Federal Register #SR-Phlx-2026-59

Nasdaq PHLX proposal to clarify trading resumption after a Level 3 market-wide halt

The Securities and Exchange Commission is reviewing a proposed Nasdaq PHLX LLC rule clarification for trading after a Level 3 market-wide circuit breaker halt. - Government body: Securities and Exchange Commission (SEC). - Rule filer: Nasdaq PHLX LLC, which proposes amending Equity 4, Rule 3101. - Proposed clarification: Trading would remain halted until 4:00 a.m. ET or later on the following trading day after a Level 3 halt, including when an exchange offers overnight trading. - Purpose: Preserve a cooling-off period, support participation and price discovery, and align rules across self-regulatory organizations; Nasdaq PHLX states the change would not substantively alter the circuit breaker mechanism. - Other organizations mentioned: Nasdaq, other U.S. equity exchanges, and FINRA. - Procurement relevance: This is a proposed regulatory rule change, not a procurement or contract award. No products, services, quantities, or part numbers are requested.

Description

Nasdaq PHLX LLC proposes to amend Equity 4, Rule 3101 concerning the resumption of trading after a Level 3 market-wide circuit breaker halt. The amendment would specify that trading in all stocks remains halted until 4:00 a.m. ET or later on the following trading day, including after exchanges introduce overnight trading hours. The proposal is intended to preserve the current resumption time and does not make substantive changes to the market-wide circuit breaker mechanism. Nasdaq PHLX LLC states that implementation will be coordinated with other self-regulatory organizations and the Commission, once operationally and technologically feasible.

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