North American stock markets were halted shortly after opening on Monday morning as circuit breakers designed to slow down panic selling kicked in within minutes of opening.
The NYSE, Nasdaq and TSX all hit what’s known as a level 1 trading halt within minutes of opening on Monday morning. Such a halt automatically suspends all trading on the market for 15 minutes after a decline of more than seven per cent.
A level 2 halt is automatically imposed after a decline of 13 per cent, for another 15 minutes. If the decline hits 20 per cent, a level 3 halt comes in to shut down trading for the rest of the day.
The TSX lost more than 1,400 points, or eight per cent, within minutes of opening, so the Canadian index’s circuit breaker was triggered. That’s the worst day for the TSX since the financial crisis.
Read full article at CBC News
This report was published by Pete Evans of CBC News
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