# 2025-15624: NYSE National Fine-Tunes Trading Pauses: Business as Usual

2025-15624, Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.18 and Make Conforming Changes to Rules 1.1 and 7.11, is a Federal Register notice from Securities and Exchange Commission published 2025-08-18, effective 2025-08-05 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-15624
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-15624
- Title: Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.18 and Make Conforming Changes to Rules 1.1 and 7.11
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 40108
- Published: 2025-08-18
- Effective: 2025-08-05
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

NYSE National Fine-Tunes Trading Pauses: Business as Usual

## 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.

## Effects PRIA read

- SROs must honor Primary Listing Halts: benefit, medium. 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 effecti…
- New SIP Halt category for data outages: benefit, medium. 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…
- Exchange Operational Halts limited to the Exchange: mixed, medium. 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 r…
- Official halt start time fixed at declaration: benefit, low. 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…
- Resumption rules: wait for LULD Price Band in core hours: benefit, low. 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, t…

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## Sources
- [2025-15624 on federalregister.gov](https://www.federalregister.gov/documents/2025/08/18/2025-15624/self-regulatory-organizations-nyse-national-inc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-15624 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-08-18/pdf/2025-15624.pdf)

## Related
- [Previous: 2025-15623, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Imm…](https://policyrisk.com/federal-register/2025-15623)
- [Next: 2025-15625, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immedi…](https://policyrisk.com/federal-register/2025-15625)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-15624 (as of 2026-06-08).