Effective immediately, amended NYSE Rule 80C will exclude all rights and warrants from the single stock circuit breaker under the rule.  FINRA implemented a similar rule filing, which C-I also reported on. The nature of trading pauses triggered since adoption of the Pause Pilot has been analyzed and, it was found that over 25% of such pauses have occurred in rights and warrants.  Further, exchanges have experienced a significant increase in trading pauses involving rights and warrants since the implementation of the Phase III Securities, with such pauses representing as much as 52% all trading pauses occurring through the end of August 2011 on one exchange. Rights and warrants trade on equity exchanges, but are closely related to call options.  Rights and warrants entitle owners to purchase shares of stock at predetermined prices subject to various timing and other conditions. Like options, the price of rights and  warrants are affected by the price of the underlying stock as well as other factors, particularly the volatility of the stock. As a consequence, the prices of rights and warrants may move more dramatically than the prices of the underlying stocks even when the rights and warrants (and the underlying stock) are trading in an orderly manner. This difference in trading behavior may result in a scenario whereby the rights and warrants trigger the circuit breaker under NYSE Rule 80C and are subject to a trading pause, even while the underlying stock continues to trade.   This can be particularly true of rights and warrants that have low prices.  Accordingly, the Exchange is proposing to exclude rights and warrants from the trading pause under NYSE Rule 80C.   [NYSE Rule Filing 11-57, 11/17/11]