Trading halt
Also called: halt, trading pause, regulatory halt, volatility halt
A temporary stop in trading of a security ordered by its listing exchange or the SEC, for example pending material news, to request information, or after a volatility pause.
Last verified
Types of halts
Halts are identified by codes published on exchange halt feeds. Common ones on Nasdaq include:
| Code | Meaning |
|---|---|
| T1 | Halt, news pending |
| T2 | Halt, news released |
| T12 | Halt, additional information requested by the exchange |
| LUDP | Volatility trading pause under the Limit Up-Limit Down Plan |
| H10 | SEC trading suspension |
A news halt gives the market time to absorb material information, such as a merger announcement or trial result. A regulatory halt for additional information (T12) means the exchange has questions about the company, its disclosures or unusual trading, and it can last days or longer. A volatility pause under LULD is short and mechanical, normally five minutes. An SEC trading suspension can last up to 10 trading days.
How trading resumes
Exchanges announce a resumption time, and Nasdaq reopens halted securities with a halt cross, an auction that sets the reopening price from accumulated orders. A security halted for a long time may resume with a very different price.
Worked example
Hypothetical: Company X is halted T1 at 10:02 ET pending news. It publishes a press release at 10:15, the code changes to T2, and quoting resumes at 10:25 with trading at 10:30. Separately, Company Y moves outside its price band twice in a morning and is paused under LULD for five minutes each time.
Why it matters
During a halt, orders on the exchange cannot execute, and positions cannot be exited. A long regulatory halt can precede further action, such as a delisting determination. Halts around a reverse split effective date also occur at some venues.
How to spot it
The Signal8 halts screener shows current halts and codes; Nasdaq publishes the consolidated halt list on its trader site. See Trading halts.
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