NYSE Tweaks Trading Halt Rules for Smoother Market Data
Published Date: 7/3/2025
Notice
Summary
The New York Stock Exchange is updating its rules about trading halts to match new changes in important market data plans. This affects traders and investors by making trading pauses clearer and more organized, with no extra costs or delays. The changes took effect right after filing on June 17, 2025, so everyone can trade smarter and smoother now!
Analyzed Economic Effects
7 provisions identified: 5 benefits, 1 costs, 1 mixed.
Halt Rules Harmonized Across Exchanges
The NYSE changed Rule 7.18 to align its trading-halt rules with the Amended CTA Plan so the criteria and procedures for halting and resuming trading will be more consistent across self-regulatory organizations. These changes were filed on June 17, 2025 and are intended to make cross-market halt handling more transparent and uniform.
New SIP Halt Category Added
NYSE added a new Regulatory Halt category called a “SIP Halt” that applies when there is a SIP Outage or Material SIP Latency. A SIP Halt is a Regulatory Halt declared by the Primary Listing Market when consolidated SIP data is unavailable or delayed.
Official Halt Start Time Fixed to Declaration
NYSE's revised rule makes the official start time of a Regulatory Halt the time the Primary Listing Market declares the halt, even if notice dissemination is delayed. The Exchange can revisit trades that occurred after that declared start time to decide whether trades should stand.
Standardized Reopening, Auctions, and Timing
NYSE will generally resume trading after most Regulatory Halts using a Trading Halt Auction under Rule 7.35, with specific exceptions. For example, a Reverse Stock Split Halt will resume no earlier than 9:30 a.m. Eastern Time on the effective date of the reverse split.
Redundant Halt Notices If SIP Fails
If the SIP cannot disseminate a Regulatory Halt notice, the Exchange may use other means like proprietary data feeds, posting on a public website, or system status messages to notify market participants. Participants must monitor those communication channels during market hours.
Five-Minute Notice Before SIP Halt Resumption
Before ending a SIP Halt, NYSE will provide a minimum five-minute notice of the SIP Halt Resume Time so market participants have an opportunity to enter quotes in the affected securities.
UTP Security Halt and Resumption Rules
If a Primary Listing Market declares a Regulatory Halt for a UTP security (a security trading on NYSE under unlisted trading privileges), NYSE will halt that security and will not resume trading until it receives notification from the UTP Listing Market that the halt has been terminated and, during Core Trading Hours, until it receives the first LULD Price Band. NYSE also will not use a Trading Halt Auction to resume trading in a UTP Security.
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