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Regulatory Halt

Upon receipt of a Regulatory Halt from the primary listing market, the Cboe Equities Exchanges will halt trading on the security (PITCH Trading Status = H). By default, open orders (except those marked as Post Only or those with a non-zero MinQty) will be queued and rolled into the Re-Opening Process. However, Members may opt-in to instead have all orders (or just continuous book orders) cancelled on receipt of a Regulatory Halt. Once a security is halted, the Cboe Equities Exchanges will begin accepting orders that will be queued for the Halt Re-Opening Process. This will continue until the Regulatory Halt has been lifted. When trading is resumed, Cboe will re-open the security by calculating a Re-Opening Price and disseminating a PITCH Trading Status of T. All queued orders priced at or more aggressively than the Re-Opening Price will be matched in time priority. Any remaining queued orders will be submitted to the exchange order book in time priority.

The Re-Opening Price for all Regulatory Halt Re-Openings during regular trading hours is calculated as:

  1. The midpoint of the prevailing NBBO following the first trade and first two-sided quote on the Primary Listing Market.

    Or

  2. The midpoint of the prevailing NBBO one second after the first two-sided quote by the Primary Listing Market. If a trade on the Primary Listing Market is received before one second elapses, then the Opening Match will occur after the next NBBO update.


  3. Wait for two-sided quote from the listing market (Tape B and C); or from any market(s) (Tape A).
  4. Wait one second.
  5. Perform a midpoint cross based on the NBBO.
  6. If the NBBO is invalid, the system will remain halted after the initial one-second delay until it receives a valid NBBO.
  7. If Cboe staff manually re-open a symbol, all queued orders will roll into the book in time priority.


What order modifiers are disallowed on for Halt Re-Openings?

Cboe will always cancel back all Post Only or MinQty orders upon receipt of a Regulatory Halt. Any new Post-Only, IOC, FOK, or MinQty orders will be rejected during the Re-Opening Process.

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