The New York Stock Exchange (NYSE) issued a report on Thursday outlining several steps that it recommends should be taken to bolster U.S. market structure against excess volatility and to address vulnerabilities exposed by events such as the “flash crash” of 2010 and a day of exceptional volatility that occurred in August 2015.

In the wake of these episodes and rising concerns about U.S. market structure, the NYSE hired global consulting firm McKinsey & Co. to sound out the investment industry on potential changes. The report, which follows from that effort, details reforms that “should be taken immediately to materially improve the stability of the cash equity and [exchange-traded product (ETP)] markets.”

These reforms include harmonizing reopening auction procedures across U.S. exchanges; extending the length of trading halts to clear order imbalances prior to reopening; and harmonizing rules for dealing with clearly erroneous orders across trading venues.

The NYSE report also calls for enacting “guardrails” — such as additional order warnings and pre-identified limits — and adopting industry best practices around the use of market orders and stop orders.

“The proposed solutions will not be a panacea for all of the challenges of broad-market volatility,” the report concludes. “Brief pricing dislocations, for instance, are to be expected when securities hit trading halts. However, structural market changes, self-governance by key stakeholders and targeted investor education by the financial industry and its participants could go a long way toward removing potential barriers tothe continued growth of, and confidence in, U.S. markets.”

The NYSE report also details other possible reforms that warrant “further evaluation as to their potential to augment price transparency, incentivize greater liquidity and improve overall efficiency of the capital markets.

“The goal should be to make trading during periods of volatility more transparent, rules more consistent and easier to understand, and U.S. market structure more robust overall,” the NYSE report says. “To that end, co-ordination in implementation of the proposed solutions will be critical and will require strong collaboration among regulators, exchanges, industry bodies, issuers, market-makers, broker-dealers and investors.”

The NYSE report indicates that an analysis of trading conducted on Aug. 24, 2015 found that, among other things, large numbers of retail market orders were sent to the exchanges that morning, which contributed to selling pressure; that the current market structure “reduced the ability of market-makers to provide liquidity during the sell-off”; and that trading pause procedures helped to slow trading during the sell-off, but also had unintended consequences due to broader-market volatility.

The NYSE report also found that ETP prices temporarily decoupled from the prices of their underlying securities, due to frequent halts and reduced liquidity, and that certain market opening procedures “hindered timely and transparent openings.”

“Products, technology and markets continue to change rapidly, and we are committed to implementing enhancements to market structure that strengthen market stability and soundness,” says Stacey Cunningham, chief operating officer at the NYSE, in a statement. “This report identifies a number of priorities for enhancing market structure that have the support of a broad cross-section of our industry and which can and should be implemented quickly. Taking these steps will not only offer operational and trading improvements, but also, and importantly, support investor confidence that our markets are the fairest, most efficient capital markets in the world.”

The NYSE intends to “pursue many of the solutions identified in this report and identify additional enhancements as needed, while working with the industry to build insight and support,” Cunningham indicates.