Series 24: Trading Halts

Taken from our Series 24 Online Guide

Trading Halts

A trading halt occurs when trading in a particular security is halted on a U.S. market for some period of time. A trading halt typically occurs because the issuer of the security is about to make an announcement that is likely to influence the price of the security. The trading halt allows investors time to receive and digest the news before trading continues. Trading halts protect smaller investors who generally cannot react as quickly to news as larger investors. Issuers of NASDAQ-listed securities are required to notify the public of any material information that may influence the price of the stock. Before reporting this information to the public, they must report the news to the NASDAQ MarketWatch at least 10 minutes before releasing the information. MarketWatch is NASDAQ’s real-time surveillance department. If MarketWatch determines the information to be sufficient to significantly move the price of the stock, they will issue a trading halt. This type of halt is called a regulatory halt. A market may also issue a regulatory trading halt if they are uncertain whether the security meets the market’s continued listing requirements.

FINRA has the authority to halt trading on a security listed on the OTCBB, Pink Sheets, or a third market if it deems it is in the public interest, and if one of the following is true:

• A foreign market has halted trading in the security due to public interest concerns.
• The security is a derivative of an exchange-listed security, and trading in the exchange-listed security has been halted.
• Extraordinary market activity has occurred or is ongoing that will impact the market for the security.

FINRA will halt OTC tradin

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