NYSE invoked rule at open to smooth trading

NEW YORK, May 10 (Reuters) - The New York Stock Exchange and NYSE Amex Cash Markets on Monday invoked a rule to smooth trading at the market open, after futures trading touched a limit up. The rule invoked, rule 48, allows the exchange to suspend price indications that help determine the floor price at the open during regular sessions. Bypassing the requirement helps speed the beginning of trading. S&P 500 June contract futures rose to as much as 1,162 during Monday trading, up 55 points, after a $1 trillion global emergency rescue package was launched, quelling fears a debt crisis might expand through Europe. Among the triggers for invoking the rule are "substantial activity in the futures market before the open," according to the exchange's Web site. The rule "is intended to be invoked only in those situations where the potential for extreme market volatility would likely impair floor-wide operations at the Exchange by impeding the fair and orderly opening of securities," the NYSE's Web site said. (Editing by Theodore d'Afflisio) Keywords: MARKETS STOCKS/NYSE RULE (rodrigo.campos@thomsonreuters.com; + 1 646-223-6344; Reuters Messaging: rodrigo.campos.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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