notices

Please be reminded that MWCBs provide for cross-market trading halts during a severe market decline as measured by a single-day decrease in the S&P 500 Index.

The MWCBs can be triggered at three circuit breaker thresholds that measure a decrease against the prior day's closing price of the S&P 500 Index - 7% (Level 1), 13% (Level 2) and 20% (Level 3).

Due to the heightened volatility and the velocity of the sell-off, please pay careful attention to Level 3, after which the market will close and not reopen for the remainder of the trading day. If that occurs, clients will not be able to close their positions.

Any day trades or open positions will stand overnight and clients will be responsible for the associated funding requirements.

For more information on MWCBs, please click here or contact your Trading Representative.