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U.S. stock exchange operators are seeking to extend a pilot program of so-called circuit breakers for volatile securities until Aug. 11, according to documents filed with the Securities and Exchange Commission.

Nasdaq OMX Group Inc. (NDAQ), NYSE Euronext (NYX), Direct Edge and BATS Global Markets have filed rule proposals that would extend for another four months the temporary trading halts that rein in rapid stock moves.

The circuit breakers, originated in the weeks following the May 6, 2010, "flash crash," briefly pause trading in shares that rise or fall by 10% or more in a five-minute period, guarding against rapid price swings.

The pilot, which had been set to expire on April 11, could be withdrawn earlier if a new system of price limits is implemented ahead of the new August end-date, according to the filings. Exchanges have been drawing up plans for such a "limit up-limit down" structure, similar to measures used in futures markets, that would replace the circuit breakers and allow some trade to continue while curbing volatility.

SEC Chairman Mary Schapiro has voiced interest in the concept, which would reduce the need to cancel erroneous trades, and major trading firms have supported the idea as less disruptive to business than starting and stopping all dealings in a stock.

The current range of circuit breakers covers shares in the Standard & Poor's 500 stock index, the Russell 1000 Index of large-capitalization stocks and 344 of the most-used exchange-traded funds. A replacement program is seen covering a broader range of issues.

Exchanges have also sought an extension of a pilot program laying out cross-market guidelines for when stock trades can be considered "erroneous" and subsequently canceled.

-By Jacob Bunge, Dow Jones Newswires; 312-750-4117; jacob.bunge@dowjones.com.

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