NYSE American Refines Trading Halt Rules for Better Clarity
Published Date: 4/16/2025
Notice
Summary
NYSE American is updating its rules about trading halts to match new industry plans and make things clearer for everyone. These changes affect traders and market participants by refining when and how trading pauses happen, with no new fees involved. The updates took effect right after filing on April 1, 2025, so the market can run smoother and smarter.
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Analyzed Economic Effects
4 provisions identified: 2 benefits, 0 costs, 2 mixed.
Halt Rules Harmonized Across Exchanges
If you trade or hold investments, the Exchange changed its trading-halt rules to match the Amended CTA Plan so halt procedures are more consistent across exchanges. The rule amendments were filed April 1, 2025 and the Exchange will publish a trader notice at least 30 business days before implementation.
New SIP Halt Definitions and Timing
If you trade equities, the Exchange added new terms for SIP-related events (for example, "SIP Outage" and "Material SIP Latency") and created a new "SIP Halt" category. The rules require at least a five-minute notice before a SIP Halt Resume Time and set the last SIP Halt Resume Time during Core Trading Hours at 3:45 p.m. ET.
Official Halt Start Time Fixed at Declaration
If you trade, the Exchange set the official start time of a Regulatory Halt as the time the Primary Listing Market declares the halt, even if notice dissemination is delayed. The Exchange can still implement a retroactive halt in exigent circumstances and may revisit trades that occurred after the official start time.
UTP Securities Halt and Resumption Rules
If you hold securities trading under unlisted trading privileges (UTP), the Exchange will halt those UTP Securities when the Primary Listing Market declares a Regulatory Halt. For UTP Regulatory Halts (other than SIP Halts), the Exchange will only resume trading after receiving termination notification from the UTP Listing Market and, during Core Trading Hours, will wait for the first Limit Up-Limit Down Price Band; the Exchange also will not conduct a Trading Halt Auction to resume trading in a UTP Security.
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