Nine-Bond Rule

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Dictionary Says

Definition of 'Nine-Bond Rule'

The NYSE requirement that all orders for nine bonds or less be sent to the floor for one hour, in which time a market is sought. The rule doesn't apply if the customer directs the broker to go to the OTC market. Also known as "Rule 396".
Investopedia Says

Investopedia explains 'Nine-Bond Rule'

Because of the relative inactivity of bond trading on the NYSE (due to a number of factors including many of the listed bonds being traded OTC), this rule, which enables an order to stay on the floor for one full hour, was put in place to garner the best possible price for the individual investor.

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