The SEC approved new exchange rules for breaking stock trades that substantially deviate from the current market prices, the so-called “clearly erroneous” trades, providing for “a consistent standard” across major stock exchanges for breaking trades. The new rules allow an exchange to break a trade if “the price exceeds the consolidated last sale price by more than a specified percentage amount.” This percentage depends on a stock price and is set at: “10% for stocks priced under $25; 5% for stocks priced between $25 and $50; and 3% for stocks priced over $50.” The new rules also require an exchange to start an erroneous trade review process “within 30 minutes of the trade,” and to have final resolution “within 30 minutes thereafter.” The texts of the rules for the stock exchanges are available by clicking here.