27 proposes to establish phased price band protections to overnight trading (“Overnight Protections”) in anticipation of overnight trading by certain national securities exchanges. [ ] During a Regulatory Halt during Overnight Protected Hours, Participants will reject orders. Any NMS Stock subject to a Regulatory Halt during Overnight Protected Hours will not reopen during Overnight Protected Hours. [ ] The Participants will report on the evidence gathered on overnight trading together with its proposal for Phase 2 revisions to overnight protections. Establishing price bands helps ensure that overnight trading continues within a limited price range, which should help protect investors that choose to trade during Overnight Protected Hours.