# 2026-22268: Markets May Trade 23 Hours, but Crashes Still Need Pause

2026-22268, Self-Regulatory Organizations: Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.280 Concerning the Resumption of Trading Following a Level 3 Market-Wide Circuit Breaker Halt, is a Federal Register notice from Securities and Exchange Commission published 2026-11-02, effective 2026-12-06; PRIA reads it as touching household money (as of 2026-11-03).

- Canonical: https://policyrisk.com/federal-register/2026-22268
- As of: 2026-11-03
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-22268
- Title: Self-Regulatory Organizations: Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.280 Concerning the Resumption of Trading Following a Level 3 Market-Wide Circuit Breaker Halt
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 69015
- Published: 2026-11-02
- Effective: 2026-12-06
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-11-03

## In one line

Markets May Trade 23 Hours, but Crashes Still Need Pause

## Summary

The Long-Term Stock Exchange (LTSE) is updating its rules for restarting trading after a big market drop, called a Level 3 halt, to match new longer trading hours—now 23 hours a day, 5 days a week. This change helps keep trading smooth and fair during extreme market drops, especially with overnight trading becoming a thing. Investors and traders on LTSE will see these updates take effect right away, with no extra costs involved.

## Effects PRIA read

- Level 3 halts resume at 4:00 a.m. ET: benefit, low. If the S&P 500 falls enough to trigger a Level 3 market-wide circuit breaker (the Level 3 threshold is a 20% single-day decline), trading on LTSE will remain halted until 4:00 a.m. Eastern Time or later on the following trading day. This preserves the current practice even after exchanges add overn…
- Prevents overnight re-open at 9:00 p.m. ET: benefit, low. The rule change deletes language that would have led to reopening 'for the remainder of the trading day' and instead explicitly prevents trading from resuming on the same calendar day at 9:00 p.m. ET when overnight (9:00 p.m. ET–4:00 a.m. ET) sessions begin. The Exchange and other SROs intend that…

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## Sources
- [2026-22268 on federalregister.gov](https://www.federalregister.gov/documents/2026/11/02/2026-22268/self-regulatory-organizations-long-term-stock-exchange-inc-notice-of-filing-and-immediate)
- [2026-22268 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-11-02/pdf/2026-22268.pdf)

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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-22268 (as of 2026-11-03).