implement a short sale circuit breaker for NMS stocks 7 triggered by a 10% or more decrease in the price of the security from such security’s closing price as determined by the listing market for that security at the end of regular trading hours on the prior trading day. Once the circuit breaker is triggered, Regulation SHO, as amended, is designed to generally prohibit the execution or display of short sale orders of a covered security at a price that is less than or equal to the current national best bid for the remainder of the day and the following day (‘‘short sale price test restriction’’). In addition to the short sale price test restriction, the amendments to Regulation SHO reinstitute a short sale exempt marking category by providing that a broker- dealer may mark certain qualifying sell orders ‘‘short exempt.’’ __________________________________________________
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