakers" put in place since the 1987 market crash. They are designed to slow the market's plunge by using a series of trading restrictions. The NYSE is dropping a proposal to briefly reopen trading after the market's 4 p.m. close should the circuit breakers have prematurely halted trading for the day.

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