Exchange officials said the next step is to submit the plan to the exchange's 2,100 members.

And in the view of exchange officials, its value is that everybody can plug into it.

Exchange officials said the cash grant later grew to $129 million.

Exchange officials said the volume apparently caused a problem with some of the system's computer programs.

Exchange officials said the move was normal for volatile markets.

It has simply put in place clear rules where few guidelines existed before, according to exchange officials.

Exchange officials expect to get approval for the remainder by the end of June.

Front-running is a more serious matter, according to exchange officials, and they wanted to set the record straight.

The declines at both occurred despite efforts by exchange officials to calm members.

"There were no mechanisms to slow down growth in share prices," said the former exchange official.