NYSE National amends Rule 7.12 to lock post-halt resumption at 4 a.m. ET

On September 4, 2026, NYSE National, Inc. filed a proposed rule change with the Securities and Exchange Commission under Release No. 34-106377 and File No. SR-NYSENAT-2026-25. The filing, published in the Federal Register on September 15, 2026 (Vol. 91, No. 180, pp. 59173-59176, FR Doc No. 2026-19122), seeks immediate effectiveness of the amendment to Rule 7.12.

The amendment addresses the resumption of trading after a Level 3 market-wide circuit-breaker halt in the context of the industry's planned expansion to 23-hour trading sessions, five days a week. NYSE National proposes to retain the existing 4:00 a.m. ET restart time, rather than allowing an earlier reopening that would coincide with the start of overnight trading.

Specifically, the proposal deletes the language in Rule 7.12(b)(ii) that requires a halt "for the remainder of the trading day" when a Level 3 decline occurs, and replaces it with language that trading will be halted "until 4:00 a.m. ET or later on the following trading day." This change codifies the collective decision of NYSE National, other U.S. equity exchanges, and FINRA to preserve the current cooling-off period.

The Exchange cites Section 6(b) of the Securities Exchange Act of 1934, and Section 6(b)(5) in particular, as the statutory basis, emphasizing the goal of promoting just and equitable trade and protecting investors. The amendment does not alter the substantive mechanics of the market-wide circuit-breaker system.

NYSE National expects that other self-regulatory organizations will file comparable amendments, ensuring a harmonized approach across all U.S. equity markets for the resumption of trading following a Level 3 halt under the forthcoming 23-hour trading regime.