Stocks trade faster and more frequently than ever before, and make volatile price action inevitable. There are, however, guardrails in place to protect the trader, and one of them is known as Limit Up Limit Down, or LULD. Back in 2012, the SEC approved a National Market System (NMS) plan to limit price variability to a specific range. The range, or price band, is governed by statistical measures, a stock's tier and reference price, and the time of the trade; prices are markedly volatile near market open and market close. To see the specific rules, visit the Limit Up Limit Down website . While at the NYSE, I had the privilege of working on this project. It wasn't easy. The scope spread across multiple systems and multiple teams. The specifications -- like all projects -- were ambiguous at first, and needed several iterations. Questions arose, such as what happens to the reference price if a trade was cancelled, corrected, or flagged as an error? We were careful d...