Joint Industry Plan; Order Granting Approval of the Twenty-Seventh Amendment to the National Market System Plan To Address Extraordinary Market Volatility To Establish Temporary Price Band Protections in Overnight Trading

(i) the official closing price of a stock as reported by the listing market for such NMS Stock ("Closing Price"); and (ii) the consolidated last round lot sale as of 7:45 p.m. Eastern Time, with the Overnight Lower Price Band being 20% lower than the lower of the reference prices, and the Overnight Upper Price Band being 20% greater than the greater of the reference prices; the Overnight Percentage Parameter for a leveraged ETP will be 20%, multiplied by the ETP's leverage ratio.\14\ For NMS Stocks with a Closing Price of less than $1.00, the minimum Overnight Upper Price Band and minimum Overnight Lower Price Band thresholds will each be $1.00 from the applicable reference price; for NMS Stocks with a Closing Price of $1.00 or more, the minimum Overnight Upper Price Band and minimum Overnight Lower Price Band thresholds will each be $3.00 from the applicable reference price.\15\ The Minimum Price Band thresholds for a leveraged ETP will be multiplied by the leverage ratio of such product.\16\