NYSE Texas Halts Rules Get a Minor Polish
Published Date: 8/18/2025
Notice
Summary
NYSE Texas is updating its rules about trading pauses, called halts, to match new industry plans and make things clearer for everyone. These changes affect traders and brokers using the Exchange and take effect right away, with no new fees involved. The goal is smoother, easier-to-understand trading pauses that keep the market fair and orderly.
Analyzed Economic Effects
8 provisions identified: 7 benefits, 0 costs, 1 mixed.
Exchange rules aligned with CTA Plan
On August 4, 2025, NYSE Texas filed an immediate-effectiveness change to amend Rule 7.18 so its halt rules conform to the Second Restatement of the CTA Plan and the Restated CQ Plan. The change also makes conforming edits to Rules 1.1, 7.11, and 7.35, and the Exchange said there are no new fees tied to the filing.
SIP Halt category and five-minute notice
The rule creates a new Regulatory Halt category called a "SIP Halt" for events caused by a SIP Outage or Material SIP Latency. For SIP Halts, the Exchange would provide a minimum five-minute notice of the SIP Halt Resume Time to allow market participants to prepare to enter orders.
Halt start time fixed at declaration
The rule states the official start time of a Regulatory Halt is the time the Primary Listing Market declares the halt, even if notice dissemination is delayed. The Exchange may, in exigent circumstances, apply a halt retroactively, and it can revisit trades that occurred after the declared start time.
UTP Regulatory Halts honored by Exchange
The Exchange will halt trading in a UTP Security when the Primary Listing Market for that security declares a Regulatory Halt. The rule also states the Exchange will not conduct a Trading Halt Auction to resume trading after a Regulatory Halt in a UTP Security.
Standardized resumption rules and exceptions
For Regulatory Halts other than SIP Halts, the Exchange will generally resume trading with a Trading Halt Auction under Rule 7.35, except in specific cases: Limit Up Limit Down pauses (Rule 7.11), Market-Wide Circuit Breakers (Rule 7.12), Reverse Stock Split Halts (resume with an auction at 9:00 a.m. ET on the effective date), Dissemination Halts (when NAV or Disclosed Portfolio is available), and Initial Listing Halts (when the security is open for trading).
New defined halt terms added
The Exchange adds new definitions to Rule 7.18, including "Primary Listing Market" (the exchange where a security has been listed the longest for dually-listed securities) and "Extraordinary Market Activity." These definitions match terms in the Amended CTA Plan and apply to Regulatory and Operational halts.
Redundant halt communications required
If the SIP cannot disseminate a Regulatory Halt notice, the Primary Listing Market will use additional means such as proprietary data feeds, posting on a public Exchange website, or system status messages to notify Trading Centers. Each Participant must continuously monitor these protocols during market hours.
Trader notice before implementation
The Exchange will publish a trader notice at least 30 business days before implementing the proposed changes in conjunction with other SROs. This notice period is intended to give market participants time to prepare.
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