On March 11th, the SEC granted accelerated approval to the NASDAQ Stock Market's proposed volatility-based trading pause in 100 Nasdaq-listed securities on a six-month pilot basis. Under the proposal, Nasdaq will suspend trading in a security if a trade in that security is executed at a price that exceeds a certain threshold, as measured over the preceding 30 seconds. The triggering threshold varies according to the price of the security: 15 percent for securities with an execution price of $1.75 and under; 10 percent for securities over $1.75 and up to $25; 5 percent for securities over $25 and up to $50; and 3 percent for securities over $50. If the Volatility Guard is triggered, Nasdaq would suspend trading in that security for a period of 60 seconds, but would maintain all current quotes and orders during that time, and would continue to accept quotes and orders. Following this 60-second period, Nasdaq would re-open the market using its Halt Cross mechanism. According to Nasdaq, the proposed Volatility Guard is similar in purpose to the Liquidity Replenishment Points rules that currently exist on the New York Stock Exchange. SEC Release No. 34-64071.