FINRA filed for immediate effectiveness amendments to FINRA Rules 11892 and 6121, that respectively govern clearly erroneous transactions and trading halts due to extraordinary market volatility. FINRA Rule 11892 (Clearly Erroneous Transactions in Exchange-Listed Securities). The rule change would extend the effective date of the pilot, currently scheduled to expire on 1/31/12, until 73112.  The pilot had been drafted in consultation with other SROs and SEC staff to provide for uniform treatment:  (i) of clearly erroneous execution reviews in Multi-Stock Events involving 20 or more securities;  and, (2) in the event transactions occur that result in the issuance of an individual stock trading pause by the primary listing market and subsequent transactions that occur before the trading pause is in effect for transactions otherwise than on an exchange. FINRA also implemented additional changes to the Rule as part of the pilot that reduce the ability of FINRA to deviate from the objective standards set forth in the Rule.  The extension provides FINRA, the other SROs and the SEC additional time to assess the effect of the pilot on the marketplace, including whether additional measures should be added, whether the parameters of the rule should be modified or whether other initiatives should be adopted in lieu of the current pilot. FINRA Rule 6121 (Trading Pause Pilot). This rule change, like the one above, extends to expiration of the pilot from 1/31/12 to 7/31/12.  And like the previous rule change, FINRA developed and implemented to pilot in consultation with other SROs and the SEC. FINRA Rule 6121.01 provides that if a primary listing market has issued an individual stock trading pause under its rules, FINRA will halt trading otherwise than on an exchange in that security until trading has resumed on the primary listing market.  The rule is currently applicable to all NMS stocks (other than rights and warrants) and specified exchange-traded products covered by the trading pause pilot rules of a primary listing market. For further details, go to:   [FINRA Rule Filing 12-05, 1/24/12, Clearly Erroneous] and  [FINRA Rule Filing 12-06, 1/24/12, Trading Halts].