July 19, 2010
Thank you for the prompt response but If the purpose of the collars is to serve as an additional safeguard that could help limit potential harm from extreme price volatility such as that recently experienced on May 6, 2010 by preventing executions that occur a specified percentage away from the last sale in the first place then the rule should apply to both market and marketable limit orders.
Under the proposed rule change, it would be possible for anyone entering a market order to buy (sell) to circumvent the Trading Collar by simply changing the order entry from market to a marketable limit order ($1 low for sell order or $1,000 buy order).