Series 24: Market Halts

Market Halts

A market-wide trading halt will be triggered at three circuit breaker thresholds. These thresholds are triggered by steep declines in the S&P 500 Index. They are calculated based on the prior day’s closing price of the Index.

• • Level 1 Halt– a 7% drop in the S&P 500 prior to 3:25 PM ET will result in a 15-minute cross-market trading halt. There will be no halt if the drop occurs after 3:25 PM ET.
• • Level 2 Halt– a 13% drop in the S&P 500 prior to 3:25 PM ET will result in a 15-minute cross-market trading halt. There will be no halt if the drop occurs after 3:25 PM ET.
• • Level 3 Halt– a 20% drop in the S&P 500 at any time during the day will result in a cross-market trading halt for the remainder of the day.

The halts apply to over-the-counter trading as well as trading on the exchange