On May 31, 2012, the Securities and Exchange Commission (“SEC”) approved, as part of a one year pilot, the Limit up-Limit Down (LULD) plan to address extraordinary market volatility with a mechanism to prevent trades in NMS securities from occurring outside of specific price bands. The bands will be set at a percentage above and below the average reference price of the security over the immediately preceding five-minute period. To accommodate more fundamental price moves, there will be a five minute trading pause – similar to the pause triggered by the current single stock circuit breakers — only if trading is unable to occur within the specified price band after 15 seconds.