NYSE Arca Updates Rules to Match Market Data Plans
Published Date: 7/21/2025
Notice
Summary
NYSE Arca is updating its rules to match changes in important market data plans called the CTA and CQ Plans. These updates affect how trading halts work and tweak a few other rules to keep everything in sync. The changes are effective immediately and help keep the market running smoothly without extra costs for traders.
Analyzed Economic Effects
7 provisions identified: 4 benefits, 0 costs, 2 mixed.
Halt Rules Harmonized to CTA/CQ Plans
The Exchange is changing Rule 7.18-E to match the Second Restatement of the CTA Plan and the Restated CQ Plan so that halt categories and many defined terms are consistent across SROs. This harmonization adopts terms like "Primary Listing Market" and aims to make cross-market halt decisions clearer for people who trade U.S.-listed equities.
New SIP Halt Rules and 5‑Minute Notice
The Exchange adds SIP-related terms (e.g., "SIP Outage," "Material SIP Latency," and "SIP Halt") and defines a SIP Halt as a Regulatory Halt when those SIP issues occur. The Exchange will provide a minimum five-minute notice of a SIP Halt Resume Time before trading may resume.
Official Halt Start Time Fixed
The rule makes the official start time of a Regulatory Halt the moment the Primary Listing Market declares it, even if communications or dissemination are delayed. That fixed start time lets exchanges revisit trades that occurred after that declared start time to determine whether trades should stand.
UTP Securities Halted With Primary Market
If a security trades on the Exchange under unlisted trading privileges (a UTP Security), the Exchange will halt that security when its Primary Listing Market declares a Regulatory Halt. For UTP securities, the Exchange will not conduct a Trading Halt Auction to resume and, during Core Trading Hours, will not resume trading until it receives the first Limit Up‑Limit Down (LULD) Price Band in that security.
Operational Halts Stay Local to Exchange
The Exchange defines "Operational Halt" as a halt that applies only on the Exchange and is not a Regulatory Halt, meaning other markets are not required to halt trading in the same security. In practice, trading could continue on other venues when the Exchange implements an Operational Halt.
Reverse Stock Split Halt Resumes at 9:00 AM ET
If the Exchange is the Primary Listing Market and declares a Reverse Stock Split Halt, the Exchange will resume trading with a Trading Halt Auction at 9:00 a.m. Eastern Time on the effective date of the reverse stock split. This is an explicit resumption time for that halt type.
Traders Get 30 Business‑Day Notice
The Exchange will publish a trader notice at least 30 business days before implementing the proposed rule changes. That notice window gives traders and firms time to prepare for the rule changes before they take effect on the Exchange.
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