On April 21, 2016, the Securities and Exchange Commission issued an order extending the pilot period of the National Market System Plan to Address Extraordinary Market Volatility, otherwise known as the limit-up-limit down (“LULD”) plan.

In issuing this order, the Securities and Exchange Commission also modified the LULD plan with respect to the reference price for securities that do not trade in the opening auction on the primary listing exchange. The modified plan now provides that in these circumstances a security’s reference price will be the previous trading day’s closing price or, if no closing price exists, the last reported sale on the primary listing exchange.

The pilot period will expire on April 21, 2017. Release.