IEX Locks In Rules for Stock Trading Pauses
Published Date: 12/31/2025
Notice
Summary
Investors Exchange LLC (IEX) is updating its rules to create clear, shared steps for pausing and restarting stock trading when problems pop up. This change helps everyone know exactly what to expect during trading halts, making the market smoother and safer. The new rules take effect right away and don’t impact fees or costs.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Harmonized halt/resume rules across exchanges
IEX adopted common, harmonized criteria and procedures (matching amendments to the SIP Plans) for pausing and restarting trading in U.S.-listed equity securities so that multiple exchanges handle cross-market events consistently. The change is intended to make outcomes more predictable across trading venues during regulatory or operational issues.
Primary Listing Market sets halt start time
The Exchange will honor Regulatory Halts declared by the Primary Listing Market and treats the official start time of a Regulatory Halt as the time the Primary Listing Market declares it, regardless of when notice is disseminated. That fixed start time lets SROs revisit trades later to determine whether specific trades should stand.
IEX may call Operational Halts for its market only
IEX adopted rules defining Operational Halts as halts that apply only to IEX (not a Regulatory Halt) and authorizes IEX to implement an Operational Halt if it is experiencing Extraordinary Market Activity on the Exchange or when necessary to maintain a fair and orderly market. During an Operational Halt the Exchange will cancel all outstanding orders in its system, will not accept orders while the halt is in effect, and will resume trading at a time the Exchange specifies in a notice.
Specific resumption rules for SIP Halts
For a SIP Halt (a Regulatory Halt declared by the Primary Listing Market due to a SIP outage or material SIP latency), IEX will resume trading in a security during Regular Trading Hours after trading resumes on the Primary Listing Market or upon notice from the Primary Listing Market; if the Primary Listing Market does not open the security within the time its rules specify after the SIP Halt Resume Time, IEX may resume trading. Outside Regular Trading Hours, IEX may resume trading immediately after the SIP Halt Resume Time.
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