NYSE Exchanges Preserve Circuit Breaker Resumption Time for 23/5 Trading

The New York Stock Exchange ("NYSE") and its affiliated exchanges filed immediately effective rule changes to preserve the 4:00 a.m. ET resumption time following a Level 3 market-wide circuit breaker halt when the industry expands to 23-hour-a-day, five-day-a-week trading.

In the filings, the exchanges explained that under NYSE Rule 7.12 ("Trading Halts Due to Extraordinary Market Volatility") and parallel affiliate rules, a Level 3 halt closes trading "for the remainder of the trading day." Several exchanges, including NYSE Arca, plan to launch overnight sessions on December 6, 2026, running from 9:00 p.m. ET to 4:00 a.m. ET (see prior coverage). NYSE said it does not intend to offer 23/5 trading at this time. The exchanges said the existing text would require self-regulatory organizations ("SROs") running overnight sessions to reopen at 9:00 p.m. ET on the same calendar day as a Level 3 halt. That, they said, could materially shorten the post-halt cooling-off period.

To prevent this, the exchanges deleted the "remainder of the trading day" language in Rule 7.12(b)(ii). New text halts trading until 4:00 a.m. ET or later on the following trading day. The exchanges noted that this change makes no substantive alteration to the circuit breaker mechanism itself, but rather preserves the current resumption time. The exchanges also stated that they coordinated the change with other equities SROs and FINRA, which are expected to file parallel amendments.

The rule changes became immediately effective upon filing, though the SEC retains authority to summarily suspend them within 60 days. Comments are due by October 9, 2026.