NYSE Texas amends Rule 7.12 to keep 4 a.m. resume after Level 3 halt
The amendment, effective September 4 2026, applies to NYSE Texas and other SROs in 23-hour trading, preserving a 4:00 a.m. ET resumption after a Level 3 market-wide circuit breaker.
On September 4 2026, NYSE Texas, Inc. filed a proposed rule change with the Securities and Exchange Commission (Release No. 34-106376; File No. SR-NYSETEX-2026-34). The notice, published in the Federal Register on September 15 2026 (FR Doc No. 2026-19121), announces immediate effectiveness of the filing.
The proposal seeks to amend Rule 7.12(b)(ii) by deleting the phrase that trading would halt "for the remainder of the trading day" after a Level 3 market-wide circuit-breaker (MWCB) halt and inserting language that trading will remain halted until 4:00 a.m. ET or later on the following trading day.
The amendment is tied to the industry's planned expansion to 23-hour, five-day trading sessions, with overnight trading slated to run from 9:00 p.m. ET to 4:00 a.m. ET beginning December 6 2026. Without the change, the existing rule could trigger an earlier resumption at 9:00 p.m. ET, shortening the cooling-off period the MWCB mechanism is intended to provide. The Exchange argues that retaining the 4:00 a.m. ET restart preserves market stability.
The Exchange cites Section 6(b) of the Securities Exchange Act of 1934, including subsection 5, as the statutory basis, emphasizing the goal of promoting a just, equitable, and open market while protecting investors.
The filing notes that other U.S. equity exchanges and FINRA are expected to submit similar amendments, ensuring a harmonized approach across all self-regulatory organizations for the resumption of trading after a Level 3 halt under the new 23/5 schedule.
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