# 2026-19125: Big Board Goes 23/5: Resuming Trades After Market Meltdowns

2026-19125, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.12 Concerning the Resumption of Trading Following a Level 3 Market-Wide Circuit Breaker Halt in Connection With the Industry's Expansion of Trading Hours to 23 Hours per Day, 5 Days per Week, is a Federal Register notice from Securities and Exchange Commission published 2026-09-18, effective 2026-09-04; PRIA reads it as touching household money (as of 2026-09-25).

- Canonical: https://policyrisk.com/federal-register/2026-19125
- As of: 2026-09-25
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-19125
- Title: Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.12 Concerning the Resumption of Trading Following a Level 3 Market-Wide Circuit Breaker Halt in Connection With the Industry's Expansion of Trading Hours to 23 Hours per Day, 5 Days per Week
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 59278
- Published: 2026-09-18
- Effective: 2026-09-04
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-09-25

## In one line

Big Board Goes 23/5: Resuming Trades After Market Meltdowns

## Summary

The New York Stock Exchange is updating its rules to handle trading restarts after a big market pause, called a Level 3 circuit breaker, now that trading hours have expanded to 23 hours a day, 5 days a week. This change helps keep trading smooth and safe during extreme market swings. Traders and investors will see these new rules take effect immediately, ensuring the market stays fair and orderly around the clock.

## Effects PRIA read

- Level 3 Halts: Resume No Earlier Than 4:00 a.m. ET: benefit, medium. If a Level 3 market-wide circuit breaker (a 20% S&P 500 decline) occurs, the Exchange will halt trading and trading will not resume until 4:00 a.m. ET or later on the following trading day. This preserves the current cooling-off period even after some exchanges expand hours to 23 hours per day on D…
- Overnight Trading Starts Dec 6, 2026 (Some Exchanges): benefit, medium. Several exchanges plan to offer new overnight trading sessions from 9:00 p.m. ET to 4:00 a.m. ET beginning December 6, 2026, though the NYSE does not intend to implement 23/5 trading at this time. The rule change clarifies that, despite that overnight expansion, a Level 3 halt will still require re…

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2026-19125 on federalregister.gov](https://www.federalregister.gov/documents/2026/09/18/2026-19125/self-regulatory-organizations-new-york-stock-exchange-llc-notice-of-filing-and-immediate)
- [2026-19125 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-09-18/pdf/2026-19125.pdf)

## Related
- [Previous: 2026-19124, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediat…](https://policyrisk.com/federal-register/2026-19124)
- [Next: 2026-19126, Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; O…](https://policyrisk.com/federal-register/2026-19126)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-19125 (as of 2026-09-25).