(1)  The calculated opening price ("COP") shall be determined by the system continuously from the start of the pre-opening period until the opening time . . . based upon the orders entered into the system up to that time.

(2)  The COP shall be the price at which the most stock will trade on the opening.

(3)  If there are two or more prices at which an equal volume of stock will trade, the COP shall be the price that would leave the least imbalance at that price.

(4)  If there is no imbalance, or if the imbalances are equal, then the opening price shall be the price nearest to the previous closing price.

(5)  If, at the opening time, the COP exceeds the price volatility parameters set by the Exchange, . . . the system shall automatically delay the opening of the security.

(6)  If a stock does not automatically open for trading at the opening time, the trading system shall continue to calculate and display the COP until the security has opened for trading.

(7)  For intra-day openings, the COP shall be calculated in the same manner.