NYSE National Fine-Tunes Trading Pauses: Business as Usual
Published Date: 8/18/2025
Notice
Summary
NYSE National is updating its rules about trading pauses (called halts) to match new industry plans and make things clearer. These changes affect traders and market participants by improving how and when trading stops happen, with no extra costs or delays. The new rules took effect right after filing on August 5, 2025, so everyone can trade with clearer guidelines now.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
SROs must honor Primary Listing Halts
If the exchange that is the Primary Listing Market declares a Regulatory Halt in a security, other trading venues that trade that security must halt trading at the start time the Primary Listing Market declares the halt. This harmonizes halt treatment across U.S. equity exchanges and became effective upon the filing on August 5, 2025.
New SIP Halt category for data outages
The Exchange added a new Regulatory Halt category called a "SIP Halt" for situations when the Securities Information Processor (SIP) experiences a SIP Outage or Material SIP Latency. This definition and related rules (including how a SIP Halt is declared and resumed) are adopted as part of the rule changes effective upon filing on August 5, 2025.
Exchange Operational Halts limited to the Exchange
The Exchange formally defines "Operational Halt" as a halt the Exchange may declare for issues limited to its market; such halts are not Regulatory Halts and do not require other venues to halt. During an Operational Halt the Exchange will cancel all unexecuted orders resting on its book and will reject incoming order instructions until trading resumes.
Official halt start time fixed at declaration
For a Regulatory Halt declared by a UTP Listing Market, the official start time of the halt is the time the UTP Listing Market declares it, even if communications delay dissemination of that notice. This fixed start time allows exchanges to determine consistently after the fact whether trades that occurred should stand.
Resumption rules: wait for LULD Price Band in core hours
When resuming trading after a Regulatory Halt (including SIP Halts) during Core Trading Hours, the Exchange will not resume trading in a security subject to the Limit Up-Limit Down (LULD) Plan until it receives the first LULD Price Band for that security. For SIP Halts outside Core Trading Hours, trading may resume after the SIP Halt Resume Time specified by the Primary Listing Market.
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