Putting a limit on how far an individual stocks could move up or down in a given time period may be more effective than the circuit breakers that are being tested on the nation's stock exchanges, according to a panel of executives from the four exchange operators at the Capital Markets Consortium in New York Tuesday.

"While I think the circuit breakers are doing a good job, they were implemented pretty quickly and they are working as intended, I think limit-up limit-down would work more effectively,'' said Brian Hyndman, senior vice president of transaction services for the Nasdaq OMX Group, which operates the most active exchange.

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